Rule 424(b)(3)
33-56029
SUPPLEMENT NUMBER 3 DATED MARCH 17, 1995
TO PROSPECTUS DATED NOVEMBER 4, 1994
READING & BATES CORPORATION
Common Stock
The Prospectus dated November 4, 1994 is hereby
supplemented by the addition of the following information
under the caption "SELLING STOCKHOLDERS" therein.
Den norske Bank AS, a Norwegian bank ("DnB"), has
informed the Company that on March 14, 1995, Financial
Investments Ltd. ("FIL") sold 1,000,000 Shares owned by it in
a brokered off-exchange transaction at a price of $7.50 per
share and that FIL sold another 101,700 of its Shares in a
brokered transaction on the New York Stock Exchange at a
price of $7.71 per share. DnB has further informed the
Company that after such sale, FIL and Life Line Investments
Ltd. ("LLI") owned 362,844 and 1,782,486 Shares,
respectively, and that, through its control of FIL and LLI,
DnB has the sole power to direct the vote and disposition of
2,145,330 Shares.