New Wave Media

Offshore oil driller Seadrill plans to resume dividend payments when the market begins to improve, Chief Financial Officer Rune Magnus Lundetrae said.

 

Known for paying relatively large dividends to its owners, Seadrill abruptly suspended payments earlier on Wednesday and said it would save cash to strengthen its balance sheet during an uncertain time for the oil industry.

 

"I think we will resume the dividend as soon as we're comfortable the cycle has turned," Lundetrae said during the company's earnings call, adding that he could not say how long the suspension would last.

 

"Now that we have been prudent and responsible and cut it relatively early, that also means that we can resume it early in our view, because we are strengthening the balance sheet and we'll also deleverage over the next quarters," he said.