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READING & BATES FILES REGISTRATION STATEMENT

 READING & BATES FILES REGISTRATION STATEMENT
 HOUSTON, Texas, Aug. 21 /PRNewswire/ -- Reading & Bates Corporation


(NYSE: RB) has filed a registration statement with the Securities and Exchange Commission regarding a public offering by the company of 5,700,000 shares of its common stock (6,555,000 shares if the underwriters' over-allotment option is exercised in full), par value $.05 per share. In connection with the offering, Reading & Bates intends to effect a one-for-five reverse stock split prior to the sale of any shares of common stock in the offering, and the 5,700,000 shares of common stock to be offered are calculated on a post-split basis.
 Reading & Bates intends to use the proceeds of the offering primarily to repurchase certain outstanding stock and for working capital and general corporate purposes.
 Smith Barney, Harris Upham & Co. Incorporated, Salomon Brothers Inc. and Howard, Weil, Labouisse, Friedrichs Incorporated will manage the offering. When available, a prospectus may be obtained from Smith Barney, Harris Upham & Co. Incorporated at the following address: 110 Wall Street, New York, N.Y., 10005, Attention: Prospectus Dept.
 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.
 Reading & Bates is a New York Stock Exchange listed company, engaging in offshore drilling throughout the world.
 -0- 8/21/92
 /CONTACT: T. W. Nagle of Reading & Bates, 713-496-5000/
 (RB) CO: Reading & Bates Corporation ST: Texas IN: OIL SU: OFR


PS -- NY066 -- 2284 08/21/92 16:48 EDT
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Copyright 1992 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Aug 21, 1992
Words:324
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