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: April 21, 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 April 21, 1997 - Reading & Bates
announces that it's wholly owned subsidiary, Reading
& Bates Drilling Co., has completed the Surveillance
Audit "G" of its Quality Management System under the
guidelines of ISO 9001.
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: April 21, 1997
EXHIBIT 99
FOR IMMEDIATE RELEASE Contact: Mr. Charles R. Ofner
(281) 496-5000
Reading & Bates Drilling Completes Surveillance Audit "G"
April 21, 1997, Houston, Texas....Reading & Bates Corporation (RB-NYSE)
continues to lead the way in the area of quality assurance as it announces
its wholly owned subsidiary, Reading & Bates Drilling Co., has completed
the Surveillance Audit "G" of its Quality Management System under the
guidelines of ISO 9001. The company was the first U.S. drilling contractor
to have this prestigious certification to the 9001 standard, and it has now
completed its first three year certification period using American Bureau
of Shipping Quality Evaluations Inc. as its registrar. Successful
completion of this recent audit allows Reading & Bates Drilling Co. to be
recertified under the ISO 9001 standard for an additional three years
subject to successful completion of surveillance audits every six months.
Paul B. Loyd, Jr., the Company's Chairman, President and CEO stated,
"Adopting the ISO 9001 standard has provided a great deal of internal value
to the company as support departments such as engineering, purchasing,
safety and training and marketing have established more systematic
procedures and set meaningful benchmarks in the way they support our
international fleet of drilling units. This provides value added to the
clients for whom we perform these drilling services."
Mr. Loyd added, "We have committed substantial resources in developing
state of the art computerized systems for handling material procurement,
scheduled maintenance of equipment, auditing and corrective/preventive
action including an on-line documentation system which facilitates updated
and current document control. These systems should continue to provide
areas of continued improvement in the administration of critical tasks."
Reading & Bates 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.
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