RNS Number:3461L
Offshore Telecom PLC
20 May 2003

                              Offshore Telecom plc



                            Substantial shareholding



The Directors of Offshore Telecom plc ("the Company") were notified yesterday
that on 16 May New Opportunities Investment Trust plc disposed of 40,000,000
ordinary shares in the Company, representing 4.5 per cent. of the issued share
capital of the company. As a consequence, New Opportunities Investment Trust plc
is interested in 50,000,000 ordinary shares in the Company, representing 5.6 per
cent. of the issued ordinary share capital of the Company.



20 May, 2003


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