General Maritime Corporation Announces Commencement of Exchange Offer for Its 12% Senior Notes Due 2017

Jun 30, 2010, 08:00 ET from General Maritime Corporation

NEW YORK, June 30 /PRNewswire-FirstCall/ -- General Maritime Corporation ("General Maritime" or the "Company") (NYSE: GMR) announced today that it had commenced an offer to exchange up to $300 million principal amount of newly issued 12% Senior Notes due 2017 (the "Series B Notes") registered under the Securities Act of 1933, as amended (the "Securities Act"), for a like principal amount of its privately placed outstanding 12% Senior Notes due 2017 sold in November 2009 (the "Series A Notes"). The Series B Notes will be identical in all material respects to the Series A Notes, except that the Series B Notes have been registered with the Securities and Exchange Commission and will not contain terms with respect to transfer restrictions under the Securities Act, registration rights or payment of additional interest as liquidated damages applicable to the Series A Notes.

The Company is making this exchange offer to satisfy its obligations under the registration rights agreements relating to the Series A Notes in which the Company committed to use its reasonable best efforts to issue the Series B Notes pursuant to a registration statement under the Securities Act of 1933, as amended, in exchange for the Series A Notes, which are subject to certain transfer restrictions. The exchange offer will not affect the Company's outstanding debt levels, as the Series B Notes will be issued only upon cancellation of a like amount of currently outstanding Series A Notes. The Company will not receive any proceeds from the exchange offer.

The Company will accept for exchange any and all Series A Notes validly tendered on or before 5:00 p.m., New York City time, on July 29, 2010, unless extended. The exchange offer is made pursuant to the Company's prospectus dated June 30, 2010, which has been filed with the Securities and Exchange Commission.  The Company has not authorized any person to provide information other than as set forth in the prospectus.

Copies of the prospectus and transmittal materials governing the exchange offer can be obtained from the exchange agent, Bank of New York Mellon Corporation, by calling (212) 815-2742, by faxing a request to (212) 298-1915, or by writing via mail to Bank of New York Mellon Corporation, 101 Barclay Street - 7 East, New York, New York 10286, Corporation Trust Operations - Reorganization Unit, Attn: Ms. Diane Amoroso.  

This news release is neither an offer to sell nor the solicitation of an offer to buy or exchange any securities. Offers will not be made in any jurisdiction in which the making or accepting thereof would not be in compliance with the securities, blue sky or other laws of such jurisdiction. The exchange offer is made solely pursuant to the prospectus dated June 30, 2010, including any supplements thereto.

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.  Following the completion of our previously announced acquisition of seven tankers, the Company expects to own a fleet of 38 double-hull tankers.

"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.  It is possible that future events, including whether the exchange offer is completed on the terms specified or at all, may differ from expectations due to a variety of risks and other factors such as those described in the "Risk Factors" section of the exchange offer prospectus and in the Company's Annual Report on Form 10-K/A for the fiscal year ended December 31, 2009, as updated by its subsequent reports on Form 10-Q and Form 8-K. It is not possible to foresee or identify all such factors. 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 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



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