Saga Tankers Asa announced that Fredrik Platou, the current Chief Executive Officer of the company, shall pursuant to an agreement with the company retire from his position as from January 1, 2013. On this background, the Board of Directors has evaluated relevant candidates for the position and has through this process chosen to appoint Espen Lundaas, the current board member, as new Chief Executive Officer of the company with effect as from January 1, 2013. As a consequence of the appointment of Espen Lundaas as new Chief Executive Officer of the company, it is proposed that Martin Nes is elected as new member of the board of directors replacing Espen Lundaas at the extraordinary general meeting to be held on December 17, 2012.