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 20, 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 20, 1996 - The
Company received from Elf Exploration Angola
an extended contract from 270 to 360 days
for the JIM CUNNINGHAM.
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 20, 1996
FOR IMMEDIATE RELEASE Contact: Mr. Charles R. Ofner
(713) 496-5000
February 20, 1996, Houston, Texas....Reading & Bates Corporation
(RB-NYSE) announced that the third-generation semisubmersible JIM
CUNNINGHAM has received a commitment from Elf Exploration Angola in
addition to the previously announced three well firm contract with
expected commencement in Angola in the third quarter of 1996. This
commitment calls for the unit to be upgraded to a water depth capacity of
1400 meters vs. the original agreement of 1100 meters, with the primary
term of the contract extended to four wells, or approximately 360 days,
rather than three wells, or approximately 270 days. The resulting total
contract value for the primary term is approximately $43 million. The 270
day option period, provided for in the original agreement, remains
unchanged. If exercised, the 270 day option period could add another
$24.3 million of contract value.
Paul B. Loyd, Jr., the Company's Chairman, President and CEO stated,
"We are pleased to have been awarded this additional commitment by Elf
Exploration Angola as it will provide us the opportunity to execute a more
comprehensive upgrade of the JIM CUNNINGHAM. Upon completion of the
shipyard project, we believe the unit 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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