BW Offshore has cut its dividend following the decline in oil prices and a fatal accident in Brazil last week.
The Norwegian company said it plans a dividend of two US cents per share between October and December.
The amount is one cent less than in recent quarters and below expectations for three cents.
Chief financial officer Knut Saethre said: “The cut in dividend is because of the drop in oil price, increased uncertainty and on the backdrop of recent events.
“We’re first and foremost explaining the dividend cut by pointing to the general (market) uncertainty. It wouldn’t be right to say it’s caused by the accident, but it’s obvious that it has played a part.
“In general, projects are being delayed because of the drop in oil price. We are also seeing this and are adapting.We are looking especially at the cost side.
“The crystal ball is quite muddy at the moment, so it’s very hard to predict how the market will evolve in the short term. We see that some projects are being postponed, but not all.”
The company also posted earnings before interest, taxes, depreciation and amortisation (EBITDA) of $104million in the quarter.
The search is still ongoing for four missing crew members following an explosion on board the Cidade de Sao Mateus which also killed five crew members and left two in a critical condition.
The FPSO, which is operated by BW Offshore on behalf of Brazil’s Petroleo Brasileiro SA (Petrobras), was producing from postsalt Camarupim and North Camarupim fields about 120km offshore Brazil when the incident unfolded.
