2014 saw Noble make significant progress in achieving its asset-light investment strategy. Our balance sheet – the strongest in recent history – represents a significant advantage as we continue to identify high value growth opportunities across the products and geographies we operate in. Maintaining our investment grade rating with the international rating agencies is a vital part of this strategy.

We have implemented a clear capital allocation framework for working capital and investments with a focus on returning excess capital to shareholders via dividend distribution, share buybacks and asset sales as appropriate. As part of this, our dividend payout ratio target was revised upwards from the historical 25 percent to 35 percent of net profit for FY2014 and FY2015. We continue to review our existing share buyback mandate and progressive dividend policy as we execute on our new business structure.