<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 21)
READING & BATES CORPORATION
---------------------------
(Name of Issuer)
Common Stock, $.05 par value
----------------------------
(Title of Class of Securities)
755281 70 6
-----------
(CUSIP Number)
Paul B. Loyd, Jr.
901 Threadneedle, Suite 200
Houston, Texas 77079
(713) 496-5000
-----------------------------------------------------------------------
(Name, address and telephone number of person authorized
to receive notices and communications)
September 15, 1994
---------------------------------------------------------------
(Date of event which requires filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition which is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(b) (3) or (4), check the following box: / /
Check the following box if a fee is being paid with this statement: / /
<PAGE>
- --------------------------------------------------------------------------------
CUSIP NO. 755281 70 6 Page 2 of 36 Pages
- ------------------------------------ --------------------------------------
- --------------------------------------------------------------------------------
1. Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
BCL Investment Partners, L.P.
- --------------------------------------------------------------------------------
2. Check the Appropriate Box if a Member of a Group
(a) /X/
(b) / /
- --------------------------------------------------------------------------------
3. SEC Use Only
- --------------------------------------------------------------------------------
4. Source of Funds
AF, BK
- --------------------------------------------------------------------------------
5. Check Box if Disclosure of Legal Proceedings is Required Pursuant to Items
2(d) or 2(e) / /
6. Citizenship or Place of Organization
Delaware
- --------------------------------------------------------------------------------
Number of 7. Sole Voting Power
Shares 44,000
Beneficially 8. Shared Voting Power
Owned by 15,091,869
Each Reporting 9. Sole Dispositive Power
Person With 80,250
10. Shared Dispositive Power
0
- --------------------------------------------------------------------------------
11. Aggregate Amount Beneficially Owned by Each Reporting Person
15,135,869
- --------------------------------------------------------------------------------
12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares
____
- --------------------------------------------------------------------------------
13. Percent of Class Represented by Amount in Row (11)
25.3%
- --------------------------------------------------------------------------------
14. Type of Reporting Person
PN
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<PAGE>
- --------------------------------------------------------------------------------
CUSIP NO. 755281 70 6 Page 3 of 36 Pages
- ----------------------------------- ------------------------------
________________________________________________________________________________
1. Name of Reporting Person
-----------------------
S.S. or I.R.S. Identification No. of Above Person
Life Line Investments Ltd.
- --------------------------------------------------------------------------------
2. Check the Appropriate Box if a Member of a Group
(a) /X/
(b)
- --------------------------------------------------------------------------------
3. SEC Use Only
- --------------------------------------------------------------------------------
4. Source of Funds
BK, AF
- --------------------------------------------------------------------------------
5. Check Box if Disclosure of Legal Proceedings is Required Pursuant to Items
2(d) or 2(e) / /
- --------------------------------------------------------------------------------
6. Citizenship or Place of Organization
Liberia
- --------------------------------------------------------------------------------
Number of 7. Sole Voting Power
Shares 0
Beneficially 8. Shared Voting Power
Owned by 15,135,869
Each Reporting 9. Sole Dispositive Power
Person With 3,758,996
10. Shared Dispositive Power
80,250
- --------------------------------------------------------------------------------
11. Aggregate Amount Beneficially Owned by Each Reporting Person
15,135,869
- --------------------------------------------------------------------------------
12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares
____
- --------------------------------------------------------------------------------
13. Percent of Class Represented by Amount in Row (11)
25.3%
- --------------------------------------------------------------------------------
14. Type of Reporting Person
CO
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<PAGE>
- --------------------------------------------------------------------------------
CUSIP NO. 755281 70 6 Page 4 of 36 Pages
- ------------------------------------ ---------------------------------
________________________________________________________________________________
- --------------------------------------------------------------------------------
1. Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Dedicated Holdings Ltd.
- --------------------------------------------------------------------------------
2. Check the Appropriate Box if a Member of a Group
(a) /X/
(b) / /
- --------------------------------------------------------------------------------
3. SEC Use Only
- --------------------------------------------------------------------------------
4. Source of Funds
BK, AF
- --------------------------------------------------------------------------------
5. Check Box if Disclosure of Legal Proceedings is Required Pursuant to Items
2(d) or 2(e)
/ /
- --------------------------------------------------------------------------------
6. Citizenship or Place of Organization
Liberia
- --------------------------------------------------------------------------------
Number of 7. Sole Voting Power
Shares 0
Beneficially 8. Shared Voting Power
Owned by 15,135,869
Each Reporting 9. Sole Dispositive Power
Person With 0
10. Shared Dispositive Power
80,250
- --------------------------------------------------------------------------------
11. Aggregate Amount Beneficially Owned by Each Reporting Person
15,135,869
- --------------------------------------------------------------------------------
12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares
____
- --------------------------------------------------------------------------------
13. Percent of Class Represented by Amount in Row (11)
25.3%
- --------------------------------------------------------------------------------
14. Type of Reporting Person
CO
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<PAGE>
- --------------------------------------------------------------------------------
CUSIP NO. 755281 70 6 Page 5 of 36 Pages
- --------------------------------- -------------------------------------
________________________________________________________________________________
- --------------------------------------------------------------------------------
1. Name of Reporting Person
-----------------------
S.S. or I.R.S. Identification No. of Above Person
Financial Investments Ltd.
- --------------------------------------------------------------------------------
2. Check the Appropriate Box if a Member of a Group
(a) /X/
(b) / /
- --------------------------------------------------------------------------------
3. SEC Use Only
- --------------------------------------------------------------------------------
4. Source of Funds
BK, AF
- --------------------------------------------------------------------------------
5. Check Box if Disclosure of Legal Proceedings is Required Pursuant to Items
2(d) or 2(e)
/ /
- --------------------------------------------------------------------------------
6. Citizenship or Place of Organization
Liberia
- --------------------------------------------------------------------------------
Number of 7. Sole Voting Power
Shares 0
Beneficially 8. Shared Voting Power
Owned by 15,135,869
Each Reporting 9. Sole Dispositive Power
Person With 1,464,544
10. Shared Dispositive Power
80,250
- --------------------------------------------------------------------------------
11. Aggregate Amount Beneficially Owned by Each Reporting Person
15,135,869
- --------------------------------------------------------------------------------
12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares
____
- --------------------------------------------------------------------------------
13. Percent of Class Represented by Amount in Row (11)
25.3%
- --------------------------------------------------------------------------------
14. Type of Reporting Person
CO
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<PAGE>
- --------------------------------------------------------------------------------
CUSIP NO. 755281 70 6 Page 6 of 36 Pages
------------------------------------ --------------------------------
________________________________________________________________________________
- --------------------------------------------------------------------------------
1. Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Greenwing Investments, Inc.
- --------------------------------------------------------------------------------
2. Check the Appropriate Box if a Member of a Group
(a) /X/
(b) / /
- --------------------------------------------------------------------------------
3. SEC Use Only
- --------------------------------------------------------------------------------
4. Source of Funds
BK
- --------------------------------------------------------------------------------
5. Check Box if Disclosure of Legal Proceedings is Required Pursuant to Items
2(d) or 2(e)
/ /
- --------------------------------------------------------------------------------
6. Citizenship or Place of Organization
Delaware
- --------------------------------------------------------------------------
Number of 7. Sole Voting Power
Shares 1,327,271 (held of record by Greenwing Ltd.)
