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 25, 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 March 22,
1994 - Invitation from BP
Exploration to tender for the
development of the Foinaven
discovery in the Atlantic
Ocean utilizing floating
production technology.
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: March 25, 1994
EXHIBIT 99
For additional information, please contact: Mr. Charles R. Ofner
(713) 496-5000
March 22, 1994, Houston, Texas... Reading & Bates
Corporation (RB-NYSE) announced today that as a member of the
"Atlantic Frontier Alliance" the Company has been invited by BP
Exploration on behalf of it and co-venturer Shell (UK) Limited to
tender for the development of the Foinaven discovery in Block 204
of the U.K. sector of the Atlantic Ocean west of the Shetland
Islands. The Atlantic Frontier Alliance, whose other members are
Brown & Root, Single Buoy Moorings and FMC, is one of three
alliances chosen to submit tenders, in the form of paid engineering
studies, for fast track field development utilizing floating
production technology. The successful alliance will provide one or
more floating production vessels, and the project scope is also
expected to include topside process equipment, subsea equipment,
and production offloading systems. BP is expected to award a pre-
sanction contract for the project to one of the three alliances in
June 1994.
Reading & Bates Chairman and CEO Paul B. Loyd, Jr. commented
as follows on this tender invitation: "Reading & Bates is most
pleased to have the opportunity to participate in the Atlantic
Frontier Alliance and to have the expertise of the alliance and its
members recognized by BP for this major U.K. Continental Shelf
project. We believe the strengths of the alliance members will
result in a competitive tender for this project. We are
particularly pleased with the excellent relationship we have
established with this first important project undertaken in a joint
venture with Brown & Root, and the venture will continue to seek
future floating production projects in the North Sea and elsewhere.
Without serious question, if Reading & Bates and the other members
of our alliance are chosen by BP for this field development, we
would expect the project to be material both to Reading & Bates'
future results of operations as well as to our efforts to diversify
into the business of floating production contracting. There can be
no assurance at this time, however, that our alliance will be
selected by BP."
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.
