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: August 3, 1995
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 August 3, 1995 - Completion
of the Company's portion of the Amoco Orient
Petroleum Company's Liuhua field development
project.
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: August 3, 1995
EXHIBIT 99
FOR IMMEDIATE RELEASE Contact: Charles R. Ofner
(713) 496-5000
Houston, Texas...August 3, 1995...Reading & Bates Corporation (NYSE:RB)
announced today that its subsidiary, Reading & Bates Development Co., has
successfully completed its portion of the Amoco Orient Petroleum Company
(AOPC) Liuhua 11-1 field development. Reading & Bates Development Co.'s
contribution to AOPC's project was the procurement, engineering,
conversion, life extension, and project management for conversion of a
second generation semi-submersible drilling unit into the floating
production system, NANHAI TIAO ZHAN.
The $140 million FPS NANHAI TIAO ZHAN was successfully delivered to AOPC
within budget and on schedule, June 10, 1995, and was installed on
location in the South China Sea on July 4, 1995. Reading & Bates
Development Co. contracted with AOPC for the FPS conversion in June 1993.
The shipyard contract with Far East Levingston Shipbuilding in Singapore
for the vessel conversion and life extension was awarded in June of 1994.
Since the completion of the conversion, the Reading & Bates team has
transferred to the Green Canyon 254 Allegheny project, the deepwater
development in 3200 feet of water in the U.S. Gulf of Mexico announced
earlier. These personnel have been assigned to the integrated project
team with Enserch Exploration Inc. and Mobil Exploration & Producing U.S.
Inc. and to the floating production system design team currently
designing the conversion of RIG 41.
Paul B. Loyd, Jr., the Company's Chairman, President and CEO stated, "The
successful and timely completion of this floating production system for
Amoco and their partners is extremely important to Reading & Bates as it
provides yet another confirmation of our ability to carry out these
complex conversion projects. When we were awarded this work two years
ago, we felt it would lead to future projects in which we would
contribute hardware to a field development and thus earn equity
participation. This has indeed proved to be the case as illustrated by
our involvement in the Green Canyon 254 development with Enserch and
Mobil. Floating production activity continues to expand rapidly
worldwide, and I believe Reading & Bates will continue to be recognized
as a clear leader in this exciting field."
Reading & Bates is a New York Stock Exchange listed company, engaging in
offshore drilling services throughout the world. Its wholly owned
subsidiary, Reading & Bates Development Co., provides technical,
construction and project management services, and floating production
systems to the upstream offshore oil and gas industry worldwide.
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