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 23, 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 23, 1995 -
Three year contract awarded to the M.
G. HULME, JR. by 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
Vice President & Chief
Financial Officer
Dated: August 23, 1995
EXHIBIT 99
FOR IMMEDIATE RELEASE Contact: Charles R. Ofner
(713) 496-5000
August 23, 1995, Houston, Texas....Reading & Bates
Corporation (NYSE: RB) announced that Enserch Exploration,
Inc. has awarded the third-generation semisubmersible M. G.
HULME, JR. a firm three year development drilling contract
for use of the HULME for the Green Canyon 254 and other
projects in up to 1000 meters of water. The three year
period will begin once the upgrade of the unit from its
current 850 meter water capacity to 1000 meters is completed.
Based on drilling operations underway now for Enserch and
delivery of the long lead equipment, the rig would be
expected to enter a shipyard about mid February 1996 and
complete the upgrade project about April 1, 1996. Under the
terms of the drilling contract, the daily rates will be
adjusted to reflect changes in operating costs from September
1, 1995, and Enserch will have the option to extend the term
for an additional three year period under a gain sharing
arrangement with Enserch.
Paul B. Loyd, Jr., the Company's Chairman, President and
CEO stated, "We are very pleased to see this next leg of the
Green Canyon 254 project fall into place and thus allow
development drilling to get underway during the second
quarter of 1996. Meanwhile, Reading & Bates Development Co.
is continuing with the design of the conversion of Rig 41 to
floating production service, so the overall project is
proceeding quite satisfactorily."
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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