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Universal Salvage (UVS)

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Friday 26 October, 2001

Universal Salvage

Holding in Company

Universal Salvage PLC
25 October 2001


Universal Salvage plc (the 'Company') received a notification under Companies 
Act 1985 (the 'Act') from Fidelity Investments in respect of the disclosable 
interests of Fidelity International Limited (FIL) and others in 606,656 Ordinary
10 pence shares in the Company representing 2.19% of the issued share capital of
the Company, which stands at 27,653,098 Ordinary shares.

Please see letter and schedule from Fidelity Investments.

Letter to Universal Salvage Plc
Dated 19 October 2001

Enclosed are closing amended notifications of disclosable interests under the 
U.K. Companies Act 1985. Please note that while this information details the 
disclosable interests of more than one entity, the enclosed disclosure 
constitutes separate notifications of interest which have been combined solely 
for purposes of clarity and efficiency. It is not intended to indicate that any 
of these entities act as a group or in concert with respect to these interests.

These disclosures are made in the interest of conformity with the Companies Act.
The Interest detailed herein was acquired solely for investment purposes. For 
disclosure purposes, holdings should be represented as Fidelity International 
Limited (FIL) and its direct and indirect subsidiaries, being non-beneficial 

If you have any questions please contact Patricia Bolen at (617) 563-5507 or by 
FAX at (617) 476-0363.

Closing Amendment No 8


1. Company in which shares are held:      Universal Salvage Plc

2. Notifiable Interest:        Ordinary Shares

                 Fidelity International Limited (FIL)
                 P.O. Box HM 670
                 Hamilton HMCX, Bermuda

Parent holding company for various direct and indirect subsidiaries, including 
Fidelity Investment Services Ltd. (FISL), investment managers for various non-US
investment companies and institutional clients. (See Schedule A for listing of 
Registered Shareholders and their holdings.)

3. The notifiable interests also comprise the notifiable interest of:

                 Mr. Edward C. Johnson 3d
                 82 Devonshire Street 
                 Boston, MA 02109

      Principal shareholder of Fidelity International Limited.

4. The notifiable interests include interest held on behalf of authorized unit  
   trust schemes in the U.K., notwithstanding the exemption from reporting      
   pursuant to Section 209 (l)(h) of the Companies Act 1985.
5. These notifications of disclosable interests constitute separate             
   notifications of interest in the shares and are combined solely for the      
   purposes of clarity. Nothing herein should be taken to indicate that Fidelity
   International Limited and its direct and indirect subsidiaries or Mr. Edward 
   C. Johnson 3d act as a group or in concert in respect of the disclosed       
   interests, or that they are required to submit these notifications on a joint

6. The disclosable interests arise under section 208 (4) (b) of the Act, namely 
   where a person, not being the registered holder, is entitled to exercise a   
   right conferred by the holding of the shares or to control the exercise of   
   such rights, or under section 203 of the Act respectively.

7. Inasmuch as there is no disclosable interest of 3% or greater of the share   
   capital, Fidelity International Limited and its direct and indirect          
   subsidiaries have no further reporting obligation under Section 198 to 202 of
   the UK Companies Act. This statement speaks as of its date, and no inference 
   should be drawn that no change has occurred in the facts set forth herein    
   after the date hereof.
Schedule A
                                                         Closing Amendment No 8
Security: Universal Salvage Plc
                              SHARES HELD     COMPANY    NOMINEE/REGISTERED NAME

(Ordinary Shares)

                                  501,300      FISL      Chase Nominees
                                  103,528       FIL      Chase Nominees
                                    1,828       FIL      JP Morgan

Total Ordinary Shares             606,656

Current ownership
percentage:                         2.19%

Shares in issue:               27,653,098

Change in holdings since 
last filing:                  (489,972) ordinary shares

Letter from Fidelity Investments