As if more evidence were needed of the hard times facing offshore oilfield services companies, U.K.-based Noble Corp. PLC (NYSE: NE) announced Friday morning that it is cutting its quarterly dividend by 60% from a prior level of $0.375 per share to $0.15. The ex-dividend date is expected to be October 29, 2015, with a record date of November 2, 2015, and a payment date of November 9, 2015.

The good news, of course, is that the dividend did not disappear completely.

CEO David Williams said:

Returning cash to shareholders through a dividend has been and continues to be an important element of the Company’s long-term value creation goals and cash allocation strategy. We believe the revised dividend appropriately addresses the prevailing industry uncertainty, with an eye on preservation of liquidity, while maintaining what we believe is a meaningful and sustainable allocation of cash to our shareholders. The decision to adjust the dividend and preserve liquidity in an uncertain market is not reflective of our current financial performance, including our quarterly results to be released next week, which we expect to be above current street expectations, even excluding the impact of a previously announced favorable arbitration award. The adjustment is expected to increase annual free cash flow by more than $220 million, as we remain committed to positioning Noble to achieve value creation through the cycle.

Williams’s comment that the company will beat the Street’s expectations undoubtedly kept the share price dive at minimum Friday. Analysts are expecting third-quarter earnings per share of $0.52 on revenues of $760.56 million. The firm is currently scheduled to report earnings on October 28.

Thursday Noble filed a Form S-1 with the U.S. Securities and Exchange Commission for a spin-off of its midstream assets in the Denver-Julesburg Basin into a master limited partnership to be called Noble Midstream Partners.

Shares traded down less than 1% at $12.92 shortly at noon Friday, in a 52-week range of $10.34 to $22.35.

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