GFL Limited Acquired

Seascope Shipping Holdings PLC
10 November 1999


 Seascope Shipping Holdings PLC - Acquisition of GFL Limited

The  Board of Seascope (the 'Board') is pleased to  announce
that  Seascope  Shipping Holdings PLC  ('Seascope'  or  'the
Company') has today entered into an agreement to acquire the
entire  issued ordinary share capital of GFL Limited ('GFL')
(the 'Acquisition').

GFL  specialises  in structuring and arranging  asset  based
financings  with a particular emphasis on the transportation
and shipping industries.  GFL does not act as a principal in
relation to any business conducted by it.

The   Board  believes  that  GFL  is  complementary  to  the
Company's  existing  Capital  Services  division  and  would
anticipate   combining   the   two   businesses    following
completion.   The Board believes that Seascope will  benefit
from  the  leasing  expertise that  GFL  can  bring  to  the
Company's existing client base.

The  Board expects that the acquisition of GFL will  rapidly
accelerate the growth of Capital Services into a significant
profit centre within Seascope.

The consideration for the acquisition, payable on completion
is  £1,750,000.  The consideration is to be satisfied by the
payment  of  £1,000,000 in cash and by the issue of  349,928
new  10p  ordinary shares in the share capital  of  Seascope
('New  Shares') at 214.3p per share being the  average  mid-
market  closing  price of Seascope's shares over  the  three
business  days  prior to the signing of the  agreement.   In
addition,  deferred consideration may be payable subject  to
GFL achieving certain revenue targets.  The maximum deferred
consideration  is  £750,000 payable  on  30  June  2001  and
£500,000   payable   on   30  June   2002.    The   deferred
consideration is payable by the issuance of loan notes or at
the  Company's  option  new ordinary  shares  in  the  share
capital of Seascope.

Application  will be made for the New Shares to be  admitted
to the Official List of the London Stock Exchange.  Dealings
in  the  New  Shares are expected to commence on  Monday  15
November 1999.

For  the  year  ended 30 April 1999, GFL  generated  pre-tax
profits  £393,  402.  At that date GFL  had  net  assets  of
£66,710.


For further information, please contact:

Seascope  Shipping Holdings PLC               0171  235 2022
Duncan Hill, Chief Executive

Investec  Henderson Crosthwaite               0171  597 5970
Sandy Fraser, Director of Corporate Finance

Grandfield                                     0171 417 4170
Michael Henman/Clare Abbot