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: June 2, 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 June 2, 1994.
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: June 2, 1994
EXHIBIT 99
For additional information, please contact: Mr. Charles R. Ofner
(713) 496-5000
June 2, 1994, Houston, Texas.... Reading & Bates Corporation (RB-NYSE)
announced today an agreement has been reached with Leif Hoegh & Co. A/S of
Oslo, Norway for a transaction structured to increase Reading & Bates' net
ownership position in Arcade Drilling AS and to allow it to sell its entire
ownership position in Arcade Shipping AS. Arcade Shipping's non-drilling
activities are carried as discontinued operations in Reading & Bates' financial
statements. The basic elements of the transaction are as follows:
* RB will sell its entire 86.24% ownership position in Arcade Shipping AS,
consisting of 108,287,952 shares to Leif Hoegh & Co. A/S for Norwegian
Krone 1.80 per share, a total of approximately $27.3 million.
* RB will buy from Arcade Shipping AS its entire 46.23% ownership position in
Arcade Drilling AS consisting of 49,945,093 shares for Norwegian Krone 6.00
per share, a total of approximately $42 million.
* RB will buy from Arcade Shipping AS certain marketable securities at book
value of Norwegian Krone 18,260,000, approximately $2.6 million.
* Arcade Shipping AS will repay a loan from RB of U.S. $12,935,000.
This transaction is subject to approval by shareholders of Arcade Shipping AS
at an extraordinary general meeting to be held not later than June 22, 1994,
and to approval of Reading & Bates' principal lender.
Arcade Drilling AS is a Norwegian company which owns two fourth-generation
semisubmersibles, the "ARCADE FRONTIER" and the "HENRY GOODRICH". This
transaction will increase Reading & Bates' direct ownership position in
Arcade Drilling AS to 68.1% and is in keeping with the Company's strategy to
increase participation in the fourth-generation semisubmersible sector of the
offshore drilling business.
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.
