Pacific Drilling gets NYSE warning

Pacific Drilling: Counting on share prices to improve

Luxembourg-based Pacific Drilling has been warned by the New York Stock Exchange that it could be delisted for failing to comply with the bourse's continued listing standards.

NYSE rules require that a company's ending and average share price do not fall below $1 over a consecutive 30-day trading period. The company failed to meet the requirement on 12 January, Pacific said.

The company's stock closed at 31 cents Friday, down from its opening price of 35 cents.A year ago, it was trading at $3.76.

The company intends to "cure" the share price deficiency and regain compliance within the next six months, which would allow its shares to continue trading on the exchange.

If the share price does not improve within six months, the NYSE will begin the delisting process.

Pacific said the warning does not affect reporting requirements or existing contractual or debt obligations.

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