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: February 24, 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 February 23, 1995
- Termination of Letter of Intent with
DeepTech International 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: February 24, 1995
EXHIBIT 99
For additional information, please contact: Mr. Charles R. Ofner
(713) 496-5000
February 23, 1995, Houston Texas........Reading & Bates
Corporation (RB-NYSE) announced today that mutual agreement
has been reached with DeepTech International Inc. to terminate
the previously announced letter of intent between the
companies in order to allow both companies to pursue their
floating production system opportunities independently.
Reading & Bates Chairman and CEO Paul B. Loyd, Jr.
commented: "While Reading & Bates has enjoyed its association
with DeepTech and wishes DeepTech every success in its
operations, we feel that the different objectives of each
company with respect to floating production systems and their
operations made it in the best interests of both companies to
terminate the letter of intent and allow both companies to
pursue their own objectives separately. With regard to RIG
41, the second-generation semisubmersible we purchased to
contribute to the joint venture, we are happy with our
investment and plan to retain the unit for floating production
and/or drilling service as opportunities arise."
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.
