8-Aug-2017 Source: Bristow Group
Bristow Group Inc. (NYSE: BRS) announced today that its Board of Directors has suspended its quarterly dividend of $0.07 per share, which will preserve approximately $10 million on an annualized basis.
“Our Board recognizes that our dividend was an important part of a balanced return to shareholders. However, in light of the continuing industry downturn and in keeping with our long standing capital allocation strategy, we determined that prudent balance sheet management is of utmost importance in protecting the interests of all stakeholders,” said Jonathan Baliff, President and Chief Executive Officer of Bristow Group. “The suspension of the quarterly dividend provides the company with increased financial flexibility to weather this extended downturn.”