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: October 25, 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 October 25, 1995 -
Announcing the acquisition of an approximate
20% working interest in the Green Canyon 254
Allegheny project in the U. S. Gulf of Mexico
from Enserch Exploration, 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
Executive Vice President,
Finance and Administration
Dated: October 25, 1995
EXHIBIT 99
FOR IMMEDIATE RELEASE Contact: Mr. Charles R. Ofner
(713) 496-5000
Houston, Texas...October 25, 1995...Reading & Bates Corporation
(NYSE: RB) announced today that its subsidiary, Reading & Bates
Development Co., has closed the acquisition of an approximate 20% working
interest in the Green Canyon 254 Allegheny project in the U.S. Gulf of
Mexico from the operator, Enserch Exploration, Inc. Mobil Exploration &
Producing U.S. Inc., an affiliate of Mobil Corporation, has a 40% working
interest in the project. Reading & Bates expects to supply the
third-generation semi-submersible M. G. HULME, JR. for drilling the
development wells and to convert the second-generation semi-submersible
RIG 41 to a floating production vessel (FPV) for the field.
Paul B. Loyd, Jr., Chairman and Chief Executive Officer of Reading &
Bates Corporation stated, "We are very pleased to have closed this
acquisition and thus move another step toward the project's successful
implementation. The oilfield has been estimated to contain recoverable
reserves of 120 million barrels of oil equivalent, so participation in the
5 to 7 year project could prove to be quite significant for Reading &
Bates as our portion of the revenues may exceed $350 million.
Additionally, the working interest partners have acquired approximately
300 square miles of leases in the immediate vicinity under an Area of
Mutual Interest (AMI) agreement, and we plan to size the production train
on the FPV to process additional reserves from that acreage if developed.
We believe the involvement by Reading & Bates in the drilling, floating
production and ownership of this project will help to ensure development
of the reservoir in the most efficient manner, maximizing the present
value of the project. We remain optimistic that Reading & Bates will be
able secure a similar position in other floating production projects in
the Gulf of Mexico and other parts of the world."
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.
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