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: September 11, 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 September 11, 1995
- Purchase of the semisubmersible
drilling unit FPS "EDDIE DELAHOUSSAYE"
(ex "Treasure Driller").
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: September 11, 1995
EXHIBIT 99
FOR IMMEDIATE RELEASE Contact: Charles R. Ofner
(713) 496-5000
September 11, 1995, Houston, Texas.....Reading & Bates
Corporation (NYSE: RB) announced that its subsidiary, Reading
& Bates (U.K.) Limited has purchased the semisubmersible
drilling unit FPS "EDDIE DELAHOUSSAYE" (ex "Treasure
Driller") from FPS II, Inc. for $18 million, comprised of
$3.3 million in cash and cash equivalents and $14.7 million
of which will be represented by approximately 1.23 million
shares of newly issued Reading & Bates common stock.
The "EDDIE DELAHOUSSAYE", a second-generation SS-3000
design drilling unit built in 1974, was originally called the
"Zapata Ugland". The rig spent most of its active life
drilling in the harsh environments offshore Eastern Canada
and later in Norway and the U.K. It is a large unit with
displacement of approximately 30,000 tons and is equipped
with a ten point mooring system. For many years it was the
largest semisubmersible drilling unit, only being surpassed
when the large hulls that were the forerunners of some of the
fourth-generation units were constructed. Its large size,
clear main deck and other features render it an excellent
candidate for the extended well test market, deepwater and/or
harsh environment drilling or conversion to a floating
production unit.
Paul B. Loyd, Jr., the Company's Chairman, President and
CEO stated, "We are very pleased to add the "EDDIE
DELAHOUSSAYE" to our expanding offshore fleet. Although we
do not have a commitment for the unit at this time, we have
proposed it to a major North Sea operator for a long-term
extended well test program, and we are optimistic that we
will be successful with that or similar programs. Other
possibilites include drilling service worldwide and eventual
conversion to floating production service. We expect that it
could return to service in one of these modes as early as the
first quarter of 1996. We believe this unit will provide an
excellent return over its remaining useful life which we
estimate to be at least 15 years."
Reading & Bates is a New York Stock Exchange listed
company, providing offshore drilling and related 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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