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Dato/tid 01.11.2017 08:58
Utsteder Saga Tankers ASA
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Tittel Saga Tankers ASA : SUBSCRIPTION FOR SHARES IN S.D. STANDARD DRILLING PLC
Tekst


NOT FOR DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, IN OR TO U.S. NEWS WIRE
SERVICES  OR INTO  THE UNITED  STATES, AUSTRALIA,  CANADA OR  JAPAN OR ANY OTHER
JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL

SAGA TANKERS: SUBSCRIPTION FOR SHARES IN S.D. STANDARD DRILLING PLC

Oslo, 1 November 2017


Reference is made to the announcement made on earlier today, on 1 November 2017
for  the ongoing Equity  Offering in S.D.  Standard Drilling Plc. ("SDSD"). Saga
Tankers  ASA  (the  "Company",  ticker:  "SAGA")  has  subscribed  for  and been
allocated  approximately  36.7 million  new  shares  in  tranche 1 of the equity
offering  carried out by SDSD (the "Equity Offering"), for a price per new share
of NOK 1.31, and a total subscription amount of NOK 48.1 million.

Further,  on 31 October 2017, the Company entered into an underwriting agreement
with  SDSD and five  other significant shareholders  of the Company (the "UWA"),
pursuant  to which the Company committed to subscribe for unsubscribed shares in
the  Equity Offering  for an  amount up  to NOK 83,890,022. The underwriting fee
payable by SDSD to the Company is NOK 838,900.22. The final number of new shares
subscribed  for  by  the  Company,  and  thus the final subscription amount, may
increase  dependent on  the level  of subscriptions  in tranche  2 of the Equity
Offering, for which the subscription period ends on 3 November 2017.

SDSD  is a  public limited  liability company  incorporated in  Cyprus. SDSD was
founded  in 2010 and  is headquartered  in Limassol,  Cyprus and  listed on Oslo
Stock  Exchange under ticker: "SDSD". The  Company's total fleet consists of 18
partly or wholly owned PSV vessels: (i) 3 large-size PSV Standard Vessels, 100%
owned;  (ii)  2 large-size  PSV  E.R.  Vessels ("E.R. Vessels"), 100% owned((2);
)(iii)  7 mid-size PSV Opportunity III Vessels ("PSVO III Vessels") 25.5% owned;
and  (iv) 6 mid-size PSV  New World Supply  Ltd. Vessels ("NWS Vessels"), 26.2%
owned.  The  commercial  and  technical  management is outsourced to experienced
operators.  Reference is  made to  SDSD's website  www.standard-drilling.com for
further  information, including information on management, historical financials
and assets.

SDSD  will  use  the  net  proceeds  from  the  Equity  Offering  to finance its
acquisition  of  two  large-sized  E.R.  vessels  with equity, supporting SDSD's
strategy going forward. As a result of the Company's participation in the Equity
Offering  and the  UWA, the  Company has  increased the  ownership from 18.2% to
19.9% (including  Tranche 2, but  excluding any  shares to  be subscribed for by
Saga Tankers ASA under the guarantee commitment).

There  are  no  agreements  benefitting  the  Company's  management  or board of
directors in connection with the Equity Offering or UWA.


For further information please contact:

CEO Espen Lundaas
Tel +47 924 31417

                                      ***

This information is subject to the disclosure requirements pursuant to section
3.4 in the Oslo Stock Exchange's continuing obligations for listed companies.







 
    

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