SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 3)
Reading & Bates Corporation
____________________________________________________________
(Name of Issuer)
Common Stock
____________________________________________________________
(Title of Class and Securities)
755281 80 5
____________________________________________________________
(CUSIP Number of Class of Securities)
Den norske Bank AS, Corporate Division, Shipping/Aviation Section,
Stranden 21, 0250 Oslo 2, Norway, Attention: Tony Samuelsen, First VP
011-47-22-48-10-50
____________________________________________________________
(Name, Address and Telephone Number of Person Authorized
to Receive Notices and Communications)
Copy to:
Eduardo R. Vidal
Skadden, Arps, Slate, Meagher & Flom
919 Third Avenue
New York, New York 10022
(212) 735-3000
____________________________________________________________
March 9, 1995
____________________________________________________________
(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 Statement because of Rule 13d-1(b)(3) or
(4), check the following: ( )
Check the following box if a fee is being paid with this
Statement: ( )
SCHEDULE 13D
CUSIP No. 755281 80 5
Den norske Bank AS
____________________________________________________________
(1) NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
____________________________________________________________
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP:
(a) ( )
(b) (x)
____________________________________________________________
(3) SEC USE ONLY
OO
____________________________________________________________
(4) SOURCE OF FUNDS*
____________________________________________________________
(5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e)
Norway
____________________________________________________________
(6) CITIZENSHIP OR PLACE OF ORGANIZATION
3,247,030 (disclaimed)
____________________________________________________________
(7) SOLE VOTING
NUMBER OF 0
SHARES ___________________________________
BENEFICIALLY (8) SHARED VOTING POWER
OWNED BY 3,247,030 (disclaimed)
EACH ___________________________________
REPORTING (9) SOLE DISPOSITIVE
PERSON 0
WITH ___________________________________
(10) SHARED DISPOSITIVE POWER
_________________________________________________________________
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
_________________________________________________________________
(12) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11 EXCLUDES CERTAIN
SHARES* ( )
5.4%
_________________________________________________________________
(13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11
BK
_________________________________________________________________
(14) TYPE OF REPORTING PERSON*
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
Den norske Bank AS, a Norwegian bank (the "Filer"), does not
directly own any shares of Reading & Bates Corporation's common
stock ("Common Stock"). However, prior to March 9, 1995,
Dedicated Holdings Ltd., a Liberian corporation ("DHL"), owned
6,734 shares of Common Stock, Financial Investments Ltd., a
Liberian corporation ("FIL"), owned 1,469,242 shares of Common
Stock, and Life Line Investments Ltd., a Liberian corporation
("LLI"), owned 3,771,054 shares of Common Stock. On March 9,
1995, DHL, FIL and LLI sold on the Midwest Stock Exchange 6,734,
4,698 and 1,988,568, respectively, shares of Common Stock for
$7.375 per share. After such sale DHL, FIL and LLI owned 0,
1,464,544 and 1,782,486 shares of Common Stock, which is equal to
0%, 2.5% and 2.9%, respectively, of the outstanding shares of
Common Stock. The Filer, through its control of FIL and LLI, has
the sole power to direct the vote and disposition of 3,247,030
shares of Common Stock.
* * *
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.
Date: March 13, 1995
Signature:
DEN NORSKE BANK AS
By:________________________
Tony Samuelsen,
First Vice President