Beneficially 8. Shared Voting Power
Owned by 15,135,869
Each Reporting 9. Sole Dispositive Power
Person With 1,327,271 (held of record by Greenwing Ltd.)
10. Shared Dispositive Power
80,250
- --------------------------------------------------------------------------------
11. Aggregate Amount Beneficially Owned by Each Reporting Person
16,463,140
- --------------------------------------------------------------------------------
12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares
____
- --------------------------------------------------------------------------------
13. Percent of Class Represented by Amount in Row (11)
27.6%
- --------------------------------------------------------------------------------
14. Type of Reporting Person
CO
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<PAGE>
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CUSIP NO. 755281 70 6 Page 7 of 36 Pages
------------------------------------ --------------------------------
_______________________________________________________________________________
- -------------------------------------------------------------------------------
1. Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
N & M Holding N.V.
- --------------------------------------------------------------------------------
2. Check the Appropriate Box if a Member of a Group
(a) /X/
(b) / /
- --------------------------------------------------------------------------------
3. SEC Use Only
- --------------------------------------------------------------------------------
4. Source of Funds
BK, AF
- --------------------------------------------------------------------------------
5. Check Box if Disclosure of Legal Proceedings is Required Pursuant to Items
2(d) or 2(e)
/ /
- --------------------------------------------------------------------------------
6. Citizenship or Place of Organization
Netherlands Antilles
- ------------------------------------------------------------
Number of 7. Sole Voting Power
Shares 1,393,247
Beneficially 8. Shared Voting Power
Owned by 15,091,869
Each Reporting 9. Sole Dispositive Power
Person With 5,054,607
10. Shared Dispositive Power
0
- --------------------------------------------------------------------------------
11. Aggregate Amount Beneficially Owned by Each Reporting Person
16,485,116
- --------------------------------------------------------------------------------
12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares
____
- --------------------------------------------------------------------------------
13. Percent of Class Represented by Amount in Row (11)
27.7%
- --------------------------------------------------------------------------------
14. Type of Reporting Person
CO
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<PAGE>
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CUSIP NO. 755281 70 6 Page 8 of 36 Pages
------------------------------------ --------------------------------
______________________________________________________________________________
------------------------------------------------------------------------------
1. Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Workships Intermediaries N.V.
- --------------------------------------------------------------------------------
2. Check the Appropriate Box if a Member of a Group
(a) /X/
(b) / /
- --------------------------------------------------------------------------------
3. SEC Use Only
4. Source of Funds
BK, AF
- --------------------------------------------------------------------------------
5. Check Box if Disclosure of Legal Proceedings is Required Pursuant to Items
2(d) or 2(e)
/ /
- --------------------------------------------------------------------------------
6. Citizenship or Place of Organization
Netherlands Antilles
- ------------------------------------------------------------
Number of 7. Sole Voting Power
Shares 0
Beneficially 8. Shared Voting Power
Owned by 15,091,869
Each Reporting 9. Sole Dispositive Power
Person With 1,830,680
10. Shared Dispositive Power
0
- --------------------------------------------------------------------------------
11. Aggregate Amount Beneficially Owned by Each Reporting Person
15,091,869
- --------------------------------------------------------------------------------
12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares
____
- --------------------------------------------------------------------------------
13. Percent of Class Represented by Amount in Row (11)
25.3%
- --------------------------------------------------------------------------------
14. Type of Reporting Person
CO
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<PAGE>
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CUSIP NO. 755281 70 6 Page 9 of 36 Pages
------------------------------------ -------------------------------
___________________________________________________________________________
---------------------------------------------------------------------------
1. Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Incomare Holdings, Inc.
- --------------------------------------------------------------------------------
2. Check the Appropriate Box if a Member of a Group
(a) /X/
(b) / /
- --------------------------------------------------------------------------------
3. SEC Use Only
- --------------------------------------------------------------------------------
4. Source of Funds
BK, AF
- --------------------------------------------------------------------------------
5. Check Box if Disclosure of Legal Proceedings is Required Pursuant to Items
2(d) or 2(e)
/ /
- --------------------------------------------------------------------------------
6. Citizenship or Place of Organization
Panama
- -------------------------------------------------------------------------------
Number of 7. Sole Voting Power
Shares 0
Beneficially 8. Shared Voting Power
Owned by 15,091,869
Each Reporting 9. Sole Dispositive Power
Person With 1,610,999
10. Shared Dispositive Power
0
- --------------------------------------------------------------------------------
11. Aggregate Amount Beneficially Owned by Each Reporting Person
15,091,869
- --------------------------------------------------------------------------------
12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares
____
- --------------------------------------------------------------------------------
13. Percent of Class Represented by Amount in Row (11)
25.3%
- --------------------------------------------------------------------------------
14. Type of Reporting Person
CO
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<PAGE>
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CUSIP NO. 755281 70 6 Page 10 of 36 Pages
------------------------------------ -------------------------------
1. Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Torarica N.V.
- --------------------------------------------------------------------------------
2. Check the Appropriate Box if a Member of a Group
(a) /X/
(b) / /
- --------------------------------------------------------------------------------
3. SEC Use Only
- --------------------------------------------------------------------------------
4. Source of Funds
BK, AF
- --------------------------------------------------------------------------------
5. Check Box if Disclosure of Legal Proceedings is Required Pursuant to Items
2(d) or 2(e)
/ /
- --------------------------------------------------------------------------------
6. Citizenship or Place of Organization
Netherlands Antilles
- ------------------------------------------------------------
Number of 7. Sole Voting Power
Shares 0
Beneficially 8. Shared Voting Power
Owned by 15,091,869
Each Reporting 9. Sole Dispositive Power
Person With 146,454
10. Shared Dispositive Power
0
- --------------------------------------------------------------------------------
11. Aggregate Amount Beneficially Owned by Each Reporting Person
15,091,869
- --------------------------------------------------------------------------------
12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares
____
- --------------------------------------------------------------------------------
13. Percent of Class Represented by Amount in Row (11)
25.3%
- --------------------------------------------------------------------------------
14. Type of Reporting Person
CO
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<PAGE>
- --------------------------------------------------------------------------------
CUSIP NO. 755281 70 6 Page 11 of 36 Pages
------------------------------------ ------------------------------
- --------------------------------------------------------------------------------
1. Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Forreal Ltd.
