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: May 28, 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 May 27, 1997 - Reading & Bates
announces that its wholly owned subsidiary, Reading
& Bates Development Co., completed drilling
operations on a prospect in the U.S. Gulf of Mexico
in which it had a partial interest.
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: May 28, 1997
EXHIBIT 99
FOR IMMEDIATE RELEASE Contact: Mr. Charles R. Ofner
(281) 496-5000
Reading & Bates Development Co. Reports Dry Hole Expense
May 27, 1997, Houston, Texas....Reading & Bates Corporation (RB-NYSE) on
behalf of its wholly owned subsidiary, Reading & Bates Development Co.
(Development), announced that drilling operations were completed on a
prospect in the U.S. Gulf of Mexico in which it had a partial interest.
The well was drilled to the target objective but failed to encounter
commercial amounts of hydrocarbons. Currently, the operator is proceeding
to plug and abandon the well. In accordance with the successful efforts
accounting method for oil and gas accounting adopted by Reading & Bates,
approximately $7.0 million will be written off during the second quarter
of 1997.
Paul B. Loyd, Jr., Chairman, Chief Executive Officer and President of
Reading & Bates Corporation, stated, "We are naturally disappointed with
the results of this particular prospect, but since the first three wells
that we participated in encountered potentially commercial amounts of
hydrocarbons, Reading & Bates Development Co.'s strategy is very much on
course."
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 offshore 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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