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 17, 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 16, 1994, 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: March 17, 1994
Exhibit 99
For additional information, please contact: Mr. Charles
R. Ofner
(713) 496-5000
March 16,1994, Houston, Texas.... Reading &
Bates Corporation (RB-NYSE) announced today that it has
entered into a letter of intent with DeepTech
International Inc. to form a new venture to acquire and
operate semisubmersible drilling units to be converted
for use as floating production systems ("FPS").
Reading & Bates and DeepTech will each own 50% of the
new company which will focus on developing
opportunities for the supply and operation of floating
production systems in the Flextrend and Deepwater areas
in the U.S. Gulf of Mexico. The new venture will seek
long term leases for the units for the development of
prospects held by DeepTech or affiliates and for other
Operators in the Gulf of Mexico.
Reading & Bates Chairman and CEO Paul B. Loyd,
Jr. commented: "The formation of this new venture is
in keeping with Reading & Bates' strategy to increase
activity in the rapidly expanding floating production
sector which is complementary to our core business of
offshore drilling. We believe the combined strengths
of DeepTech in exploration and development areas and
Reading & Bates in design, project management and
operation of semisubmersible units will result in an
entity which could play a major role in the economic
development of deepwater reserves in the Gulf of
Mexico."
In a related development, Reading & Bates
announced that one of its subsidiaries executed a
drilling contract with DeepTech affiliate Deepwater
Production Systems, Inc. for the utilization of the
semisubmersible M. G. HULME, JR. for a seven month term
plus two six month option periods for the drilling of a
number of prospects in the U.S. Gulf of Mexico. The
HULME'S program, which is expected to start in late
March, will consist of one or more wells on the Sunday
Silence prospect in Ewing Bank Block 1002 followed by
additional wells on other blocks held by DeepTech
affiliates.
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.
