Seadrill to Delist from NYSE

Seadrill Limited has revealed that it will delist from the New York Stock Exchange (NYSE). 

The company announced that it intends to file a Form 25 with the U.S. Securities and Exchange Commission on, or about, June 11 in order to delist its common shares from the NYSE. Seadrill anticipates that its last day of trading on the NYSE will be on, or about, June 19.

The company confirmed that it will retain its listing on the Oslo Bors under the ticker symbol ‘SDRL’. Seadrill said shareholders who wish to transfer their shares between the NYSE and the Oslo Stock Exchange should contact their brokers for more information.

According to Seadrill, the company received written notice from the NYSE on March 26 that it was not in compliance with the NYSE continued listing standard with respect to the minimum average share price required. The company said it provided the required notice to the NYSE on April 8, in which it stated its intent to seek a cure of its non-compliance with the NYSE continued listing standard at that time.

However, since then, Seadrill outlined that its board of directors have determined that delisting from the NYSE is in the best interests of the company.

Seadrill is an offshore drilling business headquartered in London, with locations all around the world. It is headed by chief executive officer and president, Anton Dibowitz, who has over 20 years of experience in the drilling industry.

In the first quarter of this year, Seadrill posted an operating loss of $1.2 billion “after making material asset impairments”. Revenue for the quarter was down 19 percent at $321 million. The company outlined that during the period, “significant market challenges” arose from the sharp oil price decline and “additional operational and logistic challenges” arose through Covid-19 pandemic restrictions.

To contact the author, email andreas.exarheas@rigzone.com