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ZAPATA COMPLETES TIDEWATER SALE WITH PRETAX GAIN OF $33.8 MILLION

 HOUSTON, Nov. 4 /PRNewswire/ -- Zapata Corporation announced today that it will record a pretax gain of approximately $33.8 million from the sale of approximately 3.75 million shares of Tidewater Inc. common stock.
 The stock, which sold for a net price of $20.75 per share, was on Zapata's books at approximately $11.75 per share. The sale reduces Zapata's Tidewater holdings to approximately 1 million shares. As a part of the underwriting agreement, the underwriters who purchased the 3.75 million shares from Zapata also have a 30 day option to acquire an additional 375,000 shares from Zapata at the same $20.75 net price per share. If this option is exercised in its entirety, Zapata would receive an additional $7.8 million of cash and the pretax gain would be increased by approximately $3.4 million. Zapata acquired the stock in January 1992 through the merger of Zapata's marine service joint venture, Zapata Gulf Marine Corporation, with Tidewater.
 The sales proceeds of approximately $77.8 million will be used by Zapata to reduce debt and provide the capital necessary to expand the Company's natural gas services operations, according to Zapata Chairman and Chief Executive Officer R.C. Lassiter.
 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- 11/4/93
 /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; Tidewater Inc. ST: Texas IN: OIL SU: TNM

LG -- NY046 -- 0647 11/04/93 10:59 EST
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Publication:PR Newswire
Date:Nov 4, 1993
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