SAGA TANKERS ASA: MAINTAINS LISTING ON OSLO AXESS

Reference is made to a stock exchange notice dated 16 October 2014 regarding a resolution passed by Oslo Børs concerning Saga Tankers ASA (the "Company") on 15 October 2014. In the resolution passed by Oslo Børs on 15 October 2014, the Company was granted a three month period to satisfy certain requirements for listing on Oslo Axess.

The Company has since then worked towards maintaining its listing on Oslo Axess, inter alia by offering settlement in shares in the Company to the shareholders of Strata Marine & Offshore AS in connection with the latter's merger with Saga Invest Holding AS (a wholly owned subsidiary of the Company) (the "Merger") and through election of two new independent directors at the extraordinary general meeting held on 27 March 2015.

Following completion of the Merger, the Company will have an approximate spread of share ownership of 23% and approximately 94 shareholders which hold shares for more than NOK 10,000. Following the extraordinary general meeting on 27 March 2015, the Company satisfies the requirement to have at least two directors which are independent of the Company's executive management, material business contracts and largest shareholders.

Based on the above, the Company has been informed that Oslo Børs will not pursue a delisting process of the Company, provided that the Merger is completed. The Company is not familiar with any conditions that may hinder the completion of the Merger as planned.

For further information, please contact:

CEO Espen Lundaas
+47 92 43 14 17