GENERAL MARITIME
Completes the combination with Arlington Tankers

DEC, 17.2008
 

 

General Maritime Corporation, listed on NYSE (Peter Georgiopoulos – CEO), announced that has completed its combination with Arlington Tankers Ltd. to form a public company to be known as General Maritime Corporation (formerly known as Galileo Holding Corporation), which is expected to commence trading on the NYSE on Wednesday, December 17, 2008 under the symbol GMR.

In accordance with the terms of their merger agreement, Historic General Maritime and Arlington each became wholly-owned subsidiaries of General Maritime. All outstanding shares of both companies were exchanged for shares of General Maritime.

Arlington shareholders are entitled to receive one share of General Maritime common stock for each share of Arlington common stock they held immediately prior to the effective time of the combination, and Historic General Maritime shareholders are entitled to receive 1.34 shares of General Maritime common stock for each share of Historic General Maritime common stock they held immediately prior to the effective time of the combination.

General Maritime Corporation is a provider of international seaborne crude oil transportation services 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.

Also currently operates tankers in other regions including the Black Sea and Far East and owns a fleet of 23 tankers (12 Aframax and 11 Suezmax tankers) with a total carrying capacity of approximately 2.9m dwt, and as a result of the combination with Arlington Tankers Ltd., has acquired its fleet of 8 double-hulled vessels (one of the youngest tanker fleets in the world, with an average vessel age of approximately 5 years).

• The Arlington fleet consists of 2 V-MAX tankers, 2 Panamax tankers and 4 Product tankers, all of which are employed on long-term time charters.