Ensco plc announced that its Board of Directors has declared a regular quarterly cash dividend of $0.375 per Class A ordinary share payable on March 23, 2012 to holders of Ensco's American depositary shares (ADS) as of March 12, 2012 record date. The prior quarterly dividend was $0.35 per share.
Chairman, President and Chief Executive Officer Dan Rabun stated, "The quarterly dividend increase is supported by our strong financial position and positive outlook for future earnings growth. Higher utilization and average day rate projections for both our deepwater and jackup segments, new long-term contracts recently signed for our newbuild rigs and increasing customer demand have given us even greater visibility into future cash flows."
Mr. Rabun added, "Management and the Board believe the new dividend payout is prudent and sustainable. We expect that we will continue to have adequate liquidity to meet capital commitments for our rigs under construction, as well as sufficient flexibility to make new investments. We will continue to assess economic and market conditions to evaluate whether additional dividend increases may be appropriate in the future as part of our overall capital management plan."
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