Completed sale of Saga Chelsea

Saga Tankers ASA has today completed the sale of Saga Chelsea and delivered the vessel to its new owners. The net sales proceeds including the value of bunkers and lubes, a total of USD 28.2 million, will be used to deleverage the Company and to strengthen the Company's cash balance.

Oslo, 12 September 2011

This information is subject to the disclosure requirements according to section 5-12 of the Norwegian Securities Trading Act.