Noble Corp cancels dividend

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Noble Corporation plc (NE) will eliminate its $0.02 per share quarterly dividend. Earlier this year the offshore drilling contractor for the oil and gas industry already lowered its dividend from $0.15 to $0.02 per share, following a 60% dividend cut in 2015.

In today's press release Noble Corporation states that the continuation of challenging fundamentals in the offshore drilling industry, which have led to lower fleet utilization, was central to the company's decision.  Elimination of the dividend supports the continued focus on liquidity preservation and is expected to reduce annual cash expenditures by approximately $20 million.

Noble Corporation's stock has lost about 50% in 2016.

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