January 29, 2018 / 12:26 PM / in 9 months

BRIEF-Trinidad Drilling To Move 8 Rigs To Permian Basin, Tx To Meet Increased Customer Demand

Jan 29 (Reuters) - Trinidad Drilling Ltd:

* TRINIDAD DRILLING LTD - ANNOUNCED THAT IT IS MOVING EIGHT RIGS TO PERMIAN BASIN, TX TO MEET INCREASED CUSTOMER DEMAND

* TRINIDAD DRILLING LTD - RIGS WILL BE REDEPLOYED FROM COMPANY’S EXISTING GLOBAL OPERATIONS, INCLUDING CANADA

* TRINIDAD DRILLING LTD - COSTS TO MOVE THREE IDLE RIGS FROM SAUDI ARABIA WILL BE PARTLY COVERED BY SAUDI CUSTOMER-PAID DEMOBILIZATION FEES

* TRINIDAD DRILLING LTD - REMAINING COSTS AND COSTS TO MOVE RIGS WITHIN NORTH AMERICA EXPECTED TO BE LARGELY COVERED BY PERMIAN CUSTOMERS

* TRINIDAD DRILLING LTD - IN ACTIVE DISCUSSIONS WITH CUSTOMERS TO SIGN ONE TO TWO-YEAR CONTRACTS FOR REDEPLOYED RIGS

* TRINIDAD DRILLING LTD - SAUDI ARABIAN RIGS WILL NEED MINOR RE-CONFIGURATION AND ARE EXPECTED TO BEGIN WORK IN Q3 OF 2018

* TRINIDAD DRILLING LTD - WHERE POSSIBLE, CO ANTICIPATES USING CURRENTLY UNDER-UTILIZED EQUIPMENT & CAPITAL INVENTORY TO MINIMIZE UPGRADE CAPITAL

* TRINIDAD DRILLING LTD - SEES NET 2018 CAPITAL BUDGET INCLUDING TDI $74.0 MILLION Source text for Eikon: Further company coverage:

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