AGM Statement

Seascope Shipping Holdings PLC
31 May 2000


                 Annual General Meeting
                        Statement
                            
At  the  Annual  General  Meeting  of  Seascope  Shipping
Holdings  PLC,  held today at 12 Noon at 10/11  Grosvenor
Place, Tom Young, Chairman made the following statement.

Current Trading:

I  am  pleased  to reconfirm my statement in  the  annual
report to the effect that with charter rates and value of
tankers  climbing  we  can only be optimistic  about  the
outlook for the current year.

The anticipated increase in tanker freight started during
March 2000 and rates are expected to remain firm at least
for  the balance of the current year.  Additionally, with
oil prices remaining high, it's expected Offshore markets
will  gradually  recover during the second  half  of  the
year.   While  both of these improvements  are  too  late
materially  to  assist the Company's first  half  results
they   do   give   added  confidence  to  the   Company's
aspirations  of  being able to meet its internal  trading
targets  for  the  year 2000.  It is  expected  that  the
differential between the first half and second half  year
results will be greater than would be normally expected.'


Board Changes:

Mr. Julian Bolland,leader of our Offshore Services group,
Group  Finance  Director  and  Company  Secretary  has
informed the Company of his intention to retire from  the
Company with effect from 30 November 2000.

Mr.  Andrew Williams currently a PLC director will assume
management responsibilities within our Offshore division.

The   Company   is  currently  recruiting  a  replacement
Financial  Director and Company Secretary and details  of
this appointment will be made at a later date.'

Tom Young commented:

'Julian  Bolland was Managing Director of Jacobs Offshore
Limited  (now  Seascope Offshore)  at  the  time  of  its
purchase  by the group in 1992.  He became a Director  of
Seascope  Shipping  Holdings PLC  on  completion  of  the
acquisition  and  was  appointed Financial  Director  and
Secretary in 1997.  I would wish to take this opportunity
publicly  to thank Julian for his astute and professional
leadership  of Offshore and for taking on the  additional
responsibilities  of  Financial Director  in  the  latter
years.'

Seascope  operates as a shipping services group providing
a  professional, proactive and personal  service  to  the
international shipowning, shipbuilding and oil industries
covering   specialised  brokering  plus   technical   and
confidential financial consultancy.

                            
For further information, contact:

Seascope Shipping Holdings PLC            020 7903 2600
Tom Young, Chairman
Duncan Hill, Chief Executive

Grandfield                                020 7417 4170
Michael Henman/Clare Abbot