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: November 4, 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 November 4, 1997 - Reading & Bates
announces that the "M. G. Hulme, Jr." has been awarded
a three to four well drilling contract by Den norske
stats oljeselkap a.s. (Statoil).
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: November 4, 1997
EXHIBIT 99
FOR IMMEDIATE RELEASE Contact: Mr. Charles R. Ofner
(281) 496-5000
Reading & Bates Secures Commitment for
Third-Generation Drilling Unit with Statoil
November 4, 1997, Houston, Texas....Reading & Bates Corporation (RB-NYSE)
announced today that agreement has been reached with Den norske stats
oljeselkap a.s. (Statoil) for a three to four well contract expected to
take one year for the third-generation semisubmersible "M. G. Hulme, Jr.".
Operations will be carried out in West Africa from mid 1998. Drilling will
be conducted in up to 5,000 feet of water, and total contract value is
estimated at $78.8 million. The "Hulme" has recently completed an upgrade
project to extend the unit's water depth capability to 4,000 feet, so
increasing its capability for the Statoil contract requires only a short
shipyard project.
Paul B. Loyd, Jr., Reading & Bates Chairman, Chief Executive Officer and
President of Reading & Bates Corporation stated, "We are very pleased to
add this deepwater semisubmersible drilling contract to the one announced
in September with Statoil for a newbuild 10,000 foot D.P. drillship. This
contract represents a new rate level for a third-generation semisubmersible
drilling unit, confirming again the strength of the worldwide deepwater
drilling market. We feel the awards of the drilling contracts for the
"Hulme" and the new D.P. drillship reaffirm Reading & Bates' capability and
commitment to lead the industry in deepwater drilling technology while
continuing to increase shareholder value in our core contract drilling
business."
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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