Ocean Rig wins Nasdaq reprieve

Ocean Rig wins Nasdaq reprieve

Ocean Rig has won a reprieve from the Nasdaq and will be able to carry on trading shares in New York. The struggling George Economou-led outfit had been told at the end of March it would have to delist. It appealed the decision and now the Nasdaq hearings panel has given Ocean Rig a conditional exception to continue to trade on the Nasdaq as the company continues to implement a restructuring under its previously announced schemes of arrangement in the Cayman Islands.

The company must meet several requirements in order to satisfy the terms of the exception, including the consummation of the company’s restructuring.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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