HAMILTON, Bermuda, April 8, 2020 /PRNewswire/ -- Seadrill Limited (the "Company" or "Seadrill") (NYSE: SDRL) (OSE: SDRL), today announced that on March 26, 2020, the Company has received written notice from the New York Stock Exchange (the "NYSE") that the Company is not in compliance with the NYSE continued listing standard with respect to the minimum average share price required by the NYSE because the average closing price of its common shares had fallen below $1.00 per share over a period of 30 consecutive trading days. As of March 24, 2020, the average closing price per share of the Company over the preceding 30 trading day period was $0.99.
Under the NYSE rules, the Company can regain compliance with this standard and cure this deficiency if, during the six-month period following receipt of the NYSE notice, on the last trading day of any calendar month or on the last trading day of this six-month cure period, the Company'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 that month or the last trading day of the cure period. If the Company determines to remedy the non-compliance by taking action that will require shareholder approval, the six-months cure period requirement does not apply, as long as the Company seeks shareholder approval by no later than its next annual general meeting, and implements such action promptly afterwards. In this instance, the price condition will be deemed cured if the price promptly exceeds $1.00 per share, and the price remains above the level for at least the following 30 trading days. The Company has responded to the NYSE to confirm its intent to cure this non-compliance.
During this period, the Company's common shares will continue to be traded on the NYSE, subject to the Company's compliance with other applicable NYSE listing requirements. The notice does not affect the Company's ongoing business operations or its U.S. Securities and Exchange Commission reporting obligations.
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
FORWARD LOOKING STATEMENTS
This press release and any other written or oral statements made by the Company or on its behalf may include forward-looking statements which reflect the Company's current views with respect to future events and financial performance. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical or present facts or conditions. The words "believe," "anticipate," "intend," "estimate," "forecast," "project," "plan," "potential," "may," "should," "expect" and similar expressions identify forward-looking statements.
The forward-looking statements in this document are based upon various assumptions, many of which are based, in turn, upon further assumptions, including, without limitation, management's examination of historical operating trends, data contained in the Company's records and other data available from third parties. Although the Company believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies that are difficult or impossible to predict and are beyond its control, the Company cannot assure you that it will achieve or accomplish these expectations, beliefs or projections.
In addition to these important factors and matters discussed elsewhere in this press release, important factors that, in the Company's view, could cause actual results to differ materially from those discussed in the forward-looking statements include:
The Company cautions readers of this press release not to place undue reliance on these forward-looking statements, which speak to circumstances only as at their dates. The Company undertakes no obligation to update any forward-looking statement or statements to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of unanticipated events. New factors emerge from time to time, and it is not possible for the Company to predict all of these factors. Further, the Company cannot assess the impact of each such factor on its business or the extent to which any factor, or combination of factors, may cause actual results to be materially different from those contained in any forward-looking statement.
CONTACT: seadrill@hawthornadvisors.com
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SOURCE Seadrill Limited
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