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: September 26, 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 99.1 - Supplement No. 4 to Prospectus Dated
October 20, 1993
Exhibit 99.2 - Press Release dated September 26, 1994 -
Purchase of second-generation semi-
submersible for joint venture with
DeepTech International, Inc.
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: September 26, 1994
EXHIBIT 99.1
Rule 424(b)(3)
33-50565
SUPPLEMENT NUMBER 4 TO PROSPECTUS DATED OCTOBER 20, 1993
READING & BATES CORPORATION
31,533,614 Shares
Common Stock
The Prospectus dated October 20, 1993 is hereby supplemented by
the addition of the following information under the caption "SELLING
STOCKHOLDERS" therein.
SELLING STOCKHOLDERS
Greenwing Investments, Inc. ("GII") has informed the Company that it
has transferred 1,327,271 Shares to Greenwing Ltd. ("GL"), a limited
partnership of which GII is the general partner. As of September 26, 1994,
Shares held by GII and GL and registered for resale under the Registration
Statement were as follows:
<TABLE>
<CAPTION>
Percent of
Number of total shares
shares which Number of outstanding
may be of- shares bene- beneficially
Number of fered pursu- ficially owned owned upon
Selling shares benefi- ant to this if all shares completion of
Stockholder cially owned Prospectus are sold offering
- - ----------- -------------- ------------- -------------- -------------
<S> <C> <C> <C> <C>
Greenwing 0 0 0 *
Investments,
Inc.
Greenwing 1,327,271 1,327,271 0 *
Ltd.
</TABLE>
___________________________
* Less than one percent
THE DATE OF THIS PROSPECTUS SUPPLEMENT IS SEPTEMBER 26, 1994.
EXHIBIT 99.2
For additional information, please contact: Mr. Charles R. Ofner
(713) 496-5000
September 26, 1994, Houston, Texas... Reading & Bates Corporation
(RB-NYSE) announced today that a subsidiary of the Company has purchased
the second-generation semisubmersible BENVRACKIE from Ben Line Atlantic
Limited for $5.6 million in cash. The unit, an Aker H-3 design built in
1976, is currently "warm stacked" in the Cromarty Firth in Scotland. The
Company plans to contribute the unit to the new joint venture company with
DeepTech International, Inc. as previously announced. This venture is
being formed to acquire and operate semisubmersible drilling units to be
converted for use as floating production systems (FPS's) in the Flextrend
and Deepwater areas of the U.S. Gulf of Mexico.
Paul B. Loyd, Jr., Reading & Bates Chairman and CEO said, "This is an
important step in advancing our strategy to increase activity in the
floating production sector. The Aker H-3 design is well suited for
conversion to floating production service, and the current depressed
market worldwide for second-generation semis provided us the opportunity
to obtain an excellent conversion candidate at a very attractive price.
Although our inspection team found the unit to be in very good condition,
we do not have any plans to re-activate the vessel as a drilling unit. It
will most likely be utilized to develop one of the discoveries by Tatham
Offshore, Inc., an affiliate of DeepTech, in the U.S. Gulf, or it would
certainly be suitable for developments currently being planned by several
other domestic and international operators."
Reading & Bates is a New York Stock Exchange listed company,
providing offshore drilling services 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.
