Loan Note Conversion Terms

Braemar Seascope Group PLC
28 January 2004




                           BRAEMAR SEASCOPE GROUP PLC
                           LOAN NOTE CONVERSION TERMS

On 15 December 2003 an extraordinary general meeting of the holders of the £3
million unsecured 6 per cent. convertible redeemable loan notes ('Loan Notes')
approved the extension of the Loan Notes, referred to in the interim results
statement announced on 21 November 2003, for a further two years with effect
from the date when they would have been redeemed in March 2004.  Under the terms
of the Loan Notes (created in March 2001 at the time of the merger with Braemar
Shipbrokers Limited) the holders of the Loan Notes have the right to convert one
day after the dates of the preliminary announcement and the interim statement.
The Company is now offering holders of the Loan Notes the opportunity to convert
the Loan Notes to ordinary shares on the existing terms, being one new ordinary
share for every £2.40 of nominal value of Loan Notes, on 23 February 2004.
Conversion to ordinary shares will reduce the company's net debt and gearing and
raise the number of ordinary shares in issue. An extraordinary general meeting
of the Loan Note holders to be held on 20 February 2004, will be convened
shortly to propose this change.



28 January 2004

ENDS



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
     Rupert Dearden                                           Tel [phone]
     Philip Davies                                            Tel [phone]




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