- --------------------------------------------------------------------------------
2. Check the Appropriate Box if a Member of a Group
(a) /X/
(b) / /
- --------------------------------------------------------------------------------
3. SEC Use Only
- --------------------------------------------------------------------------------
4. Source of Funds
BK, AF
- --------------------------------------------------------------------------------
5. Check Box if Disclosure of Legal Proceedings is Required Pursuant to Items
2(d) or 2(e)
/ /
- --------------------------------------------------------------------------------
6. Citizenship or Place of Organization
Jersey, Channel Islands
- --------------------------------------------------------------------------------
Number of 7. Sole Voting Power
Shares 0
Beneficially 8. Shared Voting Power
Owned by 15,091,869
Each Reporting 9. Sole Dispositive Power
Person With 73,227
10. Shared Dispositive Power
0
- --------------------------------------------------------------------------------
11. Aggregate Amount Beneficially Owned by Each Reporting Person
15,091,869
- --------------------------------------------------------------------------------
12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares
____
- --------------------------------------------------------------------------------
13. Percent of Class Represented by Amount in Row (11)
25.3%
- --------------------------------------------------------------------------------
14. Type of Reporting Person
CO
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<PAGE>
- --------------------------------------------------------------------------------
CUSIP NO. 755281 70 6 Page 12 of 36 Pages
------------------------------------ -------------------------------
- --------------------------------------------------------------------------------
1. Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
RBY, Ltd.
- --------------------------------------------------------------------------------
2. Check the Appropriate Box if a Member of a Group
(a) /X/
(b) / /
- --------------------------------------------------------------------------------
3. SEC Use Only
- --------------------------------------------------------------------------------
4. Source of Funds
AF
- --------------------------------------------------------------------------------
5. Check Box if Disclosure of Legal Proceedings is Required Pursuant to Items
2(d) or 2(e)
/ /
- --------------------------------------------------------------------------------
6. Citizenship or Place of Organization
Delaware
- --------------------------------------------------------------------------------
Number of 7. Sole Voting Power
Shares 0
Beneficially 8. Shared Voting Power
Owned by 0
Each Reporting 9. Sole Dispositive Power
Person With 2,509,359
10. Shared Dispositive Power
0
- --------------------------------------------------------------------------------
11. Aggregate Amount Beneficially Owned by Each Reporting Person
2,509,359
- --------------------------------------------------------------------------------
12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares
____
- --------------------------------------------------------------------------------
13. Percent of Class Represented by Amount in Row (11)
4.2%
- --------------------------------------------------------------------------------
14. Type of Reporting Person
PN
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<PAGE>
- --------------------------------------------------------------------------------
CUSIP NO. 755281 70 6 Page 13 of 36 Pages
------------------------------------ --------------------------------
---------------------------------------------------------------------------
1. Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Paul B. Loyd, Jr.
- --------------------------------------------------------------------------------
2. Check the Appropriate Box if a Member of a Group
(a) /X/
(b) / /
- --------------------------------------------------------------------------------
3. SEC Use Only
- --------------------------------------------------------------------------------
4. Source of Funds
BK, OO
- --------------------------------------------------------------------------------
5. Check Box if Disclosure of Legal Proceedings is Required Pursuant to Items
2(d) or 2(e)
/ /
- --------------------------------------------------------------------------------
6. Citizenship or Place of Organization
United States
- --------------------------------------------------------------------------------
Number of 7. Sole Voting Power - 1,434,071, of which 1,327,271
Shares shares are registered in the name of Greenwing Ltd.
Beneficially
Owned by 8. Shared Voting Power - 15,135,869
Each Reporting
Person With 9. Sole Dispositive Power - 1,434,071, of which
1,327,271 shares are registered in the name of
Greenwing Ltd.
10. Shared Dispositive Power - 80,250
- -------------------------------------------------------------------------------
11. Aggregate Amount Beneficially Owned by Each Reporting Person
16,569,940
- --------------------------------------------------------------------------------
12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares
____
- --------------------------------------------------------------------------------
13. Percent of Class Represented by Amount in Row (11)
27.7%
- --------------------------------------------------------------------------------
14. Type of Reporting Person
IN
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<PAGE>
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CUSIP NO. 755281 70 6 Page 14 of 36 Pages
------------------------------------ --------------------------------
- --------------------------------------------------------------------------------
1. Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Serife Investments N.V.
- --------------------------------------------------------------------------------
2. Check the Appropriate Box if a Member of a Group
(a) /X/
(b) / /
- --------------------------------------------------------------------------------
3. SEC Use Only
- --------------------------------------------------------------------------------
4. Source of Funds
AF, BK
- --------------------------------------------------------------------------------
5. Check Box if Disclosure of Legal Proceedings is Required Pursuant to Items
2(d) or 2(e)
/ /
- --------------------------------------------------------------------------------
6. Citizenship or Place of Organization
Netherlands Antilles
- --------------------------------------------------------------------------------
Number of 7. Sole Voting Power
Shares 0
Beneficially 8. Shared Voting Power
Owned by 15,135,869
Each Reporting 9. Sole Dispositive Power
Person With 0
10. Shared Dispositive Power
80,250
- --------------------------------------------------------------------------------
11. Aggregate Amount Beneficially Owned by Each Reporting Person
15,135,869
- --------------------------------------------------------------------------------
12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares
____
- --------------------------------------------------------------------------------
13. Percent of Class Represented by Amount in Row (11)
25.3%
- --------------------------------------------------------------------------------
14. Type of Reporting Person
IN
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<PAGE>
- --------------------------------------------------------------------------------
CUSIP NO. 755281 70 6 Page 15 of 36 Pages
------------------------------------ -------------------------------
---------------------------------------------------------------------------
1. Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Willem Cordia
- --------------------------------------------------------------------------------
2. Check the Appropriate Box if a Member of a Group
(a) /X/
(b) / /
- --------------------------------------------------------------------------------
3. SEC Use Only
- --------------------------------------------------------------------------------
4. Source of Funds
BK, AF
- --------------------------------------------------------------------------------
5. Check Box if Disclosure of Legal Proceedings is Required Pursuant to Items
2(d) or 2(e)
/ /
- --------------------------------------------------------------------------------
6. Citizenship or Place of Organization
The Netherlands
- -------------------------------------------------------------------------------
Number of 7. Sole Voting Power
Shares 0
Beneficially 8. Shared Voting Power
Owned by 15,135,869
Each Reporting 9. Sole Dispositive Power
Person With 0
10. Shared Dispositive Power
3,521,929
- --------------------------------------------------------------------------------
11. Aggregate Amount Beneficially Owned by Each Reporting Person
15,135,869
- --------------------------------------------------------------------------------
12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares
____
- --------------------------------------------------------------------------------
13. Percent of Class Represented by Amount in Row (11)
25.3%
- --------------------------------------------------------------------------------
14. Type of Reporting Person
IN
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<PAGE>
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CUSIP NO. 755281 70 6 Page 16 of 36 Pages
- ------------------------------------ ---------------------------------
- ---------------------------------------------------------------------------
1. Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Macko Laqueur
- --------------------------------------------------------------------------------
2. Check the Appropriate Box if a Member of a Group
(a) /X/
(b) / /
- --------------------------------------------------------------------------------
3. SEC Use Only
- --------------------------------------------------------------------------------
4. Source of Funds
BK, AF
- --------------------------------------------------------------------------------
5. Check Box if Disclosure of Legal Proceedings is Required Pursuant to Items
2(d) or 2(e)
/ /
- --------------------------------------------------------------------------------
6. Citizenship or Place of Organization
The Netherlands
- --------------------------------------------------------------------------------
Number of 7. Sole Voting Power
Shares 0
Beneficially 8. Shared Voting Power
Owned by 15,135,869
Each Reporting 9. Sole Dispositive Power
Person With 0
10. Shared Dispositive Power
1,910,930
- --------------------------------------------------------------------------------
11. Aggregate Amount Beneficially Owned by Each Reporting Person
15,135,869
- --------------------------------------------------------------------------------
12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares
____
- --------------------------------------------------------------------------------
13. Percent of Class Represented by Amount in Row (11)
25.3%
- --------------------------------------------------------------------------------
14. Type of Reporting Person
IN
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<PAGE>
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CUSIP NO. 755281 70 6 Page 17 of 36 Pages
- ------------------------------------ ---------------------------------
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 21)
This Amendment No. 21 amends and restates (to the extent required by
applicable regulations) the Schedule 13D (the "Schedule 13D") filed on September
11, 1989 with the Securities and Exchange Commission (as amended by Amendments
No. 1 through No. 20 thereto) by BCL Investment Partners, L.P., a Delaware
limited partnership ("BCL") and the other Reporting Persons listed in Item 2
hereof, regarding their beneficial ownership of shares of common stock, $.05 par
value (the "Common Stock"), of Reading & Bates Corporation (the "Company").
