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 6, 1997
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 (281) 496-5000
Item 7. Financial Statements and Exhibits
(c) Exhibits
Exhibit 99 - Press Release dated August 6, 1997 - Reading & Bates
announces that its wholly owned subsidiary, Reading
& Bates Development Co., completed drilling
operations on four prospects in the U.S. Gulf of
Mexico in which it had partial interests.
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
(Principal Financial and
Accounting Officer)
Dated: August 6, 1997
EXHIBIT 99
FOR IMMEDIATE RELEASE Contact: Mr. Charles R. Ofner
(281) 496-5000
Reading & Bates Corporation Provides Update
August 6, 1997, Houston, Texas....Reading & Bates Corporation
announced today that its wholly owned subsidiary, Reading & Bates
Development Co. (DEVCO), participated in four unsuccessful
exploratory wells in the Gulf of Mexico completed in July.
DEVCO's working interest in the wells ranged from 25% to 50%,
which under the successful efforts accounting method must be
written off against earnings for the third quarter of 1997. The
nonrecurring charge related to these activities is approximately
$20.6 million.
Reading & Bates Corporation is a New York Stock exchange listed
company, providing offshore drilling services throughout the
world. Its wholly owned subsidiary, Reading & Bates Development
Co., engages in the business of acquiring interests in offshore
oil and gas properties and thereby participates in reservoir risk
sharing. Through its TOPS joint venture, a full range of field
development contracting alternatives is offered to oil and gas
companies, including such services as drilling, marine and subsea
construction and production services.
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