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: June 18, 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 June 18, 1997 - Reading & Bates
announces that its wholly owned subsidiary, Reading
& Bates Development Co., completed drilling
operations on two 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: June 18, 1997
EXHIBIT 99
FOR IMMEDIATE RELEASE Contact: Mr. Charles R. Ofner
(281) 496-5000
Reading & Bates Development Co. Reports Gulf of Mexico Drilling
Results
June 18, 1997, Houston, Texas....Reading & Bates Corporation (RB-
NYSE) on behalf of its wholly owned subsidiary, Reading & Bates
Development Co. (Development), announced that drilling operations
were completed on two prospects in the U.S. Gulf of Mexico in
which it had partial interests.
The first well, Garden Banks 372 No. 1, drilled on the Knight
prospect, has been temporarily abandoned pending further drilling
in the immediate area. Partners in the No. 1 well are Santa Fe
Energy, operator with 50%; Development with 25% and Shell
Offshore, 25%. Development and Santa Fe have entered into an
agreement whereby Shell Offshore will acquire and evaluate
additional 3-D seismic to further define a deeper prospect on the
block. Shell will operate and own a 60% working interest in the
deep prospect with Development and Santa Fe equally sharing the
remaining interest.
The second well, Ewing Bank 786 No. 1 drilled on the Emerald
prospect, was drilled to a total depth of 10,400 feet and plugged
and abandoned. Partners in the well are Development with 50% and
Santa Fe, operator with 50%. In accordance with the successful
efforts accounting method for oil and gas accounting adopted by
Reading & Bates, approximately $7.3 million will be written off
during the second quarter of 1997.
Development and Santa Fe plan to spud the third well in their
seven well joint venture program on the Amundsen prospect on East
Breaks 335 in early July. In addition, they will
participate in a Shell operated well on the Jalapeno prospect on
Garden Banks 370 later this month.
Paul B. Loyd, Jr., Chairman, Chief Executive Officer and
President of Reading & Bates Corporation said, "We of course are
disappointed in the Emerald well which requires the write-off,
but we are hopeful that the Knight well will add value to Reading
& Bates in light of the additional drilling in the area to be
undertaken soon."
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
offshore field development contracting alternatives is offered to
oil and gas companies, including such services as drilling,
marine and subsea construction and production facilities.
# # #
