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
December 16, 1997
_________________________________
(Date of earliest event reported)
Falcon Drilling Company, Inc.
______________________________________________________
(Exact name of Registrant as specified in its charter)
Delaware 0-26388 76-0351754
____________________ ____________________ ____________________
(State of (Commission File (IRS Employer
Incorporation) No.) Identification No.)
1900 West Loop South, Suite 1800, Houston, Texas 77027
____________________________________________________________
(Address of principal executive offices, including zip code)
(713) 623-8984
____________________________________________________
(Registrant's telephone number, including area code)
Not Applicable
_____________________________________________________________
(Former name or former address, if changed since last report)
ITEM 5. OTHER EVENTS.
On December 16, 1997, Falcon Drilling Company, Inc. and
Reading & Bates Corporation issued a press release announcing the
Board of Directors of R&B Falcon Corporation, a copy of which is
attached hereto as Exhibit 99.1 and is hereby incorporated by
reference.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION
AND EXHIBITS.
(c) Exhibits
99.1 Press release issued by Falcon Drilling Company, Inc.
and Reading & Bates Corporation on December 16, 1997.
SIGNATURES
Pursuant to the requirements of the Securities Exchange
Act of 1934, the registrant has duly caused this report to be
signed on its behalf by the undersigned hereunto duly authorized.
FALCON DRILLING COMPANY, INC.
By: /s/ Leighton E. Moss
_________________________
Name: Leighton E. Moss
Title: General Counsel
Date: December 17, 1997
EXHIBIT 99.1
NEWS RELEASE FROM...
Reading & Bates Corporation Falcon Drilling Company, Inc.
901 Threadneedle, Suite 200 1900 West Loop South, Suite 1800
Houston, Texas 77079 Houston, Texas 77027
Telephone: 281/496-5000 Tel: 713/623-8984
FOR IMMEDIATE RELEASE
DECEMBER 16, 1997
READING & BATES AND FALCON DRILLING ANNOUNCE BOARD OF
DIRECTORS FOR R&B FALCON CORPORATION
Houston, Texas - Reading & Bates Corporation (NYSE: RB) and
Falcon Drilling Company, Inc. (NYSE: FLC) announced today that
the directors of R&B Falcon Corporation would be Arnold L.
Chavkin, Paul B. Loyd, Jr., Macko A.E. Laqueur, Charles A.
Donabedian, and Robert L. Sandmeyer, who are currently Directors
of Reading & Bates, and Purnendu Chatterjee, Douglas A.P.
Hamilton, Michael E. Porter, Steven A. Webster, and William
Ziegler, who are currently Directors of Falcon. Messers. Loyd
and Webster are currently the directors of R&B Falcon
Corporation. The other directors will take office immediately
prior to the mergers which will result in Reading & Bates and
Falcon becoming wholly owned subsidiaries of R&B Falcon
Corporation. The shareholder meetings of Reading & Bates and
Falcon to vote on the proposed combination will be held on
December 23, 1997, and is expected that the combination will
be made effective after the close of business on December 31,
1997.
The following is additional information about each of the persons
who will serve as a director of R&B Falcon Corporation:
Dr. Purnendu Chatterjee has been a director of Falcon since 1993.
Dr. Chatterjee is a private investor. A corporation controlled
by Dr. Chatterjee is the general partner of a limited partnership
that constitutes Falcon's largest stockholder.
Arnold L. Chavkin has been a director of Reading & Bates since
August 1991. Mr. Chavkin is general partner of Chase Capital
Partners, a general partnership which invests in leveraged
buyouts, recapitalizations, growth equities and venture
situations.
Charles A. Donabedian has been a director of Reading & Bates
since 1989. Mr. Donabedian is Chairman and Chief Executive
Officer of Winston Financial Incorporated (formerly Winston
Midwest Marketing, Inc.), which provides product development,
marketing and sales consulting and services to the financial
service industry.
Douglas A.P. Hamilton has been a director of Falcon since 1992.
He is a private investor, and is one of Falcon's original
investors.
Macko A.E. Laqueur has been a director of Reading & Bates since
April 1995. Mr. Laqueur is a senior partner and one of the two
founders of Venture Capital Investors, a private investment
company located in Amsterdam, The Netherlands.
Paul B. Loyd, Jr. has been Chairman and Chief Executive Officer
of Reading & Bates since June 1991.
Dr. Michael E. Porter has been a director of Falcon since January
1997. Dr. Porter is the C. Roland Christensen Professor of
Business Administration at the Harvard Business School.
Robert L. Sandmeyer has been a director of Reading & Bates since
September 1988. Dr. Sandmeyer served as Dean of the College of
Business Administration at Oklahoma State University and
Professor of Economics until his retirement in 1994.
Steven A. Webster has been the Chairman and Chief Executive
Officer of Falcon since its organization in 1991.
William Ziegler has been a director of Falcon since 1991. Mr.
Ziegler is a partner in the law firm of Parson & Brown.
For more information contact:
Charles R. Ofner at Reading & Bates Corporation (281) 496-5000
Robert F. Fulton at Falcon Drilling Company (713) 623-8984
