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 15, 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 15, 1995
- Purchase of the Support Vessel
IOLAIR.
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 15, 1995
EXHIBIT 99
FOR IMMEDIATE RELEASE Contacts:Mr. Charles R. Ofner
Reading & Bates Houston
(713) 496-5000
Mr. J. R. Jardine
BP Aberdeen
(44) (1224) 832000
September 15, 1995, Houston, Texas.....Reading & Bates
Corporation (NYSE: RB) announced that a subsidiary, Reading &
Bates (Caledonia) Limited, has purchased and has taken delivery
on September 9, 1995, the Support Vessel IOLAIR from BP
Exploration Operating Company Limited. The unit is a
dynamically positioned semisubmersible built in 1982 to a
unique design for BP for field support and living
accommodation. The IOLAIR's current assignment, which
commenced upon delivery, is for BP for approximately three
months in subsea construction support mode in the Foinaven
Field west of Shetland. The long-term use of the vessel is
targeted for subsea well completions, subsea wire line and
coiled tubing well intervention and subsea construction
activity. For this service, the vessel will require upgrade to
include addition of rig floor and ancillary workover equipment.
Upon completion of the upgrade, the vessel is anticipated to be
used under a long-term gain share alliance with BP for its west
of Shetland development program, and will be available for use
by other North Sea area operators.
Paul B. Loyd, Jr., the Company's Chairman, President and
CEO stated, "As we mentioned in our initial press release, this
is an extremely important purchase for Reading & Bates since it
significantly expands our capability in the deep water field
development area. It is a very sophisticated vessel and is
thus very much a strategic fit with our high specification
semisubmersible fleet, giving us the ability to offer a more
complete array of services to operators conducting deep water
developments. Purchase of this vessel also gives us the
opportunity to expand our long term partnering relationship
with British Petroleum, and we are confident this will prove to
be an outstanding transaction for both parties."
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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