Noble Corp. cuts dividend to 2 cents a share from 15 cents
Offshore drilling contractor Noble Corp. Plc on Friday slashed its dividend to 2 cents a share in a move aimed at preserving cash and bolstering its liquidity. The company's last quarterly dividend was 15 cents a share, paid in early February. "Noble continues to implement strategic adjustments that further reinforce our sound position as we guide the company through this historic downturn," Chief Executive David Williams said in a statement. The company had $2.7 billion of liquidity at end March, he said. The new payment will be made May 9 to shareholders of record as of May 2. Shares were trading up 6% Friday, and have gained 12% in the year so far, while the S&P 500 has gained about 2%.
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