Trading Statement

Seascope Shipping Holdings PLC
21 February 2002


For immediate release                                       21 February 2002



                 Seascope Shipping Holdings plc ('the Company')

               Trading Statement - 14 months to 28 February 2002

As a result of temporary delays by customers of contracts previously budgeted to
complete during the current financial period, both within the Group's Capital
Services division and its Newbuilding division, and also as a result of the
depressed market conditions now prevailing, the Board expects profit before
taxation (excluding exceptional items and goodwill amortisation) to fall within
the range of £3.2m and £3.8m for the 14 months ending 28th February 2002. This
represents a shortfall on current market estimates.

The increase in freight rates in the Tanker Chartering division in the aftermath
of 11th September proved to be a short term phenomenon and most market sectors
are now experiencing subdued demand, reflecting weakness in many of the world's
major economies, although there has been a significant increase in demolition
business and in second hand sale and purchase activity, both areas where the
Group is particularly strong.

Accordingly whilst the Board is confident that the Seascope Group is maintaining
its market share in each of its core areas in terms of volumes of business
transacted, they cannot at this stage forecast the timing of any upturn in
freight rates. The integration of all the broking businesses onto one site has
been achieved. The benefits of the mergers are now evident in terms of business
development and staff morale and this has enabled the Group to focus on
achieving cost reductions and developing niche markets and there will be some
benefit to next year's results from the delayed contracts being completed.

However, in the light of the estimated results for the 14 month period ending
28th February 2002, the Board intend to recommend to shareholders the payment of
a final dividend of 7p per share, representing an aggregate payment for this
financial period of 12p per share.

                                     -ends-



For further information, contact:

Seascope Shipping Holdings PLC

Alan Marsh, Chief Executive                          Tel: [phone]

Derek Walter, Finance Director                       Tel: [phone]

Brewin Dolphin Securities

Frank Malcolm                                        Tel: [phone]

Sandy Fraser                                         Tel: [phone]



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