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 22, 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 22, 1997 - Reading & Bates
announces that the "W. D. Kent" lost its derrick
equipment set as a result of a blowout and fire.
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 22, 1997
EXHIBIT 99
FOR IMMEDIATE RELEASE Contact: Mr. Charles R. Ofner
(281) 496-5000
W. D. Kent Derrick Equipment Set Lost
August 22, 1997, Houston, Texas...Reading & Bates Corporation (RB-NYSE)
announced today that the tender supported drilling unit "W. D. KENT" lost
its derrick equipment set as a result of a blowout and fire at a location
offshore Indonesia. Personnel were safely evacuated from the operator's
platform on which the derrick equipment set was operating, and the tender
barge was pulled safely away from the platform. No injuries were
sustained by personnel, and there was no damage to the tender. The Company
believes that the physical damage and business interruption insurance
coverage in place is adequate and that such loss will result in minimal
financial impact.
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 facilities. 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.
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