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 26, 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 25, 1997 - Reading
& Bates announces that the "JACK BATES" sustained
damage while under tow.
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 26, 1997
EXHIBIT 99
FOR IMMEDIATE RELEASE Contact: Mr. Charles R. Ofner
(281) 496-5000
Jack Bates Sustains Damage While Under Tow
February 25, 1997, Houston, Texas....Reading & Bates Corporation (RB-
NYSE) announced today that the semi-submersible drilling unit "JACK
BATES" sustained substantial damage on February 23, 1997 when it struck
an uncharted underwater obstruction while under tow into the port of
Brindisi, Italy, resulting in the loss of the forward port thruster and
damages to the aft starboard thruster and underside of the pontoons.
The unit had recently completed a drilling contract offshore Albania and
was being towed to Brindisi to discharge equipment in preparation for
continuing its mobilization to a North Sea shipyard for planned upgrades
to the unit prior to commencing a drilling contract in the North Sea
area. Preparations are underway to complete temporary repairs to enable
the unit to be towed to a North Sea shipyard for the planned upgrade and
completion of permanent repairs. The Company believes the physical
damage and any business interruption sustained as a result of this
incident are adequately covered by insurance.
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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