New Chief Executive Officer

Reference is made to the stock exchange announcement made by Saga Tankers ASA (the "Company") previously today regarding the summons to an extraordinary general meeting in the Company to be held on 17 December 2012. As stated in the summons, Fredrik Platou, the current Chief Executive Officer of the Company, shall pursuant to an agreement with the Company retire from his position as from 1 January 2013. The Company thanks Fredrik Platou for his contribution to the Company in his period of employment. On this background, the Board of Directors has evaluated relevant candidates for the position and has through this process chosen to appoint Espen Lundaas, the current Board member, as new Chief Executive Officer of the Company with effect as from 1 January 2013.

As a consequence of the appointment of Espen Lundaas as new Chief Executive Officer of the Company, it is proposed that Martin Nes is elected as new member of the Board of Directors replacing Espen Lundaas at the extraordinary general meeting to be held on 17 December 2012.

Oslo, 23 November 2012

For further information, please contact:

Fredrik Platou, CEO
+47 23 11 82 74
management@sagatankers.no

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