READING & BATES ANNOUNCES THE COMPLETION OF SALE AND LEASEBACK OF THE 'W.T. ADAMS'
READING & BATES ANNOUNCES THE COMPLETION OF SALE AND LEASEBACK OF THE 'W.T. ADAMS' HOUSTON, March 30 /PRNewswire/ -- Reading & Bates Corporation (NYSE: RB) announced today that it had completed a sale and leaseback of its Marathon LeTourneau 116-C class jack-up rig "W.T. Adams" currently operating in Abu Dhabi. The buyer was Dorado Offshore Limited Partnership and the sales price was $28 million. Reading & Bates will continue to operate and market the rig under a bareboat charter agreement for 42 months with Dorado. The proceeds from the sale will be used to repay, when due, short term indebtedness incurred in 1991 by Reading & Bates to finance its acquisition of investment positions in Arcade Shipping AS and Arcade Drilling AS. Arcade Shipping owns approximately 46 percent of Arcade Drilling, and Arcade Drilling owns the two fourth generation semisubmersibles, "HENRY GOODRICH" and "ARCADE FRONTIER." Reading & Bates is a company that engages in offshore drilling throughout the world. -0- 3/30/92 /CONTACT: T.W. Nagle of Reading & Bates, 713-496-5000/ (RB) CO: Reading & Bates Corporation ST: Texas IN: OIL SU:
TQ -- NY093 -- 3056 03/30/92 16:31 EST
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|Date:||Mar 30, 1992|
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