Seadrill Partners' days on the New York Stock Exchange appear to be over.
The exchange has suspended trading in the John Fredriksen-backed offshore drilling rig owner's shares and begun proceedings to delist it over its $14m market capitalization.
Shares will instead trade on over the counter markets under the ticker symbol SDLPF.
"The company intends to appeal this delisting determination," the company said. "The transition to the OTC market is not expected to affect business operations and the company will continue to file periodic reports with the U.S. Securities and Exchange Commission."
According to New York Stock Exchange rules, a company's market capitalization and shareholder equity both must be above $50m over a 30-day trading period.
In March, Seadrill Partners was warned by the New York Stock Exchange that its share price had fallen below $1 for 30 consecutive trading days. In May, the company effected a 10-for-1 reverse split.
Until trading was suspended, shares were trading at $1.52.