Item 1. Security and Issuer.
- ------ -------------------
The class of equity securities to which this statement relates is the
common stock, $.05 par value of Reading & Bates Corporation, a Delaware
corporation. The address of the principal executive offices of the Company is
901 Threadneedle, Suite 200, Houston, Texas 77079.
Item 2. Identity and Background.
- ------ -----------------------
This statement is being filed on behalf of the
following (the "Reporting Persons"):
1. BCL Investment Partners, L.P., a Delaware limited partnership
("BCL");
2. Life Line Investments Ltd., a Liberia corporation ("LLI");
<PAGE>
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CUSIP NO. 755281 70 6 Page 18 of 36 Pages
- ------------------------------------ ---------------------------------
3. Dedicated Holdings Ltd., a Liberia corporation ("DHL");
4. Financial Investments Ltd., a Liberia corporation ("FIL");
5. Greenwing Investments, Inc., a Delaware corporation
("Greenwing");
6. Serife Investments N.V., a Netherlands Antilles corporation
("Serife")
7. N&M Holding N.V., a Netherlands Antilles corporation ("N&M");
8. Workships Intermediaries, N.V., a Netherlands Antilles
corporation ("Workships");
9. Incomare Holdings, Inc., a Panama corporation ("Incomare");
10. Torarica N.V., a Netherlands Antilles corporation ("Torarica");
11. Forreal Ltd., a Jersey, Channel Island corporation ("Forreal");
12. RBY, Ltd., a Delaware limited partnership ("RBY");
13. Paul B. Loyd, Jr., a citizen of the United States ("Loyd");
14. William Cordia, a citizen of the Netherlands ("Cordia");
15. Macko Laqueur, a citizen of the Netherlands ("Laqueur").
BCL is a limited partnership of which Greenwing, Serife, LLI, DHL and FIL
are the general partners and RBY is the limited partner. N&M is an indirect
wholly-owned subsidiary of International Nederlanden Bank N.V. ("ING Bank").
Workships and Serife are controlled by Laqueur and Cordia. LLI, DHL and FIL are
effectively controlled by Den norske Bank AS ("DNB"). Greenwing is controlled
by Loyd, who is the chairman and chief executive officer of the Company. RBY is
an indirect wholly-owned subsidiary of Chemical
<PAGE>
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CUSIP NO. 755281 70 6 Page 19 of 36 Pages
- ------------------------------------ ---------------------------------
Banking Corporation. Incomare is controlled by Cordia and his family. Torarica
is controlled by G. Valkier. Forreal is controlled by A. Wessels.
The business address and principal business of each of the Reporting
Persons, as well as the business address and present principal employment of the
controlling persons, executive officers and directors of the Reporting Persons
is set forth on Schedule A hereto. During the last five years, none of the
Reporting Persons, nor, to the best knowledge of each of them, any of their
respective controlling persons, executive officers or directors has been
convicted in a criminal proceeding (excluding traffic violations or similar
misdemeanors) or has been a party to a civil proceeding of a judicial or
administrative body of competent jurisdiction and as a result of such proceeding
was or is subject to a judgment, decree or final order enjoining future
violations of, or prohibiting or mandating activities subject to, federal or
state securities laws or finding any violation with respect to such laws.
Item 3. Source and Amount of Funds or Other Consideration
- ------ -------------------------------------------------
The shares of Common Stock held by the Reporting Persons were acquired
through a series of transactions involving (i) purchases of Company debt,
conversion of such debt into Class B stock of the Company, and conversion of
such Class B stock into Common Stock, (ii) purchases of debt of the Company and
conversion of such debt into Common Stock, (iii) purchases of Class B stock of
the Company and conversion of such Class B stock into Common Stock, (iv)
purchases of preferred stock of the Company and conversion of
<PAGE>
- --------------------------------------------------------------------------------
CUSIP NO. 755281 70 6 Page 20 of 36 Pages
- ------------------------------------ ---------------------------------
such preferred stock into Common Stock, and (v) purchases of debt secured by
offshore drilling rigs leased by the Company, and the exchange of such debt with
the Company for Common Stock. The funds used to acquire the debt, Class B stock
and preferred stock were provided by capital contributions and
loans. The initial acquisitions of Company debt and stock were made through
capital contributions to certain of the Reporting Persons and their
predecessors, which capital contributions were provided, directly or indirectly,
by A. Blystad, Jr., W.P. Blystad, Cordia and Laqueur. Pursuant to a Credit
Agreement dated as of March 5, 1990, certain lenders agreed to loan to certain
of the Reporting Persons and their predecessors an aggregate principal amount
not to exceed $25 million to finance the acquisition of Company debt and stock.
Such lending commitment was subsequently increased to $41 million. By a Credit
Facility Agreement dated March 28, 1991, certain of the Reporting Persons and
their predecessors entered into an agreement with ING Bank (formerly known as
NMB Post Bank Groep N.V.) pursuant to which an aggregate amount of $46 million
was made available. The initial draw under the Credit Facility Agreement was $39
million and was used to refinance the existing indebtedness incurred in
connection with the Reporting Persons' acquisition of debt and stock of the
Company. In connection with the distribution on or about April 20, 1993, by BCL
to its partners of 18,782,070 shares of Common Stock, each of the partners of
BCL assumed its proportionate share of the debt to ING Bank, and paid off its
share thereof through refinancing or out of its available funds. Copies of the
Credit Agreement and the Credit Facility Agreement have heretofore been filed as
exhibits to this Schedule 13D.
<PAGE>
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CUSIP NO. 755281 70 6 Page 21 of 36 Pages
- ------------------------------------ ---------------------------------
Item 4. Purpose of Transaction.
----------------------
The Reporting Persons intend to review their investment in the Company on a
continuing basis, and depending upon various factors, including the Company's
business affairs and financial position, the price levels of the shares of
Common Stock, and conditions in the securities markets and general economic and
industry conditions, the Reporting Persons will take such actions with respect
to their investment in the Company as they deem appropriate in light of the
circumstances existing from time to time, including the purchase of additional
shares of Common Stock through open market and privately negotiated transactions
or the sale of some or all of their holdings in the open market or in privately
negotiated transactions to one or more purchasers.
