<PAGE>
 
     The Company also entered into an administrative services arrangement with
Norex America effective June 1, 1993, pursuant to which it provides office space
and certain administrative services to Norex America. Norex America reimburses
the Company on a quarterly basis for the full cost of providing such services as
and when incurred, plus an administrative fee of 2.5%. In fiscal 1993 the
Company billed Norex America $31,000 under such arrangement.

                   STOCKHOLDER RETURN PERFORMANCE GRAPHS

     The following graph compares the yearly percentage change in the Company's
cumulative total return on its Common Stock with the cumulative total return of
the Standard & Poor's 500 Stock Index ("S&P 500 Index") and a peer group ("Peer
Group") of publicly traded companies similar to the Company over the preceding
five year period. The Peer Group consists of the following companies, which are
in industries related to the Company's major business operations and some of
which also experienced financial difficulties: Edisto Resources Corporation,
Energy Service Company, Inc., Global Marine Inc., Marine Drilling Companies,
Inc., Mesa, Inc., Reading & Bates Corporation, Western Company of North America
and Wolverine Exploration Company. The following graph is presented pursuant to
Commission rules.

              Comparison of Five Year Cumulative Total Return
          Among the Company, S&P 500 Index and the Peer Group(1)






                              [Insert Graph]

<TABLE> 
<CAPTION> 
                                              September 30,
                                              -------------
                              1988    1989    1990    1991    1992    1993
                              ----    ----    ----    ----    ----    ---- 
<S>                           <C>     <C>     <C>     <C>     <C>     <C> 
 Zapata Corporation            100      91      43      28      35      35
 S&P 500 Index                 100     133     121     158     175     198
 Peer Group                    100     128     208      92      63      94
</TABLE>

 

(1)  Assumes that the value of the investment in Common Stock, the S&P 500 Index
     and the Peer Group was $100 on September 30, 1988 and that all dividends
     were reinvested.

     In addition to the Five Year Cumulative Total Return graph above, below is
a graph indicating the relative performance of the Company for the period
December 31, 1990 through September 30, 1993. This graph provides additional
information regarding the performance of the

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