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: December 16, 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 December 16, 1997 - Reading & Bates
announces the extension of the contract with Mobil
North Sea Limited for the fourth-generation semi-
submersible "Jack Bates" for a firm period of two years
or eight wells, whichever is longer.
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: December 16, 1997
EXHIBIT 99
FOR IMMEDIATE RELEASE Contact: Mr. Charles R. Ofner
(281) 496-5000
Reading & Bates Secures Commitment for Extension of "Jack Bates" Contract
December 16, 1997, Houston, Texas.Reading & Bates Corporation (RB-NYSE)
announced today that Mobil North Sea Limited has extended the contract
for the fourth-generation semisubmersible "Jack Bates" for a firm period
of two years or eight wells, whichever is longer. Additionally, the
extension provides for two additional option periods of one year each,
with rates for each period to be mutually agreed. Total value of this
extension is estimated at $146.7 million, assuming a two-year period. The
extension is expected to commence during the fourth quarter of 1998, upon
completion of the primary term of the rig's current contract with Mobil.
The "Bates" will be capable of operating year round in up to 5400 feet of
water west of Shetland in the U.K. North Atlantic.
Paul B. Loyd, Jr., Reading & Bates Chairman, Chief Executive Officer and
President stated, "We are very pleased to have received this additional
commitment for the "Bates" from our valued client Mobil North Sea
Limited. The rig is the world's only unit capable of drilling year round
in the intended water depths in one of the world's harshest environments.
We believe this contract extension once again confirms Reading & Bates as
the industry's technological leader in deep water/harsh environment and
reconfirms the strength of the exciting worldwide deepwater drilling
market."
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 field development contracting alternatives is
offered to oil and gas companies, including such services as drilling,
marine and subsea construction and production services. In July Reading &
Bates and Falcon Drilling Company Inc. announced that they have agreed to
combine their companies into a new company-R&B Falcon Corporation-which
will operate the world's largest offshore drilling fleet.
Note to editors: For clarification, Reading & Bates does not have any
interest in the properties relevant to the above-mentioned announcement.
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