Completion of Acquisition

Seascope Shipping Holdings PLC 12 October 2001 SEASCOPE SHIPPING HOLDINGS PLC For immediate release 12 October 2001 Seascope Shipping Holdings plc ('the Company') Completion of acquisition of Braemar Tankers Limited ('Braemar Tankers') At an EGM held by the Company yesterday, shareholders approved the resolution to acquire Braemar Tankers. It is expected that the admission of the New Ordinary Shares will take place today, 12 October, when completion of the acquisition will take place. Commenting on the deal, Sir Peter Cazalet, Chairman said: 'I am delighted that shareholders have approved the Braemar Tankers deal as it cements the Company's strategy of ensuring that a comprehensive range of shipping services is available to all of the Company's customers worldwide. 'Our range of services now includes crude, products, chemical and gas tanker chartering, dry cargo and container chartering, offshore brokering, newbuilding, second hand sale and purchase and demolition, as well as providing financial and technical expertise. 'These services confirm our position as one of the leading shipbroking houses in the world.' -ends- For further information, contact: Seascope Shipping Holdings PLC Alan Marsh, Chief Executive Tel: 020 7535 2600 Derek Walter, Finance Director Tel: 020 7903 2727 Grandfield Clare Abbot Tel: 020 7417 4170