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: June 6, 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 June 6, 1996 - Reading &
Bates announced that an agreement has been reached to
purchase the Floating Production Storage and Shuttle (FPSS)
vessel SEILLEAN from Britoil (Beta) Limited, a subsidiary
of BP Exploration Operating Company.
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: June 6, 1996
EXHIBIT 99
FOR IMMEDIATE RELEASE Contact: Mr. Charles R. Ofner
(713) 496-5000
June 6, 1996, Houston, Texas.....Reading & Bates Corporation
(NYSE:RB) announced that agreement has been reached under which a
subsidiary, RB Drilling Co., will purchase the Floating Production Storage
and Shuttle (FPSS) vessel SEILLEAN from Britoil (Beta) Limited, a
subsidiary of BP Exploration Operating Company. The vessel is a
dynamically positioned ship, purpose designed and built by BP in 1990 for
extended well testing, early production and life of field production. It
has worked continuously since delivery, first on the Cyrus field as an
early production system and for the last 3.5 years as the life of field
production vessel for the Donan field in the UK sector of the North Sea.
Reading & Bates will take over operation of the vessel immediately upon
close of the purchase, and the vessel will remain under contract to
Britoil, the Donan field operator, for the remaining life of the field,
anticipated to be approximately 1.5 years. The vessel is 820 feet long x
121 feet wide, displaces 74,440 tonnes, has oil storage capacity of
310,000 barrels and process capacity of 20,000 BOPD.
Paul B. Loyd, Jr., the Company's Chairman, President and CEO stated,
"The SEILLEAN is, in our view, the most technologically advanced DP vessel
available worldwide, and this purchase is another important one for
Reading & Bates since it accelerates our strategy of providing floating
production vessels for field development. The SEILLEAN's acquisition and
contract in the Donan field will have a positive impact on Reading & Bates'
earnings and cash flow, and, we believe, will substantially enhance value
for our shareholders. The vessel has unique characteristics which give
us a number of options for its deployment upon completion of the Donan
field development. We can continue using the vessel in its current
configuration for extended well tests, early production or life of field
production, or it can be readily modified to a Floating Production Storage
and Offloading (FPSO) vessel. It could also be converted to a DP drillship,
either with or without simultaneous production capability. Additionally,
it again expands our valued relationship with British Petroleum,
complementing our upcoming assignment for development drilling in the
Schiehallion field with the PAUL B. LOYD, JR. and HENRY GOODRICH and
the current Foinaven field construction and support activity with the
IOLAIR."
Reading & Bates is a New York Stock Exchange listed company, pro-
viding 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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