Awilco Drilling dividend suspended

The companys dividend policy has been to pay a quarterly dividend in support of its main objective to maximize returns to shareholders. All of the Companys free cash flow was distributed subject to maintaining a robust cash buffer to support working capital requirements, planned capital expenditure and uncertain future market prospects

• Since June 2013 Awilco Drilling has consistently paid a quarterly dividend and during this time has distributed USD 12.00 (NOK 83.22) per share in this respect. 
• With the ordering of one new - build high - end semi submersible rig in March this year, plus an agreement for a further three independent rig options, the Company is now in a growth and investment phase. 
•  The Board of Directors has, therefore, decided to suspend the dividend and will resume same when the Company again reaches an appropriate free cash flow situation. 

This suspension affects my 12 month forward dividends by approx -70€, luckily Awilco Drilling is not a big position in my portfolio. I will monitor how situation evolves, maybe it is time to get rid of Awilco shares.