Mandatory notification of trade

Reference is made to the press release of 19 November of the completed pre-placement for a total of 7,888,850 new shares, representing close to 10% of the registered share capital.

Arne Blystad, chairman in Saga Tankers ASA, has through Blystad Shipholding Inc subscribed for 1,981,500 shares in Saga Tankers ASA at NOK 7.10 per share. Following this subscription, companies controlled by Arne Blystad hold 22,273,059 shares in the Company.

Jon Christian Syvertsen, CEO of Saga Tankers ASA, has through Adrian Finans AS subscribed for 50,000 shares in Saga Tankers ASA at NOK 7.10 per share. Following this subscription, Adrian Finans AS holds 150,000 shares in the Company.

Completion of the private placement and the issuance of the shares will be conditional upon approval of the required share capital increase by the Extraordinary General Meeting of SAGA scheduled to be held on or around 13 December 2010. The new shares to be issued in the private placement will not be tradeable until the share capital increase has been approved and the subsequent registration of the share capital increase in the Norwegian Register of Business Enterprises (Foretaksregisteret) has taken place. Such registration is expected to take place on or around 14 December 2010.

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