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ZAPATA CEO MAKES STATEMENT ON ZAPATA GULF-TIDEWATER MERGER

 ZAPATA CEO MAKES STATEMENT ON ZAPATA GULF-TIDEWATER MERGER
 HOUSTON, Jan. 16 /PRNewswire/ -- The merger of Zapata Gulf Marine Corporation and Tidewater Inc. (NYSE: TDW), completed Wednesday, Jan. 15, will enable Zapata Corporation (NYSE: ZOS) to unlock the value of its investment in Zapata Gulf and move forward with its growth strategy, according to Zapata Corporation Chairman and Chief Executive Officer R.C. Lassiter.
 "The combined Zapata Gulf-Tidewater operations will quickly result in enhanced efficiencies and improved performance. As Tidewater realizes the benefits of the merger and the financial markets recognize the potential strengths of the combination, the real values of our investment will become apparent and available to us," Lassiter said.
 Under the terms of Wednesday's merger, Zapata received 8,258,000 shares of Tidewater common stock -- 15.8 percent of the total outstanding -- in exchange for its 34.7 percent stake in Zapata Gulf, a leading international operator of marine service vessels. At Wednesday's closing price of $13.63 per share for Tidewater common stock, Zapata's share in the merged company is valued at approximately $112.5 million.
 "The access to public markets provided by the Tidewater stock will give Zapata the liquidity needed to fuel its growth. With improved liquidity, we have the means to capitalize on business opportunities which complement Zapata's strengths, including expansion into the natural gas gathering, processing and marketing industry," the Zapata chairman said.
 Zapata Corporation is a Houston-based international company that produces oil and natural gas, conducts marine protein operations that produce fish meal and edible oil from menhaden and manages a fleet of offshore drilling rigs.
 -0- 1/16/92
 /CONTACT: Zapata Corporate Affairs Department, 713-940-6240/
 (ZOS TDW) CO: Zapata Corporation; Zapata Gulf Marine Corp.; Tidewater Inc. ST: Texas IN: OIL SU:


JT -- NY048 -- 0477 01/16/92 11:38 EST
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Publication:PR Newswire
Date:Jan 16, 1992
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