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 27, 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 24, 1994,
sale of Arcade Shipping AS shares.
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 27, 1994
EXHIBIT 99
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For additional information, please contact: Mr. Charles R. Ofner
(713) 496-5000
June 24, 1994, Houston, Texas....Reading & Bates Corporation (RB-NYSE)
announced today that it has completed the sale of all of its Arcade Shipping
AS shares to Leif Hoegh & Co. AS of Oslo, Norway on terms that resulted in an
increase in Reading & Bates' direct ownership position in Arcade Drilling AS.
Terms of the transaction, which were approved by Arcade Shipping AS share-
holders at an extraordinary general meeting held on Tuesday, June 21, 1994 in
Oslo, Norway, were as follows:
* R&B sold its entire 82.6% ownership of Arcade Shipping AS, 108,287,952
shares, to Leif Hoegh & Co. AS for 1.80 NOK per share or approximately
$27.8 million.
* R&B purchased from Arcade Shipping AS its entire ownership in Arcade
Drilling AS, 46.2%, consisting of 49,945,093 shares, for 6.00 NOK per
share or approximately $42.8 million.
* R&B purchased from Arcade Shipping AS marketable securities at a book
value of 18,260,000 NOK or $2.6 million.
* Arcade Shipping AS repaid a loan of $12.9 to Reading & Bates.
As a result of the transaction, Reading & Bates increased its direct
ownership position in Arcade Drilling AS to 68.1%. Arcade Drilling AS owns
two fourth-generation semi-submersible drilling units, the "ARCADE FRONTIER"
and the "HENRY GOODRICH".
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.
