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READING & BATES ACQUIRES ADDITIONAL SHARES OF ARCADE SHIPPING

      READING & BATES ACQUIRES ADDITIONAL SHARES OF ARCADE SHIPPING
    HOUSTON, Feb. 21 /PRNewswire/ -- Reading & Bates Corporation (NYSE: RB) announced today that it has acquired an additional 8.6 million shares of Arcade Shipping AS bringing its total ownership interest to approximately 45 percent of the outstanding voting shares of that entity.  Further, Reading & Bates announced that it has acquired a majority representation on the board of directors of Arcade Shipping as a result of a special meeting of the stockholders held on February 21, 1992.  Arcade Shipping owns approximately 46 percent of Arcade Drilling AS, which in turn owns the two fourth generation semisubmersible drilling units, "Henry Goodrich" and "Arcade Frontier."  Separately, Reading & Bates holds approximately a 15 percent interest in Arcade Drilling AS.
    Reading & Bates engages in offshore drilling throughout the world.
    -0-                  2/21/92
    /CONTACT:  T.W. Nagle of Reading & Bates, 713/496-5000.
    (RB) CO:  Reading & Bates Corporation ST:  Texas IN:  OIL SU:  TNM SM -- NY057 -- 1485 02/21/92 15:41 EST
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Publication:PR Newswire
Date:Feb 21, 1992
Words:165
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