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 5, 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 5, 1996 - The
Company received from Enron Oil & Gas India
Ltd. an 18 month contract for each of the
jackup drilling units J. T. ANGEL and HARVEY
H. WARD.
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 5, 1996
EXHIBIT 99
FOR IMMEDIATE RELEASE Contact: Mr. Charles R. Ofner
(713) 496-5000
February 5, 1996, Houston, Texas..... Reading & Bates
Corporation (RB-NYSE) announced the jackup drilling units J. T.
ANGEL and HARVEY H. WARD have been awarded contracts by Enron
Oil & Gas India Ltd., on its behalf and on behalf of its
partners Oil & Natural Gas Corporation Limited and Reliance
Industries Limited, for development drilling programs offshore
Bombay, India. Contract term for each of the 300 foot
independent leg cantilever units is a firm period of 18 months
plus additional option periods of up to 18 months. Total
contract value of the firm period for both units is
approximately $34.9 million, including mobilization and
demobilization fees, with rates for the option periods to be
mutually agreed. The J. T. ANGEL and HARVEY H. WARD will be
mobilized from Tunisia and Australia, respectively, with the
units commencing their contracts upon arrival, both of which are
expected in April, 1996.
Paul B. Loyd, Jr., the Company's Chairman, President and CEO
stated, "We are pleased to have been awarded these long-term
contracts by Enron and thus participate in their extensive
development project offshore India. These contracts are
indicative of the improving worldwide market for premium
cantilever jackups, particularly when the low operating cost
structure in India is taken into account, and their long terms
further reflect the substantial market tightening. Four more of
our nine 300 foot cantilever jackups are on relatively
short-term contracts, and we thus feel we will be able to
continue to take advantage of improving fundamentals in the
premium jackup market worldwide."
Reading & Bates 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.
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