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Saga Tankers ASA : Q4 2015 financial results


Saga Tankers ASA: Q4 2015 financial results

(Oslo, 19 February 2016) Saga Tankers ASA ("Saga", OSE: SAGA) reported a net
asset value (NAV) of NOK 935 million at the end of the fourth quarter of
2015, corresponding to NOK 3.26 per share, excluding minority interests and
with Vallhall valued at book value.

During the year, Saga's available for sale portfolio and short term trading
had a return of 100%. NAV per share increased approximately 58% in 2015. In
the same period Oslo Børs Benchmark Index (OSEBX) gained approximately 6%.

By the end of fourth quarter, Saga had a cash balance of NOK 427 million and
no long term debt, except the real estate financing related to the holding in
Vallhall. The reduction of cash from third quarter relates to SD Standard
Driling Plc not being a subsidiary in fourth quarter.

"Saga has a solid investment portfolio and a strong balance sheet, enabling
the company to continue to pursue attractive investment opportunities within
the framework of industries it operates. The company expects the current
market volatility to continue going forward, providing opportunities to
create value through investments in assets, equity or debt", says Espen
Lundaas, Chief Executive Officer of Saga.

Fourth quarter 2015 highlights:

* The development of Saga's available for sale portfolio has resulted in
other comprehensive income of NOK 222.6 million. This represents 73% return
on investments (available for sale portfolio and short term trading) in
fourth quarter and approximately 100% return on investments year to date.
This is mainly due to a share price increase in NEL ASA and Axactor AB
during the quarter
* Received dividend distribution of NOK 244 million from SD Standard Drilling
Plc, equal to USD 0.16 per share. Saga reduced it's ownership in SD
Standard Drilling Plc from 68.4% to 46.2%. SD Standard Drilling Plc is
recognized as an associate from fourth quarter and going forward
* Invested NOK 40 million in the private placement in Axactor AB
* Saga reduced it's ownership in both Aqualis ASA and Weifa ASA during the
* Other financial items and exchange difference currency translations are
mainly related to SD Standard Drilling Plc

Key figures

| NOK 1000 Oct-Dec 2015 Oct-Dec 2014 Jan-Dec 2015 Jan-Dec 2014 |
| (unaudited) (unaudited) (unaudited) (unaudited) |
| Operating revenues 6 342 4 396 81 510 8 079 |
| Operating proft (-loss) before depreciation (EBITDA) -16 451 2 498 15 204 1 572 |
| Operating profit/(-loss) (EBIT) -17 125 1 782 12 565 225 |
| Net profit/(-loss) -16 595 2 341 14 143 830 |
| Total comprehensive income 189 581 2 341 267 281 -38 649 |
| |
| Value adjusted equity per share (NOK) 3,26 2,06 3,26 2,06 |
| |
| Basic and diluted earnings per share NOK -0,06 0,01 0,07 0,00 |

| TNOK Share of total |
| Fixed assets 92 107 9,03 % |
| Available-for-sale financial assets 461 908 45,27 % |
| Associates 38 143 3,74 % |
| Current assets 428 140 41,96 % |
| Total assets 1 020 298 100,00 % |
| |
| |
| |
| Available-for-sale financial assets Fair value TNOK No of shares Ownership |
| NEL ASA 249 159 51 908 055 7,6 % |
| Axcator AB 134 304 67 151 999 11,3 % |
| Vistin Pharma ASA 42 071 1 965 943 11,5 % |
| Weifa ASA 23 586 25 091 825 2,8 % |
| Aqualis ASA 12 788 3 304 283 7,6 % |
| Total 461 908 |
Financial assets are adjusted to market value according to IFRS. SD Standard
Drilling Plc is (46.2% ownership) an associate and recognized according to
the equity method. Vallhall Arena is a subsidiary.

