Conversion of Loan Notes

Braemar Seascope Group PLC
24 February 2004



                   Braemar Seascope Group plc ('the Company')

                 Conversion of Loan Notes, Directors' Dealings



Further to the announcement of 28 January 2004, the Board announces that at the
extraordinary general meeting of the holders of the £3 million unsecured 6 per
cent. convertible redeemable loan notes ('Loan Notes') held on 20 February 2004,
the resolution to grant Loan Note holders with the opportunity to convert the
Loan Notes to ordinary shares on 23 February 2004 was approved.



Accordingly, the Company has received notices of conversion from holders of the
all the £3 million Loan Notes.  Under the terms of the Loan Notes, conversion is
on the basis of one new ordinary share of 10p each in the Company ('Ordinary
Shares') for each £2.40 of Loan Notes.  As such, full conversion of the Loan
Notes gives rise to the issue of 1.25 million new Ordinary Shares to holders of
the Loan Notes.



Pursuant to the conversion of the Loan Notes, application will be made to the UK
Listing Authority for 1.25 million new Ordinary Shares to be admitted to trading
on the London Stock Exchange's market for listed securities.  It is expected
that admission will take place and dealings will commence in such new Ordinary
Shares on Friday 27 February 2004.  Following admission of the 1.25 million new
Ordinary Shares, the issued share capital of the Company will be 18,618,946
Ordinary Shares (the 'Enlarged Issued Share Capital').



Following conversion of his holding of 387,639 Loan Notes Alan Marsh, Chief
Executive, will increase his beneficial shareholding by 161,516 Ordinary Shares
to a total of 1,063,502 Ordinary Shares, representing 5.71% of the Company's
Enlarged Issued Share Capital.



Furthermore, following the conversion of, in aggregate 1,369,097 of Loan Notes,
Mr Marsh and certain associates (together the declared concert party) have
increased their shareholding by, in aggregate, 570,457 Ordinary Shares to
3,782,762 Ordinary Shares, being 20.32% of the Company's Enlarged Issued Share
Capital.



Following the conversion of his respective holding of Loan Notes the notifiable
interest of Simon Morecroft will be as follows:


Shareholder           Current            Interest in the    Shareholding       Interest in the
                      Shareholding       Issued Share       following          Enlarged Issued
                                         Capital            Conversion of Loan Share Capital
                                                            Notes

Simon Morecroft       675,175            3.89%              798,888            4.29%




In addition, Kim Weaver, Phil Morrin and Alf Miller no longer have a notifiable
interest in the Ordinary Shares of Braemar Seascope Group plc.



24 February 2004




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]




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