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READING & BATES CORPORATION FILES SHELF REGISTRATION STATEMENT

 HOUSTON, Oct. 12 /PRNewswire/ -- Reading & Bates Corporation (NYSE: RB) announced today that it has filed a shelf registration statement with the Securities and Exchange Commission relating to the registration of 31,533,614 shares of its outstanding Common Stock, par value $.05 per share. Reading & Bates is registering such shares pursuant to a registration rights agreement entered into by the company in connection with the company's 1991 recapitalization, to facilitate resales from time to time at the option of the respective stockholders named in the registration statement during the one-year period following effectiveness of the registration statement. Such resales may occur in one or more transactions, directly by such stockholders, or through agents, dealers, brokers or underwriters to be designed from time to time. Such offers or sales may be effected over the New York or Pacific Stock Exchanges, in negotiated off-exchange transactions, in coordinated public offerings, in a combination of such methods of sale or by any other legally available means.
 A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes 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.
 -0- 10/12/93
 /CONTACT: Charles R. Ofner of Reading & Bates, 713-496-5000/
 (RB)


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

MP -- NY103 -- 1309 10/12/93 16:57 EDT
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Publication:PR Newswire
Date:Oct 12, 1993
Words:291
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