For further information, please contact:

CEO Espen Lundaas

+47 92 43 14 17

By end of fourth quarter the largest investments in Saga Tankers ASA were:

Nel ASA (7.6% ownership):

NEL ASA is the first dedicated hydrogen company on the Oslo Stock Exchange.
Since its foundation in 1927, NEL Hydrogen has a proud history of development
and continual improvement of hydrogen plants. NEL is global a supplier of
hydrogen solutions, covering the entire value chain from hydrogen production
technologies to hydrogen refuelling stations for fuel cell electric vehicles. H2
Logic A/S is a leading manufacturer of H2Station® hydrogen refuelling stations
that provides fuel cell electric vehicles with the same fast fuelling and long
range as conventional vehicles today.

For further information: www.nel-asa.com

Axactor AB (11.3% ownership):

Axactor is addressing a large non-performing loan (NPL) market in Europe. The
market is estimated to around € 1.5 trillion and with a solid growth rate.
The main growth factors are partly driven by regulatory changes, sales of
non-performing loans and an accelerating trend of outsourcing debt collection
to specialized companies. Furthermore, Axactor see a consolidation trend in
the debt collection/debt purchase industry. Axactors main focus in the credit
management value chain will be: amicable and legal collection, surveillance
and acquisition of NPLs

As a first step in Axactor's Pan-European growth strategy they acquired the
company ALD Abogados, a leading debt collection agency in Spain. The company
has a diversified customer base and will be the platform for future growth in
the Spanish market.
For more information: www.axactor.com

Vistin Pharma ASA (11.5% ownership):

Vistin Pharma is a Norwegian pharmaceutical company producing Active
Pharmaceutical Ingredients (APIs) and solid dosage forms for the global
pharmaceutical industry. The company has key positions in the Metformin and
Opioids markets, and a strong foundation for creating a highly efficient CMO
business (contract manufacturing of tablets). Solid growth potentials exist
all the business segments. The spin-off from Weifa facilitates new growth
opportunities due to a narrower business scope, increased visibility and being
able to pursue own strategic agendas without the risk of compromises across
business units.

For further information www.vistin.com

Weifa ASA (2.8% ownership):

Weifa is Norway's leading consumer health company. The company supply real
value through medicines, lifestyle products and solutions that address the
essential needs of
consumers, customers and professional partners. Weifa was founded in 1940 and
now employs about 30 highly qualified people at the headquarters in Oslo. The
company has a strong position in Norway and is the market leader in pain
with well-established brands such as Paracet and Ibux. Weifa are also present
other key areas such as dietary supplements and treatment for colds and
respiratory problems. Weifa is listed on the Oslo Børs (ticker WEIFA).

For further information: www.weifa.no

Aqualis ASA (7.6% ownership):

Aqualis ASA (OSE: Aqua) is a public company that, through its subsidiaries,
offers energy consultancy services to the global oil and gas, wind and solar
sectors. The group employs experienced consultants in 22 offices in 15
worldwide. Aqualis ASA operates under three different brands: Aqualis
Offshore Wind Consultants and ADLER Solar. Aqualis Offshore is a specialized
offshore marine and engineering consultancy firm, focusing on the shallow and
deep-water offshore segments of the oil and gas industry. Offshore Wind
Consultants is a globally focused consultancy providing independent services
the offshore renewables industry. ADLER Solar is a technical and engineering
service provider for the global solar industry. Aqualis owns 49.9 percent of
ADLER Solar.

further information: www.aqualis.no

(55% ownership):

Vallhall Arena is Oslo's largest indoor arena, centrally located at Helsfyr in
Oslo with good public transportation connections. Several hotels are also
located close to the arena. The arena was built in 2001. The cost was
approximately NOK 130 million whereof NOK 80 million was funded by debt and
NOK 55 million was funded by equity from owners. The arena has about 9 000
square meter expanse. The arena is well-known for its high quality indoor
soccer hall and is used by school children, as well as professionals. The
arena is also leased out for events such as exhibitors, seminars, concerts
and other events requiring facilities that Vallhall Arena can offer.

For more information:www.vallhall.no

SD Standard Drilling Plc (46.2% ownership):

Having sold all initial rig contracts, the strategy of the company has changed
to being an investment company within the oil and gas service sector. Main
assets are currently cash holdings.

For more information: www.standard-drilling.com

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

Q4 2015 Financial report


This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of th...

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