View all news

NYSE to Suspend Trading Immediately in the Common Stock of North Atlantic Drilling Ltd. (NADL) and Commence Delisting Proceedings

Sep 13, 2017

NEW YORK,  September 13, 2017 – The New York Stock Exchange (“NYSE” or the “Exchange”) announced today that the staff of NYSE Regulation has determined to commence proceedings to delist the common stock of North Atlantic Drilling Ltd. (the “Company”) -- ticker symbol NADL -- from the NYSE.  Trading in the Company’s common stock on the NYSE will be suspended immediately.

 

NYSE Regulation reached its decision that the Company is no longer suitable for listing pursuant to Listed Company Manual Section 802.01D, because of the Company’s announcement on September 12, 2017 that the Company and other consolidated subsidiaries of Seadrill Limited (NYSE: SDRL) filed prearranged chapter 11 cases in the Southern District of Texas.   In reaching its delisting determination, NYSE Regulation noted that the shareholders of the Company will receive no recovery and therefore continued listing is no longer suitable.

 

The Company has a right to a review of this determination by a Committee of the Board of Directors of the Exchange.  The NYSE will apply to the Securities and Exchange Commission to delist the common stock upon completion of all applicable procedures, including any appeal by the Company of the NYSE Regulation staff’s decision.

 

Company Contact:

John Roche

Director Investor Relations

Email: ir@seadrill.com

Tel: +44 (0) 20 8811 4700

Multimedia Files:

View all news