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                          UNITED STATES
               SECURITIES AND EXCHANGE COMMISSION
                     Washington, D.C. 20549

                            FORM 20-F
(Mark One)
[  ]  REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g)
             OF THE SECURITIES EXCHANGE ACT OF 1934

                               OR
[X]          ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d)
             OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended    December 31, 1999

                               OR
[ ]     TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
             OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from

Commission file number      333-26227

                Golden State Petro (IOM I-A) PLC
     (Exact name of Registrant as specified in its charter)

                Golden State Petro (IOM I-A) PLC
         (Translation of Registrant's name into English)

                           Isle of Man
         (Jurisdiction of incorporation or organization)

      c/o 15-19 Athol Street, Douglas, Isle of Man IM1 1LB
            (Address of principal executive offices)

Securities registered or to be registered pursuant to section
12(b) of the Act.

    Title of each class                     Name of each exchange
                                              on which registered

         None

Securities registered or to be registered pursuant to section
12(g) of the Act.

                              None
                        (Title of class)

Securities for which there is a reporting obligation pursuant to
Section 15(d) of the Act.




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Golden State Petroleum Transport Corporation 8.04% First
Preferred Mortgage Notes Due 2019
                        (Title of class)

Indicate the number of outstanding shares of each of the issuer's
classes of capital or common stock as of the close of the period
covered by the annual report.
       2 Shares of Common Stock, $1.00 par value per share

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

Indicate by check mark which financial statement item the
registrant has elected to follow.

    Item 17   X         Item 18































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                             PART I

ITEM 1.   DESCRIPTION OF BUSINESS

THE COMPANY

Golden State Petro (IOM I-A) PLC (the "Company"), and Golden
State Petro (IOM I-B) PLC ("IOM I-B") (together, the
"Companies"), are Isle of Man public limited companies, each
formed for the purpose of acquiring and chartering a very large
crude oil carrier ("VLCC" or "Vessel").

Golden State Petroleum Transport Corporation ("GSPTC"), a
Delaware corporation as an agent for the Company and IOM I-B,
issued 8.04% First Preferred Mortgage Term Notes for $127,100,000
(the "Term Notes") and Serial First Preferred Mortgage Notes for
$51,700,000 (the "Serial Notes") (together the "Notes").  The
principal amount of the Term Notes and the Serial Notes allocated
to the Company is $63,550,000 and $24,900,000 respectively.  The
proceeds from the offering and sale of the Notes allocated to the
Company, were used by the Company to fund the construction of a
VLCC by Samsung Corporation and Samsung Heavy Industries Co. Ltd.
(together the "Builders") under the technical supervision of the
Chevron Shipping Company as agent for Chevron Transport
Corporation (the "Initial Charterer") which is an indirect,
wholly-owned subsidiary of Chevron Corporation.  The Vessel, the
"Frank A. Shrontz", was accepted by the Company under the
building contract on December 7, 1998 and concurrently was
delivered to the Initial Charterer under an initial charter for a
term of eighteen years (the "Initial Charter"). The Frank A.
Shrontz is a double-hulled carrier of approximately 308,500
deadweight tonnes ("dwt") and is currently registered under the
Bahamian Flag.  The Initial Charterer has an option to terminate
the charter on the eighth anniversary of the delivery date of the
Vessel.  The Initial Charterer's obligations under the Initial
Charter are guaranteed by Chevron Corporation.

The Company, IOM I-B, and GSPTC are wholly-owned subsidiaries of
Golden State Holdings I, Limited ("GSH"), an Isle of Man holding
company.  Prior to May 12, 1998, GSH was wholly-owned by
Cambridge Petroleum Transport Corporation, a Cayman Islands
company ("CPTC").  On May 12, 1998, all of the issued and
outstanding shares of GSH were transferred by CPTC to Independent
Tankers Corporation, a Cayman Islands company ("ITC").  On the
same date, all of the issued and outstanding shares of ITC were
sold to Frontline Ltd. ("Frontline"), a publicly listed Bermuda
company.

Pursuant to a share purchase agreement dated December 23, 1998,
as amended on March 4, 1999, Frontline has sold, effective as of


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July 1, 1998, all of the issued and outstanding shares of ITC to
Hemen Holding Limited, a Cyprus company ("Hemen").  Hemen is the
principal shareholder of Frontline and is indirectly controlled
by Mr. John Fredriksen, the Chairman and Chief Executive Officer
of Frontline.

The Company is chartering the Vessel to the Initial Charterer
under the Initial Charter which is expected to provide, so long
as the Initial Charter is in effect, (a) charter hire payments
sufficient to pay (i) the Company's obligations under the Notes,
(ii) the management fees under the management agreements, (iii)
the estimated recurring fees, (iv) the estimated fees payable to
the indenture trustee for the Notes (the "Indenture Trustee") and
(v) any other costs and expenses incidental to the ownership and
chartering of the Vessel that are to be paid by the Company and
to fund a debt service reserve fund and (b) that the Vessel will
be maintained in accordance with good commercial maintenance
practices, and to arrange for vessel management and re-marketing
services to be available in case any Initial Charter is
terminated or the Vessel is for any other reason returned to the
possession and use of the Company.

The Company was incorporated in the Isle of Man because it is a
jurisdiction whose regulation of the shipping industry and
favorable tax laws have traditionally encouraged the organization
of shipping companies.  The Isle of Man is an "open registry"
jurisdiction, which has traditionally been associated with the
shipping industry.  The Company conducts its business and is
resident in the Isle of Man; to date it has not incurred taxation
on its income and should not, under current law and practice in
such jurisdictions, incur such taxation in the future.

The principal executive offices of the Company are located at 15-
19 Athol Street, Douglas, Isle of Man IM1 1LB and its telephone
number is 011 (44) 1624-638303.

MANAGEMENT OF THE COMPANY

Under a management agreement (a "Management Agreement") with each
Company, Cambridge Fund Management L.L.C., a Delaware limited
liability company ("Cambridge") and an affiliate of CPTC,
provided administrative, ship management and advisory services to
the Companies as manager ("Manager").  Pursuant to each
Management Agreement, the Manager receives a fee (the "Management
Fee") of $50,000 per year per Vessel.  All costs of maintaining
the corporate status of the Company, accounting and auditing fees
and other related costs ("Recurring Fees") are payable by the
Manager from the Management Fee.  The Management Fee is payable
semi-annually.  The Companies believe that the Management Fee
will be sufficient to cover the Companies' anticipated expenses
during the term of the Initial Charter.  On January 31, 1999,


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Cambridge resigned as Manager of the Companies and was replaced
by Frontline.

CHARTER MARKET

THE INITIAL CHARTER
Pursuant to the Initial Charter, the Initial Charterer has agreed
to charter the Vessel commencing on its delivery date and ending
on the eighteenth anniversary of such delivery date.  Pursuant to
the Initial Charter, the Initial Charterer has the right to
terminate the Initial Charter on five dates (each, an "Optional
Termination Date") beginning on the expiration of the period
commencing on the delivery date for such Vessel and terminating
on the eighth anniversary thereof (each, a "Fixed Period") and on
each of the four subsequent two-year anniversaries thereof.
During the Fixed Period, the charter hire shall be $27,199 per
day. Charter hire after the Fixed Period will be $28,500.  During
the term of the Initial Charter, the Company is not liable for
any expense in operating, registering, documenting, insuring,
repairing or maintaining the Vessel and is not required to supply
a vessel or any part thereof if the Vessel or any part thereof is
lost, damaged, rendered unfit for use, confiscated, seized,
requisitioned, restrained or appropriated.  Pursuant to the
Initial Charters, the Initial Charterer is required to pay
charter hire in respect of the Vessel without offset or deduction
for any reason whatsoever.

REMARKETING
In the event the Initial Charterer gives notice to the Company of
its intent to terminate the Initial Charter, the Manager,
pursuant to the related Management Agreement, is required to
engage a remarketing agent.  McQuilling Brokerage Partners, Inc.
("McQuilling") and ACM Shipping Limited ("ACM Shipping") have
agreed to provide on a non-exclusive basis remarketing services
if the Initial Charterer exercises its option to terminate the
Initial Charter for the Vessel.  McQuilling, established in 1972,
is a leading New York-based ship broker whose activities
encompass all aspects of chartering, sale and purchase, ship
finance, demolition and project development.  ACM Shipping is a
leading London shipbroker which has strong relationships with the
major oil companies.  ACM Shipping has been in the ship brokerage
business since 1982.

