Interim Results

SEASCOPE SHIPPING HOLDINGS PLC
7 October 1999


                Pre-tax up 32% against difficult market
                      Interim dividend maintained
                    Cautious outlook for full year
                                   
Seascope Shipping Holdings PLC today announced interim results for the
six  months ended 30 June 1999.  Seascope provides specialised broking
and consultancy services to the international shipowning, shipbuilding
and oil industries.

Against   a   market  background  overshadowed  by   Opec   production
constraints,  low  oil  prices and excess  tanker  capacity,  Seascope
increased  turnover  and  profits,  a  performance  supported  by  the
completion of new building contracts commissioned in earlier years.

FINANCIAL HIGHLIGHTS

                                            6 months          6 months
                                     to 30 June 1999   to 30 June 1998
                                               £'000             £'000
Turnover                                       5,284             3,894
Pre-tax profit                                 1,320             1,001
Earnings per share                            11.96p             9.33p
Dividend per share                             5.00p             5.00p

Tom Young, Chairman, said:

'As  we  expected 1999 has been a difficult year, but this is  a  good
performance  against  a  poor market which has  affected  all  of  the
sectors in which we operate.  It underlines the benefit to the company
of secure earnings from its long-term charter business.

'While  we expect that trading conditions may start to improve in  the
last  quarter of 1999 and into 2000, the current uncertainty within  a
number  of  our  markets  make it even more difficult  then  usual  to
predict  the  outcome  for the current year.   On  the  basis  of  the
business contracted as at today for completion prior to the year  end,
it  presently  appears  that  we  will  not  achieve  original  market
expectations.  Furthermore, in advance of clear evidence  of  changing
sentiment  in  our core markets, we remain cautious  in  our  internal
planning  as to the scale of the expected upturn in activity  and  its
impact  during financial year 2000.  We have decided to  maintain  the
level  of  the  interim dividend reflecting the outlook for  the  full
year.'

For further information, contact:

Seascope Shipping Holdings                            0171 235 2022
Tom Young, Chairman
Duncan Hill, Chief Executive

Grandfield                                            0171 417 4170
Michael Henman/Clare Abbot

Chairman's Review

For the six months ended 30 June 1999

       Highlights

* First half pre-tax profits increased by 32% in difficult market
  conditions

* Interim dividend of 5.0p per share (same).

* Positive cash flow with liquid resources at 30th June up to £3.0m
  from £2.4m in 1998.

* Cautious outlook for full year.

* Sir Graham Hearne joins Board as a non-executive director

Introduction
I  am  pleased to announce improved results for the six months  to  30
June   1999.    These  were  achieved  against  deteriorating   market
conditions,  which are affecting the main sections  of  the  Company's
business.  The  results reflect in part the delivery  of  new-building
vessels  contracted in the more benign commercial climate of 1997  and
1998.

The outlook for most of the second six months of the year may continue
to  be  affected  by adverse trading factors.  These  include  reduced
activity in the offshore sectors of the North Sea as a reaction to the
low  oil  price  during the period June 1998 to  June  1999  and  over
capacity  in the tanker market primarily due to OPEC production  cuts.
In  both  cases these have resulted in weak freight rates.  We  expect
that  trading conditions should start to improve shortly, particularly
as  global oil demand continues to grow, and the recovery in  the  Far
Eastern economies gather momentum.

Review of Activities
Offshore  newbuilding  deliveries and long term  employment  contracts
resulted  in  a  particularly successful first half for  our  Offshore
division,  but the recent strong increase in oil prices will  have  to
prove  reasonably sustainable before strong demand for rigs and  their
support vessels is going to return.  However, prospects for a recovery
sooner  rather than later appear reasonable, as alluded to in my  last
report.

Our  Sale  and  Purchase and Newbuilding activities are following  the
same  pattern  as last year, namely a number of significant  contracts
concluded  in the earlier part of the year will not be completed,  and
vessels handed over, until the second half.

