HOUSTON, Feb. 1, 2018 /PRNewswire/ -- Parker Drilling
Company (NYSE: PKD) announced today that it received notification
from the New York Stock Exchange that the Company regained
compliance with the NYSE listing standard for share
price.
On January 2, 2018, Parker Drilling was notified by the New York
Stock Exchange of its noncompliance with continued listing
standards because the average closing price of its common stock
over the prior 30 consecutive trading day period had fallen
below $1.00 per share, which is the
minimum average closing price per share required to maintain
listing on the NYSE. A listed company has a period of six months
following the receipt of the notice to regain compliance.
In order to regain compliance, on the last trading day in any
calendar month during the cure period, the Company's common stock
must have (i) a closing price of at least $1.00 per share and (ii) an average closing price
of at least $1.00 per share over the
30 trading day period ending on the last trading day of such
month. The Company met these standards with the January 31, 2018 close price exceeding
$1.00 and the average closing price
over the prior 30 consecutive trading day period exceeding
$1.00. Accordingly,
Parker Drilling has resumed
compliance with the NYSE's continued listing requirement and the
".BC" indicator following Parker
Drilling's stock symbol will be removed by the NYSE.
Company Description
Parker
Drilling provides drilling services and rental tools to the
energy industry. The Company's Drilling Services business serves
operators in the inland waters of the U.S. Gulf of Mexico utilizing Parker Drilling's barge rig fleet and in select
U.S. and international markets and harsh-environment regions
utilizing Parker-owned and customer-owned equipment. The Company's
Rental Tools Services business supplies premium equipment and well
services to operators on land and offshore in the U.S. and
international markets. More information about Parker Drilling can be found on the Company's
website at www.parkerdrilling.com.
Contact: Jason Geach, Vice
President, Investor Relations & Corporate Development, (+1)
(281) 406-2310, jason.geach@parkerdrilling.com.
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SOURCE Parker Drilling Company