Ensco Increases Quarterly Cash Dividend
Ensco has declared a regular quarterly cash dividend of US $0.35 per Class A ordinary share payable on June 18, 2010 to holders of Ensco's American depositary shares (ADSs) as of the June 7, 2010 record date. The prior quarterly dividend was US $0.025 per share.
Chairman, President and Chief Executive Officer Dan Rabun stated, "The large increase to our quarterly dividend is a major milestone in Ensco's history. We established the new quarterly dividend following a thorough review of several factors including our record shareholders' equity, strong cash position, modest leverage, positive cash flow outlook and the enhanced diversification of our fleet."
Mr. Rabun added, "Management and the Board believe the new dividend payout is prudent and sustainable. It allows adequate flexibility for new investments and additional share repurchases under our remaining $560 million share buyback authorization. We will continue to assess economic, energy and credit market conditions, as well as our financial outlook, to evaluate whether additional returns of capital may be appropriate as part of our overall capital management plan."