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READING & BATES CORPORATION REPORTS RESULTS

 HOUSTON, Aug. 10 /PRNewswire/ -- Reading & Bates Corporation (NYSE: RB) today reported net income of $2.2 million ($.04 per share), on revenues of $48.3 million, for the quarter ended June 30, 1993 compared to a net loss of $.5 million ($.04 per share), on revenues of $38.1 million for the quarter ended June 30, 1992. Results for the second quarter of 1992 included $6.8 million of non-recurring income due to a curtailment gain, which was the result of the company modifying its postretirement benefits. The substantial quarter to quarter improvement is primarily attributable to increased revenue as a result of improved utilization of the drilling fleet. Utilization for the second quarter of 1993 was 88 percent compared to 72 percent in the second quarter of 1992. At the present time all of the company's drilling rigs except one are operating, resulting in a current utilization of 94.4 percent.
 For the six months ended June 30, 1993, the company reported net income of $51,000 compared to a net loss of $2.1 million ($.11 per share) for the six months ended June 30, 1992. Revenues for the first half of 1993 were $84.2 million compared to revenues of $78.5 million for the first half of 1992. Results from the first half of 1992 included a $6.8 million curtailment gain as a result of the company modifying its postretirement benefits.
 As previously announced, Reading & Bates completed a public offering of 2,990,000 shares of convertible preferred stock in July, 1993, at a price of $25.00 per share.
 The company's Chairman and Chief Executive Officer Paul B. Loyd Jr., stated that the substantial increases in revenues and operating results reflected the improving market dynamics in the worldwide offshore drilling industry coupled with the inherent earning power of the company's quality fleet. "Our unique focus on two quality segments in offshore drilling, the fourth generation semi market and the 300 foot independent leg cantilever jackup market, differentiates us from the competition and is starting to pay off for our shareholders."
 Reading & Bates is a New York Stock Exchange listed company, providing offshore drilling services throughout the world. Its wholly owned subsidiary, Reading & Bates Development Co., provides project management and technical services to the upstream offshore oil and gas industry worldwide.
 READING & BATES CORPORATION AND SUBSIDIARIES
 Condensed Consolidated Balance Sheet
 (Unaudited, in thousands)
 As at 6/30/93 12/31/92
 Assets:
 Current assets $ 93,954 $101,173
 Net property and equipment 489,218 501,392
 Investments and advances 637 624
 Other assets 1,691 11,439
 Total assets $585,500 $614,628
 Liabilities and Stockholders' Equity:
 Current liabilities $ 68,594 $ 73,540
 Long-term obligations 117,397 115,151
 Other noncurrent liabilities 70,418 73,026
 Minority interest 83,104 107,488
 Stockholders' equity 245,987 245,423
 Total Liabilities and Stockholders' Equity $585,500 $614,628
 READING & BATES CORPORATION AND SUBSIDIARIES
 Consolidated Statement Of Operations
 (Unaudited, in thousands except per share amounts)
 Three Months Six Months
 Periods ended June 30, 1993 1992 1993 1992
 Operating Revenues $48,307 $38,081 $84,246 $78,497
 Costs and Expenses:
 Operating expenses 30,296 29,066 55,008 55,220
 Depreciation and
 amortization 7,298 8,481 13,919 17,027
 General and administrative 4,424 4,494 8,434 8,532
 Total 42,018 42,041 77,361 80,779
 Operating income (loss) 6,289 (3,960) 6,885 (2,282)
 Other income (expense):
 Interest expense (3,695) (3,698) (7,176) (8,640)
 Interest income 314 552 671 1,351
 Equity in losses of
 unconsolidated investees (121) (152) (122) (118)
 Other, net 249 6,784 (173) 5,444
 Total (3,253) 3,486 (6,800) (1,963)
 Income (loss) from operations
 before income taxes and
 minority interest 3,036 (474) 85 (4,245)
 Income taxes 955 1,087 2,238 1,420
 Income (loss) from operations
 before minority interest 2,081 (1,561) (2,153) (5,665)
 Minority interest 158 1,034 2,204 3,571
 Net income (loss) 2,239 (527) 51 (2,094)
 Accretion in redemption price
 of redeemable stocks -- (1,551) -- (2,948)
 Net income (loss) applicable to
 common shares outstanding $ 2,239 $(2,078) $ 51 $(5,042)
 Net income (loss) per share $ .04 $ (.04) $ .00 $ (.11)
 Weighted average number of common
 shares outstanding 55,536 47,486 55,537 47,484
 -0- 8/10/93
 /CONTACT: T. W. Nagle of Reading & Bates Corporation, 713-496-5000/
 (RB)


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

WB -- NY045 -- 1168 08/10/93 11:50 EDT
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Date:Aug 10, 1993
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