<PAGE>
 
         Lamar C. McIntyre has served as Vice President, Chief Financial Officer
and Treasurer since October 1994.  He served as Vice President, Tax from October
1990 through November 1991, and Vice President, Tax and Treasurer from December
1991 through September 1994.

         Bruce K. Williams has served as Chairman, President and Chief Executive
Officer of Zapex since January 1991.  He served as President of Zapex from July
1987 to January 1991, as Executive Vice President of Zapex from January 1986 to
July 1987 and as Vice President-Business Development and Administration of Zapex
from January 1983 to January 1986.

         Robert W. Jackson has served as President and Chief Executive Officer
of Cimarron since its acquisition by Zapata in November 1992, and for at least
the five years prior thereto he was the principal stockholder and chairman and
chief executive officer of Cimarron and its predecessors.

         Joseph B. Mokry has served as President and Chief Operating Officer of
Energy Industries for more than the past five years and held various management
positions for the previous twelve years.  He is a member of the executive
management committee for Holt Companies.

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         The information appearing on Part III to the Company's Annual Report on
Form 10-K for the year ended September 30, 1994 is amended to read in its
entirety as set forth below.

                                   PART III

I

TEM 10.  DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT

         The information set forth under "Item 1. Business--Executive Officers
of the Registrant" is incorporated herein by reference.

         Set forth below is information respecting the directors of the Company.
Each director is elected for a term of three years and serves until his
successor is elected and qualified.  Ages given are as of December 15, 1994.

         Malcolm I. Glazer, a director since 1993, has served as Chairman of the
Board of Directors since July 1994, and as President and Chief Executive Officer
of Zapata since August 1994.  He also has been a self-employed, private investor
whose diversified portfolio consists of investments in television broadcasting,
restaurants, restaurant equipment, health care, banking, real estate, stocks,
government securities and corporate bonds for more than the past five years.  He
is a director and Chairman of the Board of Gilbert/Robinson Restaurants, Inc. (a
restaurant holding company) and he is a director of Specialty Equipment
Companies, Inc.  He is 66 years of age and serves on the Executive Committee and
Nominating Committee of the Company's Board of Directors.  His current term of
office as a director expires in 1996.

         Kristian Siem has been a director since 1993.  He has been chairman of
the Norex Group (a diversified holding company engaged in shipping, drilling,
passenger cruise vessels, insurance brokering and travel agencies) since 1979.
He served as Chief Operating Officer of the Company from August 1994 until
December 1994.  Mr. Siem is Chairman of the Board of Directors and Chief
Executive Officer of Norex

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