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 10, 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 10, 1996 - Reading &
Bates announces that Mr. Steven A. Webster of Falcon
Drilling Company, Inc., resigned as a member of the Board of
Directors of Reading & Bates and that Mr. Paul B. Loyd, Jr.
of Reading & Bates resigned from the Board of Directors of
Falcon Drilling Company, Inc.
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 10, 1996
EXHIBIT 99
FOR IMMEDIATE RELEASE Contact: Mr. Charles R. Ofner
(713) 496-5000
June 7, 1996, Houston, Texas.....Reading & Bates Corporation
(RB-NYSE) announced today that Mr. Steven A. Webster, the Chairman and
Chief Executive Officer of Falcon Drilling Company, Inc., resigned as
a member of the Board of Directors of the Company and that Mr. Paul B.
Loyd, Jr., Chairman, President and Chief Executive Officer of the
Company, resigned from the Board of Directors of Falcon Drilling
Company, Inc., effective June 7, 1996.
Mr. Loyd stated "Steve Webster and I have known each other for a
number of years, and I have appreciated very much his dedicated and valued
service to Reading & Bates as a member of its Board of Directors. However,
as both of our companies have continued to expand their respective
businesses, both Steve and I have concluded that there is a possibility
our companies may be competitors in the future and that it is in the best
interests of both companies for us to resign our respective positions as
members of the other company's board of directors. I have personally
enjoyed serving as a member of the Board of Directors of Falcon
Drilling and wish them every success for the future."
Reading & Bates is a New York Stock Exchange listed company, providing
offshore drilling and related 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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