US contractor Baker Hughes said on Wednesday it would transfer the listing of its common shares and bonds from the New York Stock Exchange (NYSE) to Nasdaq. The Houston-based energy technology player expects to commence trading as a Nasdaq-listed company upon market open on December 7 this year.
“Today’s announcement strongly aligns to our current and future strategic roadmap to take energy forward,” said Lorenzo Simonelli, Baker Hughes chairman and CEO. “The transition to Nasdaq provides us with greater cost savings, and Nasdaq’s long tradition of listing industry-leading technology companies aligns well with Baker Hughes’ mission to lead the energy transition.”
Baker Hughes shares plunged last week on quarterly profit that fell short of analyst expectations due to the impacts of Hurricane Ida and supply chain constraints on its oilfield services business.
The company recently won a contract from Chevron to deliver subsea compression manifold technology for the Jansz-Io project off the northwestern coast of Western Australia and completed the merger of its subsea drilling systems product line with Akastor’s subsidiary, MHWirth to form a new joint venture company known as HMH.