Nabors Industries Ltd. (NBR) said Wednesday that its Board of Directors has approved the initiation of a quarterly cash dividend.
A dividend of $0.04 per common share will be paid on March 28 to shareholders of record on March 11, the company said.
Tony Petrello , Nabors' Chairman and CEO, said, "The Board's initiation of a dividend reflects the financial strength of the Company and our commitment to return value to our shareholders. As we discussed when we announced our recent fourth-quarter earnings, we are making good progress toward our strategic objectives, including reducing debt and improving our overall liquidity. The Company's strong cash flow generation gives us the ability to take steps to deliver value to shareholders while also maintaining the right level of capital investment in new technologies and other items that will enable us to grow the business over the long term."
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