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: November 9, 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 November 8,
1995 - ARCO China Inc. elects to
exercise the remaining three
option wells for the "JACK BATES".
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: November 9, 1995
EXHIBIT 99
FOR IMMEDIATE RELEASE Contact: Mr. Charles R. Ofner
(713) 496-5000
Houston, Texas...November 8, 1995...Reading & Bates Corporation
(NYSE: RB) announced that ARCO China Inc. has elected to exercise the
remaining three option wells for the fourth-generation semisubmersible
JACK BATES, having earlier exercised one option well. Each well is at a
different rate reflecting the continued tightening of the fourth-
generation market. The unit will be utilized first on an assignment basis
for one well offshore Vietnam for British Gas, estimated to begin late
November 1995 and then for one well offshore Philippines for Occidental.
The unit is then expected to return to the Peoples Republic of China for
the remaining two wells.
This program extension is expected to substantially fill the
available time before the unit would be required to start its mobilization
to the North Sea for the previously announced contract with Mobil U.K.
As a number of operators have asked to have the JACK BATES drill a well
for them either before it leaves the southeast Asia region, while in route
to the North Sea, or in the North Sea prior to the start of such
previously announced contract, we remain confident that the unit will
continue to remain fully utilized at premium rates prior to commencing
such contract.
The market conditions for fourth-generation semisubmersibles and
other high specification semis continue to improve with strong demand in
the Far East, Gulf of Mexico and North Sea.
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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