EuropeFinance and InsuranceOffshore

Seadrill to delist from NYSE

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.

Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.
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