UNITED STATES
                        SECURITIES AND EXCHANGE COMMISSION
                           Washington, D. C.  20549

                                   FORM 10-Q


[X]  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 FOR THE PERIOD ENDED DECEMBER 31, 1995.

[ ]  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE     
   SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD
     FROM________________________ TO__________________________


                         Commission File Number 0-9953

                          BONRAY DRILLING CORPORATION
             (Exact name of registrant as specified in its charter)
  


          Delaware                                   73-1086424
(State or other jurisdiction of                   (I.R.S. Employer
incorporation or organization)                  Identification Number)



           4701 N. E. 23rd Street, Oklahoma City, Oklahoma 73121
         (Address of principal executive offices, including zip code)

                                405/424-4327
            (Registrant's telephone number, including area code)


     Indicate by check mark whether the registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the Securities
Exchange Act of 1934 during the preceding 12 months (or for such shorter
period that the registrant was required to file such reports), and (2) has
been subject to such filing requirements for the past 90 days.
Yes   X    No _____.

     Indicate the number of shares outstanding of each of the issuer's
classes of common stock, as of the latest practicable date:



Class                                 Outstanding at January 31, 1996
Common Stock, $1.00 par value                   423,540 shares
<PAGE>
                        BONRAY DRILLING CORPORATION
                                  Index



                                                                Page
                                                               Number
PART I.  FINANCIAL INFORMATION

Condensed Consolidated Balance Sheets at December 31,
   1995 and June 30, 1995.                                        

Condensed Consolidated Statements of Operations for the
   three and six months ended December 31, 1995 and 1994.          

Consolidated Statements of Cash Flows for the six months 
   ended December 31, 1995 and 1994.                               

Notes to Condensed Consolidated Financial Statements.              

Management's Discussion and Analysis of Financial
   Condition and Results of Operations.                           


PART II.  OTHER INFORMATION

Items 1 through 5 have been omitted since the items are
   either inapplicable or the answer is negative.
<PAGE>
                    PART I.  FINANCIAL INFORMATION
                     BONRAY DRILLING CORPORATION
                 CONDENSED CONSOLIDATED BALANCE SHEETS
             (Information at December 31, 1995 is unaudited)
                         (Dollars in thousands)

<TABLE>
<CAPTION>
                                           December 31,       June 30,
                                              1995              1995
                                            __________        ________
<S>                                         <C>                <C>

Assets
--------
Current assets:
  Cash and cash equivalents                 $     37           $   160
   Accounts receivable, net                    2,259             2,139
   Drilling contracts in progress                 64                21
   Prepaid expenses                              108                94
                                            ----------         ----------
      Total current assets                     2,468             2,414

Properties and equipment, net                  8,061             8,233
                                            ----------         ----------

         Total assets                       $ 10,529           $10,647
                                            ==========         =========        
Liabilities and Stockholders' Equity
------------------------------------

Current liabilities:
   Accounts payable                         $  1,114           $   965
   Notes payable                                  50                 -
   Current portion of long term obligations      473               551
   Accrued liabilities:
      Salaries and wages                         145               163
      Workers' compensation insurance            187                66
      Payroll and other taxes                     16                61
      Other                                      143               100
                                            ----------         ----------
      Total current liabilities                2,128             1,906
                                            ----------         ----------

Obligations due after one year                   489               693

Stockholders' equity:
   Common stock, $1.00 par value; 800,000
      shares authorized, 432,740 shares
      issued                                     433               433
   Capital in excess of par value             12,497            12,497
   Accumulated deficit                        (4,926)           (4,790)
                                            ----------          ----------
                                               8,004             8,140
      Less - cost of 9,200 treasury shares        92                92
                                            ----------          ----------

      Total stockholders' equity               7,912             8,048
                                            ----------          ---------

         Total liabilities and stockholders'
            equity                          $ 10,529           $10,647
                                            ==========         ==========  
</TABLE>
     

See accompanying Notes to Condensed Consolidated Financial Statements.
<PAGE>
 
                       BONRAY DRILLING CORPORATION
               CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                               (UNAUDITED)
               (Dollars in thousands, except per share amounts)

