General Maritime Corporation Announces Pricing of Common Stock Offering

Jun 17, 2010, 19:51 ET from General Maritime Corporation

NEW YORK, June 17 /PRNewswire-FirstCall/ -- General Maritime Corporation ("General Maritime" or the "Company") (NYSE: GMR) announced today the pricing of its underwritten public offering of 30,600,000 shares of newly issued common stock at a price to the public of $6.75 per share.  General Maritime has also granted the underwriters for the offering a 30-day option to purchase up to an aggregate of 4,590,000 additional shares of common stock.  The shares will be issued pursuant to the Company's existing shelf registration statement.  The offering is expected to close on June 23, 2010, subject to the satisfaction of customary closing conditions.

The Company expects to receive net proceeds of approximately $195.6 million from the offering (excluding any exercise of the underwriters' option to purchase additional shares of common stock) 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.

The offering is being made only by means of a prospectus and related prospectus supplement.  A copy of the preliminary prospectus supplement, together with the prospectus, has been filed with the U.S. Securities and Exchange Commission and is available on the SEC's website, www.sec.gov.  Goldman, Sachs & Co., Dahlman Rose & Company, LLC, Jefferies & Company, Inc. and J.P. Morgan Securities Inc. are acting as bookrunners and Credit Suisse Securities (USA) LLC, DnB NOR Markets, Wells Fargo Securities, LLC, Fearnley Fonds ASA and RS Platou Markets AS are acting as co-managers in the offering.

The preliminary prospectus supplement and related 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



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