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READING & BATES CORPORATION ACQUIRES SHARES OF ARCADE DRILLING AS

 HOUSTON, May 13 /PRNewswire/ -- Reading & Bates Corporation (NYSE: RB) announced today that it has acquired an additional 5,460,000 shares of Arcade Drilling AS, a Norwegian company that owns the two fourth-generation semisubmersible drilling units, the "Arcade Frontier" and the "Henry Goodrich," thereby increasing the company's ownership to 20.44 percent of the total outstanding shares. Further, as a result of the recent tender offer in accordance with the Norwegian Securities Trading Act, the company has acquired an additional 19,988,905 shares of Arcade Shipping AS, a Norwegian company which owns 46.23 percent of Arcade Drilling AS, thereby increasing the company's ownership to 63.83 percent of the total outstanding shares of Arcade Shipping AS.
 As a result of the further acquisitions, Reading & Bates and Arcade Shipping AS' joint holdings in Arcade Drilling AS now equal 66.67 percent of the outstanding shares.
 Reading & Bates is a New York Stock Exchange listed company, engaging in offshore drilling throughout the world.
 -0- 5/13/93
 /CONTACT: T. W. Nagle of Reading & Bates Corporation, 713-496-5000/
 (RB)


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

TS -- NY027 -- 7996 05/13/93 10:05 EDT
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Publication:PR Newswire
Date:May 13, 1993
Words:199
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