If the Initial Charterer elects to terminate the Initial Charter
for the Vessel on the first Optional Termination Date for the
Initial Charter, the allocated principal amount of the Notes for
the Vessel will be approximately $63.55 million.  All of the
Serial Notes will have matured on or prior to such date.  If (i)
the Initial Charterer elects to terminate the Initial Charter for
the Vessel, (ii) an acceptable replacement charter has not been
entered into and (iii) such Vessel has not been sold, then in


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order to make scheduled sinking fund and interest payments on the
Notes, if any, and to pay estimated ship expenses for the related
Vessel, minimum bareboat charter hire payments of approximately
$18,569 per day per Vessel, would be required upon recharter.
The foregoing charter hire rates would not cover $10,995,000 of
the final principal payment allocated to the Vessel.  The
$10,995,000 is less than current estimates of the approximate
residual value of the respective Vessel on the date of the final
payment.  No assurance can be given as to the residual or scrap
value of the Vessel on such date of the final payment and no
assurance can be given that the Manager would be able to obtain
charters at the foregoing charter hire rates.

CHARTER RATES AND THE MARKET FOR SECONDHAND VESSELS
The shipping industry is highly cyclical, experiencing volatility
in profitability, vessel values and charter rates.  In
particular, freight and charterhire rates are strongly influenced
by the supply and demand for shipping capacity.

COMPETITION
The market for international seaborne crude oil transportation
services is highly fragmented and competitive.  Seaborne crude
oil transportation services generally are provided by two main
types of operators: major oil company captive fleets (both
private and state-owned) and independent shipowner fleets.  In
addition, several owners and operators pool their vessels
together on an ongoing basis, and such pools are available to
customers to the same extent as independently owned and operated
fleets.  Many major oil companies and other oil trading companies
also operate their own vessels and use such vessels not only to
transport their own crude oil but also to transport crude oil for
third party charterers in direct competition with independent
owners and operators in the tanker charter market.  Competition
for charters is intense and is based upon price, location, size,
age, condition and acceptability of the vessel and its manager.
Competition is also affected by the availability of other size
vessels to compete in the trades in which the Company engages.

INSPECTION, INSURANCE AND REGULATION

INSPECTION BY CLASSIFICATION SOCIETY
Every commercial vessel's hull and machinery must be "classed" by
a classification society authorized by its country of registry.
The classification society ensures that a vessel is constructed
and equipped in accordance with the International Maritime
Organization (the "IMO") regulations and the Safety of Life at
Sea Convention.

A vessel must be inspected by a surveyor of the classification
society every year ("Annual Survey"), every two years
("Intermediate Survey") and every four years ("Special Survey").


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Each vessel is also required to be dry docked every 30 to 60
months for inspection of the underwater parts of the vessel.  If
any defects are found, the classification surveyor will issue a
"recommendation" which has to be acted upon, and the defect must
be rectified by the shipowner within a prescribed time limit.  At
the Special Survey, the vessel is examined thoroughly, including
an inspection to determine the thickness of the steel plates in
various parts of the vessel, and repairs may be recommended.  For
example, if the thickness of the steel plates is found to be less
than class requirements, steel renewals will be prescribed.  A
one-year grace period may be granted by the classification
society to the shipowner for completion of the Special Survey.
If the vessel experiences excessive wear and tear, substantial
amounts of money may have to be spent for steel renewals to pass
a Special Survey.  In lieu of the Special Survey every four years
(five years, if grace is given), a shipowner has the option of
arranging with the classification society for the vessel's hull
or machinery to be on a continuous survey cycle, whereby every
part of the vessel is surveyed within a five-year cycle.
Insurance underwriters make it a condition of insurance coverage
for the vessel to be "classed" and "class maintained" and the
failure of a vessel to be "classed" and "class maintained" may
render such a vessel unusable.

The Vessel will be maintained during the term of the Initial
Charter by the Initial Charterer in accordance with good
commercial maintenance practice commensurate with other vessels
in the Initial Charterer's fleet of similar size and trade, as
required by the Initial Charter.  The Initial Charter requires
the Initial Charterer to return the Vessel on termination of the
Initial Charter "in class" under the rules of the American Bureau
of Shipping (or another classification society previously
approved by the Company).  In addition, the Company has the right
to inspect the Vessel and to require surveys upon redelivery, and
the Initial Charterer will be responsible for making or
compensating the Company for certain necessary repairs in
connection with such redelivery.

INSURANCE
The operation of any ocean-going vessel carries an inherent risk
of catastrophic marine disasters, environmental mishaps, cargo
and property losses or damage and business interruptions caused
by adverse weather and ocean conditions, mechanical failures,
human error, political action in various countries, war,
terrorism, piracy, labor strikes and other circumstances or
events.  Pursuant to the Initial Charter, the Vessel may be
operated through the world in any lawful trade for which the
Vessel is suitable, including carrying oil and its products.  In
the past, political conflicts in many regions, particularly in
the Arabian Gulf, have included attacks on tankers, mining of
waterways and other efforts to disrupt shipping in the area.


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Vessels trading in such regions have also been subject to acts of
terrorism and piracy.  In addition, the carriage of petroleum
products is subject to the risk of spillage and leakage.  Any
such event may result in increased costs or the loss of revenues
or assets, including a Vessel.

Under the Initial Charter, the Initial Charterer is entitled to
self-insure against marine and war risks relating to the Vessel
and against protections and indemnity risks relating to the
Vessel during the term of the Initial Charter and, accordingly,
purchasers of the Notes cannot rely on the existence of third-
party insurance.  There can be no assurance that all risks will
be adequately insured against, that any particular loss will be
covered or that the Company will be able to procure adequate
insurance coverage at commercially reasonable rates in the
future.  In particular, stricter environmental regulations may
result in increased costs for, or the lack of availability or,
insurance against the risks of environmental damage or pollution.

The Initial Charterer will, pursuant to the Initial Charter,
indemnify the Company from damages arising from a failure to
maintain any financial responsibility requirements whether
relating to oil or other pollution damage.  The Initial Charterer
will also indemnify the Company to the extent losses, damages or
expenses are incurred by the Company relating to oil or other
pollution damage as a result of the operation of the Vessel by
the Initial Charterer.

ENVIRONMENTAL AND OTHER REGULATIONS
The Vessel and the operation of the Vessel must comply with
extensive and changing environmental protection laws and
regulations.  Compliance with these laws and regulations may
entail significant expenses, including expenses for ship
modifications and changes in operating procedures.  These laws
and regulations could have a material adverse effect on the
business and the operations of the Company and any charterer of
the Vessel.  In particular, the United States Oil Pollution Act
of 1990, as amended ("OPA 90"), provides for strict liability for
owners, operators and demise charterers of any vessel for certain
oil pollution incidents in the waters of the United States or
adjoining shorelines or the exclusive economic zone.  The United
States Coast Guard has adopted a final rule (the "Final Rule")
under OPA 90 published on March 7, 1996 which requires owners,
operators and demise charterers of self-propelled tanker vessels
operating in United States waters to meet the aggregate financial
responsibility requirements required under OPA 90 as well as
under the Comprehensive Environmental Response, Compensation and
Liability Act of 1980 ("CERCLA").  The Final Rule requires
owners, operators and demise charterers to furnish the United
States Coast Guard with evidence of financial responsibility in
compliance with the limits specified by OPA 90 and CERCLA.  The


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Initial Charterer has, pursuant to the Initial Charter, furnished
evidence of financial responsibility with respect to the Vessel
to the United States Coast Guard as required by the Final Rule.

If the prospective recharterers of the Vessel fail to comply with
the Final Rule, it would have a material adverse effect on the
Company and holders of the Notes.

Owners or operators of tankers operating in United States waters
must file vessel response plans with the United States Coast
Guard and their tankers must operate in compliance with their
United States Coast Guard approved plans.  Such response plans
must, among other things, (i) identify and ensure, through
contract or other approved means, the availability of necessary
private response resources to respond to a "worst case"
discharge, (ii) describe crew training and drills, (iii) identify
a qualified individual with full authority to implement removal
actions and (iv) describe mitigation and response actions.  The
Initial Charterer has advised the Company that vessel response
plans have been approved for the Vessel.

OPA 90 specifically permits individual states to impose their own
liability regimes with regard to oil pollution incidents
occurring within their boundaries, and many states have enacted
legislation providing for unlimited liability for oil spills.  In
some cases, states which have enacted such legislation have not
yet issued implementing regulations defining tanker owners'
responsibilities under these laws.  Additionally, under OPA 90
the liability of responsible parties, United States or foreign,
with regard to oil pollution damage in the United States is not
preempted by any international convention.

The IMO, an agency of the United Nations, recently adopted
regulations designed to reduce oil pollution in international
waters.  In complying with OPA 90, the IMO regulations and other
regulations that may be adopted, the Company and any charterer of
the Vessel may be forced to incur additional costs in meeting new
maintenance and inspection requirements, in developing
contingency arrangements for potential spills and in obtaining
insurance coverage.  Certain states in the United States, the
European Community and certain other countries have adopted or
are also considering adopting stricter technical and operational
requirements for tankers.  Additional laws and regulations may be
adopted which may have a material adverse effect on the business
and the operations of the Company.

