STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934,
Section 17(a) of the Public Utility Holding Company Act of 1935 or
Section 30(f) of the Investment Company Act ofr 1940.
1. NAME AND ADDRESS OF REPORTING PERSON
Ferguson, Thomas M.
125 Worth Avenue, Suite 314
Palm Beach, FL 33480
2. ISSUER NAME AND TICKER OR TRADING SYMBOL
Seal Fleet, Inc. and SEALA
3. IRS OR SOCIAL SECURITY NUMBER OF REPORTING PERSON (VOLUNTARY)
###-##-####
4. STATEMENT FOR MONTH/YEAR
03/97
5. IF AMENDMENT, DATE OF ORIGINAL (MONTH/YEAR)
Original
6. RELATIONSHIP OF REPORTING PERSON(S) TO ISSUER
Director, Officer (Chairman, President and Chief Executive Officer),
10% Owner
7. INDIVIDUAL OR JOINT/GROUP FILING
Form filed by One Reporting Person
TABLE 1 - NON-DERIVATIVE SECURITIES BENEFICIALLY OWNED
1. TYPE OF SECURITY
(a) Seal Fleet, Inc. Class A Common Stock
(b) Seal Fleet, Inc. Class A Common Stock
(c) Seal Fleet, Inc. Class B Common Stock
2. TRANSACTION DATE
(a) March 25, 1997
3. TRANSACTION CODE
M
4. SECURITIES ACQUIRED (A) OR DISPOSED OF (D)
(a) 240,000 shares, A, $.50
5. AMOUNT OF SECURITIES BENEFICIALLY OWNED AT END MONTH
(a) 240,000 shares
(b) 315,378 shares
(c) 50,000 shares
6. OWNERSHIP FORM
(a) Direct
(b) Indirect
(c) Indirect
7. NATURE OF INDIRECT BENEFICIAL
(b) by First Magnum Corporation - 100%
(c) by First Magnum Corporation - 100%
TABLE II - DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF, OR BENEFICIALLY OWNED
(e.g. puts, calls, warrants, options, convertible securities)
1. TITLE OF DERIVATIVE SECURITY
Seal Fleet, Inc. stock options (right to buy)
2. CONVERSION OR EXERCISE PRICE OF DERIVATIVE SECURITY
$.50 per share
3. TRANSACTION DATE
March 21, 1997 - for the grant of the stock options
March 25, 1997 - for the exercise of the stock options
4. TRANSACTION CODE
A - for the grant of the stock options on March 21, 1997
M - for the exercise of the stock options on March 25, 1997
5. NUMBER OF DERIVATIVE SECURITIES ACQUIRED (A) OR DISPOSED OF (D)
240,000 SHARES (A)
240,000 SHARES (D)
6. DATE EXERCISABLE AND EXPIRATION DATE
Exercisable: March 21, 1997 (See Note 1)
Expiration: August 14, 2006
These dates apply to the grant and the exercise of the stock options.
7. TITLE AND AMOUNT OF UNDERLYING SECURITIES
Title: Class A Common Stock
Amount: 240,000 shares
The Title and the Amount are the same for the grant and the
exercise of the stock options.
8. PRICE OF DERIVATIVE SECURITY
$.50 per share applicable to both the grant and the exercise of the
stock options.
9. NUMBER OF DERIVATIVE SECURIITIES BENEFICIALLY OWNED AT END OF MONTH
None
10. OWNERSHIP FORM OF DERIVATIVE SECURITY
No derivative securities held at end of month.
11. NATURE OF INDIRECT BENEFICIAL OWNERSHIP
No derivative securities held at end of month.
EXPLANATION OF RESPONSES
Note 1: On March 21, 1997, the Seal Fleet, Inc. Board of Directors
modified the stock option plan to provide that options, previously
reported on Form 3, as being exercisable on August 15, 1997, would be
immediately exercisable.
/s/ Thomas M. Ferguson
Signature of Reporting Person
Date: April 10, 1997
