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: September 12, 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 September 12, 1997 - Reading &
Bates announces that Hart Scott Rodino Filing has
been accepted by Department of Justice.
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: September 12, 1997
EXHIBIT 99
FOR IMMEDIATE RELEASE Contact: Mr. Charles R. Ofner
(281)496-5000
Falcon Drilling and Reading & Bates Announce that Hart Scott
Rodino Filing has been accepted by Department of Justice.
September 12, 1997, Houston, Texas. Falcon Drilling Company, Inc.
(NYSE: FLC) and Reading & Bates Corporation (NYSE: RB) announced
today the applicable waiting period under the Hart-Scott-Rodino
Antitrust Improvements Act of 1976 and rules promulgated
thereunder has expired, and that the companies anticipate the
merger will be completed in the fourth quarter of this year. The
companies previously announced that they would merge on July 10,
1997, creating a new company---R&B Falcon Corporation--which will
operate the world's largest offshore drilling fleet.
Paul B. Loyd, Jr., Chairman, Chief Executive Officer and
President of Reading & Bates, commented, "In our original
announcement of the merger in early July we indicated that we did
not expect there to be any antitrust concerns with the merger and
we are pleased to see this confirmed. The demand for our
drilling services, particularly in the deepwater market,
continues to be exceptionally strong and our planned merger is,
if anything, even more of an excellent strategic fit now than
when it was announced."
Steven A. Webster, Chairman and Chief Executive Officer of Falcon
Drilling, said, "Clearing this hurdle keeps us on target for
finalization of the merger in November. Our enthusiasm that this
transaction will create significant shareholder value for both
R&B and Falcon shareholders has only been heightened in the
period since the merger was announced."
Falcon Drilling Company is a NYSE listed company, providing
offshore drilling services for the international oil and gas
industry. Falcon's fleet of 82 drilling units services the
international deepwater, the offshore Gulf of Mexico and the
worldwide transition zone.
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.
