HOUSTON, Jan. 5, 2018 /PRNewswire/ -- Parker Drilling
Company (NYSE: PKD) today announced that on January 2, 2018, Parker
Drilling was notified by the New York Stock Exchange of its
noncompliance with continued listing standards because the average
closing price of its common stock over a prior 30 consecutive
trading day period had fallen below $1.00 per share, which is the minimum average
closing price per share required to maintain listing on the
NYSE.
In response to the letter, Gary G.
Rich, Parker Drilling's
Chairman, President and Chief Executive Officer, stated, "The
decline in oil prices that began in late 2014 has continued to
cause pressure on energy capital markets, particularly for
small-cap companies such as Parker
Drilling. Our stock has traded below $1.00 per share for a period of time long enough
for the NYSE to issue a non-compliance notice. In response, the
Company's Board of Directors is reviewing all available
alternatives to return to compliance with the NYSE continued
listing standards."
As required by the NYSE, the Company has notified the NYSE of
its intent to cure the deficiency and restore its compliance with
the NYSE continued listing standards. In general, a listed
company has a period of six months following the receipt of the
notice to regain compliance. In order to regain compliance, on the
last trading day in any calendar month during the cure period, the
Company's common stock must have (i) a closing price of at least
$1.00 per share and (ii) an average
closing price of at least $1.00 per
share over the 30 trading day period ending on the last trading day
of such month. During this period, subject to Parker Drilling's compliance with other NYSE
continued listing requirements, Parker
Drilling's common stock will continue to be listed and
traded on the NYSE under the symbol "PKD" but will have an added
designation of ".BC" to indicate the status of the common stock as
below compliance. This indicator will be removed once Parker Drilling is deemed compliant with the
NYSE's listing standards.
The NYSE notification does not affect Parker Drilling's business operations or its
Securities and Exchange Commission reporting requirements and does
not result in a default under any of the Company's material debt
agreements.
Cautionary Statement
This press release contains certain statements that may be
deemed to be "forward-looking statements" within the meaning of the
Securities Act of 1933 and the Securities Exchange Act of 1934. All
statements in this press release other than statements of
historical facts addressing activities, events or developments the
Company expects, projects, believes, or anticipates will or may
occur in the future are forward-looking statements. These
statements include, but are not limited to, statements about our
ability to meet the continued listing standards of the NYSE and
similar matters. These statements are based on certain assumptions
made by the Company based on management's experience and perception
of historical trends, current conditions, anticipated future
developments and other factors believed to be appropriate. Although
the Company believes its expectations stated in this press release
are based on reasonable assumptions, such statements are subject to
a number of assumptions, risks and uncertainties, many of which are
beyond the control of the Company, that could cause actual results
to differ materially from those implied or expressed by the
forward-looking statements. These include risks relating to changes
in worldwide economic and business conditions, fluctuations in oil
and natural gas prices, compliance with existing laws and changes
in laws or government regulations, the failure to realize the
benefits of, and other risks relating to, acquisitions, the risk of
cost overruns, our ability to refinance our debt and other
important factors, many of which could adversely affect market
conditions, demand for our services, and costs, and all or any one
of which could cause actual results to differ materially from those
projected. For more information, see "Risk Factors" in the
Company's Annual Report filed on Form 10-K with the Securities and
Exchange Commission and other public filings and press releases.
Each forward-looking statement speaks only as of the date of this
press release and the Company undertakes no obligation to publicly
update or revise any forward-looking statement, whether as a result
of new information, future events or otherwise.
Company Description
Parker Drilling provides drilling
services and rental tools to the energy industry. The Company's
Drilling Services business serves operators in the inland waters of
the U.S. Gulf of Mexico utilizing
Parker Drilling's barge rig fleet
and in select U.S. and international markets and harsh-environment
regions utilizing Parker-owned and customer-owned equipment. The
Company's Rental Tools Services business supplies premium equipment
and well services to operators on land and offshore in the U.S. and
international markets. More information about Parker Drilling can be found on the Company's
website at www.parkerdrilling.com.
Contact: Jason Geach, Vice
President, Investor Relations & Corporate Development, (+1)
(281) 406-2310, jason.geach@parkerdrilling.com.
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SOURCE Parker Drilling Company