Saga Tankers ASA

Change in the proposal to authorize the Board of Directors to increase the share capital

Oslo, 26 October 2020

Reference is made to the stock exchange release 20 October 2020 regarding the notice of Extraordinary General Meeting in Saga Tankers ASA.

In the notice of the Extraordinary General Meeting, item 9 on the agenda, it is stated that the Board of Directors proposes that the general meeting grants the Board a new authorization to increase the share capital corresponding to 50 % of the company's share capital following the completion of the private placement resolved by the Board of Directors 19 October 2020.

Taking into account the private placement completed on 20 October 2020, the Board of Directors has resolved to change the proposal in item 9 so that the authorization to increase the share capital reflects such private placement, i.e 50 % of the company's share capital following the completion of this private placement. After the completion of the last private placement, the proposal to grant authorization to increase the share capital corresponding to 50% of the company's share capital is equivalent to maximum NOK 1,700,749.16.

For further information, please contact: CEO Espen Lundaas [phone]

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