Arab Today, arab today transocean cuts dividends as oil crash hits revenue
Last Updated : GMT 09:09:51
Arab Today, arab today
Arab Today, arab today

Transocean cuts dividends as oil crash hits revenue

Arab Today, arab today

Arab Today, arab today Transocean cuts dividends as oil crash hits revenue

Swiss rig operator Transocean
Zurich - AFP

Transocean, one of the world's largest operators of offshore platforms, announced plans to cut dividends and impair assets on Wednesday, as the worsening oil market wreaked further havoc on the Switzerland-based company.

The scrapping of shareholder payments and an asset impairment of 2.0 billion Swiss francs ($2.1 billion, 1.8 million euros) was announced overnight and will be formalised at an extraordinary meeting on October 29, the company said in a statement.

The news sent Transocean shares down 7.3 percent to 11.30 Swiss francs in trading at 1130 GMT, as Switzerland's main SMI index saw a one percent decline.   

The company, which owned and operated the Deepwater Horizon platform that caused a massive oil spill off the US Gulf of Mexico in 2010, has seen its business dry up amid the worst oil price collapse in three decades.

In a statement, Transocean said it planned to cancel the third and fourth instalments of its annual dividend payments of 60 cents per share, which was approved by shareholders in May.  

"The slash in dividend does clearly not come out of the blue given the company does not get meaningful new contracts and the timing of a market recovery is highly uncertain -- hence it needs to preserve cash," said Fabien Haecki, an analyst at Vontobel.

"This comes as no surprise but we advise to stay out of the stock for now," he added.

Transocean shares have fallen by two-thirds over the last year.

 

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today transocean cuts dividends as oil crash hits revenue Arab Today, arab today transocean cuts dividends as oil crash hits revenue

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today transocean cuts dividends as oil crash hits revenue Arab Today, arab today transocean cuts dividends as oil crash hits revenue

 



Arab Today, arab today
Arab Today, arab today Designer Aql Faqih aspires to innovation

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation
Arab Today, arab today What's the reason and what you can do

GMT 05:44 2017 Sunday ,22 October

What's the reason and what you can do
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Prayers turn to nightmare

GMT 06:14 2017 Sunday ,22 October

Prayers turn to nightmare
Arab Today, arab today Hiring not part of Alibaba pledge

GMT 11:26 2017 Wednesday ,18 October

Hiring not part of Alibaba pledge
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today World's deepest lake in peril

GMT 15:54 2017 Friday ,20 October

World's deepest lake in peril
Arab Today, arab today Ex-French minister Dati wants tough action

GMT 10:54 2017 Thursday ,19 October

Ex-French minister Dati wants tough action
Arab Today, arab today Delhi braces for pollution 'airpocalypse'

GMT 16:07 2017 Friday ,20 October

Delhi braces for pollution 'airpocalypse'
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today EU raids automaker BMW

GMT 11:06 2017 Saturday ,21 October

EU raids automaker BMW
Arab Today, arab today Sweden to get biggest car factory

GMT 14:10 2017 Friday ,20 October

Sweden to get biggest car factory
Arab Today, arab today Actress Mona Zaki praises husband’s role

GMT 08:15 2017 Thursday ,19 October

Actress Mona Zaki praises husband’s role
Arab Today, arab today Massacre fears spark race

GMT 19:09 2017 Thursday ,19 October

Massacre fears spark race

GMT 08:57 2017 Wednesday ,18 October

Actress Shery Adel happy for Egypt’s qualification

GMT 18:15 2017 Monday ,16 October

British actress becomes fifth woman

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam

GMT 16:00 2017 Wednesday ,18 October

Climate-disrupting volcanoes helped topple

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 10:18 2017 Saturday ,21 October

How to do open-heart surgery

GMT 13:44 2017 Friday ,20 October

Barcelona through George Orwell’s eyes

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 20:46 2017 Thursday ,19 October

Qualcomm files lawsuits in China to ban iPhones

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday