FORM 3
U.S. SECURITIES AND EXCHANGE COMMISSION _____________________
WASHINGTON, D.C. 20549 | OMB APPROVAL |
INITIAL STATEMENT OF |_____________________|
BENEFICIAL OWNERSHIP OF SECURITIES |OMB NUMBER: 3235-0104|
|EXPIRES: |
| SEPTEMBER 30, 1998 |
Filed pursuant to Section 16(a) of the |ESTIMATED AVERAGE |
Securities Exchange Act of 1934, |BURDEN HOURS |
Section 17(a) of the Public Utility |PER RESPONSE 0.5 |
Holding Company Act of 1935 |_____________________|
or Section 30(f) of the Investment
Company Act of 1940
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1. Name and Address of Reporting Person
Falcon Drilling Company, Inc.
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(Last) (First) (Middle)
1900 West Loop South, Suite 1800
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(Street)
Houston Texas 77027
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(City) (State) (Zip)
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2. Date of Event Requiring Statement (Month/Day/Year)
07/10/97
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3. IRS OR SOCIAL SECURITY NUMBER OF REPORTING PERSON (VOLUNTARY)
76-0351754
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4. Issuer Name and Ticker or Trading Symbol
Reading & Bates Corporation ("RB")
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5. RELATIONSHIP OF REPORTING PERSON(S) TO ISSUER (CHECK ALL APPLICABLE)
( ) DIRECTOR
( ) 10% OWNER
( ) OFFICER (GIVE TITLE BELOW)
(X ) OTHER (SPECIFY TITLE BELOW)
Option Holder
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6. IF AMENDMENT, DATE OF ORIGINAL (MONTH/DAY/YEAR)
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7. INDIVIDUAL OR JOINT/GROUP FILING (CHECK APPLICABLE LINE)
X FORM FILED BY ONE REPORTING PERSON
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___ FORM FILED BY MORE THAN ONE REPORTING PERSON
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TABLE I - NON-DERIVATIVE SECURITIES BENEFICIALLY OWNED
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|1. TITLE OF SECURITY|2. AMOUNT OF |3. OWNERSHIP |4. NATURE OF INDIRECT |
| (INSTR. 4) | SECURITIES | FORM DIRECT| BENEFICIAL OWNERSHIP|
| | BENEFICIALLY| DIRECT (D) | (INSTR. 5) |
| | OWNED | OR INDIRECT| |
| | (INSTR. 4) | (I) (INSTR.| |
| | | 5) | |
|____________________|_______________|______________|_______________________|
NONE
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TABLE II - DERIVATIVE SECURITIES BENEFICIALLY OWNED
(E.G., PUTS, CALLS, WARRANTS, OPTIONS, CONVERTIBLE SECURITIES)
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1. Title of Derivative Security (Instr. 4)
Option to purchase common stock
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2. Date Exercisable and Expiration Date (Month/Day/Year)
* *
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Date Exercisable Expiration Date
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3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)
Common Stock, par value $.05 per share 14,340,154
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Title Amount of Number of Shares
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4. Conversion or Exercise Price of Derivative Security
$34.00
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5. Ownership Form of Derivative Security: Direct(D) or Indirect(I)(Instr. 5)
(D)
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6. Nature of Indirect Beneficial Ownership (Instr. 5)
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EXPLANATION OF RESPONSES:
* In connection with an Agreement and Plan of Merger, dated as of July
10, 1997, among R&B Falcon Corporation, FDC Acquisition Corp., Reading &
Bates Acquisition Corp., Falcon Drilling Company, Inc. ("Falcon") and
Reading & Bates Corporation ("R&B"), Falcon and R&B entered into a Stock
Option Agreement, dated as of July 10, 1997 (the "Stock Option Agreement"),
providing for the option reported on herein. The option is exercisable
only upon the occurrence of certain events described in the Stock Option
Agreement and expires upon, or following a certain period after, the
occurrence of certain events described in the Stock Option Agreement. The
number of shares of R&B obtainable by Falcon under the option will be
adjusted if necessary so that such number equals 19.9% of the shares of
common stock of R&B outstanding at the time of such exercise. Prior to such
exercise, Falcon disclaims beneficial ownership of the shares of common
stock of R&B which are obtainable by Falcon upon exercise of such option.
/s/ Leighton E. Moss July 21, 1997
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** SIGNATURE OF REPORTING PERSON DATE
Leighton E. Moss July 21, 1997
General Counsel
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** INTENTIONAL MISSTATEMENTS OR OMISSIONS OF FACTS CONSTITUTE FEDERAL
CRIMINAL VIOLATIONS.
SEE 18 U.S.C. 1001 AND 15 U.S.C. 78FF(A).
NOTE: FILE THREE COPIES OF THIS FORM, ONE OF WHICH MUST BE MANUALLY SIGNED.
IF SPACE PROVIDED IS INSUFFICIENT, SEE INSTRUCTION 6 FOR PROCEDURE
POTENTIAL PERSONS WHO ARE TO RESPOND TO THE COLLECTION OF INFORMATION
CONTAINED IN THIS FORM ARE NOR REQUIRED TO RESPOND UNLESS THE FORM
DISPLAYS A CURRENTLY VALID OMB NUMBER.
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