Saga Pure — Earnings Release 2019

Aug 22, 2019

Saga Tankers ASA: Q2 2019 financial results

Saga Tankers ASA: Q2 2019 financial results

OSE FILING

(Oslo, 22 August 2019) Saga Tankers ASA ("Saga", OSE: SAGA) reported a net asset

value (NAV) of NOK  316.6 million end of the second quarter 2019, corresponding

to NOK 1.19 per outstanding share, excluding minority interests and with

Vallhall valued at book value.

By the end of the second quarter, Saga had a cash balance of NOK 123.5 million.

All long-term debt are related to the real estate owned by Vallhall (Saga's

ownership is 55%).

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

Plc and Vistin Pharma ASA decreased with NOK 4.2 million. This is classified as

net loss from available for sale assets.

Financial assets at fair value through profit and loss in the Q2 report was

classified as available for sale in the Q1 report.

Saga has not made any adjustments in the portfolio classified as financial

assets available for sale during the quarter.

Key figures

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NOK 1000 Apr-Jun 2019 Apr-Jun 2018 Jan-Jun 2019 Jan-Jun 2018

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

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Operating revenues   4 537   33 339   27 833   19 072

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Operating profit (-

loss) before

depreciation

(EBITDA) (1)   -4 958   28 415   17 796   32 724

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Operating profit/(-

loss) (EBIT) (2)   -5 713   27 682   16 284   31 259

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Net profit/(-loss)   -5 941   27 223   15 826   30 320

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Total comprehensive

income   -5 941   27 223   15 826   29 913

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Value adjusted

equity per share

(NOK) (3)   1,19   1,65   1,19   1,14

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Basic and diluted

earnings per share

NOK   -0,02   0,10   0,05   0,11

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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 balance sheet, the VAE per share equals total equity

excluding non-controlling interests per outstanding share.

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TNOK Share of total

Fixed assets   90 328 22 %

Available-for-sale financial assets   179 175 44 %

Current assets   135 065 33 %

Receivables   340 0 %

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Total assets 404 909 100 %

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

SD Standard Drilling Plc   130 191 105 846 245 18,4 %

Vistin Pharma ASA   42 482 6 284 280 14,2 %

Other investments   6 502

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Total 179 175

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

is a subsidiary.

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

SD Standard Drilling Plc (18.4% ownership):

At the end of second quarter, the company owns 100% of 6 large-size PSV's and

has ownership and economic exposure in 9 mid-size PSV's bringing the total fleet

of part and/or fully owned vessels to 15. 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 (14.2% 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 (http://www.vallhall.no)

For further information, please contact:

CEO Espen Lundaas

+47 92 43 14 17

This information is subject to the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.