HOUSTON, Dec. 12, 2018 /PRNewswire/ -- Parker Drilling
Company (NYSE: PKD) ("Parker
Drilling" or the "Company") today announced the expected
move of trading of the Company's Common Stock to the OTC Pink
Marketplace from the New York Stock Exchange ("NYSE"). The Common
Stock is expected to begin trading on the OTC Pink Marketplace
operated by OTC Markets Group Inc. ("OTC Pink") under ticker symbol
"PKDSQ" upon the opening of trading on December 13, 2018. This move should not disrupt
the trading of the Common Stock.
As noted in the Company's filings with the Securities and
Exchange Commission (SEC), Parker
Drilling's average market capitalization, or total trading
value, has fallen below the $15
million threshold over a 30 trading-day period that is
required to remain in compliance with the NYSE's listing standards.
Parker Drilling remains and intends
to remain a publicly-traded company and expects to trade under the
PKDSQ ticker symbol.
As previously announced, Parker
Drilling and certain of its subsidiaries filed for Chapter
11 protection in the U.S. Bankruptcy Court for the Southern
District of Texas on December 12, 2018 in order to implement the terms
of a Restructuring Support Agreement ("RSA"). The RSA and proposed
Chapter 11 Plan of Reorganization contemplate the cancellation of
the existing Common Stock and the issuance of a new security when
the Company emerges from Chapter 11 protection. While the existing
stock is expected to continue to trade on the OTC Pink during the
Chapter 11 cases, Parker Drilling
intends to apply to list its new shares on the NYSE upon
emergence.
While the Common Stock trades on the OTC Pink, Parker Drilling intends to comply with the SEC
Reporting Standard. The Company will continue to make all required
SEC filings and will remain subject to SEC rules and regulations
applicable to reporting companies under the Securities Exchange Act
of 1934, as amended. The Company plans to maintain a majority
independent Board of Directors with an independent Audit Committee
and to provide annual financial statements audited by a Public
Company Accounting Oversight Board (PCAOB) independent registered
public accounting firm and unaudited interim financial reports
prepared in accordance with U.S. generally accepted accounting
principles.
Cautionary Statement
The Company can provide no assurance that its Common Stock will
commence or continue to trade on the OTC Pink, whether
broker-dealers will continue to provide public quotes of the
Company's Common Stock on the OTC Pink, whether the trading volume
of the Company's Common Stock will be sufficient to provide for an
efficient trading market or whether quotes for the Company's Common
Stock will continue on the OTC Pink in the future.
This press release contains certain statements that may be
deemed "forward-looking statements" within the meaning of the
Securities Act of 1933 and the Securities Exchange Act of 1934. All
statements in this press release other than statements of
historical facts addressing activities, events or developments the
Company expects, projects, believes, or anticipates will or may
occur in the future are forward-looking statements. These
statements include, but are not limited to, statements about the
value and future use of Tax Benefits, our evaluation of options to
enhance our capital structure in light of upcoming debt maturities,
anticipated future financial or operational results; the outlook
for rental tools utilization and rig utilization and dayrates; the
results of past capital expenditures; scheduled start-ups of rigs;
general industry conditions such as the demand for drilling and the
factors affecting demand; competitive advantages such as
technological innovation; future operating results of the Company's
rigs, rental tools operations and projects under management; future
capital expenditures; expansion and growth opportunities;
acquisitions or joint ventures; asset purchases and sales;
successful negotiation and execution of contracts; scheduled
delivery of drilling rigs or rental equipment for operation; the
Company's financial position; changes in utilization or market
share; outcomes of legal proceedings; compliance with credit
facility and indenture covenants; and similar matters. These
statements are based on certain assumptions made by the Company
based on management's experience and perception of historical
trends, current conditions, anticipated future developments and
other factors believed to be appropriate. Although the Company
believes its expectations stated in this press release are based on
reasonable assumptions, such statements are subject to a number of
assumptions, risks and uncertainties, many of which are beyond the
control of the Company, that could cause actual results to differ
materially from those implied or expressed by the forward-looking
statements. These include risks relating to changes in worldwide
economic and business conditions, fluctuations in oil and natural
gas prices, compliance with existing laws and changes in laws or
government regulations, the failure to realize the benefits of, and
other risks relating to, acquisitions, the risk of cost overruns,
our ability to refinance our debt and other important factors, many
of which could adversely affect market conditions, demand for our
services, and costs, and all or any one of which could cause actual
results to differ materially from those projected. For more
information, see "Risk Factors" in the Company's Annual Report
filed on Form 10-K with the Securities and Exchange Commission and
other public filings and press releases. Each forward-looking
statement speaks only as of the date of this press release and the
Company undertakes no obligation to publicly update or revise any
forward-looking statement, whether as a result of new information,
future events or otherwise.
Company Description
Parker Drilling provides drilling
services and rental tools to the energy industry. The Company's
Drilling Services business serves operators in the inland waters of
the U.S. Gulf of Mexico utilizing
Parker Drilling's barge rig fleet
and in select U.S. and international markets and harsh-environment
regions utilizing Company-owned and customer-owned equipment. The
Company's Rental Tools Services business supplies premium equipment
and well services to operators on land and offshore in the U.S. and
international markets. More information about Parker Drilling can be found on the Company's
website at www.parkerdrilling.com.
Contact:
Nick Henley
Director, Investor Relations
(+1) (281) 406-2082
nick.henley@parkerdrilling.com
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SOURCE Parker Drilling Company