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: March 17, 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 March 13, 1997 - Reading &
Bates announces that Gary J. Junco has joined
its wholly owned subsidiary Reading & Bates
Development Co. in the capacity of Chief
Operating Officer.
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: March 17, 1997
EXHIBIT 99
FOR IMMEDIATE RELEASE Contact: Mr. Charles R. Ofner
(281) 496-5000
Gary J. Junco Joins Reading & Bates Development Co.
March 13, 1997, Houston, Texas....Reading & Bates Corporation (RB-NYSE)
announced today that Gary J. Junco has joined its wholly owned subsidiary
Reading & Bates Development Co. (Development) in the capacity of Chief
Operating Officer. Mr. Junco previously served as President of Enserch
Exploration Co. (EEX-NYSE). In his new capacity, Mr. Junco will be
responsible for all Development's oil and gas asset management, including
prospect evaluation and acquisition, marketing, accounting and land,
regulatory and legal issues. David C. Toalson, President of Development,
will remain in that position with responsibility for field development
projects, including those executed by the joint venture Total Offshore
Production Systems (TOPS), drilling and production operations, technology
development and administration. Mr. Toalson and Mr. Junco will report to
Paul B. Loyd, Jr., Chairman, Chief Executive Officer and President of
Reading & Bates Corporation.
Paul B. Loyd, Jr. stated, "We are delighted to have Gary join Reading &
Bates Development Co. in this most important position of Chief Operating
Officer as he brings to us years of senior level oil company experience.
Development has been very successful in obtaining a number of agreements
with various operators for equity participations in oil and gas prospects
based on providing value added to our clients in the form of supplying
drilling services and the services provided by our joint venture Total
Offshore Production Systems (TOPS). Gary has substantial experience in
the these kinds of arrangements, and we believe his joining Reading &
Bates' team goes a long way toward advancing our strategy to enter into
more partnership relationships with our oil company clients via field
participation and field development, moves which we believe will provide
substantial future value for our and our clients' shareholders."
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 facilities.
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