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ZAPATA COMPLETES TIDEWATER SALE WITH PRETAX GAIN OF $33 MILLION

 HOUSTON, June 17 /PRNewswire/ -- Zapata Corporation (NYSE: ZOS) announced today that it will record a pretax gain of approximately $33 million from the sale of nearly 3.5 million shares of Tidewater Inc. (NYSE: TDW) common stock.
 The stock, which sold for a net price of $21.25 per share, was on Zapata's books for approximately $11.75 per share. The sale reduces Zapata's Tidewater holding from 15.6 to 9.1 percent of Tidewater's common stock. Zapata continues to own 4.8 million shares. Zapata acquired the stock in January 1992 through the merger of Zapata's marine service joint venture, Zapata Gulf Marine Corporation, with Tidewater.
 Zapata plans to use the sales proceeds of approximately $73 million as part of the purchase price for the previously announced acquisition of Energy Industries, Inc., the natural gas compression operations of the San Antonio-based Holt Companies. Zapata is in the process of completing its "due diligence" review of the compression operations; the parties are expected to complete the negotiation of a definitive agreement shortly.
 The anticipated Energy Industries acquisition together with Tulsa- based Cimarron Gas Companies, Inc. (a natural gas gathering, processing and trading company Zapata acquired last fall), would provide Zapata with the foundation to build an integrated natural gas services company, according to Zapata Chairman and Chief Executive Officer R.C. Lassiter.
 Zapata Corporation is a Houston-based international company that produces natural gas and oil, as well as providing natural gas services including the gathering and trading of natural gas and natural gas liquids. Zapata is also the nation's leading producer of marine protein products from menhaden, and is a major shareholder in Tidewater Inc., the world's largest operator of marine service vessels.
 -0- 6/17/93
 /CONTACT: Barney White, vice president-corporate affairs of Zapata, 713-940-6240/
 (ZOS TDW)


CO: Zapata Corporation; Tidewater Inc. ST: Texas IN: OIL SU:

GK -- NY071 -- 3147 06/17/93 13:43 EDT
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Publication:PR Newswire
Date:Jun 17, 1993
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