Ocean Rig in compliance with Nasdaq listing requirements following restructuring

  • Business & Finance

Offshore driller Ocean Rig has demonstrated compliance with all applicable requirements for the continued listing of the company’s common stock on the American stock exchange, the Nasdaq Stock Market. 

The driller informed on Wednesday it had received formal notice of compliance with the listing requirements from Nasdaq.

As previously reported in June, the Nasdaq Hearings Panel had granted the company a conditional exception from the decision by the Nasdaq Staff to delist the company’s common stock and had asked the company to demonstrate compliance with certain listing requirements upon emergence from its financial restructuring.

With all the scheme conditions previously agreed with creditors and its rig-owning subsidiaries satisfied, the company announced the completion of its financial restructuring on September 22, 2017.

Subsequently, Nasdaq confirmed that, as a result of its favorable determination, the company’s common stock will continue to be listed on The Nasdaq Global Select Market and that the compliance matter is now closed.

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