The business and the operations of the Company and any charterer
of the Vessel are materially affected by government regulation in
the form of international conventions, national, state and local
laws and regulations in force in the jurisdictions in which the
Vessel operates, as well as in the country or countries of their


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registration.  Because such conventions, laws and regulations are
often revised, the Company cannot predict the ultimate cost of
complying with such revised conventions, laws and regulations or
the impact thereof on the resale price or useful life of the
Vessel.

OPA 90

OPA 90 applies to all vessels that trade in the United States or
its territories or possessions or operate in United States
waters, which include the United States territorial seas and the
two hundred nautical mile exclusive economic zone of the United
States.  Under OPA 90, vessel owners, operators and demise
charterers are "responsible parties" with strict liability on a
joint and several basis (unless the spill results solely from the
act or omission of a third party (subject to certain statutory
qualifications), an act of God or an act of war for all oil spill
containment and clean-up costs and other damages arising from
actual and threatened oil spills pertaining to their vessels.
These other damages include (i) natural resources damages and the
costs of assessment thereof, (ii) real and personal property
damages, (iii) net loss of taxes, royalties, rent, fees and other
lost government revenues, (iv) lost profits or impairment of
earning capacity due to property or natural resource damage, (v)
net cost of public services necessitated by a spill response,
such as protection from fire, safety or health hazards, and (vi)
loss of subsistence use of natural resources.  OPA 90 limits the
liability of responsible parties to the greater of $1,200 per
gross ton or $10 million per tanker (subject to possible
adjustment for inflation); however, that limit would not apply if
the incident were caused by violation of applicable United States
federal safety, construction or operating regulations or by the
responsible party's gross negligence or willful misconduct, or if
the responsible party fails or refuses to report an incident
which the responsible party knows or has reason to know of, or to
provide all reasonable cooperation and assistance requested by a
responsible official in connection with oil removal activities.
OPA 90 does not by its terms impose liability on lenders or the
holders of mortgages on vessels; however, there is no specific
exclusion for such entities under OPA 90.  In addition, if the
Indenture Trustee or any holder exercises remedies and becomes an
"owner" or "operator" or "demise charterer" of the Vessel
following a Mortgage Event of Default, such persons or entities
may be subject to liability under OPA 90.  A catastrophic spill
could exceed the liability limits of any insurance coverage
available, in which event there could be a material adverse
effect on the owner and the operator of the vessel involved in
the spill.





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IMO

The IMO was organized in 1958.  Over 100 national governments are
members of the IMO, whose purpose is to provide for international
regulations and practices affecting shipping and international
trade and to encourage the adoption of standards of safety and
navigation.  During the last 35 years the IMO has initiated over
700 resolutions and 30 major conventions and protocols.  All IMO
agreements must be ratified by the individual government
constituents.  Outside the United States, many countries have
ratified and follow the liability scheme adopted by the IMO and
set out in the International Convention on Civil Liability for
Oil Pollution Damage of 1969 ("CLC"), as amended by the 1992
Protocol, which entered into force May 30, 1996.  Under the CLC,
an oil tanker's registered owner is strictly liable for pollution
damage caused on the territorial waters of a contracting state by
a discharge of oil, subject to certain defenses and limits.  The
current limit for a ship not exceeding 5,000 gross tons is 3
million Special Drawing Rights ("SDR") and, for each additional
ton on a larger vessel, an additional 420 SDRs, up to a maximum
of 59.7 million SDRs.  (An SDR is defined by the International
Monetary Fund on the basis of a basket of currencies.  The
exchange rate in effect on June 22, 1999 for the US dollar
equivalent of the SDR was approximately 1.34, making the maximum
liability approximately US $80 million.)  The right to limit
liability is forfeited only where the spill is caused by the
owner's actual fault or the fault of a third party with whom the
owner has a direct contractual relationship.  Vessels trading to
contracting states must establish evidence of insurance covering
the limited liability of the owner.

In jurisdictions where the CLC has not been adopted, various
legislative schemes or common law govern and liability is imposed
either on the basis of fault or in a manner similar to the CLC.

On March 6, 1992, the IMO adopted regulations which set forth new
and upgraded requirements for pollution prevention for tankers.
These regulations went into effect on July 6, 1995.  The Vessel
complies with such IMO regulations.

The IMO continues to review and introduce new regulations on a
regular basis.  It is impossible to predict what additional
regulations, if any, may be passed by the IMO, whether those
regulations will be adopted by member countries and what effect,
if any, such regulations might have on the operation of oil
tankers.






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ITEM 2.   DESCRIPTION OF PROPERTIES

Other than the Vessel described in Item 1. Description of
Business, the Company has no property.

ITEM 3.   LEGAL PROCEEDINGS

The Company is not a party to any pending legal proceedings and
no such proceedings are known to be contemplated.












































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ITEM 4.   CONTROL OF REGISTRANT

Except as set forth below, the Registrant is not aware of any
beneficial owner of more than 5% of the Company's Common Stock as
of close of business on June 15, 2000.

                      BENEFICIAL OWNERSHIP

                 Name and              Number
Class of         address of            of            Percent
Shares           Beneficial Owners     Shares        of Class

___________      _________________     ___________   ___________

Ordinary Shares  Hemen Holding Limited1     2        100%


1.  The issued and outstanding shares of the Company are owned by
    GSH.  All of the issued and outstanding shares of GSH are
    owned by ITC.  All of the issued and outstanding shares of
    ITC are owned by Hemen, a Cyprus company.  Hemen is
    controlled by John Fredriksen.

All of the Company's issued and outstanding ordinary shares have
been pledged to the Indenture Trustee.

ITEM 5.   NATURE OF TRADING MARKET

The Notes do not trade on an organized exchange but rather trade
in private transactions among the parties.

ITEM 6.  EXCHANGE CONTROLS AND OTHER LIMITATIONS AFFECTING
         SECURITY HOLDERS

Inapplicable.

ITEM 7.   TAXATION

ISLE OF MAN

Under the Income Tax (Exempt Companies) Act, the Company is
exempt from any Isle of Man income tax, or any other tax on
income of distributions accruing to or derived for the Company,
or in connection with any transactions with the Company, or any
shareholders.

No estate, inheritance, succession, or gift tax, rate, duty, levy
or other charge is payable in the Isle of Man with respect to any
shares, debt obligations or other securities of the Company.




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There is no reciprocal tax treaty between the Isle of Man and the
United States.

ITEM 8.   SELECTED FINANCIAL DATA

The selected income statement data of the Company with respect to
the fiscal years ended December 31, 1999, 1998 and 1997, and the
period ended December 31, 1996, and the selected balance sheet
data with respect to the fiscal years ended December 31, 1999 and
1998, have been derived from the Company's Financial Statements
included herein and should be read in conjunction with such
statements and the notes thereto. The selected balance sheet data
with respect to the year ended December 31, 1997 and the period
ended December 31, 1996 has been derived from audited financial
statements of the Company not included herein.  The following
table should also be read in conjunction with Item 9
"Management's Discussion and Analysis" and the Company's
Consolidated Financial Statements and Notes thereto included
herein.  The Company's accounts are maintained in US dollars.

                                    YEAR ENDED              PERIOD ENDED
                         Dec 31, 1999   Dec 31, 1998  Dec 31, 1997  Dec 31, 1996
                         ____________   _____________ ____________ ____________

(in $)
Net income (loss)               91,929    (774,006)      (601,649)     (17,602)
Vessel/Vessel under
  construction              82,610,840   85,801,537     38,527,389   35,833,473
Total Assets                89,986,787   90,772,150     90,668,859   61,521,663
Total Short Term
  Note Obligations           2,550,000            -              -           -
Total Long Term
  Note Obligations          85,900,000   88,450,000     88,450,000   61,450,000

ITEM 9.   MANAGEMENT'S DISCUSSION AND ANALYSIS

OVERVIEW

The Company was formed as an Isle of Man public limited company
for the purpose of acquiring and chartering a Vessel.

At the time of the issuance of the Notes by GSPTC (the "Closing
Date"), the Company (i) received the net proceeds from the sale
of the Notes, (ii) paid the first installment of the purchase
price of the Vessel, (iii) paid certain legal, printing, rating
and other fees and expenses, and (iv) deposited the balance of
the net proceeds from the sale of the Notes into a guaranteed
investment contract (the "Pre-Funding Account").  In addition,
the Company entered into a building contract (the "Building
Contract"), the Technical Supervision Agreements, the Initial
Charter, the Management Agreement and certain security agreements


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for the benefit of the holders of the Notes and became the
beneficiary of a Building Contract guarantee and the Chevron
guarantee.