Tanker  rates  started to suffer from the Spring when OPEC  introduced
and maintained production constraints forcing the supply and demand  -
particularly  for VLCCs - into a negative position for tanker  owners.
However,  encouraging  new long terms charters were  concluded,  which
will contribute to future stability of earnings.

Market  share  in all three brokerage activities mentioned  above  has
grown this year which bodes well for the future and is a clear sign of
commitment and effort from our employees.

Progress  has  been achieved in building the financial  services  team
within  Seascope  Shipping Capital Services and Wavespec  Limited  has
integrated  well.   However both these activities are  in  development
phase  and  neither company made a contribution to profits during  the
period under review.

Interim Dividend
In view of the weak shipping markets, we feel it would be imprudent to
increase last year's interim dividend of 5.00pence per ordinary share.
The  dividend will be paid on 19 November 1999 to shareholders on  the
register  on  22 October 1999 with an ex-dividend date of  18  October
1999.

Financial
The net profit before taxation of £1.32 million (1998: £1.001 million)
is  calculated  before  any  performance-linked  bonus  provision.   A
performance-linked bonus only becomes payable in the  event  that  the
full year earnings per share exceed those of the prior year.

The  increase  in  administrative expenses at  £3.543  million  (1998:
£2.937)  reflects  the  investment we have made  in  building  Capital
Services  and Wavespec both of which are included in the  figures  for
the  first  time.   The  underlying  increase  on  the  previous  core
business,  which includes the taking of more space at Grosvenor  Place
London, amounted to 8.9%.

Cash  balances  at  the 30 June 1999 remain strong at  £2.995  million
(1998: £2.397).  Interest received in the six months at £0.054 million
(1998: £0.063) reflects the downward trend in interest rates.

Earnings per share fully diluted for the six months improved to 11.96p
(1998: 9.33p).

The  Company's  exposure to both the US$ and Norwegian Krone  exchange
rate  remain firmly controlled by planned forward currency sales  with
average  conversion  rates achieved of US$1.61 (1998:  1.65)  and  NKR
12.39 (1998: 12.80) to £1.

Prospects
As  stated earlier, our current expectation is that trading conditions
may  start  to improve during the last quarter of 1999 and  that  this
trend  will  continue into 2000.  This is based  on  an  expected(  if
unofficial) marginal relaxation of the OPEC production cuts, the world
economy  continuing to improve and crude oil inventories declining  in
the  industrialised  countries as winter draws in.   Any  increase  in
crude  oil  production  should be reflected  in  extra  tanker  demand
thereby  lifting freight rates as vessel supply and demand  come  back
into  balance.   Additionally, this situation should stabilise  vessel
values   and   assist  sale  &  purchase  and  newbuilding   activity.
Furthermore it is not expected that a marginal relaxation by OPEC will
have  a major downwards impact on oil prices.  Thus we also expect  an
increase  in offshore oil drilling, exploration and development  work,
all of which will benefit our Offshore activities.

The integration of Wavespec and Capital Services should start to bring
positive  results shortly, as outsourcing continues to be a policy  of
many of our group clients.

The  current uncertainty in a number of our markets makes it even more
difficult than usual to predict the outcome for the current  year  but
based upon business contracted as at today for completion prior to the
year  end,  it  presently appears we will not achieve original  market
expectations.   Furthermore, in advance of clear evidence of  changing
sentiment  in  our core markets, we remain cautious  in  our  internal
planning  as to the scale of the expected upturn in activity  and  its
impact during financial year 2000.

Board Changes
With  effect from today, we are delighted to welcome Sir Graham Hearne
to  our  Board  as a non-executive director.  His well known  business
acumen and oil industry experience can only add strength to our Board.

As  stated  at the Company's last AGM, Mr. A. B. Marshall  will  stand
down as a non-executive director on 31st December 1999.

