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: September 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 September 25, 1997 - Reading &
Bates announces that the 300 foot cantilever jackup
"Roger W. Mowell" has been awarded a one year
drilling contract in Southeast Asia.
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: September 26, 1997
EXHIBIT 99
FOR IMMEDIATE RELEASE Contact: Mr. Charles R. Ofner
(281) 496-5000
Reading & Bates Awarded Contract in Southeast Asia
September 25, 1997, Houston, Texas..Reading & Bates Corporation (RB-NYSE)
announced today that the 300 foot cantilever jackup "Roger W. Mowell" has
been awarded a one year drilling contract by an operator in Indonesia. Total
contract value for this period is estimated at approximately $32 million with
commencement approximately mid October 1997, following the unit's
mobilization from the Adriatic Sea.
Paul B. Loyd, Jr., the Company's Chairman, Chief Executive Officer and
President stated, "We are very pleased to have been awarded this work since
Reading & Bates' relationship in Indonesia with the operator dates all the
way back to the late 1960's. This contract and the recent award in Indonesia
for the sister jackup "Harvey H. Ward" represent yet another rate level for
Reading & Bates jackups and thus reemphasizes the importance to the Company
of our fleet of nine high specification cantilever jackups, a segment that
continues to strengthen in the offshore drilling market."
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 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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