Between the Closing Date and the delivery date of its Vessel, the
operations of the Company consisted solely of (i) making payments
of interest on the Notes, (ii) making payments of Recurring Fees
and Management Fees, (iii) making additional installments under
the building contracts, (iv) receiving interest on amounts held
in the Pre-Funding Account, (v) receiving certain non-cash
contributions from the Technical Supervisor of services and
Owners' Items and (vi) fulfilling its obligations under the
Registration Rights Agreement.

The Vessel was accepted by the Company under the Building
Contract on December 7, 1998 and concurrently was delivered to
the Initial Charterer.

Following delivery of the Vessel, the operations of the Company
consist solely of (i) receiving charter hire payments under its
Initial Charter, any Acceptable Replacement Charter and other
charters, (ii) receiving proceeds from the sale, if any, of the
Vessel, (iii) making payments of interest and principal on the
Notes, (iv) making payments of Recurring Fees and Management Fees
and (v) receiving interest income on amounts held in the trust
accounts.

RESULTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 1999 COMPARED WITH THE YEAR ENDED
DECEMBER 31, 1998

In the year ended December 31, 1999, the Company earned
$9,927,635 charter income, which represents the hire for one
complete year at a rate of $27,199 per day.  The Vessel was
delivered to the Company and commenced trading on December 7,
1998, generating charter income of $679,975 in 1998.  In the year
ended December 31, 1999, the Company earned $261,155 interest
income, reduced from $2,683,332 in the 1998 period due to a
reduction in income generating investments which were utilized in
1998 to fund Vessel purchase installments.

Interest expense was $6,761,484 in 1999 compared with $3,726,745
in the 1998.  In 1998, $3,034,721 of interest was capitalized in
the cost of the Vessel.

Depreciation expense of $3,190,697 represents one year's charge,
compared with $265,891 for approximately one month in 1998.





                               15



<PAGE>

In 1999, the Company paid interest on the Notes of $6,761,472
(1998 - $6,761,468) and paid vessel purchase installments of $nil
(1998 - $44,505,320).

Year Ended December 31, 1998 compared with the Year Ended
December 31, 1997

In the year ended December 31, 1998, the Company earned
$2,683,332 interest income, compared with $3,648,622 in 1997.
This reduction reflects the decrease in restricted investments
due to the payment of vessel purchase installments.  The Company
earned $679,975 in charter income in 1998 following the delivery
of the Vessel in December 1998.

Interest expense was $3,726,745 in 1998, compared with $4,109,758
in 1997.  These amounts are net of capitalized interest of
$3,034,721 and $2,693,916 in 1998 and 1997, respectively.
Depreciation of $265,891 was incurred in 1998, being
approximately one month's charge.

In 1998 the Company paid interest on the Notes of $6,761,468
(1997 - $4,075,662) and paid vessel purchase installments of
$44,505,320 including a premium for early delivery of $1,355,200.

By reason of the foregoing, the net loss for 1998 was $774,006
compared with $601,649 in 1997.

CAPITAL RESOURCES AND LIQUIDITY

Through the contractual delivery date of the Vessel, interest on
the Notes was payable from amounts on deposit in the Pre-Funding
Account. Since the delivery date, the Company's sources of funds
are charter hire payments for the Vessel, earnings on permitted
investments and the proceeds from the sale, if any, of the
Vessel.  The Company does not have, nor will it have in the
future, any other source of capital for payment of the Notes.

On the Closing Date, the Company (i) received $87.2 million
reflecting the proceeds from the sale of the Notes, net of the
initial purchaser's discounts and commissions and financial
advisory fees, (ii) paid $35.3 million which represents the first
installment of the contract purchase price of its Vessel (iii)
paid $0.4 million in legal, printing, rating and other fees and
expenses and (iv) deposited $51.5 million into the Pre-Funding
Account.

On the first Optional Termination Date with respect to the
Vessel, the Company will have a balance in the debt service
reserve fund of at least $9.1 million, assuming no prior
withdrawals from the debt service reserve fund, and will have



                               16



<PAGE>

outstanding an aggregate principal amount of Term Notes of $63.55
million.

To the extent that the Initial Charterer does not terminate the
Initial Charter, the balance of funds on deposit in the debt
service reserve fund will exceed the amount of the Term Notes
outstanding by approximately August 1, 2014.  To the extent that
the Initial Charterer terminates the Initial Charter at the first
Optional Termination Date thereof, the average daily bareboat
charter hire rate that would be sufficient to permit timely
payments of principal and interest on the Term Notes until their
maturity date is approximately $18,569.

The foregoing determination assumes that amounts remaining in the
trust accounts will be invested in permitted investments that
will provide a return of 7.0% per annum compounded monthly for
funds on deposit in the Pre-Funding Account and a return of 6.0%
per annum compounded monthly for funds on deposit in the revenue
account and the debt service reserve fund.  On the Closing Date,
guaranteed investment contracts for funds on deposit in the Pre-
Funding Account and revenue account (until the latest maturity
date of the Serial Note) rated at least "Aa" or "AA" by Moody's
or Standard & Poor's, respectively, were available with at least
the assumed annual rate of return and the Company believes that
guaranteed investment contracts for certain funds on deposit with
the Indenture Trustee other than in the Pre-Funding Account or
the revenue account (until the latest maturity date of the Serial
Notes) rated at least "A" by Moody's or Standard & Poor's will be
available with at least the assumed annual rate of return for
such amounts until the latest maturity date of the Term Notes.
The annual rate of return on permitted investments of amounts
remaining in any trust account on or after August 1, 2014 cannot
be predicted.

YEAR 2000

The Vessel is provided with computers and has computerized
control systems.  Further, the Vessel has equipments such as, for
example, navigational aids, communications systems, machinery
equipment, cargo measuring equipment and alarm systems that rely
on computers or embedded computer chips for proper function.  The
Company has successfully transitioned into the Year 2000 without
any Y2K related disruption to the operation of the Vessel.
Although considered unlikely, the Company could be still affected
by Y2K problems by the Company's customers, suppliers and other
third parties.  The Company will continue to monitor the
situation and take action as necessary to remedy any problems
that might occur.





                               17



<PAGE>

In addition, the Initial Charterer has confirmed that in the
dealings with the Vessel it will continue to take, all reasonable
steps to monitor Y2K compliance.

The Initial Charterer's obligation to pay charter hire is
absolute, including in circumstances where a Vessel should be
unfit for use due to computer related problems, should such occur
in spite of the Initial Charterer's diligent approach to the
preparations for the year 2000.  In addition, the Initial
Charterer is obliged to indemnify the Company in respect of
events arising through the term of the Charter with respect to,
among other things, all liabilities claims and proceedings
arising in any manner out of the operation of the Vessel by the
Initial Charterer with no exclusion of events relating to
computers or problems that could affect computers at certain
dates.  The Initial Charterer's obligations as described above
are guaranteed by the Chevron Guarantees.

The Company relies on banks for its payments and on general
communication equipment.  The Company will only rely on
internationally recognized commercial banks and communication
companies for providing such services.  The Company relies on
services provided by the Manager for their administration and
management.  The Manager provides these services at a fixed
price.  The Manager has provided such services without date
related interruptions and the Company has not incurred any year
2000 related expenses.


























                               18



<PAGE>

ITEM 9A  QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET
         RISK

(a) QUANTITATIVE INFORMATION ABOUT MARKET RISK

    Quantitative information about market risk instruments at
    December 31, 1999 is as follows:

    i)   Serial Notes

    The Serial Notes bear interest at rates ranging from 6.36% to
    6.85% through maturity.  The Serial Notes mature over a
    seven-year period beginning one year from February 1, 2000.
    Interest is payable semi-annually on February 1 and August 1.

    The outstanding Serial Notes have the following
    characteristics:

Maturity date                          Interest rate    Principal
______________                         _____________    _________

February 1, 2000                       6.36%           $2,550,000
February 1, 2001                       6.46%            3,350,000
February 1, 2002                       6.55%            3,600,000
February 1, 2003                       6.61%            3,850,000
February 1, 2004                       6.70%            4,100,000
February 1, 2005                       6.80%            4,350,000
February 1, 2006                       6.85%            3,100,000

                                                      ___________
                                                      $24,900,000
                                                     ============

As of December 31, 1999, 1998 and 1997, the effective interest
rate for the Serial Notes was 6.631%.

ii) Term Notes

    Interest on the Term Notes will accrue from the date of
    issuance thereof at a rate per annum equal to 8.04%, and will
    be payable on each February 1 and August 1 of each year. The
    Term Notes will be subject to redemption through the
    operation of a mandatory sinking fund on each payment date
    commencing February 1, 2008 up to and including August 1,
    2018, according to the schedule of sinking fund redemption
    payments set forth below.  The sinking fund redemption price
    is 100% of the principal amount of Term Notes being redeemed,
    together with accrued and unpaid interest to the date fixed
    for redemption.  The Term Notes will mature, and the final
    payment of principal and interest on the Term Notes will be
    due, on February 1, 2019.


