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Noble Corporation Plc Announces ADJUSTED QUARTERLY DIVIDEND

The following excerpt is from the company's SEC filing.

LONDON, October 23, 2015 - Noble Corporation plc (NYSE:NE) announced today a decision by its Board of Directors to adjust the Companys dividend and declared a quarterly dividend of $0.15 per share, compared to the previous quarterly dividend of $0.375 per share.

David W. Williams, Chairman, President and Chief Executive Officer of Noble Corporation plc addressed the Boards decision to adjust the dividend, stating, Returning cash to shareholders through a dividend has been and continues to be an important element of the Companys long-term value creation goals and cash allocation strategy. We believe the revised dividend appropriately addresses the prevailing industry uncertainty, with an eye on preservation of liquidity, while maintaining what we believe is a meaningful and sustainable allocation of cash to our shareholders. The decision to adjust the dividend and preserve liquidity in an uncertain market 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. The adjustment is expected to increase annual free cash flow by more than $220 million, as we remain...