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Universal Salvage (UVS)

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Tuesday 03 December, 2002

Universal Salvage

Holding(s) in Company

UNIVERSAL SALVAGE PLC

Notification of Change of Substantial Holdings

The Board of Universal Salvage plc ("the Company") has today been
notified of the following changes to substantial holdings in the
Company.

Stewart Sonny Bassett

Mr. Bassett purchased 400,000 ordinary 10 pence shares on 3 December
2002 at £1.00 per share. His resultant beneficial holding is 2,455,080
ordinary shares representing 8.74% of the issued share capital of the
Company, which stands at 28,099,333.

Jacqueline Anne Sutton

Mrs. Sutton purchased 200,000 ordinary 10 pence shares on 3 December
2002 at £1.00 per share. Her resultant beneficial holding is 2,355,080
ordinary shares representing 8.38% of the issued share capital of the
Company, which stands at 28,099,333.

Enquiries: Anne Thomas, Universal Salvage plc. Telephone 01234 762225