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Noble: When a 60% Dividend Cut Is Good News

As if more evidence were needed of the hard times facing offshore oilfield services companies, U.K.-based Noble Corp. PLC (NYSE: NE) announced Friday morning that it is cutting its quarterly dividend by 60% from a prior level of $0.375 per share to $0.15. The ex-dividend date is expected to be October 29, 2015, with a record date of November 2, 2015, and a payment date of November 9, 2015.

The good news, of course, is that the dividend did not disappear completely.

CEO David Williams said:

Returning cash to shareholders through a dividend has been and continues to be an important element of the Company’s long-term value creation goals and...