Also  as advised at the AGM, I have with effect from 1st October  1999
handed  over  the  role of Chief Executive to  Duncan  Hill.   I  will
continue  as Chairman, concentrating on corporate strategy and  longer
term earnings for the benefit of the Company.

Group Strategy
Your Board's strategy remains that of seeking opportunities for growth
in  our  existing business and to lessen our exposure to the  cyclical
nature  of  the  spot  charter  markets both  by  securing  long  term
contracts  and through further acquisitions.  In connection  with  the
latter,  we  have an active ongoing dialogue with potential candidates
both within our existing activities and in related areas of the marine
services sector.

T.D.H. Young

                                   
                    SEASCOPE SHIPPING HOLDINGS PLC
                                   
                 CONSOLIDATED PROFIT AND LOSS ACCOUNT
                                   
                FOR THE SIX MONTHS ENDED 30TH JUNE 1999

                               6 months to 6 months to 12 months to
                                30-06-1999  30-06-1998   31-12-1998
                                     £'000       £'000        £'000

Turnover                             5,284       3,894       9,454

Cost of sales                        (463)           -           -

Administrative expenses            (3,543)     (2,937)     (6,317)
                                ----------     --------------------
Operating profit                     1,278        957        3,137

Interest receivable and 
  similar income                        54         63          116

Interest payable and 
  similar charges                      (12)       (19)         (33)
                                ----------     ---------- --------
Profit on ordinary 
  activities before taxation         1,320       1,001       3,220

Taxation on profit on 
  ordinary activities                 (454)       (325)     (1,082)
                                ----------     -------------------
Profit on ordinary 
  activities after taxation            866         676       2,138

Dividends (including dividends 
             in respect of
             Non-equity shares)       (320)       (310)       (930)
                                ----------     ---------- --------
Retained profit for the period         546         366       1,208

Accumulated loss brought forward    (1,612)     (2,821)     (2,820)
                               -----------     --------- ----------
Retained loss carried forward      (1,066)      (2455)     (1,612)
                                    ======      ======       =====

Earnings per ordinary share          
                      Basic         13.54p      10.90p      34.49p
Earnings per ordinary share  
              Fully Diluted         11.96p       9.33p      29.53p


                                   
                    SEASCOPE SHIPPING HOLDINGS PLC
                                   
            CONSOLIDATED BALANCE SHEET AS AT 30TH JUNE 1999
                                   
                                Consolidated Consolidated Consolidated 
                                30-06-1999     30-06-1998   30-12-1998
                                     £'000          £'000        £'000

  Fixed Assets
      Goodwill                         180             -          63
      Tangible assets                  539           576         509
      Investments                      620           619         620
                                ----------    ----------    --------
                                     1,339         1,195       1,192
  Current Assets
      Stock                             30             -           -
      Debtors                        2,472         1,849       2,285
      Cash at bank and in hand       2,995         2,397       2,861
                                ----------  ------------    --------
                                     5,497         4,246       5,146
  Creditors: amounts falling due
             within one year        (2,711)       (2,462)     (2,821)
                                ----------  ------------    --------
  Net current assets/(liabilities)   2,786         1,784       2,325
                                ----------   -----------    --------
  Total assets less 
     current liabilities             4,125         2,979       3,517

  Creditors: amounts falling due after
           more than one year         (135)         (540)       (235)
                               -----------     ----------  ---------
  Net Assets                         3,990         2,439       3,282
                                    ======        ======       =====
  Capital and Reserves
     Called up share capital           647           627         627
     Capital Redemption Reserve        396           396         396
     Share Premium                   4,013         3,871       3,871
     Profit and Loss account        (1,066)       (2,455)     (1,612)
                               -----------    ----------   ---------
  Total shareholders' funds          3,990         2,439       3,282
                                    ======        ======       =====
  Comprising:
  Equity shareholders' funds           3,990       2,439       3,282
                                   

