Noble Corp (NE) Will Eliminate Quarterly Dividend Payments

October 28, 2016 8:56 AM EDT

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Noble Corporation plc (NYSE: NE) announced that its Board of Directors have approved the elimination of the Company's quarterly cash dividend of $0.02 per share, effective immediately. 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 Company's continued focus on liquidity preservation and is expected to reduce annual cash expenditures by approximately $20 million.

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