SCHEDULE 13G
Amendment No. 3
Reading & Bates Corporation
Common Stock
Cusip # 755281805
Filing Fee: No
Cusip # 755281805
Item 1: Reporting Person - FMR Corp. - (Tax ID: 04-2507163)
Item 4: Commonwealth of Massachusetts
Item 5: 213,872
Item 6: None
Item 7: 1,164,370
Item 8: None
Item 9: 1,164,370
Item 11: 1.92%
Item 12: HC
Cusip # 755281805
Item 1: Reporting Person - Edward C. Johnson 3d - (Tax ID: ###-##-####)
Item 4: United States of America
Item 5: None
Item 6: None
Item 7: 1,164,370
Item 8: None
Item 9: 1,164,370
Item 11: 1.92%
Item 12: IN
SCHEDULE 13G - TO BE INCLUDED IN STATEMENTS
FILED PURSUANT TO RULE 13d-1(b) or 13d-2(b)
Item 1(a). Name of Issuer:
Reading & Bates Corporation
Item 1(b). Name of Issuer's Principal Executive Offices:
901 Threadneedle, Suite 200
Houston, TX 77079
Item 2(a). Name of Person Filing:
FMR Corp.
Item 2(b). Address or Principal Business Office or, if None, Residence:
82 Devonshire Street, Boston, Massachusetts 02109
Item 2(c). Citizenship:
Not applicable
Item 2(d). Title of Class of Securities:
Common Stock
Item 2(e). CUSIP Number:
755281805
Item 3. This statement is filed pursuant to Rule 13d-1(b) or 13d-2(b) and the
person filing, FMR Corp., is a parent holding company in accordance
with Section 240.13d-1(b)(ii)(G). (Note: See Item 7).
Item 4. Ownership
(a) Amount Beneficially Owned:
1,164,370
(b) Percent of Class:
1.92%
(c) Number of shares as to which such person has:
(i) sole power to vote or to direct the vote:
213,872
(ii) shared power to vote or to direct the vote:
None
(iii) sole power to dispose or to direct the disposition of:
1,164,370
(iv) shared power to dispose or to direct the disposition of:
None
Item 5. Ownership of Five Percent or Less of a Class.
If this statement is being filed to report the fact that as of
the date hereof, the reporting person has ceased to be the
beneficial owner of more than five percent of the class of
securities, check the following (X).
Item 6. Ownership of More than Five Percent on Behalf of Another Person.
Not applicable.
Item 7. Identification and Classification of the Subsidiary Which Acquired
the Security Being Reported on By the Parent Holding Company.
See attached Exhibit(s) A and B.
Item 8. Identification and Classification of Members of the Group.
Not applicable, see attached Exhibit A.
Item 9. Notice of Dissolution of Group.
Not applicable.
Item 10. Certification.
Inasmuch as the reporting persons are no longer the beneficial
owners of more than five percent of the number of shares
outstanding, the reporting persons have no further reporting
obligation under section 13(d) of the Securities and Exchange
Commission thereunder, and the reporting persons have no
obligation to amend this Statement if any material change
occurs in the facts set forth herein.
Signature
After reasonable inquiry and to the best of my knowledge and
belief, I certify that the information set forth in this
Schedule 13G in connection with FMR Corp's beneficial ownership
of the common stock of Reading & Bates Corporation at March 31,
1995 is true, complete and correct.
April 6, 1995
Date
/s/Arthur S. Loring
Signature
Arthur S. Loring, Vice
President
Name/Title
SCHEDULE 13G - TO BE INCLUDED IN STATEMENTS
FILED PURSUANT TO RULE 13d-1(b) or 13d-2(b)
Pursuant to the instructions in Item 7 of Schedule 13G, Fidelity
Management & Research Company ("Fidelity"), 82 Devonshire Street, Boston,
Massachusetts 02109, a wholly-owned subsidiary of FMR Corp. and an investment
adviser registered under Section 203 of the Investment Advisers Act of 1940,
is the beneficial owner of 848,777 shares or 1.40% of the common stock
outstanding of Reading & Bates Corporation ("the Company") as a result of
acting as investment adviser to several investment companies registered under
Section 8 of the Investment Company Act of 1940. The number of shares of
common stock of Reading & Bates Corporation owned by the investment companies
at March 31, 1995 included 713,777 shares of common stock resulting from the
assumed conversion of 246,300 shares of the $1.625 Convertible Preferred Stock
(2.898 shares of common stock for each share of the $1.625 Convertible
Preferred Stock).
Edward C. Johnson 3d, FMR Corp., through its control of Fidelity, and the
Funds each has sole power to dispose of the 848,777 shares owned by the Funds.
Neither FMR Corp. nor Edward C. Johnson 3d, Chairman of FMR Corp., has
the sole power to vote or direct the voting of the shares owned directly by
the Fidelity Funds, which power resides with the Funds' Boards of Trustees.
Fidelity carries out the voting of the shares under written guidelines
established by the Funds' Boards of Trustees.
Fidelity Management Trust Company, 82 Devonshire Street, Boston,
Massachusetts 02109, a wholly-owned subsidiary of FMR Corp. and a bank as
defined in Section 3(a)(6) of the Securities Exchange Act of 1934, is the
beneficial owner of 315,592 shares or 0.52% of the common stock outstanding of
the Company as a result of its serving as investment manager of the
institutional account(s). The number of shares of common stock of Reading &
Bates Corporation owned by the institutional account(s) at March 31, 1995
included 315,592 shares of common stock resulting from the assumed conversion
of 108,900 shares of the $1.625 Convertible Preferred Stock described above.
Edward C. Johnson 3d and FMR Corp., through its control of Fidelity
Management Trust Company, has sole dispositive power over 315,592 shares and
sole power to vote or to direct the voting of 213,872 shares, and no power to
vote or to direct the voting of 101,720 Shares of common stock owned by the
institutional account(s) as reported above.
Edward C. Johnson 3d and Abigail P. Johnson each own 24.9% of the
outstanding voting common stock of FMR Corp. Mr. Johnson 3d is Chairman of
FMR Corp. Various Johnson family members and trusts for the benefit of
Johnson family members own FMR Corp. voting common stock. These Johnson
family members, through their ownership of voting common stock and the
execution of a family shareholders' voting agreement, form a controlling group
with respect to FMR Corp.
SCHEDULE 13G - TO BE INCLUDED IN STATEMENTS
FILED PURSUANT TO RULE 13d-1(b) or 13d-2(b)
RULE 13d-1(f)(1) AGREEMENT
The undersigned persons, on April 6, 1995, agree and consent to the joint
filing on their behalf of this Schedule 13G in connection with their
beneficial ownership of the common stock of Reading & Bates Corporation at
March 31, 1995.
FMR Corp.
By /s/Arthur S. Loring
Arthur S. Loring
Vice President - Legal
Edward C. Johnson 3d
By /s/Arthur S. Loring
Arthur S. Loring
Under Power of Attorney dated
5/17/89
On File with Schedule 13G for
Airborne Freight Corp. 9/10/91
Fidelity Management & Research Company
By /s/Arthur S. Loring
Arthur S. Loring
Sr. V.P. and General Counsel