Loyd and Cordia, two of the Reporting Persons, are directors of the
Company. Mr. Arnold Chavkin, an officer of Chemical Banking Corporation, the
controlling person of RBY, is also a director of the Company. The Reporting
Persons expect such directors to be actively involved in the formulation of the
Company's strategic plans, and, through such directors, the Reporting Persons
expect to influence the management and policies of the Company. The Reporting
Persons do not currently have any plans or proposals which relate to or would
result in:
(a) an extraordinary corporate transaction, such as a merger,
reorganization or liquidation, involving the Company or any of its subsidiaries;
(b) a sale or transfer of a material amount of assets of the Company or any
of its subsidiaries;
<PAGE>
- --------------------------------------------------------------------------------
CUSIP NO. 755281 70 6 Page 22 of 36 Pages
- ------------------------------------ ---------------------------------
(c) any change in the present Board of Directors or management of the
Company, including any plans or proposals to change the number or term of
directors or to fill any existing vacancies on the Board;
(d) any material change in the present capitalization or dividend policy of
the Company;
(e) any material change in the Company's business or corporate structure;
(f) any changes in the Company's charter or bylaws or any other actions
which may impede the acquisition of control of the Company by any person;
(g) causing a class of securities of the Company to be listed from a
national securities exchange or to cease to be authorized to be quoted in an
inter-dealer quotation system of a registered national securities association;
(h) a class of equity securities of the Company becoming eligible for
termination of registration pursuant to Section 12(g)(4) of the Securities
Exchange Act of 1934; or
(i) any actions similar to any of those enumerated above.
Item 5. Interest in Securities of the Issuer.
------------------------------------
BCL beneficially owns 15,135,869 shares of Common Stock (of which
15,091,869 shares are subject to the Stockholders Agreement, as defined in Item
6), representing approximately 25.3% of the Common Stock outstanding. BCL may be
deemed to have shared voting power over 15,091,869 shares, being the shares
subject to the Stockholders
<PAGE>
- --------------------------------------------------------------------------------
CUSIP NO. 755281 70 6 Page 23 of 36 Pages
- ------------------------------------ ---------------------------------
Agreement. BCL may be deemed to have sole voting
power over 44,000 shares and sole dispositive power over 80,250 shares.
LLI beneficially owns 15,135,869 shares of Common Stock (of which
15,091,869 shares are subject to the Stockholders Agreement), as to which it may
be deemed to have shared voting power over 15,135,869 shares, shared dispositive
power over 80,250 shares registered in BCL's name and sole dispositive power
over 3,758,996 shares registered in its name (which shares are subject to the
Stockholders Agreement).
DHL beneficially owns 15,135,869 shares of Common Stock (of which
15,091,869 shares are subject to the Stockholders Agreement), as to which it may
be deemed to have shared voting power over 15,135,869 shares and shared
dispositive power over 80,250 shares registered in BCL's name.
FIL beneficially owns 15,135,869 shares of Common Stock (of which
15,091,869 shares are subject to the Stockholders Agreement), as to which it may
be deemed to have shared voting power over 15,135,869 shares, shared dispositive
power over 80,250 shares registered in BCL's name and sole dispositive power
over 1,464,544 shares registered in FIL's name (which shares are subject to the
Stockholders Agreement).
Greenwing beneficially owns 16,463,140 shares of Common Stock, representing
approximately 27.6% of the Common Stock outstanding. Greenwing may be deemed to
have shared voting power over 15,135,869 of such shares (of which 15,091,869
shares are subject to the Stockholders Agreement). It may be deemed to have sole
voting power and sole dispositive power over 1,327,271 shares of Common Stock,
being shares held in the
<PAGE>
- --------------------------------------------------------------------------------
CUSIP NO. 755281 70 6 Page 24 of 36 Pages
- ------------------------------------ ---------------------------------
name of Greenwing Ltd., a Texas limited partnership of which Greenwing is the
sole general partner. Greenwing may be deemed to have shared dispositive power
over 80,250 shares registered in the name of BCL.
N & M beneficially owns 16,485,116 shares of Common Stock (of which
15,091,869 shares are subject to the Stockholders Agreement), representing
approximately 27.7% of the Common Stock outstanding, as to which it may be
deemed to have shared voting power over 15,135,869 shares, sole voting power
over 1,393,247 shares, and sole dispositive power over 5,054,607 shares
registered in its name (of which 3,661,360 shares are subject to the
Stockholders Agreement).
Workships beneficially owns 15,091,869 shares of Common Stock (being all of
the shares subject to the Stockholders Agreement), as to which it may be deemed
to have shared voting power over 15,091,869 shares, and sole dispositive power
over 1,830,680 shares registered in its name (which shares are subject to the
Stockholders Agreement).
Incomare beneficially owns 15,091,869 shares of Common Stock (being all of
the shares subject to the Stockholders Agreement), as to which it may be deemed
to have shared voting power over 15,091,869 shares, and sole dispositive power
over 1,610,999 shares registered in its name (which shares are subject to the
Stockholders Agreement).
Torarica beneficially owns 15,091,869 shares of Common Stock (being all of
the shares subject to the Stockholders Agreement), as to which it may be deemed
to have
<PAGE>
- --------------------------------------------------------------------------------
CUSIP NO. 755281 70 6 Page 25 of 36 Pages
- ------------------------------------ ---------------------------------
shared voting power over 15,091,869 shares and sole dispositive power
over 146,454 shares registered in its name (which shares are subject to the
Stockholders Agreement).
Forreal beneficially owns 15,091,869 shares (being all of the shares
subject to the Stockholders Agreement), as to which it may be deemed to have
shared voting power over 15,091,869 shares, and sole dispositive power over
73,227 shares registered in its name (which shares are subject to the
Stockholders Agreement).
RBY beneficially owns 2,509,359 shares of Common Stock, representing
approximately 4.5% of the Common Stock outstanding, as to which it may be deemed
to have voting power over 0 shares and sole dispositive power over 2,509,359
shares. All of the shares owned by RBY are subject to the Stockholders
Agreement.
Loyd beneficially owns 16,569,940 shares of Common Stock, representing
approximately 27.7% of the Common Stock outstanding. Loyd may be deemed to have
sole voting power and sole dispositive power over 1,434,071 shares, of which
106,800 shares are registered in his name and 1,327,271 shares are registered in
the name of Greenwing Ltd. Loyd may be deemed to have sole voting power and sole
dispositive power over the shares held by Greenwing Ltd. by virtue of the fact
that Loyd owns 90% of the outstanding stock of Greenwing Investments, Inc.,
which is the sole general partner of Greenwing Ltd. Loyd may be deemed to have
shared voting power over 15,135,869 shares of Common Stock, (being the
15,091,869 shares subject to the Stockholders Agreement and 44,000 shares in the
name of BCL that are not subject to the Stockholders Agreement), and shared
dispositive
<PAGE>
- --------------------------------------------------------------------------------
CUSIP NO. 755281 70 6 Page 26 of 36 Pages
- ------------------------------------ ---------------------------------
power over 80,250 shares in the name of BCL, all by virtue of the fact that Loyd
is the 90% shareholder and President of Greenwing Investments, Inc., one of the
partners of BCL.
