Paragon Offshore Plans To Initiate Quarterly Dividend - Quick Facts

(RTTNews) - Paragon Offshore Plc (PGN) Friday announced its plans to initiate a quarterly cash dividend of $0.125 per share, or $0.50 per share on an annualized basis.

Paragon anticipates that the first quarterly dividend would be declared in November 2014 and paid shortly thereafter.

The company noted that declaration of the first quarterly dividend is subject to completion of its audited UK statutory balance sheet, which is anticipated to be completed by November 2014.

President and Chief Executive Officer, Randall Stilley said, "Following a robust review of our near-term capital allocation opportunities, I am pleased to report that the board has determined to commence this quarterly dividend program which demonstrates our confidence in the current strength of the business, as well as our future prospects."