reported a profit of $1.554 million for the first six months of fiscal 1994 and announced a planned offering of five million American Depositary Shares representing 50 million ordinary shares.

The ADS's, which have an indicated offering price of between $15 and $17, will be offered to the public in the United States and to institutional investors overseas.

The commpany hopes to raise a minimum of $75 million through the offering.

Proceeds of the offering will be used to finance the expansion of the company's oil tanker fleet, including the purchase of a new $68 million double hull Suezmax tanker from the Chiba yards of Mitsui Engineering & Shipbuilding Co. Ltd. in Japan.

The offer will enable London & Overseas, which has been listed on the London Stock Exchange since 1951, to also be quoted on the NASDAQ exchange in the US.

There are no plans to list the company on the Bermuda Stock Exchange, said chief financial officer, Mr. Huw Spiers.

The announcement that London and Overseas had filed a Registration Statement with the US Securities and Exchange Commission coincided with the release of the company's six-month results.

The $1.554 million profit for the six months to September 30, 1993, was a significant improvement on the $241,000 loss incurred in the same period in 1992.

Revenues went up by 44.6 percent ($3.368 million) to $10.91 million, while expenses increased by 25 percent ($1.583 million) to $7.883 million.

On the revenue side, gross freights and hire went up by 41 percent ($3.695 million) to $12.702 million.

The most significant expense was the operating costs of vessels, which went up by ten percent ($360,000) to $4.105 million.

A statement by the company stated: "The increase is attributable to the addition of the London Pride , additional pollution insurance costs and personnel costs resulting from the transfer of the London Enterprise from the clean oil trades under the Greek flag to the dirty oil trades in the United States under the British flag, partially offset by the decrease in officers' salaries as a result of the weakness of sterling relative to the dollar.'' Provision for dry-dockings and special surveys went up by 68 percent ($294,000) to $727,000 and administration expenses increased by 25 percent ($173,000) to $858,000.

Net operating income, before interest charges and costs and taxes, increased by 144 percent ($1.785 million) to $3.027 million.

Earnings per ordinary share and share equivalent increased to $0.064 compared with a loss per share of $0.010 in 1992.

London and Overseas transferred its operation from London to Bermuda in October, 1992.

The company said the move had been made to gain better access to the worldwide capital markets.

The firm's managing director is Mr. Miles Kulukundis.

LONDON AND OVERSEAS SIX MONTH RESULTS PROFIT $1.554 M REVENUES $10.910 M EXPENSES $7.883 M EARNINGS PER SHARE $0.064.