The international offshore drilling contractor Seadrill Partners LLC announced that it has been notified by the New York Stock Exchange that trading in SeaDrill's common units on the exchange has been suspended and the procedure to delist the units has been initiated.
According to the UK-based offshore deepwater drilling company, the NYSE's decision was the result of the company's low market capitalization.
SeaDrill said its common units are expected to begin trading in the over the counter (OTC) market beginning September 6, under the symbol "SDLPF."
The transition to the OTC market is not expected to affect business operations and the Company will continue to file periodic reports with the U.S. Securities and Exchange Commission (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.
In July, Seadrill Partners carried out a 1-for-10 reverse unit split. The company owns a fleet of eleven offshore drilling rigs, consisting of drillships, semi-submersible rigs and tender rigs operating in benign and harsh environments.