Serife beneficially owns 15,135,869 shares of Common Stock (of which
15,091,869 shares are subject to the Stockholders Agreement), as to which it may
be deemed to have shared voting power over 15,135,869 shares. Serife may be
deemed to have shared dispositive power over 80,250 shares registered in the
name of BCL, by virtue of being a general partner of BCL.
Cordia beneficially owns 15,135,869 shares of Common Stock (of which
15,091,869 shares are subject to the Stockholders Agreement). Cordia may be
deemed to have shared dispositive power over 3,521,929 shares, consisting of
1,830,680 shares registered in the name of Workships, 1,610,999 shares
registered in the name of Incomare, and 80,250 shares registered in the name of
BCL. Cordia may be deemed to have shared voting power over 15,135,869 shares,
consisting of 15,091,869 shares that are subject to the Stockholders Agreement
and 44,000 shares in the name of BCL that are not subject to the Stockholders
Agreement. Cordia is a controlling person of Serife, which is one of the general
partners of BCL.
Laqueur beneficially owns 15,135,869 shares of Common Stock (of which
15,091,869 shares are subject to the Stockholders Agreement). Laqueur may be
deemed to have shared dispositive power over a total of 1,910,930 shares,
consisting of 1,830,680 shares registered in the name of Workships and 80,250
shares registered in the name of BCL. Laqueur may
<PAGE>
- --------------------------------------------------------------------------------
CUSIP NO. 755281 70 6 Page 27 of 36 Pages
- ------------------------------------ ---------------------------------
be deemed to have shared voting power over a total of 15,135,869 shares,
consisting of 15,091,869 shares that are subject to the Stockholders Agreement
and 44,000 shares in the name of BCL that are not subject to the Stockholders
Agreement. Laqueur is a controlling person of Serife, which is a general partner
of BCL.
During the past 60 days, the only transactions in the Common Stock that
were effected by the Reporting Persons were as hereinafter described. On
September 14, 1994, BCL received from the Company 44,000 shares of Common Stock
and $93,500 in cash in exchange for certain indebtedness held by BCL. Such
indebtedness was the obligation of the owners of two drilling rigs leased to the
Company, which indebtedness was secured by such rigs. Such indebtedness had
been acquired by BCL in June 1990.
On September 15, 1994, 1,327,271 shares of Common Stock were transferred
from Greenwing to Greenwing Ltd. Greenwing Ltd. is a Texas general partnership
in which Greenwing is the general partner and Loyd and Frank A. Wojtek are
limited partners. Greenwing conveyed to Greenwing Ltd., as a capital
contribution, the 1,327,271 shares of Common Stock theretofore owned by
Greenwing. Greenwing Ltd. also assumed the liabilities of Greenwing under a
Credit Facility Agreement (the "ING Credit Agreement") between Greenwing and ING
Bank. The 1,327,271 shares of Common Stock conveyed by Greenwing to Greenwing
Ltd. had previously been pledged by Greenwing to ING Bank to secure the
obligations under the ING Credit Agreement, and such shares have been pledged by
Greenwing Ltd. to ING Bank to continue to secure such obligations. Greenwing is
owned 92.5% by Loyd and 7.5% by Mr. Wojtek. The limited partnership interests
owned
<PAGE>
- --------------------------------------------------------------------------------
CUSIP NO. 755281 70 6 Page 28 of 36 Pages
- ------------------------------------ ---------------------------------
by Loyd and Mr. Wojtek in Greenwing Ltd. are in the same relative proportions.
Accordingly, the ultimate equitable ownership of the 1,327,271 shares of Common
Stock conveyed by Greenwing to Greenwing Ltd. did not change as a result of the
conveyance.
Item 6. Contracts, Arrangements, Understandings or Relationships with Respect
---------------------------------------------------------------------
to Securities of the Issuer.
---------------------------
The rights of the partners of BCL are determined under the Partnership
Agreement of BCL. Under such Partnership Agreement, the general partners, acting
through the holders of a majority of the percentage interests in the partnership
held by general partners, have the power to determine the manner in which the
shares of Common Stock held by BCL shall be voted. In addition, under the
Stockholders Agreement (hereinafter defined), the shares of Common Stock subject
to the Stockholders Agreement are voted in the manner determined by BCL, which
decision, under the Partnership Agreement of BCL, is determined by general
partners holding a majority of the percentage interests in BCL held by general
partners thereof. Any decision to dispose of Common Stock held by BCL is made
pursuant to the vote of the holders of a majority of the percentage interests in
BCL held by general partners.
Pursuant to a recapitalization of the Company, BCL and certain other
creditors of the Company entered into, among other things, a Conversion and
Exchange Agreement (the
<PAGE>
- --------------------------------------------------------------------------------
CUSIP NO. 755281 70 6 Page 29 of 36 Pages
- ------------------------------------ ---------------------------------
"Conversion Agreement") and a Registration Rights Agreement (the "Registration
Rights Agreement").
The Conversion Agreement set out the terms for the restructuring of the
Company's debt obligations, including the exchange of debt held by BCL for
Common Stock. The Registration Rights Agreement provides certain creditors of
the Company (including BCL) with registration rights with respect to shares of
Common Stock beneficially owned by them following the consummation of a
recapitalization of the Company, and sets forth certain other agreements
applicable to public sales of Common Stock by the Company and certain creditors
(including BCL).
The Conversion Agreement and Registration Rights Agreement have heretofore
been filed as exhibits to the Schedule 13D.
Effective April 20, 1993, BCL, Greenwing, Serife, DHL, FIL, LLI, RBY, N&M,
and Workships entered into a Stockholders Agreement of such date (the
"Stockholders Agreement"), a copy of which has heretofore been filed as an
exhibit to this Schedule 13D. In connection with the Stockholders Agreement,
BCL distributed 18,782,070 shares of Common Stock to its partners. In
connection with such distribution, Serife further distributed the shares of
Common Stock received by it from BCL to N&M and Workships. As is further set
forth in the Stockholders Agreement, all of the shares of Common Stock
distributed by BCL, together with shares of Common Stock retained by BCL, were
to be voted in such manner as BCL should determine. Each of the parties to the
Stockholders Agreement granted an irrevocable proxy to BCL. In addition, under
certain conditions as
<PAGE>
- --------------------------------------------------------------------------------
CUSIP NO. 755281 70 6 Page 30 of 36 Pages
- ------------------------------------ ---------------------------------
set forth in the Stockholders Agreement, Serife has a right of
first refusal on shares of Common Stock held by any of LLI, Dedicated or FIL
should any such party propose to transfer any of its Common Stock (other than to
one of themselves or in the case of a bona fide pledge). On August 2, 1993, the
Stockholders Agreement was amended to include Incomare, Torarica and Forreal. In
connection with such amendment, Workships transferred 1,610,999 shares of Common
Stock to Incomare, 146,454 shares of Common Stock to Torarica and 73,227 shares
of Common Stock to Forreal. All of such shares remain subject to the
Stockholders Agreement, and therefore such transfers did not affect the
beneficial ownership of such shares by BCL.
