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: July 31, 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 July 30, 1996 - Reading & Bates
announces that Reading & Bates Development Co.
entered into an agreement with Shell Offshore Inc.
("SOI") pertaining to SOI's Boomvang prospect in
the Gulf of Mexico.
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: July 31, 1996
EXHIBIT 99
Internet Address: http://www.rdgbat.com
FOR IMMEDIATE RELEASE Contact: Mr. Charles R. Ofner
(713) 496-5000
Reading & Bates Development Co. Enters into Partnership with Shell
Offshore Inc.
July 30, 1996, Houston, Texas.....Reading & Bates Corporation (RB-
NYSE) announced that Reading & Bates Development Co., a wholly owned
subsidiary of Reading & Bates Corporation, has entered into an agreement
with Shell Offshore Inc. ("SOI") pertaining to SOI's East Boomvang
prospect on East Breaks Blocks 688 and 732 in the Gulf of Mexico. Under
the terms of the agreement, Reading & Bates Development Co. would drill an
appraisal well, and, based on positive results from this delineation
work, will earn a working interest and proceed with development of the
field.
Paul B. Loyd, Jr., Chairman and Chief Executive Officer of Reading &
Bates Corporation stated, "We are very pleased to be participating in this
project with Shell as the partnering relationship envisioned could
significantly enhance shareholder value for Reading & Bates. This
project advances the accomplishment of one of our key strategic goals, and
we trust this venture will serve as a model for similar developments in
the future. It also confirms the steady progress being made by Reading &
Bates Development Co. to secure projects for offshore field development
following the successful completion of the Amoco Liuhua project offshore
China and, more recently, the agreement with Enserch and Mobil to develop
the Green Canyon 254 Allegheny field in the U.S. Gulf of Mexico."
Reading & Bates is a New York Stock Exchange listed company, engaging
in 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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