Saga Pure — Earnings Release 2018

Nov 7, 2018

Saga Tankers ASA : Q3 2018 financial results

Saga Tankers ASA : Q3 2018 financial results

(Oslo, 7 November 2018) Saga Tankers ASA ("Saga", OSE: SAGA) reported a net

asset value (NAV) of NOK  422 million end of the third quarter 2018,

corresponding to NOK 1.59 per outstanding share, excluding minority interests

and with Vallhall valued at book value. The Board of Directors proposes to

distribute a dividend of NOK 0.15 per share in December 2018.

By the end of the third quarter, Saga had a cash balance of NOK 100 million. All

long-term debt are related to the real estate in Vallhall (Saga's ownership is

55%).

During the quarter, the market value of shares held in SD Standard Drilling Plc,

Vistin Pharma ASA and Pareto Bank ASA was reduced with NOK 16 million. This is

classified as net loss from available for sale assets.

Saga has during the quarter reduced the ownership in Pareto Bank ASA from 5.7%

to 4 %. Subsequent of third quarter Saga has further reduced its ownership in

Pareto Bank to 2.3%.

The Board of Directors has proposed a dividend distribution of NOK 0.15 per

share, in total NOK 40 million.

For the years 2017 and 2018 Saga will then have distributed in total ~NOK 431

million, corresponding to NOK 1.62 per share to its shareholders.

Following the proposed dividend distribution, Saga will have an estimated cash

balance of approximately NOK 100 million.

Saga is pleased to announce that it has hired Tore Jakob Berg as the Chief

Financial Officer of the Company with effect from 1 December 2018. Mr Berg holds

a Master of Science in Business and has extensive experience in accounting and

financial reporting. Mr Berg has served as Chief Accounting Officer for

Ferncliff for the last 10 years. He will also maintain his position in Ferncliff

going forward.

Summons to an Extraordinary General Meeting, to vote on dividend distribution,

will be published in due time.

Key figures

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NOK 1000 Jul-Sep 2018 Jul-Sep 2017 Jan-Sep 2018 Jan-Sep 2017

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(unaudited) (unaudited) (unaudited) (unaudited)

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Operating revenues   4 231   3 993    15 981   55 975

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Operating profit (-

loss) before

depreciation

(EBITDA) (1)   -15 723   266   17 001   42 624

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Operating profit/(-

loss) (EBIT) (2)   -16 457    -393   14 802   40 648

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Net profit/(-loss)   -16 926   -151   13 394   41 258

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Total comprehensive

income   -16 926   -6 997   12 987    11 616

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Value adjusted

equity per share

(NOK) (3)   1,59   1,51   1,59   1,51

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Basic and diluted

earnings per share

NOK   -0,06   -0,00   0,04   0,15

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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 expenses 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

excluding non-controlling interests per outstanding share.

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TNOK Share of total

Fixed assets   90 946 18 %

Available-for-sale financial assets   318 198 62 %

Current assets   102 570 20 %

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Total assets 511 713 100 %

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

Pareto Bank ASA   94 153 2 365 644 4,0 %

SD Standard Drilling Plc   157 711 105 846 245 18,4 %

Vistin Pharma ASA   58 745 5 515 943 12,4 %

Other investments   7 589

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Total 318 198

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Financial assets are adjusted to market value according to IFRS. Vallhall Arena

is a subsidiary.

By end of third quarter the main investments in Saga Tankers ASA were:

Pareto Bank ASA (4 % 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 approximately 37 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 (18.4% ownership):

The company currently owns 100% of five large-size PSV's and has ownership and

economic exposure in 13 mid-size PSV's bringing the total fleet of part and/or

fully owned vessels to 18. This includes one medium size vessel that are sold

but leased back on a 1 year bare boat contract.

For further information: www.standard-drilling.com

Vistin Pharma ASA (12.4% ownership):

Vistin Pharma is a holding company for Vistin Pharma AS and Vistin Trading AS.

Vistin Pharma AS is a Norwegian pharmaceutical company producing Active

Pharmaceutical Ingredients (APIs). Vistin Trading AS was established in May

2018 to invest in energy related financial instruments or opportunities.

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 size of the arena

is about 9 000 square meter. The arena is well-known for its high quality and is

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

for events such as exhibitions, seminars, concerts and other events requiring

facilities that Vallhall Arena can offer.

For more information: www.vallhall.no

For further information, please contact:

CEO Espen Lundaas

Tel +47 92 43 14 17

This information is subject to the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.