Saga Pure — Earnings Release 2017

May 30, 2017

Saga Tankers ASA : Q1 2017 Financial results

Saga Tankers ASA : Q1 2017 Financial results

(Oslo, 30 May 2017) Saga Tankers ASA ("Saga", OSE: SAGA) reported a net asset

value (NAV) of NOK  839 million at the end of the first quarter of 2017,

corresponding to NOK 3.15 per share, excluding minority interests and with

Vallhall valued at book value.

By the end of first quarter, Saga had a cash balance of NOK 474 million and no

long term debt, except the real estate financing related to the holding in

Vallhall.

The positive development in available for sale reserves of NOK 20.7 million,

classified as other comprehensive income, is the net effect of positive return

on investment in SD Standard Drilling Plc and negative effect on investments in

Pareto Bank ASA  and Nel ASA. The accumulated comprehensive income  of the

investment in NEL ASA were reclassified to profit and loss due to the disposal

of the investment during the quarter.

First quarter 2017 highlights:

* Saga has increased its investment in SD Standard Drilling Plc through the

quarter by participating in the equity issues in Standard Drilling Plc. As a

result of several equity issues Saga's ownership has been reduced to 14.9%

* Saga has disposed its ownership in NEL ASA. This resulted in a gain of NOK

36.8 million over the profit and loss statement, of which NOK 23.5 million

were reclassified of former other comprehensive income

* Saga has increased its ownership in Pareto Bank ASA to 8.6% during the

quarter

Key figures

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NOK 1000 Jan-Mar 2017 Jan-Mar 2016 Jan-Dec 2016

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(unaudited) (unaudited) (audited)

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Operating revenues   42 545   16 478   135 638

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Operating profit (-loss)

before depreciation (EBITDA)   36 715   10 960   112 177

(1)

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Operating profit/(-loss)   36 076   10 229   109 545

(EBIT) (2)

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Net profit/(-loss)   36 228   10 352   110 380

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Total comprehensive income   56 432   -119 350   -96 436

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Value adjusted equity per   3,15   2,85   2,95

share (NOK) (3)

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Basic and diluted earnings   0,13   0,03 0,39

per share NOK

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(1) EBITDA can be calculated from the statement  of income by deducting interest

income, interest expenses and depreciation from the profit/(loss) before taxes.

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(2) EBIT can be calculated from the statement of income by deducting interest

income and  interest expences from the profit/(loss) before taxes.

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(3) Value adjusted equity has been calculated through application of  market

value for assets and liabilities traded in quoted markets, and book value for

other assets and liabilities. As traded assets and liabilities are carried at

fair value in the balancesheet, the VAE per share equals total equity exluding

non-controlling interests per outstanding share.

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TNOK Share of total

Fixed assets   89 268 10 %

Available-for-sale financial assets   357 148 39 %

Associates   -  0 %

Current assets   475 550 52 %

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Total assets   921 965 100 %

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Available-for-sale financial assets Fair value TNOK No of shares Ownership

Pareto Bank ASA   190 986   5 052 547 8,6 %

SD Standard Drilling Plc   110 376   157 680 002 14,9 %

Vistin Pharma ASA   47 183   1 965 943 11,5 %

Other investments   8 604

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Total   357 148

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Financial assets are adjusted to market value according to IFRS. SD Standard

Drilling Plc has been reclassified from an associated company to available-for

sale financial asset. Vallhall Arena is a subsidiary.

For further information, please contact:

CEO Espen Lundaas

+47 92 43 14 17

By end of first quarter the largest investments in Saga Tankers ASA were:

Pareto Bank ASA ( 8.6% ownership)

Pareto Bank is a leading niche player within project financing. The bank has

main focus on financing of real estate, securities and corporate, shipping and

offshore. Pareto Bank is a compact organization with 35 employees, short

decision lines, and an efficient credit decision process. The main geographical

real estate exposure is in Oslo and Akershus. Financing of securities is mainly

related to listed stocks. Pareto Bank also finance small and medium size

corporate, primarily related to a project or M&A. Further Pareto Bank finance

some segments within the shipping and offshore industry.

For further information: www.paretobank.no

SD Standard Drilling Plc (14.9% ownership):

Having sold all initial rig contracts, the strategy of the company has changed

to being an investment company within the oil and gas service sector. Main

assets are currently cash holdings and investments within the PSV segment. The

company currently owns 100% of three large-size PSV's and has ownership in 13

mid-size PSV's bringing the total fleet of party and/or fully owned vessels to

For more information: www.standard-drilling.com

Vistin Pharma ASA (11.5% ownership):

Vistin Pharma is a Norwegian pharmaceutical company producing Active

Pharmaceutical Ingredients (APIs) and solid dosage forms for the global

pharmaceutical industry. The company has key positions in the Metformin and

Opioids markets, and a strong foundation for creating a highly efficient CMO

business (contract manufacturing of tablets).  Solid growth potentials exist in

all the business segments. The spin-off from Weifa facilitates new growth

opportunities due to a narrower business scope, increased visibility and being

able to pursue own strategic agendas without the risk of compromises across

business units.

For further information: www.vistin.com

Vallhall (55% ownership):

Vallhall Arena is Oslo's largest indoor arena, centrally located at Helsfyr in

Oslo with good public transportation connections. Several hotels are also

located close to the arena. The arena was built in 2001. The cost was

approximately NOK 130 million whereof NOK 80 million was funded by debt and NOK

55 million was funded by equity from owners. The arena has about 9 000 square

meter expanse. The arena is well-known for its high quality indoor soccer hall

and is used by school children, as well as professionals. The arena is also

leased out for events such as exhibitors, seminars, concerts and other events

requiring facilities that Vallhall Arena can offer.

For more information: www.vallhall.no

This information is subject to the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.