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 14, 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 10, 1997 - Reading & Bates
announces that its subsidiary, Reading & Bates
Development Co. (DEVCO), will recognize additional
unsuccessful exploratory expenses for the third
quarter of approximately $16.5 million.
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 14, 1997
EXHIBIT 99
FOR IMMEDIATE RELEASE Contact: Mr. Charles R. Ofner
(281)496-5000
Reading & Bates Development Co. Provides Update
October 10, 1997, Houston, Texas..Reading & Bates Development Co.
(DEVCO), a wholly owned subsidiary of Reading & Bates Corporation (NYSE:
RB), announced today that it will recognize additional unsuccessful
exploratory expenses for the third quarter of approximately $16.5 million
million. The charges are associated with a dry hole on Ewing Bank Block
829 and a well on Ewing Bank Block 919 which has been temporarily abandoned
by the operator who has assumed future obligations for DEVCO's 50% net
working interest. Total expenses related to DEVCO, inclusive of unsuccessful
exploratory costs, for the third quarter are projected to be approximately
$42.7 million.
The Company expects to announce the results of its stepout well on the
Boomvang Prospect which is drilling on East Breaks Block 643 in the near
future.
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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