SAGA TANKERS ASA:

Reference is made to the stock exchange notice released 24 July 2014, the detailed stock exchange announcement dated 25 July 2014 and SAGA's information memorandum dated 9 September 2014.

Saga Tankers ASA ("SAGA" or the "Company") has today sold 3 810 048 shares in Prospector Offshore Drilling S.A. (PROS) at NOK 17.5 per share (the Transaction). In addition, the Company agreed with Ferncliff TIH 1 AS that the latter's shareholding (5 768 072 shares) in PROS were sold at the same share price with the effect that SAGA will receive the sales price for the 5 768 072 shares in PROS  when the merger plan between Ferncliff TIH 1 AS and the Company becomes effective. The merger plan was approved by the general meetings of the Company and Ferncliff TIH 1 AS on 23 August 2014.

After the Transaction, Saga will have no shareholdings in PROS. The Company will prepare a detailed stock exchange announcement to be released in accordance with the Continuing Obligations of stock exchange listed companies

For further information, please contact:

CEO Espen Lundaas
+47 92 43 14 17

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