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: February 19, 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 February 18, 1997 - Reading
& Bates awarded contract by AGIP Petroleum for
the George H. Galloway.
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: February 19, 1997
EXHIBIT 99
FOR IMMEDIATE RELEASE Contacts: Mr. Charles R. Ofner
(281) 496-5000
Reading & Bates Awarded Contract by Agip Petroleum
February 18, 1997, Houston, Texas....Reading & Bates announced
today that its subsidiary, Reading & Bates Drilling Co., has been
awarded a drilling contract by Agip Petroleum Co., Inc. for a four
well contract (estimated to last 280 days) utilizing the 300 foot
cantilever jackup, the George H. Galloway. The total contract
value for this period is estimated at approximately $16.1 million,
with commencement to begin in May 1997, immediately after the unit
completes its current obligation with another operator.
Under the provisions of the contract, Agip will have the ability,
within 45 days of signing the contract, to reduce the commitment to
3 firm wells rather than 4, with a proportionate reduction in
contract value.
Paul B. Loyd, Jr., the Company's Chairman and Chief Executive
Officer said, "Agip has always been one of Reading & Bates most
valued customers, and we are pleased to extend our world wide
relationship with AGIP with this latest contract with the George
H. Galloway in the Gulf of Mexico. This contract also reemphasizes
the importance to Reading & Bates of our fleet of nine high
specification cantilever jackups, a segment that continues to show
strength in the offshore drilling market."
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.
provides, through its TOPS joint venture, a full range of field
development contracting alternatives to oil and gas companies,
including such services as well construction, deepwater drilling
units, production facilities and reservoir risk sharing.
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