Exhibit 99.1
CONTACT:
William Viqueira
Chief Financial Officer
General Maritime Corporation
(212) 763-5677
GENERAL MARITIME CORPORATION ANNOUNCES
SUCCESSFUL COMPLETION OF EXCHANGE OFFER FOR ITS
OUTSTANDING 10% SENIOR NOTES DUE 2013
New York, New York, September 12, 2003 - General Maritime Corporation (NYSE:
GMR) (the "Company") today announced that its offer (the "Exchange Offer") to
exchange all of its outstanding 10% senior notes due March 15, 2013 (the
"Outstanding Notes"), 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")
expired at 5:00 p.m. New York City time on September 11, 2003. Based on a
preliminary count, all of the Outstanding Notes were tendered.
The terms of the Exchange Notes are identical to those of the Outstanding Notes
except that the Exchange Notes are registered under the Securities Act of 1933
and will not be subject to restrictions on transfer. LaSalle Bank National
Association acted as Exchange Agent for the Exchange Offer.
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 terms of the
Exchange Notes are set forth in that prospectus. 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 Corporation owns and operates a fleet of 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
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Under the Private Securities Litigation Reform Act of 1995, 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.
00656.0022 #482505