PHD Proactis Holdings Plc

RNS No 5940d
PETERHEAD GROUP PLC
18th July 1997

Contacts: David Symon, Group Chief Executive
          Peterhead Group PLC
          Tel:  0113 243 3065

          Alistair Mackinnon-Musson
          Ian Bailey
          Square Mile Communications
          Tel:  0171 583 4567

                 Peterhead Group PLC ("Peterhead")
                      Acquisition Update

The Board of Peterhead, the specialist mechanical asset rental
group,  announced  on 19 May 1997 that it was  in  discussions
with  Opal  Transport Equipment Limited and Integrated  Tanker
Services  Limited which culminated in the Group  signing  non-
contractual Heads of Agreement to acquire the businesses.

The  Board  wishes  to announce that it  has  decided  not  to
proceed  with  the proposed acquisitions.  The Board  believes
that  as Peterhead's existing businesses, and Peterhead  Crane
in  particular,  are  experiencing  high  levels  of  business
activity,  that resources are best devoted to these businesses
in order to maximise returns to shareholders.

On  1  April  1997 the Group acquired Peterhead Crane  Company
Ltd,   Birchwood   Mechanical  Services  Ltd   and   Birchwood
Mechanical   Sales  Ltd.   Group  trading,   including   these
companies  since  the  start  of the  current  financial  year
commencing  1  February  1997, is  running  ahead  of  earlier
expectations.

The  results for the year ended 31 January 1997, which reflect
the  Group's  previous  trading activities  and  entity  World
Fluids  (Holdings) plc, prior to the acquisitions referred  to
above, will be announced by 31 July 1997.

The  Group intends to announce its maiden interim results  for
the   six  months  to  31  July  1997,  for  the  new  Group's
activities, on 10 September 1997.

END

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