North Atlantic Drilling, a subsidiary of offshore driller Seadrill, is set to be delisted from the New York Stock exchange, following recent restructuring news.
Namely, the harsh-environment subsidiary of Seadrill has received a written notice from NYSE Regulation that its common stock is no longer suitable for listing because of the company’s announcement on September 12, 2017 that the company and other consolidated subsidiaries of Seadrill filed prearranged chapter 11 cases in the Southern District of Texas.
In reaching its delisting determination, NYSE Regulation pointed to the fact that that the shareholders of the company will receive no recovery and therefore continued listing is no longer suitable.
“NYSE Regulation has informed the Company that application to the Securities and Exchange Commission to delist the Company’s common stock is pending the completion of all applicable procedures, including any appeal by the Company of NYSE Regulation’s decision,” NADL said.
Offshore Energy Today Staff