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: September 10, 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 September 10, 1996 - Reading
& Bates announced that the third-generation semi-
submersible "M. G. HULME, JR." has been awarded a
one year rig usage drilling contract by Norcen
Explorer, Inc.
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: September 10, 1996
EXHIBIT 99
Internet Address: http://www.rdgbat.com
FOR IMMEDIATE RELEASE Contact: Mr. Charles R. Ofner
(713) 496-5000
M. G. HULME, JR. Awarded Drilling Contract by Norcen Explorer, Inc.
September 10, 1996, Houston, Texas.....Reading & Bates announced
today that the third-generation semisubmersible M. G. HULME, JR. has been
awarded a drilling contract by Norcen Explorer, Inc. for one year's rig
usage, with a total contract value estimated at approximately $43.8
million. The contract was specifically structured such that Norcen's one
year's rig usage would occur within a two year time frame commencing July
1, 1997. This will accommodate Reading & Bates Development Co.'s
possible requirements for the unit for its own deepwater projects such as
the recently announced East Boomvang prospect with Shell Offshore Inc.,
or allow Reading & Bates to offer the rig to other operators in this time
frame. The contract also provides for a six month option period, under
certain conditions, with rates to be mutually agreed.
Paul B. Loyd, Jr., the Company's Chairman, President and CEO
stated, "We are pleased to have been awarded this new high specification
contract by Norcen. This contract demonstrates the continuing strength
of the high specification semi market in the Gulf of Mexico and
worldwide. The contract also makes clear that an aggressive new player
has entered the deepwater market in the Gulf of Mexico. Additionally,
the flexibility shown by Norcen with regard to scheduling their activity
is beneficial; we believe our having the HULME available will allow
Reading & Bates Development Co. to pursue development prospects which
might otherwise have been delayed due to lack of deepwater drilling
equipment availability. We believe that this unique contractual
arrangement will allow Reading & Bates to create more total value for its
shareholders than a simple continuous term daywork contract. We very
much appreciate Norcen's working with us to achieve mutual benefits for
our companies."
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 subsea and floating
production systems to the upstream offshore oil and gas industry
worldwide.
# # #
