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READING & BATES CORPORATION ANNOUNCES PURCHASE OF SHARES IN ARCADE SHIPPING AS

 HOUSTON, March 10 /PRNewswire/ -- Reading & Bates Corporation (NYSE: RB) announced today that it has acquired an additional 5,565,750 shares of Arcade Shipping AS, a Norwegian company, thereby increasing its ownership interest to approximately 48.6 of the total outstanding shares (approximately 56.7 percent of the outstanding voting shares). Arcade shipping AS owns approximately 46.2 percent of the outstanding and voting shares of Arcade Drilling AS, also a Norwegian company, that owns the two fourth generation semi-submersible drilling units, the "ARCADE FRONTIER" and the "HENRY GOODRICH".
 Reading & Bates will tender for all outstanding shares of Arcade Shipping AS in accordance with the Norwegian Securities Trading Act, Section 5.A requiring a mandatory offer upon the acquiror becoming the owner of shares representing more than 45 percent of the shares in a listed company. Arcade Shipping AS is listed on the Oslo Stock Exchange. The offering document will be distributed to all registered shareholders following the approval of the Oslo Stock Exchange. The offering price is Norwegian Krone 1.00 per share. The offer will remain open for acceptance until the close of business in Oslo, Norway on April 7, 1993.
 Reading & Bates Corporation is a New York Stock Exchange listed company engaging in offshore drilling and related operations throughout the world.
 -0- 3/10/93
 /CONTACT: T.W. Nagle of Reading & Bates Corporation, 713-496-5000/
 (RB)


CO: Reading & Bates Corporation; Arcade Shipping AS ST: Texas IN: OIL SU: TNM

LD -- NY064 -- 4811 03/10/93 16:20 EST
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Publication:PR Newswire
Date:Mar 10, 1993
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