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: April 18, 1995
READING & BATES CORPORATION
(Exact name of registrant as specified in its charter)
Delaware 1-5587 73-0642271
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(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 April 18,
1995 - Response to a press
release issued on April 18,
1995 by Sonat Offshore Drilling
Inc.
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: April 18, 1995
EXHIBIT 99
FOR IMMEDIATE RELEASE: Contact: Mr. Charles R. Ofner
(713) 496-5000
Houston, Texas...April 18, 1995...In response to a press release
issued earlier today by Sonat Offshore Drilling Inc., Reading & Bates
Corporation (NYSE; RB) announced today that discussions with Sonat
Offshore have not to date demonstrated a willingness on the part of
Sonat Offshore to consider a transaction that would be reflective of the
short term or long term business prospects and value of Reading & Bates.
Reading & Bates noted that the implied exchange ratio reflected in the
potential transaction described in today's press release by Sonat
Offshore is not materially higher than the exchange ratio of their
original proposal dated February 27, 1995. Reading & Bates added that
its previously stated position that it may from time to time engage in
discussions with industry participants regarding possible strategic
business combination transactions remains unchanged.
Reading & Bates is a New York Stock Exchange listed company,
providing 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.
