The New York Stock Exchange gas decided to suspend trading in securities of Seadrill Partners and has started procedure to delist the company, an affiliate of drilling contractor Seadrill, from the exchange. The NYSE reached its decision due to Seadrill Partner’s low market capitalization.
“The Company expects its common units to trade in the over the counter (“OTC”) market beginning on September 6, 2019, under the ticker symbol “SDLPF”,” Seadrill Partners said Friday.
It said that the transition to the OTC market would not affect business operations and “the Company will continue to file periodic reports with the U.S. Securities and Exchange Commission (the “SEC”) under applicable federal securities laws.”
“The Company intends to appeal this delisting determination. During the appeal process, its common units are expected to continue to trade in the OTC market. Delisting procedures will be suspended pending the outcome of the appeal,” Seadrill Partners said.
The market capitalization rule states that companies must maintain a minimum value of $25 million over 30 consecutive days to remain listed. According to available info, as of September 4, Seadrill Partners’ market cap was $13.94 million.
Seadrill Partners owns a fleet of eleven offshore drilling rigs, consisting of drillships, semi-submersible rigs and tender rigs operating in benign and harsh environments.
Offshore Energy Today Staff
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