CALGARY - CanElson Drilling Inc. said Monday it will reduce its quarterly dividend by 50%, defer the completion of three new drilling rigs, and reduce its capital budget by 80% as a result of low crude oil and natural gas prices.
Trinidad Drilling Ltd. ("Trinidad") (TSX:TDG) and CanElson Drilling Inc. ("CanElson") (TSX:CDI) are pleased to announce that they have closed their previously announced strategic business combination (the "Transaction").
In January, CanElson Drilling Inc. got a new partner. As it rang in 2013, the Calgary-based energy services company announced that it had reached an agreement with File Hills Qu'Appelle Tribal Council's business arm - FHQTC Developments LP.
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.
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.
An AltaCorp report released the week of the B.C. tax announcement pointed to Western Energy Services Corp., CanElson Drilling Inc., Ensign Energy Services Inc. and CWC Energy Services Corp. as companies that could also see increased activity if ...
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.