Saga Pure — Interim / Quarterly Report 2017

Nov 29, 2017

Saga Tankers ASA :Q3 2017 financial results

Saga Tankers ASA :Q3 2017 financial results

(Oslo, 29 November 2017) Saga Tankers ASA ("Saga", OSE: SAGA) reported a net

asset value (NAV) of NOK  403 million at the end of the third quarter of 2017,

corresponding to NOK 1.51 per outstanding share, excluding minority interests

and with Vallhall valued at book value.

By the end of third quarter, Saga had a cash balance of NOK 63 million. All long

term debt are related to the real estate in Vallhall (Saga's ownership is 55%).

During the quarter the net change in market value of SD Standard Drilling Plc,

Vistin Pharma ASA and Pareto Bank ASA  was negative NOK 6.85 million, classified

as other comprehensive income.

Saga has increased its investment in SD Standard Drilling Plc through the

quarter from 15.8% to 18.2%. No further changes have been made in the investment

portfolio during the third quarter.

Key figures

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NOK 1000 Jul-Sep 2017 Jul-Sep 2016 Jan-Sep 2017 Jan-Sep 2016

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

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Operating revenues   3 993   3 768   55 975   131 147

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Operating profit (-

loss) before

depreciation (EBITDA)

(1)   266   -4 178   42 624   112 765

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Operating profit/(-

loss) (EBIT) (2)   -393   -4 908   40 648   110 574

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Net profit/(-loss)   -151   -4 916   41 258   111 180

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Total comprehensive

income   -6 997   21 281   11 616   -107 248

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Value adjusted equity

per share (NOK) (3)   1,51   2,89   1,51   2,89

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Basic and diluted

earnings per share

NOK   -0,00   -0,02   0,15   0,39

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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   93 266 19 %

Available-for-sale financial assets   323 181 67 %

Associates 0 0 %

Current assets   65 294 14 %

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Total assets 481 740 100 %

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

Pareto Bank ASA 182 397 5 052 547 8,60 %

SD Standard Drilling Plc 90 109 64 826 667 18,17 %

Vistin Pharma ASA 42 071 1 965 943 11,50 %

Other investments 8 604

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Total 323 181

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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 ( 8.6% 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 35 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 (18.2% ownership):

Main assets are currently investments within the PSV segment and cash holdings.

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

13 mid-size PSV's bringing the total fleet of party and/or fully owned vessels

to 18.

For more information: www.standard-drilling.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.

The company has agreed to sell the opioids and tablet manufacturing business to

TPI Enterprises Limited. The transaction is expected to be closed in the fourth

quarter of 2017.

Upon completion of the transaction, Vistin Pharma ASA will be a pure play

metformin producer, with a strong position in the global market and with

significant growth amibitions.

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 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

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.