8-K

 
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549



                                    FORM 8-K


                                 CURRENT REPORT
                     PURSUANT TO SECTION 13 OR 15(D) OF THE
                        SECURITIES EXCHANGE ACT OF 1934



DATE OF REPORT:  MARCH 31, 1995


                               ZAPATA CORPORATION
             (Exact name of registrant as specified in its charter)



          DELAWARE                      1-4219              C-74-1339132
(State or other jurisdiction     (Commission File No.)    (I.R.S. Employee
     of incorporation)                                    Identification No.)


                P.O. BOX 4240
                HOUSTON, TEXAS                      77210-4240
   (Address of principal executive offices)         (Zip Code)


                                (713) 940-6100
             (Registrant's telephone number, including area code)


                                NOT APPLICABLE
         (Former name or former address, if changed since last report)

 
ITEM 5.   OTHER EVENTS

               The information set forth in the press release issued by Zapata
          Corporation on March 31, 1995 and filed as an Exhibit hereto is
          incorporated by reference.



ITEM 7.   FINANCIAL STATEMENTS AND EXHIBITS.

          (c)  Exhibits

                    Exhibit 99.1 - Press Release of Zapata Corporation issued on
          March 31, 1995.

 
                                   SIGNATURES



          Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.



                                    ZAPATA CORPORATION



                                    By:    /s/ Joseph L. von Rosenberg III
                                       --------------------------------------
                                            Joseph L. von Rosenberg III
                                          Vice President, General Counsel
                                              and Corporate Secretary



Date:  March 31, 1995

                                       2

EX-99.1

 
ZAPATA SELLS TIDEWATER STOCK,                             FOR IMMEDIATE RELEASE
EXPANDS RENTAL FLEET                                      MARCH 31, 1995

NEWS

                (LETTERHEAD OF ZAPATA CORPORATION APPEARS HERE)


      HOUSTON--Zapata Corporation announced today that it has completed two
transactions. First, Zapata has sold its remaining 673,077 shares of Tidewater,
Inc. common stock, resulting in a pretax book gain of $4.8 million. Proceeds
from the sale of $12.7 million will be used to reduce the Company's $17.5
million in notes to Norex America, Inc.

     Secondly, Zapata announced that its natural gas compression subsidiary,
Zapata Energy Industries L.P., has acquired all of the compression assets of
Mountain Front Pipeline Corporation, a wholly-owned subsidiary of Unit
Corporation, for $2.7 million. Zapata will lease the compressors, totalling
3,300 horsepower, back to Unit Corporation and will enter a 30 month alliance to
provide all of Unit Corporation's compression rental needs.

     Zapata Corporation (NYSE symbol:  ZOS) is a Houston-based international
company primarily involved in natural gas services. Zapata rents, fabricates and
services natural gas compression packages through Energy Industries, Inc. Zapata
gathers and processes natural gas and markets natural gas liquids through
Cimarron Gas Companies. Zapata also produces natural gas in the United States
and Bolivia.

                                     # # #

CONTACT:  Mark Frank, Planning Manager
(713) 940-6175