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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 13G

Under the Securities Exchange Act of 1934
(Amendment No. )*

Amarin Corporation plc
(Name of Issuer)
Ordinary Shares, 5p par value
(Title of Class of Securities)
023111107
(CUSIP Number)
December 21, 2005
(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

     o Rule 13d-1(b)

     þ Rule 13d-1(c)

     o Rule 13d-1(d)

* The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page.

The information required in the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.

 
 

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CUSIP No.
 
023111107 
  Page  
  of   
11 

 

           
1   NAMES OF REPORTING PERSONS:
Southpoint Capital Advisors LP
   
  I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY): 
    20-0975910
     
2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS):*

  (a)   o
  (b)   o
     
3   SEC USE ONLY:
   
   
     
4   CITIZENSHIP OR PLACE OF ORGANIZATION:
   
  Delaware
       
  5   SOLE VOTING POWER:
     
NUMBER OF   8,098,820**
       
SHARES 6   SHARED VOTING POWER:
BENEFICIALLY    
OWNED BY   0
       
EACH 7   SOLE DISPOSITIVE POWER:
REPORTING    
PERSON   8,098,820**
       
WITH: 8   SHARED DISPOSITIVE POWER:
     
    0
     
9   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON:
   
  8,098,820**
     
10   CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS):
   
  o
     
11   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9):
   
  9.6%**
     
12   TYPE OF REPORTING PERSON (SEE INSTRUCTIONS):*
   
  PN
 
*SEE INSTRUCTIONS BEFORE FILLING OUT
**SEE ITEM 4.

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CUSIP No.
 
023111107 
  Page  
  of   
11 

 

           
1   NAMES OF REPORTING PERSONS:
Southpoint GP, LP
   
  I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY): 
    20-1095514
     
2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS):*

  (a)   o
  (b)   o
     
3   SEC USE ONLY:
   
   
     
4   CITIZENSHIP OR PLACE OF ORGANIZATION:
   
  Delaware
       
  5   SOLE VOTING POWER:
     
NUMBER OF   8,098,820**
       
SHARES 6   SHARED VOTING POWER:
BENEFICIALLY    
OWNED BY   0
       
EACH 7   SOLE DISPOSITIVE POWER:
REPORTING    
PERSON   8,098,820**
       
WITH: 8   SHARED DISPOSITIVE POWER:
     
    0
     
9   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON:
   
  8,098,820**
     
10   CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS):
   
  o
     
11   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9):
   
  9.6%**
     
12   TYPE OF REPORTING PERSON (SEE INSTRUCTIONS):*
   
  PN
 
*SEE INSTRUCTIONS BEFORE FILLING OUT
**SEE ITEM 4.

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CUSIP No.
 
023111107 
  Page  
  of   
11 

 

           
1   NAMES OF REPORTING PERSONS:
Southpoint Capital Advisors LLC
   
  I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY): 
    20-0975900
     
2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS):*

  (a)   o
  (b)   o
     
3   SEC USE ONLY:
   
   
     
4   CITIZENSHIP OR PLACE OF ORGANIZATION:
   
  Delaware
       
  5   SOLE VOTING POWER:
     
NUMBER OF   8,098,820**
       
SHARES 6   SHARED VOTING POWER:
BENEFICIALLY    
OWNED BY   0
       
EACH 7   SOLE DISPOSITIVE POWER:
REPORTING    
PERSON   8,098,820**
       
WITH: 8   SHARED DISPOSITIVE POWER:
     
    0
     
9   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON:
   
  8,098,820**
     
10   CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS):
   
  o
     
11   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9):
   
  9.6%**
     
12   TYPE OF REPORTING PERSON (SEE INSTRUCTIONS):*
   
  OO
 
*SEE INSTRUCTIONS BEFORE FILLING OUT
**SEE ITEM 4.

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CUSIP No.
 
023111107 
  Page  
  of   
11 

 

           
1   NAMES OF REPORTING PERSONS:
Southpoint GP, LLC
   
  I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY): 
    20-1064783
     
2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS):*

  (a)   o
  (b)   o
     
3   SEC USE ONLY:
   
   
     
4   CITIZENSHIP OR PLACE OF ORGANIZATION:
   
  Delaware
       
  5   SOLE VOTING POWER:
     
NUMBER OF   8,098,820**
       
SHARES 6   SHARED VOTING POWER:
BENEFICIALLY    
OWNED BY   0
       
EACH 7   SOLE DISPOSITIVE POWER:
REPORTING    
PERSON   8,098,820**
       
WITH: 8   SHARED DISPOSITIVE POWER:
     
    0
     
9   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON:
   
  8,098,820**
     
10   CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS):
   
  o
     
11   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9):
   
  9.6%**
     
12   TYPE OF REPORTING PERSON (SEE INSTRUCTIONS):*
   
  OO
 
*SEE INSTRUCTIONS BEFORE FILLING OUT
**SEE ITEM 4.