On May 12, 1994, DNB acquired the 2,099,180 shares of Common Stock
previously owned by DHL by exercising its rights under a Pledge Agreement
previously entered into by DHL with DNB. Upon such acquisition, such shares
ceased to be subject to the Stockholders Agreement, and all rights of the
Reporting Persons with respect to such shares were terminated.
On September 15, 1994, Greenwing transferred to Greenwing Ltd. 1,327,271
shares of Common Stock previously owned by Greenwing, and upon such transfer,
such shares ceased to be subject to the Stockholders Agreement and all rights of
the Reporting Persons other than Greenwing and Loyd with respect to such shares
were terminated.
Capercaillie Holdings, Inc. ("CHI"), N&M, BCL and certain other entities
which have been merged into BCL, entered into an agreement dated April 4, 1991
(the "Tag Along Agreement") relating to certain shares of Common Stock owned by
them. Greenwing is the
<PAGE>
- --------------------------------------------------------------------------------
CUSIP NO. 755281 70 6 Page 31 of 36 Pages
- ------------------------------------ ---------------------------------
successor in interest to CHI. The Tag Along Agreement
provided, among other things, that (i) if N&M desired to accept an offer from a
third party to buy any portion of the 1,393,247 shares of Common Stock acquired
by N&M from the Chase Manhattan Bank, N.A., on March 30, 1993 (the "Subject
Shares"), N&M must first offer to sell such shares to CHI on the same terms and
conditions (the "First Refusal Provision"), (ii) if BCL or CHI desired to accept
an offer from a third party to purchase any portion of the shares of Common
Stock owned by either of them, N&M is entitled to participate in the sale by
selling to BCL or CHI, at the same price per share being paid to BCL or CHI by
the third party, the same percentage of the Subject Shares as the shares being
sold by BCL or CHI bears to the total number of shares of Common Stock owned by
each of them (the "Tag-Along Provision"), and (iii) N&M would vote the Subject
Shares beneficially owned by it or any of its affiliates in accordance with the
instructions of CHI, unless such instructions are against N&M's manifest
interest, as determined by N&M in its sole discretion (the "Voting Provision").
On August 5, 1994, Greenwing, individually and as the managing partner of
BCL, executed a letter agreement with N&M pursuant to which it agreed that the
First Refusal Provision, Tag-Along Provision and Voting Provision would be of no
further force and effect. The termination of the Voting Provision reduced by
1,393,247 shares the number of shares of Common Stock over which BCL was
previously reflected in the Schedule 13D as having shared voting power. The
termination of the First Refusal Provision and the Tag-Along Provision did not
result in any change in the dispositive power over shares of Common Stock
theretofore reflected in the Schedule 13D.
<PAGE>
- --------------------------------------------------------------------------------
CUSIP NO. 755281 70 6 Page 32 of 36 Pages
- ------------------------------------ ---------------------------------
LLI has entered into a Pledge Agreement with DNB, pledging 3,758,996 shares
of Common Stock.
FIL has entered into a Pledge Agreement with DNB, pledging 1,464,544 shares
of Common Stock.
Workships has entered into a Pledge Agreement with ING Bank, pledging
1,830,680 shares of Common Stock. Pursuant to such Pledge Agreement, Workships
must obtain prior written approval of ING Bank for any proposed transfer of the
pledged shares.
The 1,327,271 shares of Common Stock registered in the name of Greenwing
Ltd., as to which Greenwing and Loyd may be deemed to have sole dispositive
power and sole voting power, are subject to a Pledge Agreement in favor of ING
Bank.
<PAGE>
- --------------------------------------------------------------------------------
CUSIP NO. 755281 70 6 Page 33 of 36 Pages
- ------------------------------------ ---------------------------------
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
Dated: October 7, 1994
BCL INVESTMENT PARTNERS, L.P.
By GREENWING INVESTMENTS, INC.
General Partner
By: /s/ Paul B. Loyd, Jr.
---------------------------------------------
Paul B. Loyd, Jr.
President
LIFE LINE INVESTMENTS, LTD.
By: /s/ Paul B. Loyd, Jr.
---------------------------------------------
Paul B. Loyd, Jr.
Attorney-in-fact
DEDICATED HOLDINGS, LTD.
By: /s/ Paul B. Loyd, Jr.
---------------------------------------------
Paul B. Loyd, Jr.
Attorney-in-fact
<PAGE>
- --------------------------------------------------------------------------------
CUSIP NO. 755281 70 6 Page 34 of 36 Pages
- ------------------------------------ ---------------------------------
FINANCIAL INVESTMENTS, LTD.
By: /s/ Paul B. Loyd, Jr.
---------------------------------------------
Paul B. Loyd, Jr.
Attorney-in-fact
GREENWING INVESTMENTS, INC.
By: /s/ Paul B. Loyd, Jr.
---------------------------------------------
Paul B. Loyd, Jr.
President
SERIFE INVESTMENTS N.V.
By: /s/ Paul B. Loyd, Jr.
---------------------------------------------
Paul B. Loyd, Jr.
Attorney-in-fact
N & M HOLDING N.V.
By: /s/ Paul B. Loyd, Jr.
---------------------------------------------
Paul B. Loyd, Jr.
Attorney-in-fact
WORKSHIPS INTERMEDIARIES, N.V.
/s/ Paul B. Loyd, Jr.
--------------------------------------------------
Paul B. Loyd, Jr.
Attorney-in-fact
<PAGE>
- --------------------------------------------------------------------------------
CUSIP NO. 755281 70 6 Page 35 of 36 Pages
- ------------------------------------ ---------------------------------
INCOMARE HOLDINGS, INC.
By: /s/ Paul B. Loyd, Jr.
---------------------------------------------
Paul B. Loyd, Jr.
Attorney-in-fact
TORARICA N.V.
By: /s/ Paul B. Loyd, Jr.
---------------------------------------------
Paul B. Loyd, Jr.
Attorney-in-fact
FORREAL LTD.
By: /s/ Paul B. Loyd, Jr.
---------------------------------------------
Paul B. Loyd, Jr.
Attorney-in-fact
RBY, LTD.
By: /s/ Paul B. Loyd, Jr.
---------------------------------------------
Paul B. Loyd, Jr.
Attorney-in-fact
/s/ Paul B. Loyd, Jr.
--------------------------------------------------
PAUL B. LOYD, JR.
<PAGE>
- --------------------------------------------------------------------------------
CUSIP NO. 755281 70 6 Page 36 of 36 Pages
- ------------------------------------ ---------------------------------
WILLEM CORDIA
By: /s/ Paul B. Loyd, Jr.
---------------------------------------------
Paul B. Loyd, Jr.
Attorney-in-fact
MACKO LAQUEUR
By: /s/ Paul B. Loyd, Jr.
---------------------------------------------
Paul B. Loyd, Jr.
Attorney-in-fact
<PAGE>
SCHEDULE A
----------
To Schedule 13D
Reporting Persons:
- -----------------
. BCL Investment Partners, L.P.
c/o Loyd & Associates, Inc.
14825 St. Mary's Lane, Suite 110
Houston, Texas 77079
Jurisdiction of organization: Delaware
Principal Business: Investment Holdings
. N & M Holding N.V.
