8-K

                       SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549

                                    FORM 8-K

                                 CURRENT REPORT

                       Pursuant to Section 13 or 15(d) of
                       the Securities Exchange Act of 1934

                        Date of Report:  September 26, 1997

                           READING & BATES CORPORATION
             (Exact name of registrant as specified in its charter)

       Delaware                    1-5587                  73-0642271    
     (State or other             (Commission            (I.R.S. Employer
     jurisdiction of             File Number)          Identification No.)
     incorporation)

                901 Threadneedle, Suite 200, Houston, TX   77079  
              (Address of principal executive offices)   (Zip Code)

  Registrant's telephone number, including area code  (281) 496-5000


  Item 7. Financial Statements and Exhibits

     (c)  Exhibits

            Exhibit 99 - Press  Release  dated  September 25, 1997 - Reading &
                         Bates announces  that  the 300 foot cantilever jackup
                         "Roger  W.  Mowell"  has  been  awarded  a  one  year
                         drilling contract in Southeast Asia.


                                    SIGNATURE


  Pursuant to the requirements of the Securities Exchange Act of 1934,  the
  registrant  has duly caused this report to be signed on its behalf of the
  undersigned thereunto duly authorized.

                                      READING & BATES CORPORATION

                                      By  /s/T. W. Nagle 
                                          ------------------------
                                          T. W. Nagle
                                          Executive Vice President, 
                                          Finance and Administration 
                                          (Principal Financial and
                                          Accounting Officer)

  Dated: September 26, 1997

EX-99

                                                                  EXHIBIT 99

FOR IMMEDIATE RELEASE                         Contact:  Mr. Charles R. Ofner
                                                              (281) 496-5000

       Reading & Bates Awarded Contract in Southeast Asia

September  25, 1997, Houston, Texas..Reading  &  Bates  Corporation (RB-NYSE)
announced  today that the 300 foot  cantilever  jackup "Roger  W. Mowell" has
been awarded a one year drilling contract by an operator  in Indonesia. Total
contract value for this period is estimated at approximately $32 million with
commencement   approximately   mid   October   1997,   following  the  unit's
mobilization from the Adriatic Sea.

Paul  B.  Loyd,  Jr.,  the  Company's Chairman,  Chief  Executive Officer and
President stated, "We are very pleased to have been awarded this  work  since
Reading & Bates' relationship in Indonesia with the operator  dates  all  the
way back to the late 1960's.  This contract and the recent award in Indonesia
for the sister jackup "Harvey H. Ward" represent yet another rate  level  for
Reading & Bates jackups and thus reemphasizes the importance to  the  Company
of  our fleet of nine high specification  cantilever jackups,  a segment that
continues to strengthen in the  offshore drilling market."

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.,  engages  in  the  business  of  acquiring
interests in  offshore  oil  and  gas properties  and thereby participates in
reservoir  risk  sharing.  Through  its  TOPS  joint venture, a full range of
field   development  contracting  alternatives is  offered  to  oil  and  gas
companies, including   such   services  as   drilling,  marine   and   subsea
construction  and production services.  In July Reading  &  Bates and  Falcon
Drilling Company Inc.  announced  that  they  have  agreed to  combine  their
companies into a new company--R&B Falcon Corporation--which  will operate the
world's  largest  offshore drilling fleet.

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