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CUSIP No.
 
023111107 
  Page  
  of   
11 

 

           
1   NAMES OF REPORTING PERSONS:
Robert W. Butts
   
  I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY): 
   
     
2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS):*

  (a)   o
  (b)   o
     
3   SEC USE ONLY:
   
   
     
4   CITIZENSHIP OR PLACE OF ORGANIZATION:
   
  United States
       
  5   SOLE VOTING POWER:
     
NUMBER OF   8,098,820**
       
SHARES 6   SHARED VOTING POWER:
BENEFICIALLY    
OWNED BY   0
       
EACH 7   SOLE DISPOSITIVE POWER:
REPORTING    
PERSON   8,098,820**
       
WITH: 8   SHARED DISPOSITIVE POWER:
     
    0
     
9   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON:
   
  8,098,820**
     
10   CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS):
   
  o
     
11   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9):
   
  9.6%**
     
12   TYPE OF REPORTING PERSON (SEE INSTRUCTIONS):*
   
  IN
 
*SEE INSTRUCTIONS BEFORE FILLING OUT
**SEE ITEM 4.

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CUSIP No.
 
023111107 
  Page  
  of   
11 

 

           
1   NAMES OF REPORTING PERSONS:
John S. Clark II
   
  I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY): 
   
     
2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS):*

  (a)   o
  (b)   o
     
3   SEC USE ONLY:
   
   
     
4   CITIZENSHIP OR PLACE OF ORGANIZATION:
   
  United States
       
  5   SOLE VOTING POWER:
     
NUMBER OF   8,098,820**
       
SHARES 6   SHARED VOTING POWER:
BENEFICIALLY    
OWNED BY   0
       
EACH 7   SOLE DISPOSITIVE POWER:
REPORTING    
PERSON   8,098,820**
       
WITH: 8   SHARED DISPOSITIVE POWER:
     
    0
     
9   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON:
   
  8,098,820**
     
10   CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS):
   
  o
     
11   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9):
   
  9.6%**
     
12   TYPE OF REPORTING PERSON (SEE INSTRUCTIONS):*
   
  IN
 
*SEE INSTRUCTIONS BEFORE FILLING OUT
**SEE ITEM 4.

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SCHEDULE 13G
     This Schedule 13G (the “Schedule 13G”) is being filed on behalf of Southpoint Capital Advisors LLC, a Delaware limited liability company (“Southpoint CA LLC”), Southpoint GP, LLC, a Delaware limited liability company (“Southpoint GP LLC”), Southpoint Capital Advisors LP, a Delaware limited partnership (“Southpoint Advisors”), Southpoint GP, LP, a Delaware limited partnership (“Southpoint GP”), Robert W. Butts and John S. Clark II. Southpoint CA LLC is the general partner of Southpoint Advisors. Southpoint GP LLC is the general partner of Southpoint GP. Southpoint GP is the general partner of Southpoint Fund LP, a Delaware limited partnership (the “Fund”), Southpoint Qualified Fund LP, a Delaware limited partnership (the “Qualified Fund”), and Southpoint Offshore Operating Fund, LP, a Cayman Islands exempted limited partnership (the “Offshore Operating Fund”). Southpoint Offshore Fund, Ltd., a Cayman Island exempted company (the “Offshore Fund”), is also a general partner of the Offshore Operating Fund. This Schedule 13G relates to shares of Ordinary Shares of Amarin Corporation plc (the “Issuer”), purchased by the Fund, the Qualified Fund and the Offshore Operating Fund.
             
Item 1(a)   Name of Issuer.
 
           
    Amarin Corporation plc
 
           
Item 1(b)   Address of Issuer’s Principal Executive Offices.
 
           
    7 Curzon Street
    London, United Kingdom W1J 5HG
 
           
Item 2(a)   Name of Person Filing.
 
