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SEAL FLEET ANNOUNCES OPERATING RESULTS

 GALVESTON, Tex., Nov. 12 /PRNewswire/ -- Seal Fleet, Inc., ("Seal") an offshore service ship company based in Galveston, today announced unaudited results of operations for the nine-month period ended Sept. 30, 1993 as follows:
 1993 1992
 Revenues $ 5,247,000 $ 2,281,000
 Net income (loss) $ 544,000 $(1,107,000)
 Net income (loss) per share $.27 $(.54)
 During the first three quarters of 1993, Seal realized net income after tax of $93,000, $278,000 and $173,000, respectively. Net income declined during the third quarter due to major equipment repairs during that period. Seal's policy has always been to keep its equipment in top working condition but regular use will take its toll and major repairs are inevitable as well as expensive. The cost of complying with the ever increasing number of Government regulations is also expensive.
 The depression which plagued the industry for the past 10 years caused much of the support equipment needed for the development of the industry to be either moth-balled or sold for use in other marine industries. Consequently, very little if any new equipment entered the market during that time. The shortage of this equipment has caused day rates for a typical supply vessel to rise in the past 12 months from approximately $1,500 to over $4,000 per day. Of course the vehicle driving the charter rate is old and familiar -- supply and demand. There is no assurance as to how long the rates will remain bullish, but as of today, they continue to inch upward.
 These figures are unaudited and the annual audited figures should be available by the latter part of March 1994.
 -0- 11/12/93
 /NOTE TO EDITOR: If you have any questions or would like to receive a Form 10-QSB please call Trina Salinas at 409-763-8878/
 /CONTACT: Trina Salinas of Seal Fleet, Inc., 409-763-8878/


CO: Seal Fleet, Inc. ST: Texas IN: MAR SU: ERN

TM -- NY088 -- 3897 11/12/93 17:05 EST
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Publication:PR Newswire
Date:Nov 12, 1993
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