Saga Pure — Interim / Quarterly Report 2016

Nov 29, 2016

Saga Tankers ASA : Q3 2016 financial results

Saga Tankers ASA : Q3 2016 financial results

Saga Tankers ASA: Q2 2016 financial results

(Oslo, 29 November 2016) Saga Tankers ASA ("Saga", OSE: SAGA) reported a net

asset value (NAV) of NOK  808 million at the end of the third quarter of 2016,

corresponding to NOK 2.89  per share, excluding minority interests and with

Vallhall valued at book value.

By the end of third quarter, Saga had a cash balance of NOK 551 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 27 million,

classified as other comprehensive income, is mainly related to positive return

on investments in Vistin Pharma ASA, Nel ASA and Pareto Bank ASA.

There have been no substantial changes in the Saga's investment portfolio during

the quarter

Key figures

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Jul-Sep Jan-Sep

NOK 1000 Jul-Sep 2016 2015 2016 Jan-Sep 2015

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

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Operating revenues   3 768   12 793   131 147   81 510

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Operating profit (-

loss) before

depreciation (EBITDA)   -4 178   -8 438   112 765   15 204

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Operating profit/(-

loss) (EBIT)   -4 908   -9 090   110 574   12 565

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Net profit/(-loss)   -4 916   -8 979   111 180   14 058

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Total comprehensive

income   21 281   -21 194   -107 248   267 197

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Value adjusted equity

per share (NOK)*   2,89   2,58   2,90   2,58

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Basic and diluted

earnings per share NOK   -0,02   -0,02   0,39 0,07

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* 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.

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Share of

TNOK total

Fixed assets   89 916 10 %

Available-for-

sale financial

assets   217 829 24 %

Associates   32 601 4 %

Current assets   552 682 62 %

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Total assets   893 027 100 %

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Available-for-

sale financial Fair value

assets TNOK No of shares Ownership

Pareto Bank ASA   99 307   3 255 990 6,3 %

NEL ASA   63 475   25 905 055 3,8 %

Vistin Pharma

ASA   55 046   1 965 943 11,5 %

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Total   217 827

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

Drilling Plc is  (46.2% ownership) an associate and recognized according to the

equity method. 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:

Nel ASA (3.8% ownership):

NEL ASA is the first dedicated hydrogen company on the Oslo Stock Exchange.

Since its foundation in 1927, NEL Hydrogen has a proud history of development

and continual improvement of hydrogen plants. NEL is a global supplier of

hydrogen solutions, covering the entire value chain from hydrogen production

technologies to hydrogen refuelling stations for fuel cell electric vehicles.

NEL Fueling is a leading manufacturer of H2Station® hydrogen refuelling stations

that provides fuel cell electric vehicles with the same fast fuelling and long

range as conventional vehicles today. For further information:

www.nelhydrogen.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

Pareto Bank ASA ( 6.3% 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 33 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

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

SD Standard Drilling Plc (46.2% 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.

For more information: www.standard-drilling.com

This information is subject to the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.