Offshore drilling contractor Seadrill is buying and selling as a penny stock after being voluntarily delisted from the New York Stock Alternate.
Seadrill stopped buying and selling Friday on the New York Stock Alternate and started buying and selling Monday as a penny stock on the OTCQX Finest Market underneath the stock ticker image SDRLF.
The corporate’s stock on the New York Stock Alternate started buying and selling under $1 per share in March, triggering a delisting warning.
Because of the affect of the coronavirus pandemic on the offshore drilling business, Seadrill’s board of administrators determined to withdraw the corporate’s stock from the New York Stock Alternate.
Upstream: Troubled offshore sector ‘is not for the faint of heart’
Headquartered in Bermuda with its principal places of work in Houston, Seadrill owns and operates drillships and different gear used to discover and develop offshore oil wells all over the world.
The corporate laid off 135 workers earlier this month after one its drillships within the Gulf of Mexico accomplished a contract and couldn’t discover different work.
Up to now this 12 months, the offshore business and relating producers have laid off greater than 800 folks, public filings in Texas and Louisiana present.
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