                    SEASCOPE SHIPPING HOLDINGS PLC
                                   
                   CONSOLIDATED CASH FLOW STATEMENT
                                   
                FOR THE SIX MONTHS ENDED 30TH JUNE 1999

                               6 Months to 6 Months to 12 Months to
                                30-06-1999  30-06-1998   31-12-1998
                                     £'000       £'000        £'000

  Net cash inflow from 
    operating activities             1,226         313        2,267

  Returns on investments 
   and servicing of finance
       Interest received                56          63          114
       Interest paid                    (1)          -            -
    Interest element of finance 
     lease rental payments             (11)        (18)         (32)
                                 ---------   ---------     ---------
  Net cash inflow from 
   returns on investments
   and servicing of finance             44          45           82

  Taxation
        UK Corporation tax paid        (77)        (60)      (1,089)

  Capital expenditure and 
   financial investment
       Payments to acquire 
       tangible fixed assets          (115)        (29)         (83)
       Receipts from sale of 
       tangible fixed assets             -           -            3
                                  --------    --------      ---------
  Net cash (outflow) from 
   investing activities               (115)        (29)         (80)

  Acquisition and disposal
     Purchase of subsidiary           (279)          -          (71)
     Cash acquired with subsidiary      17           -            3
                                   --------    --------      --------
  Net cash (outflow) for acquisitions (262)          -          (68)

  Equity dividends paid               (620)       (546)        (856)
                                   --------    --------    ---------
  Cash inflow/(outflow) 
   before financing                    196        (277)         256

  Financing
    Payment of principal 
    under finance lease                (62)        (85)        (154)
                                   --------     -------    ---------
                                       (62)        (85)        (154)
                                   --------     -------    ---------
  Increase/(Decrease) in cash          134        (362)         102
                                     ======       =====        =====
                                   
                    
SEASCOPE SHIPPING HOLDINGS PLC
                                   
                                   
                         NOTES TO THE ACCOUNTS
                                   
                FOR THE SIX MONTHS ENDED 30TH JUNE 1999
                                   
1  Accounting policies
   There  have been no changes to the accounting policies set  out  in
   the 1998 Report and Accounts.
   
2  Financial Information
   The financial information for the half years ended 30 June 1998 and
   30 June 1999 is unaudited.
   
   The  financial information for the year ended 31 December 1998 does
   not  constitute full accounts but is an extract from the  Company's
   accounts for the year which have been delivered to the Registrar of
   Companies and on which the auditors gave an unqualified report.
   
   The  results for the six months 30 June 1999 were approved  by  the
   board on 5 October 1999.
   
3  Dividends
   The interim dividend of 5.00p per ordinary share (1998: 5.00p) will
   be  paid on 19 November 1999 to shareholders on the register at the
   close of business on 29 October 1999.
   
4  Earnings Per Share
   The basic earnings per share figure to 30 June 1999 is based on the
   weighted  average  of shares in issue during  the  six  months  and
   reflects  the 199,915 share options converted and admitted  to  the
   stock exchange on the 17 June 1999. The actual number of shares  in
   issue  at  30 June 1999 was 6,472,045 (1998: 6,272,130). The  Fully
   diluted  number of shares remains unaltered at the 30 June 1999  at
   7,313,200  (1998:  7,313,200)  with the  number  of  share  options
   outstanding at the date reduced to 842,155 (1998: 1,042 070).

5  Taxation
   The  taxation charge is calculated by applying the rate of  34%  to
   the  profit  on  ordinary  activities before  taxation,  being  the
   Directors' best estimate of the annual tax rate.
   
6  Fixed Assets-Investments
   The Investment figure of £620,000 is comprised as follows:
   
   Unlisted shares at cost        555,007
   Interest in own shares          65,308
   
   The  unlisted shares include investments in subsidiary undertakings
   and  1,000  £1  ordinary shares in The London Tanker  Broker  Panel
   Limited, a company registered in England. The London Tanker  Broker
   Panel Limited has 6,000 ordinary shares in issue.
   
