• Sign up for the Daily Digest E-mail
  • Facebook
  • Twitter
  • LinkedIn
Sign up
  • Home
  • Headlines
    • Latest Headlines
    • Columns
    • Discussions
  • Well Activity Map
  • Property Listings
  • Land Sales
  • M&A Activity
    • M&A Database
    • AER Transfers
  • Markets
  • Rig Counts
    • CAODC Rig Count
    • Baker Hughes Rig Count
    • USA Rig Count
  • Industry Data
    • Canada Well Licences
    • USA Market Data
    • Data Subscription
  • Jobs

BOE Report

Sign up
  • Home
  • Headlines
    • Latest Headlines
    • Columns
    • Discussions
  • Well Activity Map
  • Property Listings
  • Land Sales
  • M&A Activity
    • M&A Database
    • AER Transfers
  • Markets
  • Rig Counts
    • CAODC Rig Count
    • Baker Hughes Rig Count
    • USA Rig Count
  • Industry Data
    • Canada Well Licences
    • USA Market Data
    • Data Subscription
  • Jobs

Trinidad Drilling net loss deepens despite revenue rise fuelled by U.S. growth

February 27, 20188:51 AM The Canadian Press0 Comments

CALGARY – Trinidad Drilling Ltd. is reporting a 50 per cent higher net loss for the fourth quarter of 2017 than the year-earlier period despite a 48 per cent increase in revenue due mainly to more demand for its rigs in the United States.

The Calgary-based company says it had a net loss of $17.7 million or six cents per share, linked to higher depreciation and amortization expenses and a lower contribution from its joint venture operations, on revenue of $138 million in the last three months of 2017.

It posted a net loss of $11.8 million or five cents per share on revenue of $93 million in the same period of 2016.

CEO Brent Conway says dayrates in the U.S. improved each quarter during 2017 with revenue from new contracts more than offsetting the end of legacy contracts, but market conditions are improving at a much slower pace in Canada.

Last week, Trinidad launched a formal strategic review to consider options to enhance shareholder value which could include a corporate sale or merger.

The company is in the process of moving rigs from Canada and the Middle East to the United States. Following its redeployments, it says it will have 69 rigs in the U.S., 68 in Canada, six in Mexico and two in the Middle East.

Companies in this story: (TSX:TDG)

Follow the BOE Report
  • Facebook
  • Twitter
  • LinkedIn
Sign up for the BOE Report Daily Digest E-mail
Latest Headlines
  • CAODC extremely disappointed with Biden Keystone XL decision
  • Irving oil lays off 60 Saint John refinery employees, sees more job cuts
  • Connacher Oil and Gas Limited provides update and announces pipeline project
  • TC Energy to cut 1,000 construction jobs, halt Keystone XL work
  • Majority female-owned land surveying firm marks significant ESG milestone

Return to Home
Alberta Gas
CAD/GJ
Market Data by TradingView





    About
    • About BOEReport.com
    • In the News
    • Terms of Use
    • Privacy Policy
    Resources
    • App
    • Widgets
    • Notifications
    • Daily Digest E-mail
    Get In Touch
    • Advertise
    • Post a Job
    • Contribute
    • Contact
    • Report Error
    Featured In
    • CamTrader
    • Rigger Talk
    Data Partner
    • Foxterra
    BOE Network
    © 2021 Grobes Media Inc.