Saga Pure - Share Issue/Capital Change 2015

Saga Tankers ASA : INCREASE OF SHARE CAPITAL AND COMPLETION OF MERGER BETWEEN SAGA INVEST HOLDING AS AND STRATA MARINE & OFFSHORE AS

Reference is made to the stock exchange notice dated 26 February 2015 regarding

the signing of a merger plan between Saga Invest Holding AS ("SIH") and Strata

Marine & Offshore AS ("Strata"), with settlement in shares in Saga Tankers ASA

("Saga Tankers" or the "Company") (the "Transaction"). Reference is further made

to the detailed stock exchange notice dated 4 March 2015 and the information

memorandum dated 13 April 2015, both regarding the Transaction.

The Transaction has now been completed through the completion of the merger

between SIH and Strata. As a result of the merger, SIH's business name has been

changed to Strata Marine & Offshore AS.

The completion of the Transaction also implies that the share capital of the

Company is increased from NOK 175,833,728 with NOK 110,898,883 to NOK

286,732,611 through issue of 110,898,883 new shares, each with a par value of

NOK 1. The new shares will be issued in the VPS on 8 June 2015 and registered in

the VPS-accounts of the former shareholders in Strata. The new shares will be

listed on Oslo Axess as soon as practically possible.

In the detailed stock exchange notice dated 4 March 2015, it was stated that the

shareholding of Øystein Stray Spetalen and associated companies in Saga Tankers

would be approximately 77% following completion of the Transaction. This

information was based on the assumption that AS Ferncliff (a company whose

ultimate beneficial shareholder is Øystein Stray Spetalen) would be able to

enter into a share exchange agreement with the other shareholders of Allum

Holding AS. Such share exchange agreement has not been entered into and the

shareholding of Øystein Stray Spetalen and associated companies in Saga Tankers

is therefore approximately 86% as of the date of this notice.

In lieu of the mentioned share exchange agreement, it has been proposed to

dissolve Allum Holding AS. The dissolution of Allum Holding AS is expected to be

completed medio August 2015 and the shareholding of Øystein Stray Spetalen and

associated companies in Saga Tankers will be reduced to approximately 77%.

* * *

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.

[HUG#1926435]

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