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.
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.
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.
To clients, which include Precision Drilling Corp., CanElson Drilling Inc. and Horizon Drilling, the fruits of Oil Country's innovative culture are much more material: more efficient, less costly and safer drill rigs designed for increasingly ...
Canadian companies like Precision Drilling Corp., CanElson Drilling Inc. and Calfrac Well Service Corp. among others, have been active in Mexico, but the business makes up a tiny fraction of their overall businesses.