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READING & BATES OBTAINS MAJORITY REPRESENTATION ON ARCADE DRILLING'S BOARD OF DIRECTORS

 READING & BATES OBTAINS MAJORITY REPRESENTATION ON
 ARCADE DRILLING'S BOARD OF DIRECTORS
 HOUSTON, April 14 /PRNewswire/ -- Reading & Bates Corporation (NYSE: RB) announced today that it has obtained majority representation on the board of directors of Arcade Drilling AS as a result of the annual general meeting of stockholders of that company held in Oslo, Norway on April 10, 1992. Arcade Drilling owns and operates the two fourth generation semisubmersibles, the "ARCADE FRONTIER" and the "HENRY GOODRICH". In a board of directors meeting following the stockholders meeting, Paul B. Loyd, chairman and chief executive officer of Reading & Bates Corporation, was elected chairman of the board of Arcade Drilling AS. This latest development is an important milestone in Reading & Bates' previously announced strategy to expand its capabilities in the deep-water segment of the market.
 Reading & Bates is a New York Stock Exchange listed company, engaging in offshore drilling throughout the world.
 -0- 4/14/92
 /CONTACT: T.W. Nagle of Reading & Bates, 713-496-5000/
 (RB) CO: Reading & Bates Corporation ST: Texas IN: OIL SU:


SM -- NY076 -- 8294 04/14/92 16:11 EDT
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Publication:PR Newswire
Date:Apr 14, 1992
Words:179
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