Pacific Drilling booted from NYSE

Shares in Idan Ofer-backed deepwater drillship owner set to be traded over-the-counter.

Pacific Drilling has been removed from the New York Stock Exchange (NYSE) after failing to meet listing requirements.

NYSE Regulation said trading of its shares would be suspended after the market closed on Tuesday.

Pacific Drilling had been unable to maintain an average market capitalization of $15m over a consecutive 30 trading-day period.

It had the option to appeal the NYSE's decision, but has opted not to contest the action based on the cost of appeal and the likelihood of success.

Shares in the Idan Ofer-backed rig owner will start trading in the over-the-counter (OTC) market on Wednesday.

It said it was also taking steps to work with a market maker to apply for registration and quotation of its stock on the OTC Bulletin Board (OTCBB).

Pacific Drilling’s NYSE ticker symbol PACD will be cancelled. Its new OTC ticker symbol will be PACDF.