Pacific Drilling Announces Trading Suspension on the NYSE and Move to Over-the-Counter Market
September 12 2017 - 5:34PM
Business Wire
Pacific Drilling S.A. (NYSE: PACD) announced today that it has
received notice from NYSE Regulation, Inc. that trading of the
Company’s common stock on the New York Stock Exchange ("NYSE") was
suspended after market close today, September 12, 2017.
The NYSE stated that the Company was not in compliance with the
NYSE's continued listing standard, which currently requires a
company with listed common stock to maintain an average global
market capitalization of not less than $15.0 million over a
consecutive 30 trading-day period.
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 appeals by the Company of NYSE Regulation's decision.
While the Company has the right to appeal the NYSE determination,
based upon the cost of appeal and the likelihood of success, the
Company believes it is in the best interest of its shareholders not
to contest this action and has informed the NYSE that the Company
will not appeal the NYSE’s determination.
The Company’s common shares will commence trading in the
over-the-counter (“OTC”) market on the Pink Quotes (formerly the
“Pink Sheets”) on Wednesday, September 13, 2017. The Company is
also taking appropriate steps to work with a market maker to apply
for registration and quotation of its common stock on the OTC
Bulletin Board ("OTCBB"). The Company’s NYSE ticker symbol “PACD”
will be discontinued and its OTC ticker symbol will be “PACDF”.
This transition to the over-the-counter markets does not affect
the Company's business operations and will not change its
obligation to file periodic and certain other reports with the
Securities and Exchange Commission under applicable federal
securities laws. Shareholders are still the registered owners of
the securities and commencing September 13, 2017 will be able to
trade them on the OTC. Information on the Pink Quotes and the OTCBB
can be accessed via their respective websites at www.otcmarkets.com
and www.otcbb.com.
About Pacific Drilling
With its best-in-class drillships and highly experienced team,
Pacific Drilling is committed to becoming the industry’s preferred
high-specification, floating-rig drilling contractor. Pacific
Drilling’s fleet of seven drillships represents one of the youngest
and most technologically advanced fleets in the world. For more
information about Pacific Drilling, including our current Fleet
Status, please visit our website at www.pacificdrilling.com.
Forward-Looking
Statements
Certain statements and information contained in this press
release, and oral statements made regarding the subjects of this
press release, including the conference call announced herein,
constitute “forward-looking statements” within the meaning of the
Private Securities Litigation Reform Act of 1995, and are generally
identifiable by the use of words such as “anticipate,” “believe,”
“could,” “estimate,” “expect,” “intend,” “our ability to,” “plan,”
“potential,” “project,” “should,” “will,” “would,” or other similar
words, which are generally not historical in nature. Our
forward-looking statements express our current expectations or
forecasts of possible future results or events, including future
client contract opportunities, availability of vessels, revenues
and operating results and revenue efficiency. Although we believe
that these forward-looking statements are reasonable as and when
made, these statements are not guarantees, and actual future
results may differ materially due to a variety of factors. These
statements involve significant risks and uncertainties (many of
which are beyond our control) and assumptions that could cause
actual results to differ materially from our historical experience
and our present expectations or projections. Important factors that
could cause actual results to differ materially from projections
include: future levels of offshore drilling activity; our ability
to secure new and maintain existing drilling contracts, including
possible cancellation or suspension of drilling contracts as a
result of mechanical difficulties, performance, market changes or
other reasons; changes in worldwide rig supply and demand,
competition and technology; actual contract commencement dates;
downtime and other risks associated with offshore rig operations,
including unscheduled repairs or maintenance, relocations, severe
weather or hurricanes; our ability to obtain waivers of or
amendments to our maximum leverage ratio covenant at the end of the
third quarter of 2017 if necessary, or with respect to other
potential future debt covenant defaults; our ability to continue as
a going concern and any potential bankruptcy proceeding; and our
ability to repay debt and adequacy of and access to sources of
liquidity. For additional information regarding factors that could
cause our actual results to differ from our projected results,
please see our filings with the Securities and Exchange Commission
(SEC), including our Annual Report on Form 20-F and Current Reports
on Form 6-K. These documents are available through our website at
www.pacificdrilling.com or through the SEC’s Electronic Data and
Analysis Retrieval System at www.sec.gov.
Readers are cautioned not to place undue reliance on
forward-looking statements, which speak only as of the date hereof.
We undertake no obligation to publicly update or revise any
forward-looking statements after the date they are made, whether as
a result of new information, future events or otherwise.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170912006851/en/
Pacific Drilling SAJohannes (John) P. Boots, +352 26 84 57
81Investor@pacificdrilling.com
Pacific Drilling (NYSE:PACD)
Historical Stock Chart
From Mar 2024 to Apr 2024
Pacific Drilling (NYSE:PACD)
Historical Stock Chart
From Apr 2023 to Apr 2024