Noble Corporation To Pay Adjusted Dividend

Noble Corporation plc

disclosed that its board took a decision to adjust its dividend rate. As a result, the company declared a quarterly dividend of $0.02 per share. The company's President and CEO, David Williams, said that "Noble continues to implement strategic adjustments that further reinforce our sound position as we guide the Company through this historic downturn. This action fortifies our robust liquidity, which stood at $2.7 billion at March 31, 2016. We are confident that the efficient use of cash reserves, which enhances liquidity and improves our financial flexibility, will help drive our long-term success and continue to strengthen our competitiveness in the offshore drilling industry." Noble said that the stock would turn to ex-dividend on April 28 for the purpose of payment of the dividend. The company has fixed a record date of May 2, 2016 while the payment would be made on May 9, 2016. The Company indicated that it expects the current dividend to be treated as a qualified dividend in the U.S. for the purpose of taxes. Following the news, the stock traded 6.88% higher on Friday.