Offshore drilling contractor Valaris is facing delisting of its shares from the New York Stock Exchange over noncompliance with continued listing standards.
Valaris, the world's largest offshore drilling company by fleet size, said Tuesday it had been notified by the New York Stock Exchange (“NYSE”) on April 15, 2020, of its noncompliance with continued listing standards.
This is because the average closing price of its Class A ordinary shares over a prior 30-day consecutive trading period had fallen below $1.00 per share, which is the minimum average closing price per share required to maintain a listing on the NYSE.
The company said it has notified the NYSE of its intent to cure the deficiency and restore its compliance with the NYSE continued listing standards.
A listed company has a period of six months following the receipt of the notice to regain compliance.
"The NYSE notification does not affect Valaris’ 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," Valaris said.
Other NYSE-listed companies working in the offshore oil and gas business such as Seadrill, Pacific Drilling, and Hermitage Offshore have in the pat month also received listing warnings from the New York Stock exchange.
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