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 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 December 23, 1997 - Reading &
Bates and Falcon Drilling announce shareholder
approval of merger.
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 29, 1997
EXHIBIT 99
NEWS RELEASE FROM.
Reading & Bates Corporation Falcon Drilling Company,Inc.
901 Threadneedle, Suite 200 1900 West Loop South, Suite 1800
Houston, Texas 77079 Houston, Texas 77027
Telephone: 281/496-5000 Telephone: 713/623-8984
________________________________________________________________________
FOR IMMEDIATE RELEASE
Contacts:
Charles R. Ofner Robert F. Fulton
Reading & Bates Corporation Falcon Drilling Company
(281) 496-5000 (713) 623-8984
Reading & Bates and Falcon Drilling
Announce Shareholder Approval of Merger
Houston, Texas, December 23, 1997- Reading & Bates Corporation (NYSE: RB)
and Falcon Drilling Company, Inc. (NYSE: FLC) announced that on December
23, 1997, the shareholders of both companies approved the business
combination of the companies. The combination will become effective on
December 31, 1997, at which time Reading & Bates and Falcon will become
wholly owned subsidiaries of R&B Falcon Corporation. Shares of R&B Falcon
Corporation will begin trading on January 2, 1998, on the New York Stock
Exchange under the symbol "FLC".
R&B Falcon Corporation will operate the world's largest fleet of marine-
based drilling rigs for the international oil and gas industry. The
combined rig fleet includes twelve drillships (including seven under
construction), eleven semisubmersible rigs, two tender rigs and fifty-five
barge drilling and workover rigs. Including units committed under long-
term contract, but not yet in service, R&B Falcon will actively market
ninety-six of these units in the offshore and inland waters worldwide. R&B
Falcon will also operate an inland marine towing and service business.
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