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: August 21, 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 August 21,
1995 - Agreement in principle
to purchase the Support Vessel
IOLAIR from BP Exploration
Operating Company Limited.
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: August 21, 1995
EXHIBIT 99
FOR IMMEDIATE RELEASE Contacts: Mr. Charles R. Ofner
Reading & Bates Houston
(713) 496-5000
Mr. J. R. Jardine
BP Aberdeen
(44) (1224) 832000
August 21, 1995, Houston, Texas.....Reading & Bates Corporation
(NYSE: RB) announced that agreement has been reached in principle under
which a subsidiary, Reading & Bates (U.K.) Limited, will purchase from BP
Exploration Operating Company Limited the Support Vessel IOLAIR. The
unit is a dynamically positioned semisubmersible built in 1982 to a
unique design for BP for field support and living accommodation. The
vessel has been in service since delivery chiefly in the BP Forties field
in the U.K. sector of the North Sea and is currently working for BP in
the southern sector of the North Sea. Upon delivery of the vessel to
Reading & Bates, expected in September 1995, it will be deployed for BP
for approximately three months' service in the Foinaven Field west of
Shetland. The long term use of the vessel is targeted for subsea well
completions, subsea wire line and coiled tubing well intervention and
subsea construction activity. For this service, the vessel will require
upgrade to include addition of rig floor and ancillary workover
equipment. Upon completion of the upgrade, the vessel is anticipated to
be used under a long-term gain share alliance with BP for its west of
Shetland development program, and will be available for use by other
North Sea area operators.
Paul B. Loyd, Jr., the Company's Chairman, President and CEO stated,
"This is an extremely important purchase for Reading & Bates since it
significantly expands our capability in the deep water field development
area. It is a very sophisticated vessel and is thus very much a
strategic fit with our high specification semisubmersible fleet, giving
us the ability to offer a more complete array of services to operators
conducting deep water developments. Purchase of this vessel also gives
us the opportunity to expand our long term partnering relationship with
British Petroleum, and we are confident this will prove to be an
outstanding transaction for both parties."
Reading & Bates is a New York Stock Exchange listed company,
providing offshore drilling and related 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.
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