Acquisition

Braemar Seascope Group PLC
31 July 2003





For immediate release                             31 July 2003



                 Braemar Seascope  buys Cory Brothers Shipping


The Board of Braemar Seascope is pleased to announce that, further to the
announcement of 21 July 2003, it has acquired the business and assets of Cory
Brothers Shipping ('Cory') from PD Shipping Limited, for a cash consideration of
£1.5 million (to be provided from the Company's existing bank facilities), as
part of its strategy to create a broadly-based shipping services business.


Cory, previously part of PD Ports, Logistics and Shipping, has been operating as
a shipping agency for over 160 years with a presence in both the tramp and liner
markets and has 91 employees located at 14 ports around the UK, most notably
Tilbury and Felixstowe.


Shipping agencies, such as Cory, are engaged by ship owners and charterers to
handle the requirements of their ships whilst in port. Services provided would
typically include arranging berth, pilotage and cargo handling as well as
engineering, maintenance and customs and port authority documentation. In
addition, for Liner clients a complete service is offered encompassing
marketing, sales, documentation and operational support.


The assets being acquired primarily include fixed assets, worth approximately
£500,000, other working capital balances, and a leasehold property at Tilbury.
Also included is the Cory's 'Shiptrak' system which has been developed
internally over several years and is now at the forefront of ships agency
technology.


In a full financial year the Board anticipates that the acquired business should
contribute turnover approaching £4 million to the Group and, furthermore, that
it will be earnings enhancing in its first full financial year under Braemar
Seascope's ownership. As a division of PD Shipping Limited no separate statutory
financial information is available in respect of Cory but, based on management
accounts, for the financial year ended 31 March 2003 it made a pre-tax profit of
£0.4m.


Commenting on the acquisition, Alan Marsh, Chief Executive said:


'I am very pleased with the acquisition of Cory's business which will be a new
business arm within our shipping activities and the first acquisition by Braemar
Seascope since the creation of the Group in 2001.


The name Cory is one of the most illustrious within British shipping, with the
highest reputation for their agency activities having served the interests of
shipowners, charterers and the transportation industry for nearly two centuries.


The acquisition continues our desire to create a more diverse shipping service
business and follows the geographical broadening of our company this year with
new offices in China and India.


We very much look forward to working with the existing Cory management and staff
to make Cory's services a key element of Braemar Seascope's business going
forward.'



For further information, contact:

Braemar Seascope Group plc
Alan Marsh                                          Tel [phone]
James Kidwell                                       Tel [phone]
Aquila Financial
Patrick d'Ancona                                    Tel [phone]
Peter Reilly                                        Tel [phone]
Charles Stanley & Company Limited
Philip Davies                                       Tel [phone]
Rupert Dearden                                      Tel [phone]







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