Reference is made to the announcement of 14 June 2010 regarding the issuance of 8,967,361 new shares (the "New Shares") in Saga Tankers ASA (the "Company"). 

 

The New Shares have now been validly issued, and the Company's issued share capital has been increased to NOK 78,888,559 divided into 78,888,559 shares with a nominal value of NOK 1 per share. The shares were issued to Songa Shipping Pte Ltd by way of payment-in-kind as part of the Company's acquisition of the VLCC "Songa Agnes".

 

The share capital increase has today been registered in the Norwegian Registrar of Business Entities.

 

Blystad Shipholding Inc, Songa Shipping Pte Ltd and Tpot AS, companies controlled by the chairman Arne Blystad, will after this collectively hold 20,242,559 shares, equal to 25.66% of total number of shares outstanding in the Company.

 

The Company has today launched its new website www.sagatankers.no and www.sagatankers.com .

 

Oslo, 15 June 2010

 

Jon Christian Syvertsen, CEO

Fredrik Platou, CFO

management@sagatankers.no

+47 23 11 82 70

 

This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)