Saga Pure — M&A Activity 2014

Sep 10, 2014

SAGA TANKERS ASA:

SAGA TANKERS ASA:

Reference is made to the stock exchange notice released 24 July 2014, the

detailed stock exchange announcement dated 25 July 2014 and SAGA's information

memorandum dated 9 September 2014.

Saga Tankers ASA ("SAGA" or the "Company") has today sold 3 810 048 shares in

Prospector Offshore Drilling S.A. (PROS) at NOK 17.5 per share (the

Transaction). In addition, the Company agreed with Ferncliff TIH 1 AS that the

latter's shareholding (5 768 072 shares) in PROS were sold at the same share

price with the effect that SAGA will receive the sales price for the 5 768 072

shares in PROS  when the merger plan between Ferncliff TIH 1 AS and the Company

becomes effective. The merger plan was approved by the general meetings of the

Company and Ferncliff TIH 1 AS on 23 August 2014.

After the Transaction, Saga will have no shareholdings in PROS. The Company will

prepare a detailed stock exchange announcement to be released in accordance with

the Continuing Obligations of stock exchange listed companies

For further information, please contact:

CEO Espen Lundaas

+47 92 43 14 17

This information is subject of the disclosure requirements acc. to §5-12 vphl

(Norwegian Securities Trading Act)

[HUG#1854890]