Hermitage Offshore is not out of the New York Stock Exchange's dog house quite yet.

Before Friday's opening bell, the Scorpio Group's OSV outfit announced it was served a notice by the exchange that its average 30-day market capitalisation was at $23.7m and stockholders' equity at $47.4m – both of which were below the minimum requirements of $50m.

The warning came as the company regained compliance with the exchange's minimum share price rule on 2 December.

Hermitage had received a separate notice on 8 November when the average closing price of its shares dropped below $1 per share for the previous 30 trading days.

Last month, Hermitage bought more than 400,000 of its own shares in two tranches, raising its share price from $0.43 to $1.47.

In early trading Friday, shares were down nearly a dime to $1.34.

The company has an 18-month period to regain compliance with the market capitalisation and stockholders' equity requirements. Based on exchange rules, the company must submit, and have approved, a plan to regain compliance or be delisted.