General Maritime Corporation Announces Closing of Offering of Common Stock

Jun 23, 2010, 17:19 ET from General Maritime Corporation

NEW YORK, June 23 /PRNewswire-FirstCall/ -- General Maritime Corporation ("General Maritime" or the "Company") (NYSE: GMR) announced today the closing of an offering by the Company of shares of the Company's common stock.  The Company sold a total of 30,600,000 shares of newly issued common stock at a price to the public of $6.75 per share.  The Company received net proceeds of approximately $195.6 million from the offering after deducting underwriting discounts and commissions and estimated offering expenses.  The Company intends to use all of the net proceeds from the offering to fund a portion of the purchase price for its previously announced acquisition of seven tankers.

Goldman, Sachs & Co., Dahlman Rose & Company, LLC, Jefferies & Company, Inc. and J.P. Morgan Securities Inc. acted as bookrunners and Credit Suisse Securities (USA) LLC, DnB NOR Markets, Wells Fargo Securities, LLC, Fearnley Fonds ASA and RS Platou Markets AS acted as co-managers in the offering.

The common stock was offered pursuant to a shelf registration statement that was previously filed with and declared effective by the U.S. Securities and Exchange Commission.  The offering was made only by means of a prospectus supplement and accompanying base prospectus.  A copy of the prospectus supplement and accompanying prospectus were filed with the SEC and are available on the SEC's website, www.sec.gov.  The prospectus supplement and accompanying prospectus may also be obtained by contacting:

Goldman, Sachs & Co. 200 West Street New York, NY  10282-2198 Attention:  Prospectus Department

prospectus-ny@ny.email.gs.com

Tel: 866- 471-2526

or

Dahlman Rose & Co. 142 West 57th Street New York, NY  10019 Attention:  Prospectus Department prospectus@dahlmanrose.com

or

Jefferies & Company, Inc.

520 Madison Avenue, 12th Floor, Syndicate Middle Office

New York, NY 10022

Attention: Stephen M. Ficara

Sficara@Jefferies.com

Tel: 212-284-3418

or

J.P. Morgan Securities Inc. 1155 Long Island Avenue Edgewood, NY  11717 Attention:  Broadridge Financial Solutions Tel: 866-803-9204

This press release does not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any jurisdiction. The shares will be offered only by means of a prospectus, including the prospectus supplement relating to the shares, meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

About General Maritime Corporation

General Maritime Corporation is a leading provider of international seaborne crude oil transportation services. General Maritime also provides transportation services for refined petroleum products. General Maritime's vessels operate principally within the Atlantic basin, which includes ports in the Caribbean, South and Central America, the United States, West Africa, the Mediterranean, Europe and the North Sea. General Maritime also currently operates tankers in other regions including the Black Sea and Far East. Currently, General Maritime owns a fully double-hull fleet of 31 tankers - two VLCCs, eleven Suezmax tankers, twelve Aframax, two Panamax and four Handymax product tankers - with a total carrying capacity of approximately 4.0 million dwt.

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

This press release contains various forward-looking statements and information that are based on management's belief, as well as assumptions made by and information currently available to management. Forward-looking information includes statements regarding the terms and amount of securities expected to be offered; the gross proceeds of the offering; and the anticipated timing of the offering.  Such statements are subject to various risks, uncertainties and assumptions, including the fulfillment of the closing conditions under, or the execution of customary additional documentation for, General Maritime's agreements to acquire vessels; completion and funding of financing on acceptable terms; and market conditions.  Should one or more of those risks materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those expressed in any forward-looking statements. These risks, as well as others, are discussed in greater detail in General Maritime's filings with the Securities and Exchange Commission, including the Company's most recent annual report on Form 10-K and subsequent filings with the SEC.  These forward-looking statements represent our views only as of the date they are made and should not be relied upon as representing our views as of any subsequent date. We do not assume any obligation to update any forward-looking statements.

SOURCE General Maritime Corporation



RELATED LINKS

http://www.generalmaritimecorp.com