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: March 2, 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 March 2,
1995 - Contract commitments for
two of the Company's third-
generation semisubmersibles.
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: March 2, 1995
EXHIBIT 99
For additional information, please contact: Mr. Charles R. Ofner
(713) 496-5000
March 2, 1995, Houston, Texas......Reading & Bates
Corporation (RB-NYSE) announced that its two third-generation
semisubmersibles JIM CUNNINGHAM and M. G. HULME, JR. have
have received contract commitments in Southeast Asia and the
U. S. Gulf of Mexico, respectively, at dayrates which average
approximately $53,000. These new rates represent a substantial
improvement in the rigs' rates from their immediate prior
contract commitments which average approximately $35,000 per
day.
Paul B. Loyd, Jr., the Company's President, Chairman and
CEO stated, "These latest fixtures indicate graphically the
significantly improving high specification, deep water semi
market, and Reading & Bates will certainly benefit from this
trend with our five units. Our information indicates that
current world-wide supply of 54 third and fourth-generation
semis are all committed, and this balance is what moves
dayrates. We have received a commitment for a substantially
increased rate on one of our fourth-generation units from mid
1995, and we also expect significant rate increases on our
other two fourth-generation semis when their contracts roll
over in the fall of this year."
In a separate announcement, Reading & Bates stated that
its Marathon LeTourneau Class 53C cantilever jackup F. G.
McCLINTOCK received a contract commitment in the North Sea for
a primary term of one year plus options with commencement
approximately August 1, 1995, immediately upon the unit's
completion of its current program. The new rate is
substantially above the unit's current rate and is indicative
of a generally strengthening international market for premium
cantilever jackups.
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.
