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 6, 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 April 6,
1995 - Announcing that the
Company has been named a
defendant in a purported class
action lawsuit.
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 6, 1995
EXHIBIT 99
FOR IMMEDIATE RELEASE: Contact: Mr. Charles R. Ofner
(713) 496-5000
Houston, Texas...April 6, 1995...Reading & Bates Corporation
(NYSE; RB) announced today that it had been named a defendant in a
purported class action lawsuit filed in the Court of Chancery of the
State of Delaware. The suit also names Reading & Bates' directors as
defendants. The suit alleges, inter alia, that the directors breached
their fiduciary duties by rejecting the previously announced unsolicited
merger proposal made by Sonat Offshore Drilling Inc. and by adopting the
previously announced shareholder rights plan.
The plaintiff, who purports to be an owner of Reading & Bates
common stock and who seeks to represent a class of shareholders of
Reading & Bates who are similarly situated, seeks injunctive relief
damages in an unspecified amount and certain other relief, including
costs and expenses. Reading & Bates believes that the plaintiff's claims
are groundless and that it has meritorious defenses to the lawsuit.
Reading & Bates intends to defend the lawsuit vigorously.
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.
