Trinidad Drilling sells rigs to Saudi Arabia instead of moving them to

Trinidad Drilling sells rigs to Saudi Arabia instead of moving them to

CALGARY — Trinidad Drilling Ltd. says it has struck a deal to sell its three drilling rigs in Saudi Arabia for about $114 million instead of moving them to the United States as it announced earlier this year.The Calgary-based drilling company says it will realize about $69 million from the sale of the rigs, with the rest payable to a partner.Trinidad says it will upgrade three wholly-owned rigs already in the United States for about $16 million to meet customer demand in Texas, in lieu of the Saudi-bound rigs.Trinidad had wanted to move the rigs to the U.S. to take advantage of high demand there but CEO Brent Conway says selling is a better option because the funds can be used for its capital program or to repay debt.The company is in the midst of a review of strategic options to create additional value for shareholders.

  • Prev Post
  • Next Post

LeaveComment

Leave a Reply

Your email address will not be published. Required fields are marked *