The New York Stock Exchange has suspended trading in shares of offshore driller Paragon Offshore, effective immediately.
According to a statement by the drilling company the NYSE determined that Paragon’s ordinary shares were no longer suitable for listing based on “abnormally low” price levels.
“As a result of this notification, Paragon will not submit a business plan to the NYSE as previously disclosed in Paragon’s press release dated December 8, 2015,” the company said in a statement.
Paragon, which was established last year as a spin-off from Noble Corporation, has applied to be quoted on the OTCQX over-the-counter marketplace effective as of the open Friday under the ticker symbol “PGNPF.”
“The NYSE’s delisting action does not affect Paragon’s business operations and does not conflict with or cause an event of default under any of Paragon’s material debt or other agreements. Paragon intends to continue to file periodic and other reports with the U.S.” Paragon said in a press release.
Paragon’s operated fleet includes 34 jack-ups, including two high specification heavy duty/harsh environment jack-ups, and six floaters.
The company had earlier received two warnings from the stock exchange related to Paragon’s failing to fulfil minimum listing standards, both by share price and by the market capitalization.