   The  interest  in own shares represents the assets of the  Employee
   Share Ownership plan.
   
7  Share Options
   There   are  outstanding  options  over  842,155  of  the  company's
   Ordinary  shares. These options are held by directors and  employees
   of  the  company  and  other  group companies  and  are  exercisable
   between  27  March  1999 and 27 March 2003 at an exercise  price  of
   £0.812p per share.
   
                                
                    SEASCOPE SHIPPING HOLDINGS PLC
                                   
                         NOTES TO THE ACCOUNTS
                                   
                FOR THE SIX MONTHS ENDED 30TH JUNE 1999
  
8 Forward foreign exchange commitments
  At  30th June 1999 the group had entered into forward contracts  for
  the  sale  of  US dollars amounting to $2,000,000 (1998: $2,250,000)
  and  Norwegian Kroner amounting to Nil (1998: Nil) in  the  ordinary
  course of business.

9 Reconciliation of Operating Profit to Net Cash Inflow from Operating
  Activities
                                     1999       1998     1998
                                  30 June    30 June   31 Dec
                                    £'000      £'000    £'000
  Operating profit                  1,278        956    3,137
  Depreciation charge                  86         92      173
  Goodwill amortisation                 5          -        1
  Increase in stock                   (30)         -        -
  Decrease/(Increase) in debtors      170       (195)    (723)
  Decrease in creditors              (283)      (540)    (321)
                                  -------  --------- --------
                                    1,226        313    2,267
                                     ====      =====  =======

10   Reconciliation of Net Cash Flow to Movement in Net Funds

                                     1999       1998     1998
                                  30 June    30 June   31 Dec
                                    £'000      £'000    £'000
  Increase/(Decrease) in cash         134       (362)     102
  Cash inflow from decrease in debt    62         85      154
                                  -------   -------- --------
  Change in net funds resulting
    From cash flows                   196       (277)     256
  Non cash items
    New Finance Leases                  -        (94)     (94)
    Disposal Finance Leases            38         75      114
                                  -------    -------- -------
  Movement in net funds               234       (296)     276
  Net funds at beginning of period  2,500      2,223    2,224
                                 --------   --------- -------
  Net funds at end of period        2,734      1,927    2,500
                                    =====      ===== ========

11Major non-cash transactions
  During  the period the group entered into finance lease arrangements
  with  a  capital value at the inception of the leases of £Nil (1998:
  £94,414).
                                   
                    SEASCOPE SHIPPING HOLDINGS PLC
                                   
                         NOTES TO THE ACCOUNTS
                                   
                FOR THE SIX MONTHS ENDED 30TH JUNE 1999
  
12Employee Share Ownership Plan
  An  Employee  Share  Ownership Plan (ESOP)  was  established  on  23
  January  1995.  The ESOP has been set up to purchase shares  in  the
  Company.  These  shares, once purchased, are held on  trust  by  the
  Trustee  of  the ESOP, Grange Trustees Limited, for the  benefit  of
  the  employees.  The shares are purchased by the Trustee  when  they
  become available.
  
  As  at  30 June 1999, the ESOP had purchased 73,510 Ordinary  Shares
  of  10p  each  at a cost of £65,308 including stamp duty  associated
  with  the  purchase. The funding for the purchase has been  provided
  by  the  Company  in  the  form of an interest  free  loan  and  the
  trustees have contracted with the Company to waive the ESOP's  right
  to  receive  dividends. The fees charged by the  trustee's  for  the
  operation  of the ESOP trust are paid by the Company and charged  to
  the  profit and loss account as they fall due. The shares  owned  by
  the  ESOP had a market value at the 30 June 1999 of £155,841  (1998:
  £184,877).   The distribution of these shares will be determined  by
  the   Remuneration  Committee  and  none  of  the  shares  had  been
  allocated or distributed at 30 June 1999 or at 7 October 1999.