Acquisition

Seascope Shipping Holdings PLC
20 December 2000


20 December 2000

Seascope Shipping Holdings PLC ('Seascope' or 'the Company')

Trading Update

Substantial Acquisition in Negotiation

Seascope Shipping Holdings PLC, which provides specialised broking and
financial and technical consultancy services to the international shipping and
oil industries, today announces that the expected outturn for the year is
estimated to be in the order of £1.8m pre tax profits (1999 £2.0m). Delays in
completing contracts, which are now not expected to take place until the New
Year, have impacted on the results for the year.

The second half of the year will show a strong recovery with profits estimated
at £2.0m compared with the first half of the year, which showed a £0.2m pre
tax loss and a second half pre tax profit in 1999 of £0.7m.

Seascope will be entering 2001 in an extremely buoyant market with its forward
order book well ahead of this time last year and subject to any unforeseen
circumstances the Directors intend to recommend payment of a final dividend of
10p per share, resulting in an unchanged payout of 15p for the year as a
whole.

Work on exchanging contracts to complete a merger with Braemar Shipbrokers is
progressing. As stated in the press release of 30th November, both Boards are
convinced of the commercial merits of the merger, which they believe has the
potential to deliver real advantages for clients, employees and shareholders
of the enlarged group. Braemar Shipbrokers is a leading privately owned
London-based shipbroking company specialising in sale and purchase,
contracting of new buildings and dry cargo chartering.

Due to the size of the transaction in relation to the Company, the UK Listing
Authority will classify the transaction as a reverse takeover. The Company has
therefore requested, and has been granted, a suspension of the listing of its
shares.

Discussions for the acquisition of Braemar Tankers Limited are also continuing
but the intervening Christmas holidays means that any announcement on their
outcome will not occur until January.

Further announcements relating to the proposed acquisitions and the results
will be made in due course.



-Ends-





For further information, please contact:

Seascope Shipping Holdings PLC          020 7903 2600

Iain ShawSancerre

Derek Walter

Grandfield     020 7417 4170

Michael Henman / Kirsty Black