Noble cuts dividend to strengthen cash position amid oil rout

[HONG KONG] Noble Corp, an oil drilling services provider, said it cut its dividend as it seek to free up cash.

The quarterly dividend was cut to 15 US cents a share from 37.5 US cents a share in the previous quarter, Noble said in a statement ON Friday.

"The revised dividend appropriately addresses the prevailing industry uncertainty, with an eye on preservation of liquidity," David W. Williams, chairman and chief executive officer of Noble, said in the statement.

The adjustment is expected to increase annual free cash flow by more than US$220 million, he said.

BLOOMBERG