Noble Cuts Quarterly Dividend To 15 Cents Vs. 37.50 To Preserve Cash

Noble Corp. PLC said Friday it is cutting its quarterly dividend as it seeks to preserve liquidity in an uncertain market. The company said it is reducing the dividend to 15 cents a share from 37.50 cents last quarter. The decision "is not reflective of our current financial performance, including our quarterly results to be released next week, which we expect to be above current street expectations, even excluding the impact of a previously announced favorable arbitration award," Chief Executive David Williams said in a statement. The adjustment is expected to add more than $220 million to full-year free cash flow, he said. The new dividend will be payable Nov. 9 to shareholders of record as of Nov. 2. Shares were halted in Friday trade, but are down 22% in the year so far, while the S&P 500 is up 0.4%.