Nabors Industries says to start paying dividend

Wed Feb 27, 2013 4:42pm EST

Feb 27 (Reuters) - Nabors Industries Ltd, the owner of the world's largest onshore drilling rig fleet, said it would start paying quarterly dividends, a month after a top shareholder raised concerns about the underperformance of its stock.

The company said it would pay a dividend of 4 cents per share on March 28 to shareholders of record as on March 11.

Bermuda-based Nabors has been under pressure since its largest shareholder, Pamplona Capital Management, said in January it was concerned about the underperformance of the company's shares.

Pamplona, which owns 9.3 percent of the company, is backed by Russian billionaire Mikhail Fridman's Alfa Group.

Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.