Kaya W.S.G. (Jombi) Mensing 14
P.O. Box 3895
Curacao
Netherlands Antilles
Jurisdiction of organization: Netherlands Antilles
Principal Business: Investment holdings
. Workships Intermediaries N.V.
Anthony Veder Building
Erieweg, Willemstad, Curacao
Netherlands Antilles
Jurisdiction of organization: Netherlands Antilles
Principal Business: Investment holdings
. Dr. Willem Cordia
Kasteel Withof
Bredabaan 906
B-2930 Brasschaat
Belgium
Citizenship: The Netherlands
Principal Business: Shipowner
A-1
<PAGE>
. Dr. Macko Laqueur
Herengracht 468
1017 CA Amsterdam
The Netherlands
Citizenship: The Netherlands
Principal Business: Investor
. Paul B. Loyd, Jr.
14825 St. Mary's Lane, Suite 110
Houston, Texas 77056
Citizenship: United States
Principal Business: Chairman and Chief Executive Officer of
Reading & Bates Corporation
. Serife Investments, N.V.
Anthony Veder Building
Eriewig, Willemstad, Curacao
Netherlands Antilles
Jurisdiction of organization: Netherlands Antilles
Principal business: Investment holdings
. Life Line Investments Ltd.
80 Broad Street
Monrovia, Liberia
Jurisdiction of organization: Liberia
Principal business: Investment holdings
. Dedicated Holdings Ltd.
80 Broad Street
Monrovia, Liberia
Jurisdiction of organization: Liberia
Principal of business: Investment holdings
. Financial Investments Ltd.
80 Broad Street
Monrovia, Liberia
Jurisdiction of organization: Liberia
Principal business: Investment holdings
A-2
<PAGE>
. Greenwing Investments, Inc.
14825 St. Mary's Lane, Suite 110
Houston, Texas 77056
Jurisdiction of organization: Delaware
Principal business: Investment holdings
. RBY, Ltd.
222 Delaware Avenue
Wilmington, Delaware 19801
Jurisdiction of organization: Delaware
Principal business: Investment holdings
. Forreal, Ltd.
8 Hill St.
St. Hellier
Jersey, Channel Islands
Jurisdiction of incorporation: Jersey, Channel Islands
Principal business: Investment holdings
. Incomare Holdings, Inc.
Torre Banco Germanico
Colle 50 y 55 Este, 8th Floor
Panama 5 R.P.
Jurisdiction of organization: Panama
Principal business: Investment holdings
. Torarica N.V.
Anthony Veder Building
Erieweg, Willemstad
Curacao
Netherlands Antilles
Jurisdiction of organization: Netherlands Antilles
Principal business: Shipping
A-3
<PAGE>
The name, business address, citizenship and relationship to Reporting
Persons of each of the controlling persons, directors and executive officers of
Life Line Investments Ltd. ("LLI"), Dedicated Holdings Ltd. ("DHL"), Financial
Investments Ltd. ("FIL"), Greenwing Investments, Inc. ("Greenwing"), RBY, Ltd.
("RBY"), Serife Investments, N.V. ("Serife"), N & M Holdings N.V. ("N&M") and
Workships Intermediaries N.V. ("Workships") are as follows:
Name; Business Address; Relationship to
Citizenship Reporting Persons
- -------------------------- -------------------
Tony Samuelson Director and President
c/o Den norske Bank AS of DHL, LLI, FIL
Stranden 21
0250 Oslo
Norway
(Citizen of Norway)
(Principal Business: Banking)
Anne Beth Steinsland Director, Secretary and
c/o Den norske Bank AS Treasurer of DHL, LLI
Stranden 21 and FIL
0250 Oslo
Norway
(Citizen of Norway)
(Principal Business: Banking)
Paul B. Loyd, Jr. President of Greenwing
14825 St. Mary's Lane, Suite 110
Houston, Texas 77079
(Citizen of the United States)
(Principal Business: Chief Executive Officer
of Reading & Bates)
Frank A. Wojtek Vice President &
14825 St. Mary's Lane, Suite 110 Secretary of
Houston, Texas 77079 Greenwing
(Citizen of the United States)
(Principal Business: Vice-President
Loyd & Associates, Inc.)
Dr. Willem Cordia Controlling Person of
Kasteel Withof Workships and Serife
Bredabaan 906
B-2930 Brasschaat
Belgium
(Citizen of the Netherlands)
(Principal Business: Ship Owner)
A-4
<PAGE>
Dr. Macko Laqueur Controlling Person of
Venture Capital Investors Workships and Serife
Herengracht 468
1017 CA Amsterdam
The Netherlands
(Citizen of the Netherlands)
(Principal Business: Investor)
C.A. Gilbert - Koomen Managing Director of
Erieweg, Zeelandia, Curacao Workships
Netherlands Antilles
(Citizen of Netherlands Antilles)
Internationale Nederlanden (Antilles) Trust N.V. General Proxy Holder of
Kaya W.S.G. (Jombi) Mensing 14 N & M
P.O. Box 3895
Curacao
Netherlands Antilles
(Corporation organized in Netherlands Antilles)
(Principal Business: Trust Company)
R.V.A. van der Wall Arnemann President of Incomare
Torre Banco Germanico
Colle 50 y 55 Este, 8th Floor
Panama 5 R.P.
(Citizen of Panama)
Roger Avel Aravz Saldana Vice President and
Torre Banco Germanico Secretary of Incomare
Colle 50 y 55 Este, 8th Floor
Panama 5 R.P.
(Citizen of Panama)
Silka Delgado de Espinales Treasurer of Incomare
Torre Banco Germanico
Colle 50 y 55 Este, 8th Floor
Panama 5 R.P.
(Citizen of Panama)
G. Valkier Controlling shareholder
Konljneniaan 12c of Torarica
Wassenaar
The Netherlands
(Citizen of the Netherlands; Retired)
A-5
<PAGE>
J.P.A. Gilbert Managing Director of
Anthony Veder Building Torarica
Erleweg, Willemstad
Curacao
(Citizen of the Netherlands Antilles)
J. van Vliet Managing Director of
Anthony Veder Building Torarica
Erleweg, Willemstad
Curacao
(Citizen of the Netherlands Antilles)
A. Wessels Controlling shareholder
Chatel of Forreal
1261 Glvrins, Vaud
Switzerland
(Citizen of Switzerland; Retired)
Internationale Nederlanden Bank N.V. Controlling
De Amsterdamse Poort, Person of N & M
Amsterdam-Zuidoost,
1102 MG Amsterdam,
The Netherlands
(Corporation Organized in The Netherlands)
(Principal Business: Banking)
Chemical Banking Corporation Controlling Person of
270 Park Avenue RBY
New York, New York 10017
(Corporation Organized in Delaware)
(Principal Business: Banking)
Den norske Bank AS Controlling Person
Stranden 21 of DHL, LLI and FIL
0250 Oslo
Norway
(Corporation organized in Norway)
(Principal Business: Banking)
Tarma Trust Management N.V. Director of Serife
Polarisweg 35
Willemstad, Curacao
Netherlands Antilles
(Corporation organized in Netherlands Antilles)
(Principal Business: Trust Company)
A-6
