A subsidiary of struggling offshore drilling contractor Seadrill will be delisted from the New York Stock Exchange after the company filed for chapter 11 bankruptcy.
Seadrill, controlled by billionaire John Fredriksen, filed for chapter 11 last week after hammering out a deal with most of its senior lenders to inject $1 billion into the company.
Read more: Seadrill clears first Chapter 11 hurdle
North Atlantic Drilling, 70.4% owned by Seadrill, said NYSE Regulation had informed that its common stock was “no longer suitable for listing”.
NYSE Regulation said: “In reaching our delisting determination, we noted that the shareholders of the company will receive no recovery and therefore continued listing is no longer suitable.”
North Atlantic Drilling has an office in Aberdeen and a fleet of eight rigs. Six are operating in Norway, one is working in the UK and another is under construction, according to the latest fleet status report.