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: July 2, 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 July 1, 1997 - Reading & Bates
announces that the Harvey H. Ward has been awarded a
one year contract by Premier Oil.
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: July 2, 1997
EXHIBIT 99
FOR IMMEDIATE RELEASE Contact: Mr. Charles R. Ofner
(281) 496-5000
Reading & Bates Awarded Contract by Premier Oil
July 1, 1997, Houston, Texas....Reading & Bates (RB-NYSE) announced today
that the 300 foot cantilever jackup Harvey H. Ward has been awarded a
drilling contract by Premier Oil for one year. The total contract value
for this period is estimated at approximately $27.3 million with
commencement approximately January 1,1998, immediately following the
current four-well commitment, also with Premier Oil. Both of these
operations for Premier will be carried out in the Far East. Additionally,
Reading & Bates expects to obtain another term contract in the near future
for a sister jackup in the Far East at similar rates.
Paul B. Loyd, Jr., the Company's Chairman, Chief Executive Officer and
President stated, "We are very pleased to resume our valued relationship
with Premier, and we wish them every success with their drilling programs.
This contract and the second anticipated award, 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.
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