Tidewater, a US based offshore service vessel provider, has been notified that it could be delisted after it fell below the minimum 30-day-average share price required for continued listing under NYSE rules.
The company has been told it will have to notify the NYSE of its intent to increase the share price, and to comply with the continued listing standard, by May 2 2017.
The company’s monthly average share value will have to at least equal $1.00 on October 18 2017, or it will face being removed from listings.
The US company announced earlier this month that it has been in restructuring discussions with its principal lenders and noteholders regarding its debt arrangements.
Tidewater’s common stock will continue to be listed and traded on the NYSE, subject to compliance with other NYSE continued listing requirements.
The notification will not affect the firm’s business operations or reporting obligations.
Recommended for you
Read the latest opinion pieces from our Energy Voice columnists
- OPINION: Collaboration is key, says BHGE after landing BP Tortue FEED work
- Opinion: When will decommissioning industry set record straight?
- Opinion: Prostate Cancer – The Big Taboo is an industry threat
- Opinion: Environmental focus about more than just compliance
- Opinion: Take time to understand the culture of your people