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| General Maritime Corporation |
| 35 West 56th Street, New York, NY 10019 * (212) 763-5600 |
| Business Description | The company is a leading provider of international seaborne crude oil transportation services within the Atlantic Basin. |
| Offering Information Company has | |||
| Trading As | GMR (NYSE) | Industry | Transportation (SIC 4412) |
| Type of Stock Offered | Common Shares | Filing Date | 11/13/2000 |
| Domestic Shares Offered | 8,000,000 | Offer Date | 6/12/2001 |
| Foreign Shares Offered | 0 | Filing Range | $15.00 - $19.00 |
| Company Shares | 8,000,000 | Offer Price | $18.00 |
| Selling Shrhldrs Shares | 0 | Gross Spread | $1.260 |
| Gross Proceeds | $144,000,000 | Selling | $0.760 |
| Expenses | - - | Reallowance | $0.100 |
| Post-IPO Shares | - - | Employees | - - |
| Primary Underwriting Group | ||
| Underwriter Name | Participation | Underwriter Phone |
| Lehman Brothers Incorporated | Lead Manager | (212) 526-8100 |
| ABN Amro Roth | Co-manager | (212) 314-1080 |
| Jefferies & Company Incorporated | Co-manager | (212) 903-2342 |
| Income Statement and Cash Flow Summary | |||||||
| Prior Audited Income |
Latest Unaudited Income | ||||||
| Full Year Audited Figures | 6 Months Ending | ||||||
| Figures in U.S. millions except per share data | 12/31/1997 | 12/31/1998 | 12/31/1999 | 6/30/1999 | 6/30/2000 | ||
| Revenues | - | - | 11.971 | 51.784 | 54.734 | 29.400 | 38.339 |
| Income from Oper. | - | - | 4.458 | 16.779 | 11.787 | 8.803 | 15.026 |
| Net Income | - | - | 1.442 | 2.125 | -4.738 | 0.722 | 6.219 |
| E.P.S | - | - | - | - | - | - | - |
| Revenue Growth (%) | - | - | 332.58 | 5.697 | 30.40 | ||
| Net Income Growth (%) | - | - | 47.36 | - | 761.36 | ||
| Oper. Profit Margin (%) | - | - | 37.24 | 32.40 | 21.54 | 39.19 | 29.94 |
| Net Profit Margin (%) | - | - | 12.05 | 4.10 | - | 16.22 | 2.46 |
| Cash Flow - Oper. | 16.61 | 9.45 | 16.83 | ||||
| Cash Flow - Inv. | -22.76 | -0.75 | -66.94 | ||||
| Cash Flow - Fin. | 6.59 | -8.57 | 59.46 | ||||
| Balance Sheet Summary and Financial Ratios | |||||
| Balance sheet as of: 6/30/2000 | Financial Ratios | ||||
| Total Assets | 417.64 | Current Assets | - | Current Ratio | - |
| Total Liab. | 254.79 | Current Liab. | - | Debt Ratio | 61.01% |
| Total Equity | 162.85 | Working Cap. | - | Debt to Equity Ratio | 1.56 |
| Cash | 16.20 | Return on Assets | 1.49% | ||
| Use Of Proceeds |
The proceeds from the proposed offering will be used for reducing outstanding borrowings, for acquisitions of additional vessels or complementary businesses and for general corporate purposes including working capital. |
| Legal Counsel Registrar Auditor | |
| Issuer's Law Firm | Kramer, Levin, Naftalis, Nessen, Kamin & Frankel |
| Bank's Law Firm | Stroock & Stroock & Lavan |
| Auditor | Ernst & Young |
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| Principal Shareholders | ||
| Name of Shareholder | % Owned Before | % Owned After |
| Wexford Capital L.L.C. affiliated entities | ||
| OCM Principal Opportunities Fund, L.P. | ||
| Beacon Group Energy Investment Fund, Inc. The | ||
| Note: represents ownership of 5% or more prior to the offering. | ||