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Sale of VLCC

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Sale of VLCC

Saga Tankers ASA has entered into an agreement for the sale of its 1995-built VLCC, Saga Chelsea. The sale is outright and free from any subjects. The sales proceeds, USD 25 million net plus the value of bunkers and lubes, will be used to deleverage the Company and to strengthen the Company's cash balance. The vessel will be delivered to its Buyers during September 2011.

Oslo, 28 August 2011

Investor contact: Fredrik Platou, CFO, +47 23 11 82 74

This information is subject to the disclosure requirements according to section 5-12 of the Norwegian Securities Trading Act.

 

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