                               19



<PAGE>

    The following table provides the scheduled sinking fund
    redemption amounts and final principal payment on the Term
    Notes.

    SINKING FUND REDEMPTION AMOUNTS AND FINAL PRINCIPAL PAYMENT

    Scheduled payment date
    _________________________

    August 1, 2007                                     $1,340,000
    February 1, 2008                                    1,395,000
    August 1, 2008                                      1,450,000
    February 1, 2009                                    1,510,000
    August 1, 2009                                      1,570,000
    February 1, 2010                                    1,635,000
    August 1, 2010                                      1,700,000
    February 1, 2011                                    1,765,000
    August 1, 2011                                      1,840,000
    February 1, 2012                                    1,910,000
    August 1, 2012                                      1,990,000
    February 1, 2013                                    2,070,000
    August 1, 2013                                      2,150,000
    February 1, 2014                                    2,240,000
    August 1, 2014                                      2,330,000
    February 1, 2015                                    2,420,000
    August 1, 2015                                      2,520,000
    February 1, 2016                                    2,620,000
    August 1, 2016                                      2,725,000
    February 1, 2017                                    2,835,000
    August 1, 2017                                      2,950,000
    February 1, 2018                                    3,070,000
    August 1, 2018                                      3,190,000
    February 1, 2019                                   14,325,000
                                                       __________

                                                      $63,550,000
                                                      ===========

 (b)  QUALITATIVE INFORMATION ABOUT MARKET RISK

The Company was organized solely for the purpose of acquiring and
chartering the Vessel, Frank A. Shrontz, using the proceeds of
the Term Notes and the Serial Notes allocated to the Company by
GSPTC.

ITEM 10.   DIRECTORS AND OFFICERS OF REGISTRANT

The Company does not have any employees involved in the
management of the Vessel.  The following table sets forth the
name, age and principal position with the Company of each of its
directors.


                               20



<PAGE>

Name               Age            Position with the Company
______             ______         _________________________

Andrew James Baker 41             Director, Secretary
Kate Blankenship   35             Director
Tor Olav Troim     37             Director

Officers are appointed by the Board of Directors and will serve
until they resign or are removed by the Board of Directors.

Andrew James Baker: non-executive Isle of Man resident director
since December 1996 and secretary since November 1996.  Mr. Baker
is a solicitor with Cains, Isle of Man who are legal advisers to
the Company and as such are entitled to charge for professional
advice and services.  He has been a solicitor with Cains since
March 1994.  Prior to that he was a partner with the law firm
Pennington's since 1987.

Kate Blankenship:  Mrs. Blankenship has been a director of Golden
State Petro (IOM I-A) PLC since November 1, 1998.  She has been
employed by Frontline since 1994 and is currently the Chief
Accounting Officer and Secretary.  Prior to joining Frontline,
she was a manager with KPMG Peat Marwick in Bermuda.  Mrs.
Blankenship is a member of the Institute of Chartered Accountants
in England and Wales.

Tor Olav Troim:  Mr. Troim has been a director of Golden State
Petro (IOM I-A) PLC since November 1, 1998.  Mr. Troim has been a
director of Frontline since July 1, 1996.  Mr. Troim also serves
as a director of Frontline AB, ICB Shipping AB and Frontline
Management, all subsidiaries of Frontline.  Mr. Troim also serves
as a consultant to Sea Tankers.  He is a director of Aktiv
Inkasso ASA and Northern Offshore ASA, both Norwegian publicly
listed companies.  Prior to his service with Frontline, from
January 1992, Mr. Troim served as Managing Director and a member
of the board of Directors of DNO AS, a Norwegian oil company.

ITEM 11.   COMPENSATION OF DIRECTORS AND OFFICERS

During 1999, the Company paid its directors and officers
aggregate compensation of 750 pounds sterling.

ITEM 12.   OPTIONS TO PURCHASE SECURITIES FROM THE REGISTRANT

Inapplicable.

ITEM 13.   INTEREST OF MANAGEMENT IN CERTAIN TRANSACTIONS

Inapplicable.




                               21



<PAGE>

                             PART II

ITEM 14.  DESCRIPTION OF SECURITIES TO BE REGISTERED

Inapplicable.

                            PART III

ITEM 15.   DEFAULTS UPON SENIOR SECURITIES

Inapplicable.

ITEM 16.   CHANGES IN SECURITIES AND CHANGES IN SECURITY FOR
REGISTERED SECURITIES

Inapplicable.





































                               22



<PAGE>

                             PART IV

ITEM 17.   FINANCIAL STATEMENTS

See the financial statements listed in Item 19 below and set
forth in pages F-1 through F-13.

ITEM 18.   FINANCIAL STATEMENTS

Inapplicable.

ITEM 19.   FINANCIAL STATEMENTS AND EXHIBITS

The following documents are filed as part of this Annual Report:

a)   Financial Statements                                    Page

Index to Financial Statements                                 F-1

Report of Independent Certified Public Accountants            F-2

Balance Sheets at December 31, 1999 and 1998                  F-3

Statements of Operations and Accumulated Deficit for
the Years Ended December 31, 1999, 1998 and 1997              F-4

Statements of Cash Flows for the Years Ended
December 31, 1999, 1998 and 1997                              F-5

Notes to Financial Statements                                 F-6

b)   Exhibits

Designation
of Exhibit in
this Form 20-F          Description of Exhibit
_______________         ______________________

     1*                 Supplement No. 1, dated as of January 31,
                        1999 to the indenture, dated as of
                        December 1, 1996, among Golden State
                        Petroleum Transport Corporation and
                        Golden State Petro (IOM I-A) PLC and
                        Golden State Petro (IOM I-B) PLC and
                        United States Trust Company of New York,
                        as indenture trustee, filed as Exhibit 1
                        to the Company's Annual Report on Form
                        20-F for the fiscal year ended December
                        31, 1999.




                               23



<PAGE>

     2*                 Management Agreement, dated as of January
                        31, 1999 between Golden State Petro (IOM
                        I-A) PLC, a company organized under the
                        laws of the Isle of Man and Frontline
                        Ltd., a Bermuda company, filed as Exhibit
                        2 to the Company's Annual Report on Form
                        20-F for the fiscal year ended December
                        31, 1999.

*Incorporated by reference herein











































                               24



<PAGE>

GOLDEN STATE PETRO (IOM I-A) PLC
(A Wholly-owned subsidiary of Golden State Holdings I, Limited)

Index to Financial Statements



Report of Independent Certified Public Accountants            F-2



Financial Statements

     Balance Sheets                                           F-3

     Statements of Operations and Accumulated Deficit         F-4

     Statements of Cash Flows                                 F-5

     Notes to Financial Statements                            F-6

































                               F-1



<PAGE>

GOLDEN STATE PETRO (IOM I-A) PLC
(A Wholly-owned subsidiary of Golden State Holdings I, Limited)

Report of Independent Certified Public Accountants



To the Board of Directors of
Golden State Petro (IOM I-A) PLC

We have audited the accompanying balance sheets of Golden State
Petro (IOM I-A) PLC (a company incorporated in the Isle of Man),
a wholly-owned subsidiary of Golden State Holdings I, Limited, as
of December 31, 1999 and 1998, and the related statements of
operations and accumulated deficit, and cash flows for the years
ended December 31, 1999, 1998 and 1997.  These financial
statements are the responsibility of the Company's management.
Our responsibility is to express an opinion on these financial
statements based on our audits.

We conducted our audits in accordance with auditing standards
generally accepted in the United States of America.  Those
standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are
free of material misstatement.  An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in
the financial statements.  An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation.  We believe that our audits provide a reasonable
basis for our opinion.

In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Golden State Petro (IOM I-A) PLC as of December 31, 1999 and
1998 and the results of its operations and its cash flows for the
years ended December 31, 1999, 1998 and 1997 in conformity with
accounting principles generally accepted in the United States of
America.

