------------------------------
OMB APPROVAL
------------------------------
OMB Number 3235-0104
Expires: April 30, 1997
Estimated average burden
hours per response ....... 0.5
------------------------------
U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 3
INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES
Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934,
Section 17(a) of the Public Utility Holding Company Act of 1935 or
Section 30(f) of the Investment Company Act of 1940
================================================================================
1. Name and Address of Reporting Person
Reading & Bates Corporation
- --------------------------------------------------------------------------------
(Last) (First) (Middle)
901 Threadneedle, Suite 200
- --------------------------------------------------------------------------------
(Street)
Houston TX 77079
- --------------------------------------------------------------------------------
(City) (State) (Zip)
================================================================================
2. Date of Event Requiring Statement (Month/Day/Year)
07/10/97
================================================================================
3. IRS or Social Security Number of Reporting Person (Voluntary)
73-0642271
================================================================================
4. Issuer Name and Ticker or Trading Symbol
Falcon Drilling Company, Inc. (FLC)
================================================================================
5 Relationship of Reporting Person to Issuer
(Check all applicable)
[ ] Director [ x ] 10% Owner
[ ] Officer (give title below) [ ] Other (specify below)
--------------------------------------------------------------------
================================================================================
6. If Amendment, Date of Original (Month/Year)
================================================================================
Table I -- Non-Derivative Securities Beneficially Owned
================================================================================
<TABLE>
<CAPTION>
3. Ownership Form:
2. Amount of Securities Direct (D) or
1. Title of Security Beneficially Owned Indirect (I) 4. Nature of Indirect Beneficial Ownership
(Instr. 4) (Instr. 4) (Instr. 5) (Instr.5)
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
====================================================================================================================================
</TABLE>
Reminder: Report on a separate line for each class of securities beneficially
owned directly or indirectly.
(Print or Type Responses)
<PAGE>
FORM 3 (continued)
Table II -- Derivative Securities Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
================================================================================
<TABLE>
<CAPTION>
5. Owner-
3. Title and Amount of Securities ship
Underlying Derivative Security Form of
2. Date Exercisable (Instr. 4) Derivative
and Expiration Date --------------------------------- 4. Conver- Security:
(Month/Day/Year) Amount sion or Direct 6. Nature of
---------------------- or Exercise (D) or Indirect
Date Expira- Number Price of Indirect Beneficial
1. Title of Security Exer- tion of Derivative (I) Ownership
(Instr. 4) cisable Date Title Shares Security (Instr.5) (Instr. 5)
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Option (see below) (see below) (see below) Common Stock 15,753,823 $27.78 D
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
====================================================================================================================================
</TABLE>
Explanation of Responses:
In connection with an Agreement and Plan of Merger (the "Merger
Agreement") dated as of July 10, 1997, among Reading & Bates Corporation
(the "Reporting Person"), Falcon Drilling Company, Inc. (the "Issuer"),
R&B Falcon Corporation, FDC Acquisition Corp. and Reading & Bates
Acquisition Corp., the Reporting Person and the Issuer entered into a
Stock Option Agreement dated as of July 10, 1997, providing for the
option described above. The option is exercisable only upon the
occurrence of certain events described in the Strock Option Agreement
and expires upon, or following a certain period after, the occurrence of
certain events described in the Stock Option Agreement. The number of
shares of common stock of the Issuer purchasable by the Reporting Person
under the option will be adjusted if necessary so that the number of
shares purchasable by the Reporting Person upon exercise of the option
at the time of such exercise will equal 19.9% of the outstanding shares
of Common Stock of the Issuer at such time. Prior to such exercise, the
Reporting Person expressly disclaims beneficial ownership of the shares
of Common Stock of the Issuer which are purchasable by the Reporting
Person upon exercise of such option.
/s/ Reading & Bates Corporation July 21, 1997
- --------------------------------------------- -----------------------
**Signature of Reporting Person Date
By: Timothy W. Nagle
Title: Executive Vice President,
Finance and Administration
** Intentional misstatements or omissions of facts constitute Federal Criminal
Violations.
See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed.
If space provided is insufficient. See Instruction 6 for procedure.
