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Noble Corp. (NE) Stock Sinks After Dividend Cut 60%

NEW YORK (TheStreet) -- Noble Corp. (NE - Get Report) shares are retreating 0.88% to $12.90 on Friday after the offshore driller said that it will cut its quarterly dividend by 60% to $0.15 a share from $0.375 a share.

"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," CEO David W. Williams stated.

This action comes as offshore drillers have been negatively impacted by declining oil and gas prices.

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In addition, the company said that the dividend reduction will lift annual free cash flow by around $220 million.

The ex-dividend date for the dividend is expected to be October 29, 2015, with a record date of November 2, 2015 and a payment date of November 9, 2015.