Pacific Drilling receives continued listing standards notice from the New York Stock Exchange
On January 13, 2016, Pacific Drilling S.A. received notice from the New York Stock Exchange stating that Pacific Drilling does not currently satisfy the minimum share price standard for continued listing of Pacific Drilling’s common shares. Specifically, on January 12, 2016, the 30-trading-day average closing price per share of Pacific Drilling’s common shares was below $1.00, the minimum average share price required for continued listing under NYSE rules.
As required by NYSE rules, Pacific Drilling has notified the NYSE that it intends to cure the share price deficiency and is considering all available options to return to compliance with this continued listing standard. Under NYSE rules, Pacific Drilling has six months following receipt of the notification to regain compliance with this continued listing standard and avoid delisting. Pacific Drilling can regain compliance at any time during the six-month cure period if on the last trading day of any calendar month during the cure period Pacific Drilling has a closing share price of at least $1.00 and an average closing share price of at least $1.00 over the 30 trading-day period ending on the last trading day of that month. If at the expiration of the cure period (July 13, 2016), both a $1.00 closing share price on the last trading day of the cure period and a $1.00 average closing share price over the 30 trading-day period ending on the last trading day of the cure period are not attained, the NYSE will commence suspension and delisting procedures.
Pacific Drilling’s common shares continue to be listed and to trade on the NYSE, subject to Pacific Drilling’s compliance with other NYSE continued listing requirements. The NYSE notification does not affect Pacific Drilling’s Securities and Exchange Commission reporting requirements. Pacific Drilling’s receipt of this notification did not affect any of Pacific Drilling’s existing contractual or debt obligations.
About Pacific Drilling
With its best-in-class drillships and highly experienced team, Pacific Drilling is committed to becoming the industry’s preferred high-specification, floating-rig drilling contractor. Pacific Drilling’s fleet of seven drillships represents one of the youngest and most technologically advanced fleets in the world.