Grant Thornton LLP


New York, New York
January 27, 2000








                               F-2



<PAGE>

GOLDEN STATE PETRO (IOM I-A) PLC
(A Wholly-owned subsidiary of Golden State Holdings I, Limited)

Balance Sheets

As of December 31, 1999 and 1998

ASSETS                                       1999            1998

Restricted investments                  6,451,224      $3,901,210

Debt issue costs                          924,723       1,019,403

Vessel, net                            82,610,840      85,801,537
                                       __________      __________

Total assets                         $ 89,986,787     $90,722,150
                                     ============     ===========

LIABILITIES AND STOCKHOLDERS' DEFICIT

Liabilities

Charter income received in advance    $         -     $   827,303

Interest payable and other liabilities  2,838,113       2,838,102

Mortgage notes                         88,450,000      88,450,000
                                      ___________     ___________

Total liabilities                      91,288,113      92,115,405
                                      ___________     ___________
Commitments and Contingencies

Stockholders' deficit

Common stock, $1.00 par value; 2,000 shares authorized;

2 shares issued and outstanding                 2               2

Accumulated deficit                   (1,301,328)     (1,393,257)
                                      ___________     ___________

Total stockholders' deficit           (1,301,326)     (1,393,255)

Total liabilities and
stockholders' deficit                $ 89,986,787    $ 90,722,150
                                     ============     ===========

See accompanying Notes to Financial Statements



                               F-3



<PAGE>


GOLDEN STATE PETRO (IOM I-A) PLC
(A Wholly-owned subsidiary of Golden State Holdings I, Limited)

Statements of Operations and Accumulated Deficit


For the years ended December 31, 1999, 1998 and 1997


                                   1999         1998         1997

Revenue

Charter income              $ 9,927,635   $  679,975   $        -

Interest income                 261,155    2,683,332    3,648,622
                            ___________   __________   __________

Total revenue                10,188,790    3,363,307    3,648,622

Expenses

Interest expense              6,761,484    3,726,745    4,109,758

Management fees                  50,000       50,000       45,833

Depreciation                  3,190,697      265,891            -

Amortization of debt
issue costs                      94,680       94,677       94,680
                            ___________   __________   __________

Total expenses               10,096,861    4,137,313    4,250,271
                            ___________   __________   __________

Net income (loss)           $    91,929  $ (774,006)  $ (601,649)
                           ============   ==========   ==========

Accumulated deficit,
beginning of year          $(1,393,257)   $(619,251)   $ (17,602)
                          _____________   __________   __________
Accumulated deficit,
end of year               $ (1,301,328)$ (1,393,257)  $ (619,251)
                          _____________   __________   __________


See accompanying Notes to Financial Statements





                               F-4



<PAGE>

GOLDEN STATE PETRO (IOM I-A) PLC
(A Wholly-owned subsidiary of Golden State Holdings I, Limited)

Statements of Cash Flows

For the years ended December 31, 1999, 1998 and 1997


                                   1999         1998         1997
Cash flows from operating
activities

Net income (loss)            $   91,929  $ (774,006)  $ (601,649)

Adjustments to reconcile net
loss to net cash provided by
operating activities

Depreciation                  3,190,697      265,891            -

Amortization of debt issue
costs                            94,680       94,677       94,680

Changes in operating assets
and liabilities

Increase (decrease) in interest
payable and other liabilities (827,292)      827,297    2,748,845

Net cash provided by
operating activities          2,550,014      413,859    2,241,876

Cash flows from investing
activities

Decrease (Increase) decrease
in restricted investments   (2,550,014)   47,126,182 (26,277,960)

Payments made under vessel
construction con
Interest capitalized                  -  (3,034,721)  (2,693,916)

Net cash used in investing
activities                  (2,550,014)    (413,859) (28,971,876)

Cash flows from financing
activities

Proceeds from mortgage notes          -            -   27,000,000

Debt issue costs                      -            -    (270,000)


                               F-5



<PAGE>

                            ___________   __________   __________

Net cash provided by
financing activities                  -            -   26,730,000
                            ___________  ___________   __________

Net Decrease in Cash        $         -  $         -   $        -
                            ===========  ===========  ==========

Supplemental disclosures of
cash flow information:

Cash paid during the
period for interest          $6,761,472   $6,761,468   $4,075,662
                            ===========   ==========   ==========

See accompanying Notes to Financial Statements




































                               F-6



<PAGE>

GOLDEN STATE PETRO (IOM I-A) PLC
(A Wholly-owned subsidiary of Golden State Holdings I, Limited)

NOTES TO FINANCIAL STATEMENTS

1.  DESCRIPTION OF BUSINESS

    Golden State Petro (IOM I-A) PLC (the "Company"), together
    with Golden State Petro (IOM I-B) PLC ("IOM I-B"), has been
    formed as an Isle of Man public limited company for the
    purpose of acquiring and chartering two very large crude oil
    carriers ("VLCCs").

    Golden State Petroleum Transport Corporation ("GSPTC"), a
    Delaware corporation as an agent for the Company and IOM I-B,
    issued 8.04% First Preferred Mortgage Term Notes for
    $127,100,000  (the Term Notes") and Serial First Preferred
    Mortgage Notes for $51,700,000 (the "Serial Notes") (together
    the "Notes").  The principal amount of the Term Notes and the
    Serial Notes allocated to the Company is $63,550,000 and
    $24,900,000 respectively.  The proceeds from the offering and
    sale of the Notes allocated to the Company, have been used by
    the Company to fund the construction of a VLCC by Samsung
    Corporation and Samsung Heavy Industries Co. Ltd.
    (collectively, the "Builders") under the technical
    supervision of Chevron Shipping Company as agent for Chevron
    Transport Corporation (the "Initial Charterer") which is an
    indirect, wholly-owned subsidiary of Chevron Corporation.
    The vessel, the "Frank A. Shrontz" (the "Vessel"), was
    accepted by the Company under the building contract on
    December 7, 1998 and concurrently was chartered to the
    Initial Charterer pursuant to an initial charter for a term
    of eighteen years.  The Initial Charterer has an option to
    terminate the charter on the eighth anniversary of the
    delivery date of the Vessel.  The Initial Charterer's
    obligations under the initial charter are guaranteed by
    Chevron Corporation.

    The Company, IOM I-B, and GSPTC are wholly-owned subsidiaries
    of Golden State Holdings I, Limited, an Isle of Man holding
    company.  Prior to May 12, 1998, Golden State Holdings I,
    Limited was wholly-owned by Cambridge Petroleum Transport
    Corporation, a Cayman Islands company ("CPTC").  On May 12,
    1998, all of the issued and outstanding shares of Golden
    State Holdings I, Limited were sold by CPTC to Independent
    Tankers Corporation, a Cayman Islands company ("ITC").  On
    the same date, all of the issued and outstanding shares of
    ITC were sold to Frontline Ltd. ("Frontline"), a publicly
    listed Bermuda company.




                               F-7



<PAGE>

    Pursuant to a share purchase agreement dated December 23,
    1998, as amended on March 4, 1999, Frontline has sold,
    effective as of July 1, 1998, all of the issued and
    outstanding shares of ITC to Hemen Holding Limited, a Cyprus
    company ("Hemen").  Hemen is the principal shareholder of
    Frontline and is indirectly controlled by Mr. John
    Fredriksen, the Chairman and Chief Executive Officer of
    Frontline.

2.  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

    BASIS OF PRESENTATION
    The financial statements have been prepared in accordance
    with accounting principles generally accepted in the United
    States of America.

    ALLOCATION OF MORTGAGE NOTES
    The Company is jointly and severally liable under the Notes
    with IOM I-B for the issued amount of $178,800,000.  In
    preparing the separate company financial statements of the
    Company and IOM I-B, the aggregate amount of the Notes has
    been allocated so as to reflect the difference in the
    contracted cost of the vessels.






























                               F-8



<PAGE>

GOLDEN STATE PETRO (IOM I-A) PLC
(A Wholly-owned subsidiary of Golden State Holdings I, Limited)

NOTES TO FINANCIAL STATEMENTS

    OPERATING LEASE
    The operating lease commenced upon the delivery of the Vessel
    to the Initial Charterer.  Income from the operating lease is
    being recognized rateably over the term of the lease.

    VESSEL AND VESSEL UNDER CONSTRUCTION
    Construction in progress was capitalized in accordance with
    contract payments made and also includes the capitalization
    of interest charges and certain transaction costs incurred
    during the period of the Vessel's construction.  Since
    completion and delivery of the Vessel, the cost of the Vessel
    less estimated residual value is being depreciated on a
    straight line basis over the Vessel's remaining life.  The
    remaining life is estimated to be 25 years from delivery.

    DEBT ISSUE COSTS
    Debt issue costs comprise expenses incurred in connection
    with the issuance of the Notes.  Such expenses are being
    amortized over the weighted average life of the Serial Notes,
    and the life of the Term Notes, respectively.

