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                                                                       EXHIBIT 1

ZAPATA REPORTS INCOME                         FOR IMMEDIATE RELEASE
FOR FIRST 1994 QUARTER                        January 31, 1994

  HOUSTON--Zapata Corporation reported net income of $17.3 million for the first
quarter of fiscal 1994, which ended December 31, 1993, compared with net income
of $1.0 million for the first quarter of the previous year, Zapata Chairman and
Chief Executive Officer R.C. Lassiter announced today.

  "The improvement in net income for the first quarter of 1994 compared with the
previous year is attributable to a pretax gain of $33.8 million from the sale of
3.75 million shares of Zapata's Tidewater Inc. common stock," Lassiter said.
Zapata used most of the $77.8 million in proceeds from the sale to prepay 13
percent senior debt and strengthen the Company's balance sheet.  As a result,
Zapata's debt totalled $74.5 million at the end of the quarter.

  "Zapata's financial condition today is significantly improved from that of any
time in recent history and the company is poised for future growth," Lassiter
said.  "Total debt of $74.5 million compares very favorably to stockholder's
equity of $194.6 million. Zapata's investment in net property and equipment of
$149.4 million has grown considerably from the $96.3 million of one year ago."

  As a result of

 lower gas production volumes in the Gulf of Mexico, however,
Zapata's operating income of $2.2 million for the first quarter of fiscal 1994
was below the $2.5 million reported for that of the year-earlier quarter.  While
other operating divisions (including newly-acquired Energy Industries) reported
improved results, operating income from Zapata's oil and gas division fell from
$3.0 million during the first quarter of  fiscal 1993 to $200,000 for the first
quarter of 1994.

  "Production difficulties in the company's principal gas field, the Wisdom
field, have been thoroughly analyzed and efforts to restore production will
begin in February," the Zapata Chairman said.  "We had anticipated a December
start-up, but the lack of workover rig availability delayed the project."

  Zapata's 1994 first quarter financial statements include theresults from
Energy Industries, a major international supplier of natural gas compression
equipment and services, which Zapata acquired in November.  During the two-month
period, Energy Industries contributed operating income of $1.0 million on
revenues of $12.6 million.