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: August 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 August 5, 1996 - Reading & Bates
gives notice that it will redeem all outstanding
shares of the Company's $1.625 Convertible Preferred
Stock on September 30, 1996 at the redemption price
of $26.1375 per share.
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: August 5, 1996
EXHIBIT 99
Internet Address: http://www.rdgbat.com
FOR IMMEDIATE RELEASE Contact: Charles R. Ofner
(713) 496-5000
Reading & Bates to Redeem Outstanding $1.625 Convertible Preferred Stock
August 5, 1996, Houston, Texas....Reading & Bates Corporation (RB-
NYSE) announced today it has given notice it will redeem all outstanding
shares of the Company's $1.625 Convertible Preferred Stock on September
30, 1996 at the redemption price of $26.1375 per share. In addition the
Board of Directors of the Company has declared the quarterly dividend of
$0.40625 per share on the $1.625 Convertible Preferred Stock payable
September 30, 1996 to holders of record as of September 3, 1996. The
current conversion price per share of the Company's common stock into
which the $1.625 Convertible Preferred Stock is convertible is $8.625
(equivalent to the rate of 2.899 shares of common stock for each share of
$1.625 Convertible Preferred Stock), and the shares of the $1.625
Convertible Preferred Stock may be surrendered for conversion no later
than the close of business on September 30, 1996.
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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