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READING & BATES CORPORATION HAS BEEN SELECTED AS GENERAL CONTRACTOR

 HOUSTON, June 23 /PRNewswire/ -- Reading & Bates Corporation (NYSE: RB) announced today that its wholly owned subsidiary, Reading & Bates Development Co., has been selected as the general contractor for the provision of a semi-submersible floating production system for the Liuhua 11-1 Project being jointly developed by Amoco Orient Petroleum Company and China Offshore Oil Nanhai East Corporation in the South China Sea.
 In its role as general contractor for Amoco Orient Petroleum Company, Reading & Bates Development Co. will assist in the procurement of a third party semi-submersible drilling unit and provide the engineering services and project management to convert the semi into a floating production system (FPS). The FPS will eventually be moored in approximately 1000 feet of water some 130 miles southeast of Hong Kong. The overall cost of the services being managed by Reading & Bates Development Co. is approximately $76 million and the project is expected to last 22 months. Reading & Bates Development Co. will be compensated on a cost recovery basis plus fixed and incentive fee arrangement.
 In 1990, Reading & Bates Development Co. commenced performing specialized technical consulting and project management services related to the upstream offshore oil industry. Reading & Bates Development Co. is equipped to handle virtually all aspects of design, procurement, project management and construction for drilling and floating production systems, either new construction or the major renovation and conversion of existing units.
 Amoco Orient Petroleum Company is a wholly owned subsidiary of Amoco Production Company, the worldwide exploration and production arm of Amoco Corporation.
 Reading & Bates is a New York Stock Exchange listed company, engaging in offshore drilling and engineering services throughout the world.
 -0- 6/23/93
 /CONTACT: T.W. Nagle of Reading & Bates Corporation, 713-496-5000/
 (RB)


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

MP -- NY028 -- 4922 06/23/93 10:18 EDT
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Publication:PR Newswire
Date:Jun 23, 1993
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