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: February 29, 1996
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 February 28, 1996 -
Reading & Bates Development Co., a wholly
owned subsidiary of the Company, and INTEC
Engineering, Inc., announces the formation
of a joint venture, Total Offshore
Production Systems (TOPS).
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: February 29, 1996
EXHIBIT 99
FOR IMMEDIATE RELEASE Contact: Mr. Charles R. Ofner
(713) 496-5000
February 28, 1996, Houston, Texas....Reading & Bates Development
Co., a wholly owned subsidiary of Reading & Bates Corporation (RB-NYSE),
and INTEC Engineering, Inc., announced the formation of a joint venture
company, Total Offshore Production Systems (TOPS). The new company will
focus on providing complete field developments and services to operators
desiring to contract field developments through a single entity. Curtis
Burton, formerly Project Manager for Texaco's DeepStar Project, has been
named President and General Manager of the new venture. In addition to
normal turnkey type activities, TOPS is prepared to enter into partnering
arrangements with field operators and assume equity positions in the
developments. TOPS has been structured with the intent of pursuing
deepwater offshore developments, on a worldwide basis, with a group of
preferred contractors and manufacturers.
Paul B. Loyd, Jr., the Company's Chairman, President and CEO stated,
"We are pleased to have finalized this joint venture company with INTEC,
as we believe the combination of our companies' resources and talents will
be attractive to operators seeking developments in deepwater. Reading &
Bates' contribution would be execution of the drilling utilizing our
deepwater fleet, providing floating production vessels from our current
inventory or from other sources, vessel design and project management.
INTEC would be expected, primarily, to contribute its deepwater systems
engineering and construction management expertise. We also believe that
the opportunity, often inherent in these types of development projects, to
invest in proven, undeveloped reserves, will provide Reading & Bates yet
another means to maximize shareholder value."
Willem J. Timmermans, President of INTEC Engineering, stated,
"INTEC, in its role as a leader in deepwater oil and gas subsea production
and transportation, has recognized the need for a full service entity with
total field development capability. While having the flexibility afforded
by complete field development capability, the objective is to augment the
client company's resources, not replace them; the combined result being a
shorter and more cost effective road to producing deepwater reserves.
INTEC is very pleased to join with Reading & Bates in this exciting
venture, particularly as R&B's goals and objectives closely parallel those
of INTEC."
INTEC Engineering, a Texas based corporation, is an international,
privately held engineering and construction management firm specializing
in offshore pipelines, offshore terminals, subsea and floating production
systems.
Reading & Bates Corporation 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.
For further information on TOPS, please contact Curtis Burton in
Houston, Texas, Phone: (713) 589-5198, Fax: (713) 496-0186.
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