NADL - NADL Announces Receipt of NYSE Delisting Notice
September 18 2017 - 6:49AM
Hamilton, Bermuda, September 18,
2017 - North Atlantic Drilling Ltd. ("NADL" or the
"Company"), a majority owned subsidiary of Seadrill Limited,
announces today that the Company received a written notice from
NYSE Regulation that its common stock is no longer suitable for
listing pursuant to Listed Company Manual Section 802.01D because
of the Company's announcement on September 12, 2017 that the
Company and other consolidated subsidiaries of Seadrill Limited
(NYSE: SDRL) filed prearranged chapter 11 cases in the Southern
District of Texas. In reaching its delisting determination, NYSE
Regulation noted 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.
FORWARD LOOKING STATEMENTS
This news release includes
forward looking statements. Such statements are generally not
historical in nature, and specifically include statements about the
Company's plans, strategies, business prospects, changes and trends
in its business, the markets in which it operates and its
restructuring efforts. These statements are made based upon
management's current plans, expectations, assumptions and beliefs
concerning future events impacting the Company and therefore
involve a number of risks, uncertainties and assumptions that could
cause actual results to differ materially from those expressed or
implied in the forward-looking statements, which speak only as of
the date of this news release. Consequently, no forward-looking
statement can be guaranteed. When considering these forward-looking
statements, you should keep in mind the risks described from time
to time in the Company's filings with the Securities and Exchange
Commission, including its Annual Report on Form 20-F (File No.
001-36277). The Company undertakes no obligation to update any
forward looking statements to reflect events or circumstances after
the date on which such statement is made or to reflect the
occurrence of unanticipated events. New factors emerge from time to
time, and it is not possible for the Company to predict all of
these factors. Further, the Company cannot assess the impact of
each such factor on its business or the extent to which any factor,
or combination of factors, may cause actual results to be
materially different from those contained in any forward looking
statement.
This information is subject
to the disclosure requirements pursuant to section 5-12 of the
Norwegian Securities Trading Act.
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: North Atlantic Drilling Ltd. via
Globenewswire
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