HOUSTON, Aug. 7, 2015 /PRNewswire/ -- Paragon
Offshore plc ("Paragon") (NYSE: PGN) today announced that it had
received a letter from The New York Stock Exchange (the "NYSE")
notifying it that, for 30 consecutive trading days, the price for
Paragon's common shares was below the minimum $1.00 per share requirement for continued listing
on the NYSE under Item 802.01C of the NYSE's Listed Company Manual.
This notice does not have an immediate effect on the listing of
Paragon's common shares, and Paragon's common shares will continue
to trade on the NYSE under the symbol "PGN."
Paragon has 180 days, or until February
8, 2016, to regain compliance with the NYSE's minimum share
price requirement. Paragon 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 Paragon's common shares have
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 such month.
Notwithstanding the foregoing, if Paragon determines that it must
cure the price condition by taking an action that will require
approval of its shareholders, Paragon may also regain compliance
by: (i) obtaining the requisite shareholder approval by no later
than Paragon's next annual meeting, and (ii) implementing the
action promptly thereafter; provided that the price of Paragon's
common shares promptly exceeds $1.00
per share, and the price remains above the level for at least the
following 30 trading days. In the event Paragon receives notice
that its common shares are being delisted, the NYSE's rules permit
Paragon to appeal any delisting determination by the NYSE's staff
to a hearings panel.
Paragon intends to maintain the listing of its common shares on
the NYSE and will consider all available options to regain
compliance with the NYSE's continued listing standards.
Forward-Looking Disclosure Statement
This release contains forward-looking statements. Statements
regarding the future price of Paragon's common shares, intention
and/or ability to maintain the listing of its common shares on the
NYSE, as well as any other statements that are not historical facts
in this release, are forward-looking statements that involve
certain risks, uncertainties and assumptions. These include but are
not limited to risks associated with the general nature of the oil
and gas industry, risks associated with the operation of Paragon as
a separate, publicly traded company, actions by regulatory
authorities, customers and other third parties, and other factors
detailed in the "Risk Factors" section of Paragon's annual report
on Form 10-K for the fiscal year ended December 31, 2014, Paragon's most recently filed
report on Form 10-Q, and in Paragon's other filings with the SEC,
which are available free of charge on the SEC's website at
www.sec.gov. Should one or more of these risks or uncertainties
materialize, or should underlying assumptions prove incorrect,
actual results may vary materially from those indicated.
About Paragon Offshore
Paragon is a global provider of offshore drilling rigs.
Paragon's operated fleet includes 34 jackups, including two high
specification heavy duty/harsh environment jackups, and six
floaters (four drillships and two semisubmersibles). Paragon's
primary business is contracting its rigs, related equipment and
work crews to conduct oil and gas drilling and workover operations
for its exploration and production customers on a dayrate basis
around the world. Paragon's principal executive offices are located
in Houston, Texas. Paragon is a
public limited company registered in England and Wales with company number 08814042 and
registered office at 20-22 Bedford
Row, London, WC1R 4JS,
England. Additional information is
available at www.paragonoffshore.com.
For additional
information, contact:
|
|
For
Investors
|
Lee M.
Ahlstrom
|
&
Media:
|
Senior Vice President
– Investor Relations, Strategy and Planning
|
|
+1.832.783.4040
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SOURCE Paragon Offshore plc