Saga Pure — Earnings Release 2019

May 16, 2019

Saga Tankers ASA : Q1 2019 financial results

Saga Tankers ASA : Q1 2019 financial results

(Oslo, 15 May 2019) Saga Tankers ASA ("Saga", OSE: SAGA) reported a net asset

value (NAV) of NOK  322.8 million end of the first quarter 2019, corresponding

to NOK 1.21 per outstanding share, excluding minority interests and with

Vallhall valued at book value.

By the end of the first quarter, Saga had a cash balance of NOK 135 million. All

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

ownership is 55%).

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

and Vistin Pharma ASA increased with NOK 21.6 million. This is classified as net

gain from available for sale assets.

Saga has during first quarter 2019 increased its ownership in Vistin Pharma ASA

from 12.4% to 14.2% with a purchase price of NOK 6.9 per share.

Key figures

NOK 1000 Jan-Mar 2019 Jan-Mar 2018 Jan-Dec 2018

(unaudited) (unaudited) (unaudited)

Operating revenues   28 197   6 831   21 187

Operating profit (-loss)

before depreciation   22 753   4 309   -61 697

(EBITDA) (1)

Operating profit/(-loss)   21 996   3 576   -64 739

(EBIT) (2)

Net profit/(-loss)   21 767   3 097   -66 314

Total comprehensive income   21 767   2 690   -66 721

Value adjusted equity per   1,21   1,55   1,14

share (NOK) (3)

Basic and diluted earnings   0,08   0,01   -0,26

per share NOK

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

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

before taxes.

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

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

(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.

TNOK Share of total

Fixed assets             91 064 22 %

Available-for-sale financial 45 %

assets          186 443

Current assets           135 997 33 %

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Total assets   413 505 100 %

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

assets

SD Standard Drilling Plc   129 768 105 846 245 18,4 %

Vistin Pharma ASA   47 132 6 284 280 14,2 %

Other investments   9 543

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Total 186 443

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

is a subsidiary.

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

SD Standard Drilling Plc (18.4% ownership):

At the end of first quarter, the company owns 100% of 5 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 14. This includes one medium size vessel that

are sold but leased back on a 1 year bare boat contract.

In April the company purchased one additional large size PSV, bringing the total

fleet of vessels to 15.

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

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.