General Maritime Corporation And Navig8 Crude Tankers Inc Complete Merger To Create The Largest Owner Of Modern Eco VLCCs

NEW YORK, May 7, 2015 /PRNewswire/ -- Gener8 Maritime, Inc. ("Gener8 Maritime" or the "Company") today announced that General Maritime Corporation ("General Maritime") and Navig8 Crude Tankers Inc ("Navig8 Crude") have completed the merger to create Gener8 Maritime, a leading U.S.-based provider of international seaborne oil transportation services. 

In accordance with the terms of the definitive agreement, Navig8 Crude merged with a newly-formed subsidiary of General Maritime and became a wholly-owned subsidiary of General Maritime. General Maritime was renamed Gener8 Maritime. Navig8 Crude shareholders will receive 0.8947 shares of Gener8 Maritime for each share of Navig8 Crude common stock. The definitive agreement provides that, following the close of the transaction and subject to certain limitations, the existing General Maritime shareholders own approximately 52.55% and Navig8 Crude shareholders own approximately 47.45% of the issued and outstanding common stock of Gener8 Maritime, including restricted shares anticipated to be issued after the closing, in accordance with the terms of the definitive agreement.

Existing shareholders of Navig8 Crude will receive a mailing in the next few weeks that includes a Letter of Transmittal from Computershare Inc., who is acting as Exchange and Paying Agent.   This mailing will contain specific instructions regarding the payment of merger consideration.

About Gener8 Maritime

Gener8 Maritime has a fully-delivered fleet of 46 vessels, comprised of 21 VLCC newbuildings and 25 vessels on the water consisting of seven VLCCs, 11 Suezmaxes, four Aframaxes, two Panamax tankers, and one Handymax tanker, together comprising over 11 million deadweight tons with an average age of less than 5.5 years upon delivery of the newbuildings. It is anticipated that following the closing, subject to reaching mutually agreeable commercial terms and upon completion of any existing employment commitments, Gener8 Maritime will contribute its crude tankers to established commercial pools managed by Navig8 Group. Gener8 Maritime is incorporated under the laws of the Marshall Islands and headquartered in New York.

"Safe Harbor" Statement Under the Private Securities Litigation Reform Act of 1995

This press release contains forward-looking statements which are based on management's current expectations and observations.  Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date on which they are made and which reflect management's current estimates, projections, expectations or beliefs and which are subject to risks and uncertainties that may cause actual results to differ materially. Included among the important factors that, in management's view, could cause actual results to differ materially from the forward looking statements contained in this press release are the following, among other things: the ability to realize the expected benefits of the transaction to the degree, in the amounts or in the timeframe anticipated; the ability to integrate Navig8 Crude's newbuilding contracts with those of General Maritime in a timely and cost-efficient manner; and the adequacy of the capital resources of Gener8 Maritime, including the availability of third party financing facilities, to fund the newbuilding contracts and otherwise to provide for the capital needs of Gener8 Maritime. Gener8 Maritime does not undertake the obligation to release publicly any revisions to these forward-looking statements to reflect events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events.

This press release is neither an offer to sell nor a solicitation of an offer to buy any securities of Gener8 Maritime.

Contacts

Leonidas J. Vrondissis
Gener8 Maritime, Inc.
+1 (212) 763-5600

Andy Brimmer / Andrew Siegel / Aaron Palash
Joele Frank, Wilkinson Brimmer Katcher
+1 (212) 355-4449

SOURCE Gener8 Maritime, Inc.