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").
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.
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.
Chart below reflects public-market transactions of common shares or unit trusts by company officers and directors. Ted Dixon is CEO of INK Research which provides insider news and knowledge to investors.
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.
CALGARY, ALBERTA--(Marketwired - Nov. 4, 2014) - CanElson Drilling Inc. (TSX:CDI) announced today that it has signed five drilling rigs to long-term contracts, including three previously disclosed and under construction, as well as two new builds.