Seadrill Partners to slash dividend. Cites low rig rates, looming debt maturities

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Seadrill Partners, an affiliate of offshore driller Seadrill, will reduce the quarterly distribution to its common unitholders from 10 cents per unit to 1 cent per unit.

“The move reflects the slower than anticipated recovery in dayrates and the company’s desire to preserve liquidity ahead of debt maturities in the second half of 2020 and first quarter of 2021,” Seadrill partners said.

The fourth quarter cash distribution will be paid on February 14, 2019, to all unitholders of record as of the close of business on February 7, 2019, the company said.

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