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READING & BATES CORPORATION ANNOUNCES INTENTION OF FILING REGISTRATION STATEMENT

 HOUSTON, June 30 /PRNewswire/ -- Reading & Bates Corporation (NYSE: RB) announced today it intends to file a registration statement with the Securities and Exchange Commission regarding a proposed public offering by the Company of 2,600,000 shares (par value $1.00 per share) of a new class of convertible preferred stock (2,990,000 shares if the underwriters' over-allotment option is exercised in full). Reading & Bates intends to use the proceeds of the offering to repay certain indebtedness under its principal bank credit agreement, for working capital and for general corporate purposes.
 These securities will be offered only by means of a prospectus and may not be sold nor may offers to buy be accepted prior to the time the registration statement has been filed with the Securities and Exchange Commission and has become effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
 Reading & Bates is a New York Stock Exchange listed company, engaging in offshore drilling and engineering services throughout the world.
 -0- 6/30/93
 /CONTACT: T.W. Nagle of Reading & Bates Corporation, 713-496-5000/
 (RB)


CO: Reading & Bates Corporation ST: Texas IN: OIL SU: OFR

MP -- NY074 -- 7318 06/30/93 16:20 EDT
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Publication:PR Newswire
Date:Jun 30, 1993
Words:241
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