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 24, 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 24, 1996 - Reading &
Bates announces that further negotiations with
Elf Exploration Angola have resulted in a
significant additional commitment for its deep-
water semi, JIM CUNNINGHAM, over that previously
disclosed.
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 24, 1996
EXHIBIT 99
FOR IMMEDIATE RELEASE Contact: Mr. Charles R. Ofner
(713) 496-5000
June 24, 1996, Houston, Texas....Reading & Bates Corporation
(RB-NYSE) announced today that further negotiations with Elf Exploration
Angola have resulted in a significant additional commitment for its
deepwater semi, JIM CUNNINGHAM, over that previously disclosed. The Elf
Angola program now consists of six firm wells estimated at 18 months,
followed by another 18 months of firmly committed work. The total
contract value for this estimated 36 month firm period now stands at
approximately $117 million. The CUNNINGHAM will shortly enter a shipyard
in the far east for an upgrade to 1400 meters water depth capacity in
preparation for the contract, after which it will mobilize to Angola, with
an estimated arrival in October 1996.
Paul B. Loyd, Jr., the Company's Chairman, President and CEO stated,
"We are pleased to have been awarded this additional firm commitment by
Elf Exploration Angola. Upon completion of the shipyard project, we
believe the JIM CUNNINGHAM will be among the world's most capable and
newest deepwater semisubmersible drilling units, able to carry out
virtually all of the known programs in West Africa as well as being
readily accessible to other deepwater markets, including the Gulf of
Mexico, once the Elf program is completed."
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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