Saga Tankers ASA :C OMPLETION OF DEMERGER - REGISTERED SHARE CAPITAL INCREASE

Reference is made to the stock exchange notice dated 23 July 2014 regarding Saga Tankers ASA's (the "Company") entry into a demerger plan for certain assets owned by Ferncliff TIH 1 AS (the "Transaction"), the detailed stock exchange announcement regarding the Transaction dated 25 July 2014 and the information memorandum regarding the Transaction dated 10 September 2014.

The Company's decision to enter into the Transaction was registered in the Norwegian Register of Business Enterprises on 2 September 2014. The six weeks creditor notification period has now expired and no objections have been raised. The Transaction was therefore completed and registered in the Norwegian Register of Business Enterprises on 21 October 2014.

In connection with the completion of the Transaction, the share capital of the Company has been increased with NOK 89 056 319, by issuance of 89 056 319 new shares, each with a par value of NOK 1. The share capital increase has been registered in the Norwegian Register of Business Enterprises. Following the registration of the share capital increase, the Company has a total of 175 833 728 outstanding shares, each with a par value of NOK 1. The Company's total share capital is thus NOK 175 833 728.

For further information, please contact:

CEO Espen Lundaas
+47 92 43 14 17