BW Offshore Suspends Dividend

BW Offshore, a builder and operator of ships that can produce and store oil offshore, suspended its dividend until outlook for the oil sector improved, it said on Monday.

The firm posted third-quarter earnings before interest, taxes and depreciation and amortisation of $174 million against expectations for $100 million in a Reuters poll of analysts, down from $120 million a year ago.

However, the figure included an insurance recovery of $75 million which was not included in the poll.

Reporting by Gwladys Fouche