Borda vows policy review

Business, Normal

The National, Monday 13th May 2013

 NEW chairman of Santos Ltd Ken Borda has vowed to review the oil and gas producer’s dividend policy as it approaches production at the PNG LNG project. 

The US$19 billion (K40 billion) project is expected to start shipments to Asia next year. 

“Santos wants to reward shareholders as earnings increase and will aim to strike a balance between dividends and investment for growth,” Borda said last Friday. 

Shares in Santos gained 1.42% last Friday, closing at A$12.83.

Miclyn Express Offshore Ltd has scored A$40 million worth of contracts for the Chevron-operated Wheatstone Project in Western Australia and Ichthys Project in the North of Australia. 

The provider of service vessels has been awarded two contracts: The two-year Wheatstone project contract will start this month; and the one-year Ichthys Project will start next year. 

Shares in Miclyn Express Offshore rose 1.53% last Friday, closing at A$1.99. 

Shares in National Australia Bank Ltd fell despite the bank boosting its first half net profit by 23% to A$2.52 billion and improving its interim dividends payout by 3% to A$0.93. 

Shares in Rupert Murdoch’s News Corp gained after the media company lifted its third quarter net profit by more than expected to A$2.8 billion and advised its businesses are on track to formally split. 

Shares in Rio Tinto Ltd fell following its annual general meeting where new chief Sam Walsh affirmed the global miner’s Pilbara expansion plans remain on track and flagged the company will pursue up to A$5 billion of savings in the next two years.