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: Janaury 7, 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 (713) 496-5000
Item 7. Financial Statements and Exhibits
(c) Exhibits
Exhibit 99 - Press Release dated January 7, 1997 - Reading
& Bates announces an agreement with Santa Fe
Energy Resources to explore five oil and gas
prospects in the U. S. Gulf of Mexico.
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: January 7, 1997
EXHIBIT 99
FOR IMMEDIATE RELEASE Contact: Mr. Charles R. Ofner
(713) 496-5000
Reading & Bates Development Co. Enters into Agreement
with Santa Fe Energy Resources
January 7, 1997, Houston, Texas....Reading & Bates Corporation (RB-NYSE)
announced today that its wholly owned subsidiary, Reading & Bates
Development Co., has entered into an agreement with Santa Fe Energy
Resources to explore five oil and gas prospects in the U.S. Gulf of Mexico
in water depths ranging from 400 to 2400 feet. Santa Fe Energy will
operate the properties for the partners and has contracted a rig to begin
the drilling program in the Spring of 1997. Total Offshore Production
Systems (TOPS), an affiliate of Reading & Bates, will carry out the
design, construction and installation of facilities associated with
commercial discoveries on the five prospects.
Paul B. Loyd, Jr., Reading & Bates Chairman, President and CEO, said "We
are very pleased to announce this participation with Santa Fe Energy on
five prime Gulf of Mexico prospects. This represents a significant
advancement in our strategy to acquire equity in first class oil and gas
prospects. We are very optimistic that the combination of Santa Fe's
exploration expertise with TOPS' ability to rapidly develop the projects
will produce excellent results for the parties."
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., provides technical,
construction and project management services and subsea and floating
production systems to the upstream offshore oil and gas industry worldwide.
TOPS is a joint venture between Reading & Bates Development Co. and INTEC
Engineering, Inc. which performs turnkey offshore oil and gas field
developments. TOPS is supported by preferred vendors Cooper Cameron,
SonSub, Kvaerner FSSL, and Cal-Dive, who provide standardized equipment,
as well as expertise and services which allow rapid and efficient field
development.
# # #
