John Fredriksen’s Seadrill plans to delist from the New York Stock Exchange (NYSE).
In March, the company received written notice from the NYSE that it was not in compliance with listing rules due to its share price falling below $1 per share. At the time, Seadrill said it has planned to find a way to comply with the regulation.
Due to the negative impact to the offshore sector brought about both coronavirus and low oil prices, Seadrill has now decided that it would be better for the company to delist from the NYSE and remain listed in Oslo.
Seadrill expects the last day of trading in New York to be around June 19.
For the first quarter of 2020, Seadrill reported a net loss of $1.564bn.