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ZAPATA CORPORATION TO SELL 4.1 MILLION TIDEWATER SHARES

 HOUSTON, Oct. 15 /PRNewswire/ -- Zapata Corporation has notified Tidewater Inc. of Zapata's intention to sell approximately 4.1 million shares of Tidewater common stock in an underwritten public offering. The offering will be made by prospectus only and Zapata has requested Tidewater to file the appropriate registration statement with the Securities and Exchange Commission.
 The 4.1 million Tidewater shares would be worth approximately $101 million at yesterday's closing price of $24.75 a share. Zapata retains a 700,000-share stake in Tidewater.
 "While Zapata believes the Tidewater shares will continue to increase in value, we have made the strategic decision to redirect these financial resources into the natural gas services industry," Zapata Chairman and Chief Executive Officer R.C. Lassiter said. "The proceeds from the sale will be used to make additional natural gas services acquisitions and to reduce debt."
 Zapata Corporation (NYSE: ZOS) is a Houston-based international company involved in gathering and processing natural gas and its constituent products, and marketing and trading in natural gas liquids. Zapata also produces oil and natural gas, and marine protein products.
 -0- 10/15/93
 /CONTACT: Press: Barney White, vice president, corporate affairs, 713-940-6240 or Financial: David Skarke, vice president, corporate development, 713-940-6148, both of Zapata/
 (ZOS)


CO: Zapata Corporation ST: Texas IN: OIL SU: OFR

LG -- NY015 -- 2610 10/15/93 09:11 EDT
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Publication:PR Newswire
Date:Oct 15, 1993
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