EXHIBIT 99.1
CONTACT:
William Viqueira
Chief Financial Officer
General Maritime Corporation
(212) 763-5677
GENERAL MARITIME CORPORATION
COMMENCES EXCHANGE OFFER FOR ALL OF ITS
OUTSTANDING 10% SENIOR NOTES DUE 2013
New York, New York, July 10, 2003 - General Maritime Corporation (NYSE: GMR)
(the "Company") today announced that it has commenced an offer (the "Exchange
Offer") to exchange all of its outstanding 10% senior notes due March 15, 2013,
that were issued in a private placement on March 20, 2003, for an equal
principal amount of 10% senior notes due March 15, 2013, that are registered
under the Securities Act of 1933, as amended (the "Exchange Notes"). The terms
of the Exchange Notes are identical to those of the currently outstanding notes
except that the Exchange Notes are registered under the Securities Act of 1933
and will not be subject to restrictions on transfer.
The Company is undertaking the Exchange Offer to satisfy certain obligations
under a registration rights agreement entered into by and among the Company and
the initial purchasers of the outstanding notes. Outstanding notes that are not
tendered in the Exchange Offer will remain outstanding and will retain their
rights under the indenture, but they will not retain any rights under the
registration rights agreement. The Company will not receive any additional
proceeds from the Exchange Offer.
The Exchange Offer and the right to withdraw any outstanding notes that have
been tendered in the Exchange Offer are scheduled to expire on September 8,
2003, unless extended by the Company.
Additional Information
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The Company has filed a registration statement, including a prospectus and other
related documents, on Form S-4 with the United States Securities and Exchange
Commission (the "SEC") in connection with the Exchange Offer. The Company urges
holders of the outstanding notes to read the prospectus and other documents
carefully before tendering any outstanding notes. These documents also contain
necessary information regarding the procedures that must be used to tender
outstanding notes. Holders of the outstanding notes may obtain any documents
filed with the SEC relating to the Exchange Offer free of charge from the SEC's
website at www.sec.gov. These documents may also be obtained from the exchange
agent for the Exchange Offer, LaSalle Bank National Association, at:
LaSalle Bank National Association
135 S. LaSalle Street, Suite 1960
Chicago, Illinois 60603
Ph: (312) 904-2442
Fax: (312) 904-2236
Attn.: Wayne M. Evans CCTS
First Vice President, Corporate Trust Administration
This communication shall not constitute an offer to sell or the solicitation of
an offer to buy securities, nor shall there be any sale of securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful under
the securities laws of such jurisdiction.
About General Maritime Corporation
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General Maritime Corporation is a provider of international seaborne crude oil
transportation services principally within the Atlantic basin and other regions
including West Africa, the North Sea, Mediterranean, Black Sea and Far East.
General Maritime owns and operates 46 tankers - 27 Aframax and 19 Suezmax
tankers - making it the second largest mid-sized tanker company in the world
with more than 5.5 million dwt.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
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This press release contains "forward looking statements" regarding the expected
completion of our exchange offer. These statements are subject to a number of
risks and uncertainties that could cause these statements to be incorrect or
actual results to differ materially. These risks and uncertainties include
changing market conditions in the tanker industry, market conditions for debt
securities generally, securities issued by companies in the tanker industry and
our debt securities specifically.