In its first results since taking over rival CanElson Drilling Inc. in a cash and shares deal in August, Trinidad chopped its quarterly dividend to a penny per share from five cents, a move expected to save $36 million annually.
On June 11, Trinidad Drilling Ltd. and CanElson Drilling Inc. announced an combination worth $505 million. However, while the value of the deal is over half a billion dollars, just a small fraction of that will be paid in cash.
Trinidad has proposed the $505-million takeover of Calgary rival CanElson Drilling Inc., expected to close by Monday. On Friday, CanElson reported a second-quarter net loss of $1.7 million on revenue of $35 million compared with a profit of $5.5 ...
Mr. McDougald is subject to a Non-Competition Agreement entered into at the time of the sale of CanElson Drilling Inc. that restricts him from any involvement in the land-based contract drilling rig business until August 11, 2017.
On Tuesday, Trinidad Drilling Ltd. and CanElson Drilling Inc. finalized a $505 million deal they announced in June, but other companies are too worried about jeopardizing their own balance sheets to prey on weaker rivals.