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Pacific Drilling faces possible delisting from NYSE over compliance issues

Pacific Drilling faces possible delisting from NYSE over compliance issues

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Ultra deep-water offshore drilling firm Pacific Drilling has announced that it faces possible delisting from the New York Stock Exchange (NYSE).

Pacific Drilling, which has corporate offices in Houston, Texas, and other offices in Luxembourg, Nigeria and Brazil, says the NYSE has warned it about being out of compliance with exchange standards in two categories.

Those categories are: maintaining average market capitalization of not less than $15m over a period of 30 trading days; and keeping the average closing price of its common stock at $1 or more over the same length of time.

It has until September 15 to explain to the NYSE what it intends to do to correct the share price shortcomings. But as things stand, the capitalization issue means delisting could begin by September 13 anyway, barring an uptick in its number in that category.

Pacific Drilling joined the NYSE in 2011 after previously being on the Norwegian stock exchange.

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Donal Scully

With 28 years experience writing and editing for newspapers in the UK and Hong Kong, Donal is now based in California from where he covers the Americas for Splash as well as ensuring the site is loaded through the Western Hemisphere timezone.

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