Saga Pure — Earnings Release 2020

May 14, 2020

Saga Tankers ASA: Q1 2020 financial results

Saga Tankers ASA: Q1 2020 financial results

(Oslo, 14 May 2020) Saga Tankers ASA ("Saga", OSE: SAGA) reported a net asset

value (NAV) of NOK  251 million end of the first quarter 2020, corresponding to

NOK 0.94 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 113 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 by approx. NOK 85 million. This is

classified as net loss from available for sale assets.

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 Jan-Mar 2020 Jan-Mar 2019 Jan-Dec 2019

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(unaudited) (unaudited) (unaudited)

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Operating revenues   5 188   28 197   77 779

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Operating profit (-loss)

before depreciation

(EBITDA) (1)   -98 586   22 753   54 533

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Operating profit/(-loss)

(EBIT) (2)   -99 309   21 996   51 271

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Net profit/(-loss)   -99 615   21 767   50 326

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Total comprehensive income   -99 615   21 767   50 326

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Value adjusted equity per

share (NOK) (3)   0,94   1,21   1,32

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Basic and diluted earnings

per share NOK   -0,38   0,08   0,18

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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   89 904 27 %

Available-for-sale financial assets   130 797 39 %

Current assets   115 529 34 %

Receivables   340 0 %

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Total assets 336 569 100 %

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

SD Standard Drilling Plc   80 655 105 846 245 18,4 %

Vistin Pharma ASA   43 047 6 284 280 14,2 %

Other investments   7 094

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Total 130 796

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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 fourth quarter, the company owns 100% of 4 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. In January 2020

the company invested USD 36.5 million, including working capital for a 33.3%

ownership in a new built Eco Design VLCC("VLCC"). The VLCC was acquired for USD

106 million and delivered directly from the yard, Daewoo Shipbuilding & Marine

Engineering Co in Korea, end of January 2020.

For further information: www.standard-drilling.com (http://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).

For further information: www.vistin.com (http://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 the Norwegian Securities Trading Act