Q4 2011 financial report

Saga Tankers ASA reports a net loss for the fourth quarter 2011 of USD (-0.1) million.

Gross freight revenues for the fourth quarter were USD 6.6 million.

Operating revenues for the fourth quarter were USD 3.8 million.

EBITDA for the fourth quarter was USD 0.7 million.

Net financial items for the fourth quarter were USD (-0.9) million which includes expensed amortized borrowing cost of USD 0.5 million following sale of fixed assets during the quarter.

Earnings per share (EPS) for the fourth quarter were USD 0.00.

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. Saga Julie was sold and delivered to its Buyers on 3 November. Saga Unity was sold and delivered to its Buyers on 21 November. Saga Chelsea was delivered to its buyers during the third quarter. Hence, the Company had a total of 176 trading days in the fourth quarter.

Average TCE obtained on all three vessels was USD 21,512 per day in the quarter.

Average TCE for the two spot trading vessels was USD 7,585 per day.

Saga Agnes had OPEX of USD 11,169 per day during the fourth quarter.

The Company's condensed unaudited financial statements for the fourth quarter of 2011 are enclosed.

Oslo, 8 February 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.