    FAIR VALUE OF FINANCIAL INSTRUMENTS
    The methods and assumptions used in estimating the fair
    values of financial instruments are as follows:

        Restricted Investments: The restricted investments
        balance represent investments in guaranteed investment
        contracts which are readily convertible into cash.  The
        guaranteed investment contracts are considered to be
        investments held to maturity and as such are stated at
        cost plus accrued interest, which approximates fair
        value. These contracts are with Pacific Mutual Life
        Insurance, a California life insurance company, and are
        held in the name of the United States Trust Company on
        behalf of the Company as the Indenture Trustee.

        Mortgage Notes: The carrying value of the Notes
        approximates fair value as of December 31, 1999 and 1998
        based upon the current borrowing rates available for
        financing with similar terms and maturities and the short
        elapsed time between the date of the balance sheet and
        the date of issuance of the Notes.

        Interest Payable and Other Liabilities:  The carrying
        values approximate fair values due to their relatively
        short maturities.


                               F-9



<PAGE>

GOLDEN STATE PETRO (IOM I-A) PLC
(A Wholly-owned subsidiary of Golden State Holdings I, Limited)

NOTES TO FINANCIAL STATEMENTS

    ACCOUNTING ESTIMATES
    The preparation of financial statements in conformity with
    accounting principles generally accepted in the United States
    of America requires management to make estimates and
    assumptions in determining the reported amounts of assets and
    liabilities and disclosure of contingent assets and
    liabilities at the dates of the financial statements and the
    reported amounts of revenue and expenses during the reporting
    periods.  Actual results could differ from such estimates.

   INCOME TAXES
    The Company is exempt from United States Federal, state and
    local income taxes on its international shipping income and
    has been granted exemptions from the statutory 20% tax on
    profits required to be assessed against Isle of Man
    companies.

    Certain entities are exempt from US corporate income tax on
    US source income from their international shipping operations
    if (i) their countries of incorporation exempt shipping
    operations of US persons from income tax (the "Incorporation
    Test") and (ii) they meet the "Ultimate Owner Test".  A
    company meets the Ultimate Owner Test if more than 50% of the
    value of its stock is owned directly or indirectly pursuant
    to specified constructive stock ownership rules by
    individuals who are residents of a foreign country that
    exempts US persons from tax on shipping earnings.  The
    Company meets the Incorporation Test because the Company is
    incorporated in the Isle of Man, which provides the required
    exemption to US persons involved in shipping operations
    pursuant to an exchange of diplomatic notes with the United
    States, and the Company believes more than 50% of the value
    of its outstanding stock is indirectly owned by individuals
    who are residents of countries which provide the required
    exemption to US persons involved in shipping operations.  The
    issue of residence is, however, inherently factual and cannot
    be determined with certainty.

    Based on the foregoing, the Company expects all of its income
    to remain exempt from United States Federal, state and local
    income taxes. Accordingly, no provision for taxes has been
    made in these financial statements.






                              F-10



<PAGE>

3.  ADOPTION OF NEW ACCOUNTING STANDARDS

    SFAS No. 133, "Accounting for Derivatives and Hedging
    Activities"  is effective for all fiscal quarters of all
    fiscal years beginning after June 15, 2000 (January 1, 2001
    for the Company) and requires that all derivative instruments
    be recorded on the balance sheet at their fair value.
    Changes in the fair value of derivatives are recorded each
    period in current earnings or other comprehensive income,
    depending on whether a derivative is designated as part of a
    hedge transaction and, if it is, the type of hedge
    transaction.

    The Company anticipates that the adoption of SFAS No. 133
    will not have a material effect on the presentation of the
    Company's balance sheet or results of operations and
    accumulated deficit.




































                              F-11



<PAGE>

GOLDEN STATE PETRO (IOM I-A) PLC
(A Wholly-owned subsidiary of Golden State Holdings I, Limited)

Notes to Financial Statements

4.  RESTRICTED INVESTMENTS

    The Restricted Investments accounts (the "Accounts") were
    established in the name and under the control of the United
    States Trust Company as the Indenture Trustee (the
    "Trustee").  The proceeds of the Notes issued on behalf of
    the Company were deposited into one of the Accounts (the
    "Pre-Funding Account") in the form of a guaranteed investment
    contract.  The funds in the Pre-Funding Account can be used
    only to fund the installment construction payments, principal
    and interest due on the Notes and management fees prior to
    the delivery of the Vessel.  Charterhire payments are being
    deposited into a separate one of the Accounts (the "Revenue
    Account") in the form of a guaranteed investment contract.
    The funds in the Revenue Account can be used only to fund the
    principal and interest due on the Notes and management fees
    subsequent to the delivery of the Vessel.

5.  DEBT ISSUE COSTS

    The debt issue costs are comprised of the following amounts:

                                           1999              1998

Debt issue costs                   $  1,216,653       $ 1,216,653
Accumulated amortization              (291,930)         (197,250)
                                 ______________    ______________
                                   $    924,723       $ 1,019,403
                                 ==============   ===============



















                              F-12



<PAGE>

6.  VESSEL

                                           1999              1998

Cost at beginning of year          $ 86,067,428      $ 38,527,389
Purchase price installments paid              -        44,505,320
Interest capitalized                          -         3,034,719
                                   ____________       ___________
Cost at end of year                $ 86,067,428      $ 86,067,428

Accumulated depreciation at
beginning of year                  $    265,891      $          -
Charge for year                       3,190,697           265,891
Accumulated depreciation at        ____________       ___________
end of year                        $  3,456,588      $    265,891
                                  =============      ============

Net book value at end of year      $ 82,610,840      $ 85,801,537
                                   ============      ============

Included in the purchase price installments paid is a premium of
$1,355,200 paid to the Builders on delivery, due to the early
delivery of the Vessel.

7.  MORTGAGE NOTES

    On December 24, 1996, GSPTC, a special purpose Delaware
    corporation which is an entity affiliated with the Company,
    acted as agent on behalf of the Company and IOM I-B and
    issued the Notes, certain terms of which are set forth below.
    The Company was allocated, along with IOM I-B, a share of the
    proceeds from the offering and sale of the Notes, which
    totaled $88,450,000.




















                              F-13



<PAGE>

GOLDEN STATE PETRO (IOM I-A) PLC
(A Wholly-owned subsidiary of Golden State Holdings I, Limited)

NOTES TO FINANCIAL STATEMENTS

    The Notes have priority of payment as described in the
    Indenture Agreement and are collateralized by a statutory
    first mortgage on the Vessel and assignment of the following
    to the Trustee: (i) the building contract with the Builders
    and a technical supervision agreement; (ii) the building
    contract performance guarantee with the Korea Development
    Bank; (iii) the initial charter; (iv) the charter supplement
    (pursuant to the issuance of Additional Notes); (v) the
    Chevron Corporation guarantee; and (vi) certain other
    collateral.

    SERIAL NOTES
    The Serial Notes were issued in the aggregate principal
    amount of $51,700,000, of which $24,900,000 was allocated to
    the Company.  Set forth below are the allocated principal
    amounts and the interest rates of the Serial Notes payable on
    each maturity date for the Company, as at December 31, 1999,
    1998 and 1997.

    Maturity date                 Interest Rate         Principal

    February 1, 2000                        6.36%    $  2,550,000
    February 1, 2001                        6.46%       3,350,000
    February 1, 2002                        6.55%       3,600,000
    February 1, 2003                        6.61%       3,850,000
    February 1, 2004                        6.70%       4,100,000
    February 1, 2005                        6.80%       4,350,000
    February 1, 2006                        6.85%       3,100,000
                                                     ____________
                                                     $ 24,900,000
                                                     ============

    Interest has been accrued for the Serial Notes from December
    24, 1997, and is payable on February 1 and August 1 of each
    year.  As of December 31, 1999, 1998 and 1997, the effective
    interest rate for the Serial Notes was 6.631%.

    TERM NOTES
    The Term Notes were issued by GSPTC, acting as an agent for
    both the Company and IOM I-B, in the aggregate principal
    amount of $127,100,000.  The allocated principal amount of
    Term Notes to the Company is $63,550,000.  Interest on the
    Term Notes will accrue from the date of issuance thereof at a
    rate per annum equal to 8.04%, and will be payable on each
    February 1 and August 1 of each year.  The Term Notes will be
    subject to redemption through the operation of a mandatory


                              F-14



<PAGE>

    sinking fund on each payment date commencing August 1, 2007
    up to and including August 1, 2018, according to the schedule
    of sinking fund redemption payments set forth below.  The
    sinking fund redemption price is 100% of the principal amount
    of Term Notes being redeemed, together with accrued and
    unpaid interest to the date fixed for redemption.  The Term
    Notes will mature, and the final payment of principal and
    interest on the Term Notes will be due, on February 1, 2019.
    The amortization schedule will approximate the level of debt
    service through to the maturity date with an additional
    principal payment on the maturity date of $10,995,000.

    The following table provides the scheduled sinking fund
    redemption amounts and final principal payment on the Term
    Notes.






































