SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 4)
Reading & Bates Corporation
____________________________________________________________
(Name of Issuer)
Common Stock
____________________________________________________________
(Title of Class and Securities)
755281 80 5
____________________________________________________________
(CUSIP Number of Class of Securities)
Den norske Bank AS, Corporate Division, Shipping/Aviation Section,
Stranden 21, 0250 Oslo 2, Norway, Attention: Tony Samuelsen, First VP
011-47-22-48-10-50
____________________________________________________________
(Name, Address and Telephone Number of Person Authorized
to Receive Notices and Communications)
Copy to:
Eduardo R. Vidal
Skadden, Arps, Slate, Meagher & Flom
919 Third Avenue
New York, New York 10022
(212) 735-3000
____________________________________________________________
March 14, 1995
____________________________________________________________
(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on
Schedule 13G to report the acquisition which is the
subject of this Statement because of Rule 13d-1(b)(3) or
(4), check the following: ( )
Check the following box if a fee is being paid with this
Statement: ( )
SCHEDULE 13D
CUSIP No. 755281 80 5Den norske Bank AS
____________________________________________________________
(1) NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
____________________________________________________________
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP:
(a) ( )
(b) (x)
____________________________________________________________
(3) SEC USE ONLY
OO
____________________________________________________________
(4) SOURCE OF FUNDS*
____________________________________________________________
(5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e)
Norway
____________________________________________________________
(6) CITIZENSHIP OR PLACE OF ORGANIZATION
2,145,330 (disclaimed)
____________________________________________________________
(7) SOLE VOTING
NUMBER OF 0
SHARES ___________________________________
BENEFICIALLY (8) SHARED VOTING POWER
OWNED BY 2,145,330 (disclaimed)
EACH ___________________________________
REPORTING (9) SOLE DISPOSITIVE
PERSON 0
WITH ___________________________________
(10) SHARED DISPOSITIVE POWER
2,145,330
_________________________________________________________________
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
_________________________________________________________________
(12) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11 EXCLUDES CERTAIN
SHARES* ( )
3.59%
_________________________________________________________________
(13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11
BK
_________________________________________________________________
(14) TYPE OF REPORTING PERSON*
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
Den norske Bank AS, a Norwegian bank (the "Filer"), does not
directly own any shares of Reading & Bates Corporation's common
stock ("Common Stock"). On March 14, 1995, Financial
Investments Ltd., a Liberian corporation ("FIL"), sold in an off-
exchange transaction 1,000,000 shares of Common Stock for $7.50
per share. In addition, FIL sold 101,700 shares of Common Stock
in a brokered transaction on the New York Stock Exchange for
$7.71 per share. After such sale FIL and Life Line Investments
Ltd., a Liberian corporation ("LLI"), owned 362,844 and 1,782,486
shares of Common Stock, which is equal to .61% and 2.99%,
respectively, of the outstanding shares of Common Stock. The
Filer, through its control of FIL and LLI, has the sole power to
direct the vote and disposition of 2,145,330 shares of Common
Stock. On March 14, 1995, the Filer ceased to be the beneficial
owner of more than five percent of the outstanding shares of
Common Stock.
* * *
Signature
After reasonable inquiry and to the best of my knowledge and
belief, I certify that the information set forth in this
statement is true, complete and correct.
Date: March 15, 1995
Signature:
DEN NORSKE BANK AS
By:________________________
Tony Samuelsen,
First Vice President
