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2015-05-20

SAGA TANKERS ASA: PURCHASE OF SHARES IN SDSD AND MANDATORY OFFER OBLIGATION

Saga Tankers ASA ("Saga
" or the "Company
") has today purchased 78,338,000 shares in S.D Standard Drilling Plc ("SDSD
") at a price of NOK 1.35 per share (the "Acquisition
"), corresponding to a total purchase price of NOK 105,756,300. Following the
Acquisition, Saga and associated companies have a total holding of
140,078,869 shares in SDSD, corresponding to 53.5 % of the total outstanding
shares in SDSD. The Acquisition thereby implies that Saga Tankers ASA
triggers a mandatory offer obligation for purchase of the remaining shares in
SDSD.

Saga intends to make a mandatory offer for the remaining shares in SDSD
without undue delay and at the latest within four weeks after the date of
this stock exchange notice. The Company will publish an offer document,
pursuant to the Norwegian Securities Trading Act section 6-13.

The Company will also publish a detailed stock exchange announcement pursuant
to section 3.4 in the Continuing Obligations for companies listed on Oslo
Axess.

* * *

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)

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This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Saga Tankers ASA via Globenewswire

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