Noble Corp. Receives NYSE Notice



Noble Corp. Receives NYSE Notice
Noble has six months to bring its share price and thirty trading-day average share price above $1.00.

Noble Corp. plc received formal notice on Feb. 19 of non-compliance from the New York Stock Exchange share price continued listing standards, which require a stock to keep a minimum average closing price of $1.00 per share for 30 consecutive trading days.

In a written statement, Noble said it intends to regain compliance with the NYSE's listing standards, and as required by the NYSE, Noble will respond to the exchange within 10 business days with its intent to do so. Noble has six months from the date of the notice to bring its share price and thirty trading-day average share price above $1.00.

As of mid-day trading on Feb. 21, Noble shares were trading at $0.84 each.

In a written statement, the company indicated it is considering all available options to regain compliance, which may include a reverse stock split, subject to shareholder approval. Failure to satisfy the conditions of the cure period or to maintain other listing requirements could lead to a delisting.

In other news, the company’s board recently revealed that at the close of its next annual general meeting of shareholders, Julie J. Robertson will resign as president and chief executive officer and will take on the new role of an executive chairman of the board. Robert W. Eifler, who joined Noble in 2005 and is currently senior vice president, commercial, will become Robertson’s successor.

The company also reported a net loss for the fourth quarter of 2019 of $33 million on total revenues of $454 million.

Noble performs, through its subsidiaries, contract drilling services with a fleet of 25 offshore drilling units, consisting of 12 drillships and semisubmersibles and 13 jackups, focused largely on ultra-deepwater and high-specification jackup drilling opportunities in both established and emerging regions worldwide.

To contact the author, email bertie.taylor@rigzone.com.



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