BW Offshore cuts dividend by a third

Norwegian offshore oil producer BW Offshore will cut its quarterly dividend by a third.

BW Offshore will lower its quarterly dividend payment from $0.03 to $0.02 per share. The dividend cut reflects the more uncertain outlook for the company because of the lower oil prices.

"In general prospects are being delayed due to the drop in oil price," according to the company today.

According to Bloomberg BW Offshore had a 11% indicated dividend yield prior to today's dividend cut.

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