Q1 2012 financial report

Saga Tankers ASA reports a net profit for the first quarter 2012 of USD 1.4 million.

Gross freight revenues for the first quarter were USD 3.3 million.

Operating revenues for the first quarter were USD 3.3 million.

EBITDA for the first quarter was USD 1.5 million.

Net financial items for the first quarter were USD (-0.1) million.

Earnings per share (EPS) for the first quarter were USD 0.02.

The average number of shares in the quarter was 86,777,409. As per the end of the period, the outstanding number of shares was 86,777,409.

The Company had zero off hire during the quarter, and Saga Agnes performed as normal according to its contract.

Saga Agnes had OPEX of USD 8,917 per day during the first quarter.

The Company's condensed unaudited financial statements for the first quarter of 2012 are enclosed.

Oslo, 2 May 2012

Investor relations:

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

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