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: May 13, 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 5. Other Events
On April 24, 1997 the Company's Compensation Committee approved, and the
Board of Directors ratified (Paul B. Loyd, Jr., the Company's Chairman,
President and Chief Executive Officer, abstaining), the award of stock
options with respect to an aggregate of 770,000 shares of the common stock
of the Company with an exercise price of $23.75, the closing price of the
Company's common stock on April 24, 1997, to certain executive officers of
the Company in lieu of any cash bonuses, increases in base salary or
restricted stock grants they may have received for their performance in
1997. The Company estimates the issuance of options in lieu of such other
compensation will improve the Company's net income by approximately $.02
per share for each of 1997 and 1998. The options awarded are as follows:
Name Principal Position Number of
Options
P. B. Loyd, Jr. Chairman, President and Chief 310,000
Executive Officer
T. W. Nagle Executive Vice President, Finance and 120,000
Administration
A. Bakonyi Vice President Operations 100,000
W. K. Hillin Senior Vice President, General Counsel 100,000
and Secretary
C. R. Ofner Vice President, Business Development 100,000
D. L. McIntire Vice President, Human Resources 40,000
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 by the
undersigned hereunto 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: May 13, 1997
