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: August 10, 1994
READING & BATES CORPORATION
(Exact name of registrant as specified in its charter)
Delaware 1-5587 73-0642271
(State or other (Commission (I.R.S. Employer
jurisdiction of File Number) Identification No.)
incorporation)
901 Threadneedle, Suite 200, Houston, TX 77079
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (713) 496-5000
Item 7. Financial Statements and Exhibits
(c) Exhibits
Exhibit 99 - Press release dated August 10, 1994, Joint
Venture with F. J. Brown & Associates, Inc.
to offer turnkey drilling services
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf
of the undersigned thereunto duly authorized.
READING & BATES CORPORATION
By /s/T. W. Nagle
--------------
T. W. Nagle
Vice President & Chief
Financial Officer
Dated: August 10, 1994
EXHIBIT 99
For additional information, please contact: Mr. Charles R. Ofner
(713) 496-5000
August 10, 1994, Houston, Texas........Reading & Bates
Corporation (RB-NYSE) announced today that its wholly owned
subsidiary, Reading & Bates Drilling Co., has entered into a
joint venture with F. J. Brown & Associates, Inc. to offer
turnkey drilling services internationally and in the U.S. Gulf
of Mexico. The new venture, Brown-Reading & Bates Joint
Venture, is owned equally by the two companies. F. J. Brown &
Associates, Inc. was founded in 1987 to offer turnkey
drilling services and drilling management services both
internationally and in the U.S. The company consists of
approximately 50 management and technical personnel and has
executed ten turnkey wells in the U.S. Gulf of Mexico during
the past 18 months. The new venture's first turnkey
operation is currently underway for Santa Fe Minerals in
Matagorda Island Block 634 in the U.S. Gulf utilizing Reading
& Bates' jackup unit George H. Galloway. A second operation
has just started with Ashland Exploration in Vermilion Block
389 utilizing Diamond Offshore's Ocean Ambassador.
The Company's Chairman and Chief Executive Officer, Paul
B. Loyd, Jr. commented as follows on the venture: "Reading &
Bates is pleased to form this association with one of the
industry's recognized turnkey operators, and we believe our
presence in virtually all of the world's markets will present
a number of opportunities for the new venture in addition to
those in U.S. waters. Turnkey drilling is certainly
complementary to Reading & Bates' primary focus on offshore
drilling with premium jackups and semisubmersibles and
floating production, and this venture will allow us to be even
more responsive to our clients' need worldwide."
Reading & Bates is a New York Stock Exchange listed
company, engaging in offshore drilling throughout the world.
Its wholly owned subsidiary, Reading & Bates Development Co.,
provides technical, construction and project management
services to the upstream offshore oil and gas industry
worldwide.
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