LONDON, Feb. 20, 2020 /PRNewswire/ -- Noble
Corporation plc (NYSE: NE) today announced that on February 19, 2020 it received formal notice of
non-compliance (the "NYSE Notice") with the New York Stock Exchange
(the "NYSE") share price continued listing standards, which require
a listed common stock to maintain a minimum average closing price
of $1.00 per share for 30 consecutive
trading days.
The Company intends to regain compliance with the NYSE's listing
standards, and as required by the NYSE, the Company intends to
respond to the NYSE within ten business days with respect to its
intent to cure the deficiency. Under the NYSE's rules, Noble has a
period of six months from the date of the NYSE Notice to regain
compliance with the minimum share price criteria by bringing its
share price and thirty trading-day average share price above
$1.00. Noble can regain compliance at
any time during the six-month cure period if its ordinary shares
have a closing price of at least $1.00 per ordinary share on the last trading day
of any calendar month during the cure period and an average closing
price of at least $1.00 per ordinary
share over the 30-trading day period ending on the last trading day
of that month.
Under the NYSE rules, Noble's ordinary shares will continue to
be listed and traded on the NYSE during the cure period outlined
above, subject to the Company's compliance with other continued
listing requirements. The current non-compliance with the NYSE
listing standards does not affect Noble's ongoing business
operations or its U.S. Securities and Exchange Commission reporting
requirements, nor does it trigger any violation of its material
debt obligations. The Company is considering all available options
to regain compliance with the NYSE's continued listing standards,
which may include a reverse stock split, subject to approval of the
company's shareholders. Failure to satisfy the conditions of the
cure period or to maintain other listing requirements could lead to
a delisting.
About Noble Corporation plc
Noble is a leading
offshore drilling contractor for the oil and gas industry. The
Company owns and operates one of the most modern, versatile and
technically advanced fleets in the offshore drilling industry.
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.
Noble is a public limited company registered in England and Wales with company number 08354954 and
registered office at 10 Brook Street, London, W1S 1BG England. Additional information on Noble is
available at www.noblecorp.com.
Forward-looking Disclosure Statement
Statements
regarding continued stock exchange listing, including continued
compliance, means of regaining compliance, timing to do so, effect
of a continued listing notice or a delisting on operations or debt
obligations, 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 operating hazards and delays, risks
associated with operations outside of the U.S., actions or claims
by regulatory authorities, customers and other third parties,
legislation and regulations affecting drilling operations,
compliance with regulatory requirements, factors affecting the
level of activity in the oil and gas industry, supply and demand of
drilling rigs, factors affecting the duration of contracts, the
actual amount of downtime, factors that reduce applicable dayrates,
violations of anti- corruption laws, hurricanes and other weather
conditions, market conditions, the future price of oil and gas and
other factors detailed in the Company's most recent Form 10-K, Form
10-Q's and other filings with the Securities and Exchange
Commission. Should one or more of these risks or uncertainties
materialize, or should underlying assumptions prove incorrect,
actual results may vary materially from those indicated.
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SOURCE Noble Corporation