Saga Pure — M&A Activity 2015

Jul 16, 2015

SAGA TANKERS ASA: PRELIMINARY RESULTS OF MANDATORY OFFER FOR S.D. STANDARD DRILLING

SAGA TANKERS ASA: PRELIMINARY RESULTS OF MANDATORY OFFER FOR S.D. STANDARD DRILLING

(This is a copy of announcement from S.D. Standard

Drilling Plc, 16.07.2015 at 08:18 hours.)

NOT FOR DISTRIBUTION IN OR INTO AUSTRALIA, CANADA,

JAPAN OR ANY OTHER JURISDICTION IN WHICH SUCH

DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL

Reference is made to the mandatory offer document

(the "Offer Document") dated 16 June 2015 regarding

the mandatory offer (the "Mandatory Offer") to

acquire all issued and outstanding shares

(the "Shares") in S.D. Standard Drilling Plc ("SDSD")

made by Saga Tankers ASA ("Saga Tankers" or

the "Offeror").

The acceptance period for the Mandatory Offer expired

on 15 July 2015 at 17:30 (CET). The Offeror has

received acceptance of the Mandatory Offer for a

total of 22,555,800 Shares, representing

approximately 8.61 per cent of the outstanding Shares

and votes in SDSD. Together with the 157,013,630

Shares already owned by Saga Tankers and persons

acting in concert with Saga Tankers, the Offeror and

persons acting in concert with it now owns and holds

rights to a total of 179,569,430 Shares, representing

approximately 68.54 per cent of the Shares and voting

rights in SDSD. Neither the Offeror nor any persons

acting in concert with it hold other Shares or rights

to Shares.

Please note that the calculation of the number of

Shares tendered in the Mandatory Offer is preliminary

and remains subject to potential adjustments through

a verification process currently being undertaken by

Swedbank Norge as receiving agent for the Mandatory

Offer. The final result of the Mandatory Offer will

be announced once confirmed by the receiving agent.

Settlement of the Mandatory Offer will be made as

soon as possible, and no later than 29 July 2015.

Saga Tankers is considered a primary insider of SDSD

due to Saga Tankers being represented on SDSD's Board

of Directors, cf. the Norwegian Securities Trading

Act section 4-2 (1). This notice also serves as a

mandatory notification of trade for acceptances

received under the Mandatory Offer on 15 July 2015

representing in aggregate 575,684 Shares in SDSD.

Swedbank Norge is acting as financial advisor and

receiving agent and Advokatfirmaet CLP DA is acting

as legal advisor to Saga Tankers in connection with

the Mandatory Offer.

* * *

For further information, please contact:

CEO Espen Lundaas

+47 92 43 14 17

This information is subject of the disclosure

requirements of section 5-12 of the Norwegian

Securities Trading Act.