Saga Pure — M&A Activity 2015

Jan 30, 2015

SAGA TANKERS ASA - SIGNED LETTER OF INTENT WITH STRATA MARINE & OFFSHORE AS

SAGA TANKERS ASA - SIGNED LETTER OF INTENT WITH STRATA MARINE & OFFSHORE AS

Saga Tankers ASA (the "Company") has entered into a letter of intent with Strata

Marine & Offshore AS ("Strata") regarding a possible acquisition of 100% of the

outstanding shares in Strata through a voluntary offer or a merger with the

Company as the transferee company and Strata as the transferor company (the

"Proposed Transaction").

The structure and commercial terms under the Proposed Transaction have not yet

been determined, but the parties will negotiate in good faith for a successful

completion of the Proposed Transaction. The Company and Strata aim to reach an

agreement in February 2015. The Proposed Transaction is subject to approval from

the board of the directors and general assembly from both the Company and

Strata.

The Company considers that the assets held by Strata and the company's history

and experience represent an exciting investment opportunity which will be a

valuable addition to the Company's investment portfolio and experience, if the

Proposed Transaction is completed.

Strata is an investment company with headquarters in Oslo. The company has since

2012 gradually changed structure from being an industrial group to be organized

as a Private Equity company. The company seeks to invest in knowledge-based

companies with base or roots in Norway and focuses on active ownership through

common understanding of goals between shareholders, directors and management to

obtain sustainable growth, operational efficiency and optimal financing. Strata

was established in 2006 and has about 80 shareholders.

If completed, the Proposed Transaction will increase the attractiveness of the

Company's shares as a listed instrument through a larger shareholder base and

increased liquidity in the Company's shares. The Company also believes that the

Proposed Transaction will serve as basis for further value creation through a

larger assets base, making the Company more attractive for potential business

partners.

The chairman of the board of directors of the Company, Mr. Øystein Stray

Spetalen, is the majority shareholder of Strata through the company Allum

Holding AS. Mr. Spetalen is further a director on the board of directors of

Strata. If the Proposed Transaction is completed, the transaction will be a

transaction between related parties. In respect of this, the Company will obtain

an independent fairness opinion regarding the Proposed Merger in compliance with

section 4 of the Norwegian Corporate Governance Code.

The Proposed Transaction is in line with the Company's strategy to maintain the

listing at Oslo Axess and further develop Saga Tankers ASA as an investment

company.

With reference to the stock exchange notice of 16 October 2014 the Company has

been in a constructive dialogue with Oslo Børs. The Company is prepared to do

what is required to fulfill the listing requirements and Continuing Obligations.

This information is subject to the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.

[HUG#1890461]