                              F-15



<PAGE>

GOLDEN STATE PETRO (IOM I-A) PLC
(A Wholly-owned subsidiary of Golden State Holdings I, Limited)

Notes to Financial Statements

    Sinking fund redemption amounts and final principal payment

    Scheduled payment date
    ______________________
    August 1, 2007                                    $ 1,340,000
    February 1, 2008                                    1,395,000
    August 1, 2008                                      1,450,000
    February 1, 2009                                    1,510,000
    August 1, 2009                                      1,570,000
    February 1, 2010                                    1,635,000
    August 1, 2010                                      1,700,000
    February 1, 2011                                    1,765,000
    August 1, 2011                                      1,840,000
    February 1, 2012                                    1,910,000
    August 1, 2012                                      1,990,000
    February 1, 2013                                    2,070,000
    August 1, 2013                                      2,150,000
    February 1, 2014                                    2,240,000
    August 1, 2014                                      2,330,000
    February 1, 2015                                    2,420,000
    August 1, 2015                                      2,520,000
    February 1, 2016                                    2,620,000
    August 1, 2016                                      2,725,000
    February 1, 2017                                    2,835,000
    August 1, 2017                                      2,950,000
    February 1, 2018                                    3,070,000
    August 1, 2018                                      3,190,000
    February 1, 2019                                   14,325,000
                                                       __________
                                                     $ 63,550,000
                                                     ============

    ADDITIONAL NOTES
    The Company was entitled to issue an additional series of
    first preferred mortgage notes (the "Additional Notes") upon
    the delivery date of the Vessel.  The Company did not
    exercise this entitlement on the delivery of the Vessel.

    MANDATORY REDEMPTION
    The Serial Notes, together with the Term Notes and the
    Additional Notes, will be subject to mandatory redemption on
    a pro rata basis in an aggregate principal amount equal to
    the allocated principal amount of the Notes of the Vessel if
    the Vessel is a total loss, at a redemption price equal to
    100% of the principal amount thereof, plus accrued and unpaid



                              F-16



<PAGE>

    interest (including default interest) to the date fixed for
    redemption.



















































                              F-17



<PAGE>

GOLDEN STATE PETRO (IOM I-A) PLC
(A Wholly-owned subsidiary of Golden State Holdings I, Limited)

NOTES TO FINANCIAL STATEMENTS

    If the initial Charterer exercises any of its termination
    options as defined in the Initial Charter, and the Company
    does not enter into an acceptable replacement charter for the
    Vessel on or before the date which is one week prior to the
    next sinking fund payment date for the Term Notes following
    the effective date of such termination and the Vessel is
    sold, with the consent of all the holders of the Term Notes,
    then the outstanding Term Notes will be redeemed in part,
    from the net proceeds of the sale of the Vessel and the
    allocable portion of the Restricted Investments account, in
    an aggregate redemption price equal to the sum of such net
    proceeds and the allocable portion of the debt service
    reserve fund.  The debt service reserve fund, together with
    the interest earned thereon, provides for the payment of the
    average annual sinking fund payment and interest on the Term
    Notes.  If all the holders of the Term Notes do not consent
    to such a sale, Frontline as Manager, will attempt to
    recharter the Vessel.

    OPTIONAL REDEMPTION

    The Serial Notes will not be subject to optional redemption
    prior to the respective maturity dates.  The Term Notes may
    be redeemed in whole or in part at the discretion of the
    Company on any payment date on or after August 1, 1999 at a
    redemption price equal to 100% of the principal amount
    thereof plus accrued and unpaid interest to the date fixed
    for redemption, provided that if (i) such redemption occurs
    prior to February 1, 2018 and (ii) a Vessel is then subject
    to the related Initial Charter or to an acceptable
    replacement charter pursuant to which the charterer
    thereunder is required to pay charter hire equal to or
    greater than the charter hire payable by the Initial
    Charterer during the fixed period, then the make-whole
    premium, as defined in the Offering Memorandum, shall be
    payable with respect to Mortgage Notes in an amount equal to
    allocated principal amount of the Mortgage Notes for such
    Vessel.  The Company may not exercise such optional
    redemption if such optional redemption would adversely affect
    the then applicable ratings on the Serial Notes.  In
    addition, Term Notes may be redeemed in part in an aggregate
    principal amount equal to the allocated principal amount of
    the Notes for the Vessel if the Initial Charter for the
    Vessel is terminated and an acceptable replacement charter is
    not entered into, at a redemption price equal to 100% of the



                              F-18



<PAGE>

    principal amount thereof plus accrued interest to the date
    fixed for redemption.

    DEBT COVENANTS

    The Indenture includes certain covenants that, among other
    things, prohibit the Company and GSPTC from incurring
    additional indebtedness (other than subordinated loans) and
    impose limitations on the amount of investments, on loans,
    advances, mergers, the payment of dividends and the making of
    certain other payments, the creation of liens and certain
    transactions with affiliates.

8.  COMMITMENTS AND CONTINGENCIES

    The following is a schedule by years of minimum future
    charter income on the noncancellable portion of the operating
    lease for the fiscal years ending December 31:

2000                                                $   9,927,635
2001                                                    9,927,635
2002                                                    9,927,635
2003                                                    9,927,635
2004                                                    9,927,635
2005 - 2006                                            19,175,295
                                                     ============

                                                     $ 68,813,470
                                                     ============
























                              F-19



<PAGE>

GOLDEN STATE PETRO (IOM I-A) PLC
(A Wholly-owned subsidiary of Golden State Holdings I, Limited)

Notes to Financial Statements

9.  CONCENTRATION OF CREDIT RISK AND OTHER RISK

    The Company has no sources for the payment of the principal
    of, and the interest on, the Notes except for the Restricted
    Investments accounts held by the Trustee.  Accordingly, the
    Company's ability to pay debt service on the Notes is wholly
    dependent upon its financial condition, results of operation
    and cash flows from the Vessel's operation.

    There is a concentration of credit risk with respect to
    Restricted Investments to the extent that all of the amounts
    are carried with Pacific Mutual Life Insurance.

    There is a concentration of credit risk due to the fact that
    the sole source of charter income is Chevron Transport
    Corporation.  The Company does not consider this is a
    significant risk.

10. RELATED PARTY TRANSATIONS

    Pursuant to an agreement (the "Management Agreement") between
    the Company and Frontline (the "Manager"), an affiliate of
    the Company, the Manager provides administrative, management
    and advisory services to the Company at an annual fee of
    $50,000, payable semi-annually.  All cost of administering
    the Company are payable by the Manager from the Management
    Fee.  The Management agreement is effective until termination
    by either party upon 30 days prior written notice.
    Management fee expenses and management fee payable as of
    December 31, 1999, 1998 and 1997 are as follows:

                                    1999        1998         1997

    Management fee expenses     $ 50,000    $ 50,000     $ 45,833
    Management fee payable      $ 20,833    $ 20,833     $ 20,833

    Prior to January 31, 1999, Cambridge Fund Management, L.L.C.,
    an affiliate of CPTC, was the Manager.  On January 31, 1999,
    Cambridge Fund Management, L.L.C. resigned as Manager and on
    the same date was replaced by Frontline.








                              F-20



<PAGE>

    Exhibit Index

Designation
of Exhibit in
this Form 20-F
--------------                    Description of Exhibit
                                  ______________________

1*                           Supplement No. 1, dated as of
                             January 31, 1999 to the indenture,
                             dated as of December 1, 1996, among
                             Golden State Petroleum Transport
                             Corporation and Golden State Petro
                             (IOM I-A) PLC and Golden State Petro
                             (IOM I-B) PLC and United States
                             Trust Company of New York, as
                             indenture trustee, filed as Exhibit
                             1 to the Company's Annual Report on
                             Form 20-F for the fiscal year ended
                             December 31, 1998.

2*                           Management Agreement, dated as of
                             January 31, 1999 between Golden
                             State Petro (IOM I-A) PLC, a company
                             organized under the laws of the Isle
                             of Man and Frontline Ltd., a Bermuda
                             company, filed as Exhibit 2 to the
                             Company's Annual Report on Form 20-F
                             for the fiscal year ended December
                             31, 1998.

*Incorporated by reference herein





















                              F-21



<PAGE>


                           SIGNATURES

Pursuant to the requirements of Section 12 of the Securities Act
of 1934, the registrant certifies that it meets all of the
requirements for filing on Form 20-F and has duly caused this
annual report to be signed on its behalf by the undersigned,
thereunto duly authorized.


Golden State Petro (IOM I-A) PLC
(Registrant)




by: /s/ Kate Blankenship
   ---------------------
(Signature)

Kate Blankenship, Director

Date: June 26, 2000






























                              F-22
02089006.AC7