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: October 3, 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 October 1, 1997 - Reading & Bates
announces the acquisition of the semisubmersible
accommodation unit "Allegheny".
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: October 3, 1997
EXHIBIT 99
FOR IMMEDIATE RELEASE Contact: Mr. Charles R. Ofner
(281)496-5000
Reading & Bates Announces Acquisition of
Semisubmersible Accommodation Unit "Allegheny"
October 1, 1997, Houston, Texas...Reading & Bates Corporation (RB-NYSE)
announced today that its wholly owned subsidiary, Reading & Bates Drilling
Co., has purchased the semisubmersible accommodation unit "Allegheny" from
Enserch Exploration Inc., Mobil Oil Corporation and Reading & Bates
Development Co. for $34.2 million. The Aker H-3 design semisubmersible was
originally built as a drilling unit, but was converted to an accommodation
vessel in 1978. Prior to commencing any upgrade, the unit will be marketed
to operators for conversion back to the full drilling mode in various
geographic locations worldwide with different water depth and upgrade
specifications.
Paul B. Loyd, Jr., the Company's Chairman, Chief Executive Officer and
President stated, "We are very pleased to have finalized this purchase as
we believe it is one of the last quality hulls in the market available for
upgrade to a high-specification drilling unit. We have already seen demand
among clients for the unit after such an upgrade and are thus confident that
a high rate of return project can be developed which will increase
shareholder value."
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. In July Reading & Bates and Falcon
Drilling Company Inc. announced that they have agreed to combine their
companies into a new company-- R&B Falcon Corporation--which will operate
the world's largest offshore drilling fleet.
# # #