           
 
    (1 )   Southpoint Capital Advisors, LP
 
    (2 )   Southpoint GP, LP
 
    (3 )   Southpoint Capital Advisors, LLC
 
    (4 )   Southpoint GP, LLC
 
    (5 )   Robert W. Butts
 
    (6 )   John S. Clark II
 
           
Item 2(b)   Address of Principal Business Office, or, if none, Residence.
 
           
 
    (1 )   For all Filers:
 
          623 Fifth Avenue, Suite 2503
 
          New York, NY 10022
 
          (212) 692-6350

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Item 2(c)   Citizenship or Place of Organization.
 
           
 
    (1 )   Southpoint Capital Advisors LP is a Delaware limited partnership.
 
    (2 )   Southpoint GP, LP is a Delaware limited partnership.
 
    (3 )   Southpoint Capital Advisors LLC is a Delaware limited liability company.
 
    (4 )   Southpoint GP, LLC is a Delaware limited liability company.
 
    (5 )   Robert W. Butts is a U.S. citizen.
 
    (6 )   John S. Clark II is a U.S. citizen.
 
           
Item 2(d)   Title of Class of Securities.
 
           
    Ordinary Shares, 5p Par Value (the “Ordinary Shares”).
 
           
Item 2(e)   CUSIP Number.
 
           
    023111107
 
           
Item 3   If this statement is filed pursuant to §§240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:

Not Applicable.
 
           
Item 4   Ownership.
 
           
 
    (a )   Southpoint CA LLC, Southpoint GP LLC, Southpoint GP, Southpoint Advisors, Robert W. Butts and John S. Clark II may be deemed the beneficial owners of 8,098,820 shares of the Ordinary Shares.
 
           
 
    (b )   As of December 21, 2005, Southpoint CA LLC, Southpoint GP LLC, Southpoint GP, Southpoint Advisors, Robert W. Butts and John S. Clark II may be deemed the beneficial owners of 9.6% of the outstanding shares of the Ordinary Shares. This percentage was determined by dividing 8,098,820 by 77,600,000, the number of Ordinary Shares currently issued and outstanding, as reported in the Issuer’s report on form 20-F for the year 2004 and subsequent press releases.
 
           
 
    (c )   Southpoint CA LLC, Southpoint GP LLC, Southpoint GP, Southpoint Advisors, Robert W. Butts and John S. Clark II have the sole power to vote and dispose of the 8,098,820 shares of the Ordinary Shares beneficially owned.
 
           
Item 5   Ownership of Five Percent or Less of a Class.
 
           
    Not Applicable.

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Item 6   Ownership of More Than Five Percent on Behalf of Another Person.
 
           
    All securities reported in this schedule are owned by clients of the Investment Manager. To the knowledge of the Investment Manager, no one client owns more than 5% of the Ordinary Shares.
 
           
Item 7   Identification and Classification of the Subsidiary which Acquired the Security Being Reported On by the Parent Holding Company.
 
           
    Not Applicable.
 
           
Item 8   Identification and Classification of Members of the Group.
 
           
    Not Applicable.
 
           
Item 9   Notice of Dissolution of Group.
 
           
    Not Applicable.
 
           
Item 10   Certification.
 
           
    By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect.
 
           
Exhibits   Exhibit 1
 
           
    Joint Filing Agreement dated December 28, 2005, between Southpoint CA LLC, Southpoint GP LLC, Southpoint GP, Southpoint Advisors, Robert W. Butts and John S. Clark II.

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SIGNATURE
     After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
     Date: December 28, 2005
         
  SOUTHPOINT CAPITAL ADVISORS, LP


By:     Southpoint Capital Advisors LLC
           its general partner
 
 
            By:   /s/ Robert W. Butts    
              Name:   Robert W. Butts   
              Title:   Manager   
 
 
  SOUTHPOINT GP, LP


By:     Southpoint GP, LLC
           its general partner  
 
 
 
            By:   /s/ Robert W. Butts    
    Name:   Robert W. Butts   
    Title:   Manager   
 
 
  SOUTHPOINT CAPITAL ADVISORS, LLC
 
 
  By:   /s/ Robert W. Butts    
    Name:   Robert W. Butts   
    Title:   Manager   
 
 
  SOUTHPOINT GP, LLC
 
 
  By:   /s/ Robert W. Butts    
    Name:   Robert W. Butts   
    Title:   Manager   
 
     
     /s/ Robert W. Butts    
    Robert W. Butts   
       
 
     
     /s/ John S. Clark II    
    John S. Clark II   
       
 

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