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: May 21, 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 May 20, 1996 - Announcing
Statoil, Den norske stats oljeselskap a.s., has
issued a letter of intent for utilization of
the semisubmersible J. W. McLEAN to execute a
development program for the Connemara project
offshore Ireland.
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: May 21, 1996
EXHIBIT 99
FOR IMMEDIATE RELEASE Contact: Mr. Charles R. Ofner
(713) 496-5000
May 20, 1996, Houston, Texas.....Reading & Bates Corporation (RB-
NYSE) announced that Statoil, Den norske stats oljeselskap a.s, has issued a
letter of intent for utilization of the semisubmersible J. W. McLEAN,
formerly RIG 42, to execute a development program for the Connemara project
offshore Ireland. The project, which is expected to commence in March 1997
following a further upgrade of the unit's BOP and subsea equipment handling
systems, is expected to have a duration of nineteen months. Total contract
value is estimated at approximately $59.8 million.
Paul B. Loyd, Jr., the Company's Chairman, President and CEO stated,
"We are very pleased to have been awarded this development job, which is
subject to Statoil's Management and Board approval, and thus add Statoil, the
Norwegian state oil company, to our long list of valued clients. The
current upgrade of RIG 42 nearing completion, plus the further upgrade for
the Statoil program will result in a drilling unit with equivalent
capabilities as high-specification third-generation semis, and thus the
purchase of this unit in 1995 and its deployment in the North Sea area in
1996/1997 provides a very attractive return for Reading & Bates
shareholders."
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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