<TABLE>
<CAPTION>      
                             Three Months Ended     Six Months Ended
                                 December 31,          December 31,  
                             1995       1994        1995      1994
                             ----       ----        ----      ---- 
<S>                         <C>        <C>         <C>       <C>
Revenues:
   Contract drilling 
      operations            $ 2,879    $ 1,813     $ 5,239   $ 4,024        
   Gain (loss) on
      disposal of assets         (3)     1,016         (10)    1,018
   Other                         33         80          44        99
                            --------   --------    --------  --------
                              2,909      2,909       5,273     5,141

Costs and expenses:
   Contract drilling 
      operations              2,343      1,477       4,294     3,187
   General and 
      administrative            255        210         491       403
   Depreciation                 307        222         624       592
                            --------  ---------   --------  --------
                              2,905      1,909       5,409     4,182
                            --------  --------    --------  ---------

Net income (loss) before
   taxes                          4      1,000        (136)      959

Federal income taxes
   current                        -         30           -        30
                            --------  --------    --------  --------

Net income (loss)           $     4    $   970     $  (136)  $   929
                            ========  ========    ========  ========
                                         
Net income (loss) per
   share                    $   .01    $  2.29     $  (.32)  $  2.19
                            ========  ========    =========  ========

Average shares 
   outstanding              423,540    423,540     423,540   423,540
                            ========  ========    ========   =======
</TABLE>

See accompanying Notes to Condensed Consolidated Financial Statements.
<PAGE>


                       BONRAY DRILLING CORPORATION
                 CONSOLIDATED STATEMENTS OF CASH FLOWS
                              (Unaudited)
                         (Dollars in thousands)
<TABLE>
<CAPTION>

                                                     Six Months Ended
                                                       December 31,
                                                       ------------
                                                       1995     1994 
                                                       ----     ----
<S>                                                  <C>       <C>
Cash flows from operating activities:
   Cash received from customers                      $ 5,287   $ 5,289
   Cash paid to suppliers and employees               (4,757)   (5,007)
   Interest received                                       3         2
   Interest paid                                         (35)      (11)
   Other cash receipts                                    56       114
                                                     --------  -------- 
      Net cash provided by operating
         activities                                      554       387
                                                     --------  -------- 
Cash flows from investing activities:
   Proceeds from sales of assets                           8     1,717
   Capital expenditures                                 (466)     (438)
                                                     --------  --------
      Net cash provided (used) by investing 
         activities                                     (458)    1,279
                                                     --------  --------
Cash flows from financing activities:
   Proceeds from short term borrowings                    50         -
   Payments on notes payable                            (269)     (165)  
                                                     --------- --------
Net cash used by financing activities                   (219)     (165)
                                                     --------  --------
Net increase (decrease) in cash and cash 
   equivalents                                          (123)    1,501
Cash and cash equivalents at beginning of period         160         9
                                                     --------  --------
Cash and cash equivalents at end of period           $    37   $ 1,510
                                                     ========  ========

Reconciliation of net loss to net cash provided
   by operating activities:
Net income (loss)                                    $  (136)  $   929        
Adjustments to reconcile net loss to net cash
   provided by operating activities:
      Depreciation                                       624       592
      Change in assets and liabilities:  
      Decrease (increase) in current assets:
        Accounts receivable                             (120)     (157)
         Drilling contracts in progress                  (43)       34
         Prepaid expenses and taxes                      (14)       12
      Increase (decrease) in current liabilities:
         Accounts payable                                149        80
         Accrued liabilities                             101       (20)
     Loss (gain) on disposal of assets                    10    (1,018)
     Obligations due after one year                      (13)       33
     Other                                                (4)      (98)
                                                     --------  --------
            Total adjustments                            690      (542)
                                                     --------  --------

Net cash provided by operating activities            $   554   $   387
                                                     ========  ========

</TABLE>
The accompanying notes are an integral part of these financial statements.
<PAGE>



                          BONRAY DRILLING CORPORATION
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                                 (UNAUDITED)
                              December 31, 1995


1.   In the opinion of the Company the accompanying unaudited condensed
     financial statements contain all adjustments (consisting primarily of
     normal recurring accruals) necessary to present fairly the financial
     position as of December 31, 1995 and June 30, 1995, the results of
     operations for the three and six months ended December 31, 1995 and
     1994 and the changes in financial position for the six month periods
     then ended.  The condensed balance sheet at June 30, 1995 was derived
     from information obtained from audited financial statements as of   
     that date.

