Noble Corp’s plan to resume dividends is a “major sign of confidence” in the offshore rig market, according to analysts at Barclays.

Last week, the US-listed rig owner announced the initiation of a quarterly dividend of $0.30 per share — representing $40m per quarter and a 2.5% yield.

This is thought to be the first such dividend by an offshore driller since 2015, according to Barclays’ US energy services and technology analysts Edward Kim, J David Anderson and Derek Podhaizer.