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: October 29, 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 October 29, 1997 - Reading & Bates
announces that the "J. W. McLean" has been awarded a
two year drilling contract by Mobil North Sea Limited
for operations in the U.K. sector of the North Sea.
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: October 29, 1997
EXHIBIT 99
FOR IMMEDIATE RELEASE Contact: Mr. Charles R. Ofner
(281) 496-5000
Reading & Bates Awarded Contract in U. K. North Sea
October 29, 1997, Houston, Texas....Reading & Bates Corporation (RB-NYSE)
announced today that the second-generation semisubmersible "J. W. McLean"
has been awarded a two year drilling contract by Mobil North Sea Limited
for operations in the U.K. sector of the North Sea. Total contract value
for the period is estimated at approximately $105 million with commencement
scheduled for the second quarter of 1998. This new contract comes as a
result of the early termination in September of the unit's drilling
contract on the Connamera development project offshore Ireland. After a
short period of layup, the "McLean" has resumed work on a well to well
basis in the U.K., and it is expected that the period prior to the
commencement of the Mobil contract can largely be filled.
Paul B. Loyd, Jr., the Company's Chairman, Chief Executive Officer and
President stated, "We are very pleased to have been awarded this work and
add the "McLean" to Mobil's North Sea operation along with our fourth-
generation semi "Jack Bates". This contract will provide shareholder value
enhancement and represents an excellent return on the investment we made
just over two years ago when we acquired the SS-3000 design semi which was
originally designed for drilling in harsh environments offshore Eastern
Canada and Norway."
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.
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