Completion of Acquisition

Seascope Shipping Holdings PLC
12 October 2001


                        SEASCOPE SHIPPING HOLDINGS PLC


For immediate release                                          12 October 2001



                Seascope Shipping Holdings plc ('the Company')

   Completion of acquisition of Braemar Tankers Limited ('Braemar Tankers')


At an EGM held by the Company yesterday, shareholders approved the resolution
to acquire Braemar Tankers. It is expected that the admission of the New
Ordinary Shares will take place today, 12 October, when completion of the
acquisition will take place.


Commenting on the deal, Sir Peter Cazalet, Chairman said:


'I am delighted that shareholders have approved the Braemar Tankers deal as it
cements the Company's strategy of ensuring that a comprehensive range of
shipping services is available to all of the Company's customers worldwide.


'Our range of services now includes crude, products, chemical and gas tanker
chartering, dry cargo and container chartering, offshore brokering,
newbuilding, second hand sale and purchase and demolition, as well as
providing financial and technical expertise.


'These services confirm our position as one of the leading shipbroking houses
in the world.'


                                    -ends-


For further information, contact:


Seascope Shipping Holdings PLC

Alan Marsh, Chief Executive          Tel: [phone]

Derek Walter, Finance Director       Tel: [phone]


Grandfield

Clare Abbot                          Tel: [phone]