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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
[ X ] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended JUNE 30, 1999
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission file number 333-26227
GOLDEN STATE PETROLEUM TRANSPORT CORPORATION
______________________________________________________
(Exact name of Registrant as specified in its charter)
Delaware 13-392-7016
_________________________________ _____________________
(State or other jurisdiction (I.R.S. Employer
of incorporation or organization) Indentification No.)
c/o Frontline Ltd., Mercury House, 101 Front Street,
Hamilton, Bermuda
______________________________________________________
(Address of principal executive offices)
(441) 295-6935
______________________________________________________
(Registrants telephone number, including area code)
______________________________________________________
(Former name, former address and former fiscal year if
changed since last report)
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Indicate by check mark whether the registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding 12 months
(or for such shorter period that the registrant was required to
file such reports), and (2) has been subject to such filing
requirements for the past 90 days.
Yes X No X
2
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PART I - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS.
Index to Consolidated Financial Statements
Statements of Operations and Retained Earnings for
the quarters and six months ended June 30, 1999
and 1998 3
Balance Sheets as of June 30, 1999 and December
31, 1998 4
Statements of Cash Flows for the six months ended
June 30, 1999 and 1998 5
Notes to Financial Statements 6
3
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STATEMENTS OF OPERATIONS AND RETAINED EARNINGS
for the quarter and six months ended June 30, 1999 and 1998
(Unaudited)
SIX SIX
QUARTER MONTHS QUARTER MONTHS
ENDED ENDED ENDED ENDED
JUNE 30, JUNE 30, JUNE 30, JUNE 30,
1999 1999 1998 1998
REVENUE
Agency fees $ - $ - $ - $ -
------- ------- ------- -------
EXPENSES
Transaction
expenses - - - -
------- ------- ------- -------
NET INCOME $ - $ - $ - $ -
======= ======= ======= =======
Retained earnings,
beginning of period - - - -
------- ------- ------- -------
Retained earnings,
end of period $ - $ - $ - $ -
======= ======= ======= =======
4
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BALANCE SHEETS AS OF JUNE 30, 1999 AND DECEMBER 31, 1998
(Unaudited)
JUNE 30, DECEMBER 31,
1999 1998
ASSETS
Cash $ 2 $ 2
Accounts receivable - -
--------- ---------
TOTAL ASSETS $ 2 $ 2
========= =========
LIABILITIES AND STOCKHOLDERS EQUITY
Accounts payable $ - $ -
--------- ---------
TOTAL LIABILITIES - -
========= =========
STOCKHOLDERS EQUITY
Common stock, no par value;
100 shares authorized;
2 shares issued and outstanding 2 2
Retained earnings - -
-------- ---------
TOTAL STOCKHOLDERS EQUITY 2 2
--------- ---------
TOTAL LIABILITIES AND
STOCKHOLDERS EQUITY $ 2 $ 2
========= =========
5
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STATEMENTS OF CASH FLOWS
for the six months ended June 30, 1999 and 1998
(Unaudited)
1999 1998
CASH FLOWS FROM OPERATING
ACTIVITIES
NET INCOME $ - $ -
Change in operating assets
and liabilities - -
--------- ---------
NET CASH PROVIDED BY
OPERATING ACTIVITIES - -
--------- ---------
CASH FLOWS FROM FINANCING
ACTIVITIES
Capital contribution - -
--------- ---------
NET CASH PROVIDED BY
FINANCING ACTIVITIES - -
--------- ---------
CASH AT BEGINNING OF PERIOD 2 2
--------- ---------
CASH AT END OF PERIOD $ 2 $ 2
========= =========
6
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ITEM 2. MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS.
Inapplicable
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET
RISK.
Inapplicable
PART II - OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS.
None
ITEM 2. CHANGES IN SECURITIES AND USE OF PROCEEDS.
Inapplicable
ITEM 3. DEFAULTS UPON SENIOR SECURITIES.
Inapplicable
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
Inapplicable
ITEM 5. OTHER INFORMATION.
None
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K.
(a) Exhibits and reports to be filed: none
(b) Reports on Form 8-K: none
7
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned thereunto duly authorized.
GOLDEN STATE PETROLEUM
TRANSPORT CORPORATION
--------------------------------
(Registrant)
Date August 9, 1999 By /s/ Kate Blankenship
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Kate Blankenship
Director and Secretary
8
02089007.AB7