2.   The results of operations for the three and six month periods ended
     December 31, 1995 are not necessarily indicative of the results to be
     expected for the full year.

3.   Net income per common share is computed on the basis of the weighted
     average shares of common stock outstanding.


                 MANAGEMENT'S DISCUSSION AND ANALYSIS OF
              FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Liquidity and Capital Resources

     The Company reported net working capital at December 31, 1995 of
$340,000 and a current ratio of 1.16 to 1, compared to net working capital
of $508,000 and a current ratio of 1.27 to 1 at June 30, 1995.

     The energy industry remains generally depressed and is not expected
to improve in the near future.  Most of the Company's customers pay for
services on a basis of 60 to 90 days.  Due to the inordinate delay in
collecting receivables, the Company has a line of credit at a local bank. 
The agreement with the bank provides for credit up to $750,000 at a rate
1/2% above the national prime lending rate and requires the Company to
pledge up to 75% of its receivables.  The agreement expires October 31,
1996.  At the end of the quarter, the Company had $50,000 of borrowings
under this agreement.

     Management will continue to exercise tight controls in order to
minimize expenses without affecting productivity and by making only those
capital expenditures required to maintain the rigs in good operating
condition.

Results of Operations

     Revenues from contract drilling operations for the second quarter of
fiscal year 1996 were $2,879,000, compared to $2,360,000 reported last
quarter and $1,813,000 reported for the same period last year.

     Gross income from drilling operations, excluding depreciation was
$536,000 which compares to a gross income of $409,000 last quarter and
gross income of $336,000 for the same quarter last year.  Rig utilization
during the second quarter of fiscal year 1996 was 41.38% compared to 43.99%
last quarter and 38.39% for the same period last year.

     Daywork contracts generally provide for the payment of a certain
amount per day without a limit on the time necessary to drill a well to its
contract depth.  Daywork contracts transfer certain risks associated with
the drilling activity to the Company's customers.

     For footage contracts, the Company earns (at an agreed depth) a
specific amount per foot drilled without regard to the problems it may
encounter in the drilling process or the amount of drilling time necessary
to achieve the contract depth.  For turnkey contracts, the Company agrees
to drill to a specified depth for a specified amount.  It may also agree to
provide additional materials and services in connection with the completion
of a well which presents the opportunity for additional profits.  Turnkey
and footage contracts generally do not provide compensation for drilling
delays or problems encountered in the drilling process, thus shifting
certain risks to the Company.

     The following table shows the composition of revenue and operating
profit from drilling contracts by type of contract.  No allocation of
corporate overhead, interest, or depreciation is reflected in the
computations.
<TABLE>
<CAPTION>
                     Six Months Ended            Three Months Ended
                    12/31/95  12/31/94       12/31/95  9/30/95  12/31/94
                    --------  --------       --------  -------  --------
<S>                 <C>         <C>          <C>       <C>      <C>
Revenue
-------
   Daywork          69.1%       85.5%        54.0%     87.5%     75.8%
   Footage          13.5%       12.3%        14.3%     12.5%     19.3%
   Turnkey          17.4%        2.2%        31.7%      0.0%      4.9%
Operating Profit
----------------
   Daywork          79.0%       91.2%        66.0%     94.4%     84.5%
   Footage           8.8%        7.4%        11.5%      5.6%     12.3%
   Turnkey          12.2%        1.4%        22.5%      0.0%      3.2%
</TABLE>

    Depreciation for the quarter was $307,000, which is $85,000 more than
the same quarter a year ago.  Both quarters include a charge to
depreciation on stacked or mothballed rigs.  Depreciation of these inactive
rigs and equipment is $69,000 for the current quarter.

                      PART II.  OTHER INFORMATION

Item 6.  Exhibits and Reports on Form 8-K
------------------------------------------

(a) Exhibits - 
    
    27 - Financial Data Schedule

(b) Reports on Form 8-K - There were no reports on Form 8-K filed for the
three months ended December 31, 1995.
<PAGE>
                           SIGNATURES

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

                                  BONRAY DRILLING CORPORATION



Date:  February 12, 1996          By:   RICHARD B. HEFNER        
                                        Richard B. Hefner, President and
                                        Chief Executive Officer



Date:  February 12, 1996            By: JOANNE BELCHER         
                                        Joanne Belcher, Controller and
                                        Chief Accounting Officer