Offshore drilling contractor Borr Drilling has received a notice from the New York Stock Exchange informing it that the company is not in compliance with the continued listing standard.
The notice is related to the minimum average share price required by the NYSE because the average closing price of Borr Drilling common shares had fallen below $1.00 per share over a period of 30 consecutive trading days.
Under the NYSE rules, the company can regain compliance with this standard and cure this deficiency if, during the six-month period following receipt of the NYSE notice.
For Borr Drilling, this means it has to have a closing share price of at least $1.00 and an average closing share price of at least $1.00 over the 30-trading day period ending February 25, 2021.
"The Company has responded to the NYSE to confirm its intent to cure this non-compliance. During this period, the Company's common shares will continue to be traded on the NYSE subject to the Company's compliance with other applicable NYSE listing requirements," Borr Drilling said.
New CEO
Separately, Borr Drilling on Monday announced Patrick Schorn would step down from its board of directors effective September 8, in line with the company's corporate governance policies to take over as the CEO of the company.
As previously reported, Borr Drilling on August 10 said that Schorn would take over the CEO position from Svend Anton Maier who will remain with the company as a special advisor to the CEO.
Schorn, who has been a director at Borr Drilling since January 2018, was previously the executive vice president of wells for Schlumberger.
Prior to this role, he held various global management positions including president of operations for Schlumberger; president production group; president of well services; president of completions; and geomarket manager Russia.
He began his career with Schlumberger in 1991 as a stimulation engineer in Europe and held various management and engineering positions in France, United States, Russia, US Gulf of Mexico and Latin America. Schorn holds a Bachelor of Science degree in oil and gas technology from the University "Noorder Haaks" in Den Helder, the Netherlands.