Disposal of Survey Equipment Services

Lupus Capital PLC
4 May 2000


Lupus Capital plc
Disposal of Survey Equipment Services, Inc.

Lupus Capital plc ('Lupus') announces the sale of Survey Equipment Services,
Inc. ('SES'), a small part of the Gall Thomson businesses acquired in December
1999, for a cash consideration of $1.4 million, comprising a pre-contract
dividend paid by SES to Lupus of $500,000 together with $900,000 paid on
completion.  In addition, certain assets with an estimated realisable value of
approximately $150,000 will be retained by Lupus.  SES is totally separate
from Gall Thomson's main marine breakaway coupling business and is being sold
to a consortium of private investors.

SES rents, sells and supplies specialist marine survey and navigation
equipment to the oil and gas industry from its base in Houston.  In the nine
month period ended 31 December 1999, SES recorded a break-even result on
turnover of $1.6 million.  Net assets at 31 December 1999 were             
$2.0 million.  The market in which SES operates became progressively weaker in
1999 and this trend has continued into 2000;  SES made a loss in the first
quarter. 

For further information please contact:

Lupus Capital plc                         020 7821 0233
                                          020 7821 7026
Charles Ryder, Chief Executive
James Orr, Finance Director

Merlin Financial                            020 7606 1244

Paul Downes
Melanie Toyne Sewell