Statement re Possible Merger

Seascope Shipping Holdings PLC 6 September 2000 Seascope Shipping Holdings PLC ('Seascope' or 'the Company') Discussions regarding possible merger with Braemar Shipbrokers Limited The Board of Seascope announces that it is in discussions with the Board of Braemar Shipbrokers Limited ('Braemar') concerning a merger of the two businesses. Braemar is a leading, privately owned, London based shipbroking company specialising in sale and purchase, contracting of new buildings and dry cargo chartering. The two companies have entered into an exclusivity agreement to enable due diligence to proceed on each business. It is proposed that the transaction will be structured on a share for share exchange basis, under which Braemar shareholders will exchange their existing shares in Braemar for new shares in Seascope on a ratio to be confirmed upon completion of the due diligence exercise. Following completion, Seascope will retain its status as a public company listed on the London Stock Exchange. It is expected that, subject to market demand, there will be a placing of a proportion of the new Seascope shares to which Braemar will become entitled in conjunction with the announcement of merger terms. The above is the most advanced in a number of corporate acquisitions of corporate transactions presently under consideration by Seascope, which include talks with Braemar Tankers Limited. Seascope intends to announce interim results for the six months ended 30 June 2000 on 29 September 2000. It is not expected that a definitive merger agreement with Braemar (completion of which will be subject to the approval of Seascope shareholders in general meeting) will have been entered into by this date. A further announcement will be made in due course. For further information, please contact: Seascope Shipping Holdings plc 020 7903 2600 Tom Young, Chairman and Chief Executive Braemar Shipbrokers Limited 020 7535 2600 Alan Marsh Grandfield 020 7417 4170 Clare Abbot Notes to editors: 1) Seascope Shipping Holdings PLC provides specialised broking and consultancy services to the international shipowning, shipbuilding and oil industries. 2) Commenting on today's announcement, Tom Young, Chairman & Chief Executive of Seascope, said: 'We have known and admired Braemar's management and brokers for years. We are excited by the prospect of working together in the future, jointly to increase our services for the benefit of our mutual clients.' Alan Marsh, Chairman of Braemar Shipbroking, said: 'We are delighted at the prospect of merging two well established and internationally prominent shipbroking companies and look forward to working with the directors and staff of Seascope.'