Norwegian offshore oil-rig operator Seadrill Ltd. said late Tuesday it has received approval to relist its common shares on the New York Stock Exchange on or about Oct. 14.
Seadrill
SDRL,
was forced to delist from NYSE in mid-2020 after its shares closed below the minimum threshold of $1 over a period of 30 consecutive days. The company had planned to seek a remedy to its non-compliance with the rules to maintain its listing, but a material change in the macro environment and the impact of Covid-19 on the company saw it determine that delisting was in its best interests.
The company said it emerged from its latest Chapter 11 process with a streamlined capital structure and substantial liquidity raised, and that it would seek a relisting on NYSE as well as uplisting to the main market of the Oslo Stock Exchange from the smaller Euronext Expand market in Oslo.
“Our participation in the U.S. public markets should provide additional liquidity in our stock and provide access to new investors,” Chief Executive Simon Johnson said.
The uplisting to the main market of the Oslo Stock Exchange is expected later this year.
Write to Dominic Chopping at [email protected]
