AGM Statement

Braemar Seascope Group PLC
23 June 2004

Wednesday,                                                          23 June 2004

                           Braemar Seascope Group plc

                    Comments made by the Chief Executive at
                   the Annual General Meeting on 23 June 2004


We have now completed our first quarter and I am pleased to provide an update on
the Company's performance.

Shipping markets remain firm and at levels which are historically well above
average. While the Dry market has come away from the very high levels seen at
the beginning of 2004 the current rates still represent a very good return for
owners. Deep Sea tanker rates have stayed consistently high for several months
and have every prospect of remaining at their current levels driven by high oil
demand met by the increases in supply which the OPEC members have recently
agreed to.

Broking income earned in the first three months of this year is significantly
ahead of the comparable period last year mainly due to a very high level of
second hand sale and purchase business, the sustained oil tanker freight levels
and a much-improved performance from Dry Cargo and Containers. This is despite
the sustained US dollar weakness albeit that impact on the year-on-year
comparison is not as great.

We are continuing to strengthen our position in LNG. We have been appointed as
consultants to a major LNG charterer. We have also concluded significant LNG
newbuilding business which has increased our forward order book with the main
financial benefit coming in 2 to 3 years time. These projects have been achieved
through the efforts of our LNG broking team and our technical consultancy
company Wavespec working in tandem. These projects position us as one of the
leading shipping consultancies in this rapidly developing market.

Wavespec continues to perform well and has excellent prospects for new business
over the coming years.

Cory Brothers, our ship agency business, has experienced more difficult trading
conditions due to a reduced number of ship port calls caused by volatile oil
refining conditions. However it has recently won some new business which should
improve its trading in the coming months.

The new financial year has opened well and trading to date has been encouraging.
We expect to report an improvement in our results at the interim stage over the
equivalent period last year.


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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