Photo: Hornbeck Offshore Services

Hornbeck Offshore Services has actually been put on hold from trading on the New York Stock Exchange for falling short to satisfy minimal listing demands connected to its market capitalization.

The NYSE introduced that trading of the business’s ordinary shares (NYSE: HOS) was put on hold after market close on Friday, December 20, for its failing to preserve an ordinary international market capitalization of at the very least $15 million over a successive 30-trade-day duration, as called for by NSYE proceeded listing requirements.

Hornbeck stated Monday its ordinary shares will certainly start trading on the over the counter market OTC Pink since Monday, December 23, 2019. Meanwhile, Hornbeck likewise plans to obtain trading of its supply on the OTCQX Marketplace under the icon“HOSS” The business stated it intends to appeal the NYSE’s resolution and also will certainly ask for an evaluation of its allure by a Committee of the Board of Directors of the Exchange

Covington, Louisiana- based Hornbeck Offshore Services proclaims itself as a leading service provider of highly progressed, brand-new generation overseas solution vessels mostly in the Gulf of Mexico and alsoLatin America

The business has actually been struck hard by the long term decline in the overseas oil and also gas sector triggered by the accident in oil rates starting mid-2014. Since after that, Hornbeck has actually seen its supply container from its top of greater than $50 in 2013 to simply $0.30 prior to its suspension on Friday.

As of September 30, 2019, Hornbeck’s fleet contained 66 brand-new generation OSVs and also 8 MPSVs, of which 35 OSVs and also 2 MPSVs were piled.