Q3 2012 financial report

RESULTS

Saga Tankers ASA reports a net profit for the third quarter 2012 of USD 0.6 million.

Gross freight revenues for the third quarter were USD 0.9 million. Operating revenues for the third quarter were USD 0.9 million.

EBITDA for the third quarter was USD 0.6 million.

Earnings per share (EPS) for the third quarter were USD 0.01.

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 vessel Saga Agnes was sold and delivered to its buyers on 27 August 2012. The Company has now sold and delivered all vessels.

REPAYMENT OF LOAN

The Company repaid its bank loan to DNB in full following the sale and delivery of Saga Agnes.

MANDATORY OFFER

Mr. Øystein Stray Spetalen put forward a mandatory offer to acquire all outstanding shares in the Company on 4 September 2012. The offer period expired on 17 October 2012. A total of 7% of the Company's shareholders accepted and approved the offer so that Mr. Spetalen had as per the close of the offer period ownership to or received acceptances for a total 64.5 % of the outstanding shares in the Company. Please see note 6 attached hereto for an overview of the Company's largest shareholders.

FUTURE

The worldwide shipping markets continue to be in a crisis with poor earnings, downward pressure on asset prices and a fundamental shortage of traditional bank financing. In such an environment, the historical cyclicality of the shipping industry could reveal attractive investment opportunities across various shipping segments such as tank and bulk. The company will continuously evaluate investment opportunities that may arise based on the present framework surrounding the industry.

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

Oslo, 31 October 2012

Investor relations:

Fredrik Platou, CEO

+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.