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 1, 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 July 31, 1996 - Reading & Bates
announces that it has reached an agreement with
Enserch Exploration, Inc. for a rig swap arrangement
involving Reading & Bates' semisubmersibles "RIG 41"
and the "M. G. HULME, JR."
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 1, 1996
EXHIBIT 99
Internet Address: http://www.rdgbat.com
FOR IMMEDIATE RELEASE Contact: Charles R. Ofner
(713) 496-5000
Rig 41 to Replace M.G. Hulme, Jr.
July 31, 1996, Houston, Texas ........ Reading & Bates Corporation
(RB-NYSE) announced that it has reached an agreement with Enserch
Exploration, Inc. for a rig swap arrangement involving Reading & Bates'
semisubmersibles RIG 41 and the M. G. HULME, JR. Under the terms of the
agreement, the M. G. HULME, JR. has been released from a three year
contract, originally scheduled to commence approximately August 1, 1996,
(retaining an option to drill one well, such option to be exercised by
August 30, 1996) and committed to RIG 41 for a contract expected to
commence approximately April 1, 1997. RIG 41 will undergo a comprehensive
upgrade allowing the vessel to drill in water depths up to 1000 meters
prior to contract commencement. The revised contract status will provide
a lower average well cost for future projects, including wells to be
drilled on the Allegheny project in the Green Canyon 254 area.
Reading & Bates expressed confidence in finding other alternative
deepwater drilling contracts for the M. G. HULME JR., which recently
completed a comprehensive deepwater upgrade.
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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