Trinidad Drilling to build more land rigs

By OGJ editors
HOUSTON, Apr. 18
-- Trinidad Drilling Ltd. announced that it will build two new land rigs for delivery into operations in 2011.

"Demand for high-quality, modern equipment has continued to increase and contract terms have now moved to a point where it is attractive for us to build new equipment," said Lyle Whitmarsh, Trinidad Drilling's president and chief executive officer.

Rig No. 139 will be an $18 million, 18,000-ft triple rig with 1,500 hp. The company expects to operate the rig in the Eagle Ford shale in Texas in this year’s second half. It said the rig has a 3-year, take-or-pay contract that guarantees 100% utilization throughout the duration of the contract.

Rig No. 57 will be a $20 million, 18,000-ft triple rig with 1,500 hp for work in steam-assisted gravity drainage drilling in northeastern Alberta. The company said the rig will include an improved fluid handling system for drilling in a pad environment and a new pipe handling system that removes the need for a crew member to be in the derrick.

Trinidad Drilling expects Rig. No. 57 to be operational toward yearend and said the rig is under a 4-year, take-or-pay contract that guarantees a minimum of 1,200 days over 4 years, which equates to an 82% average utilization over the contract term.

In addition to these two newly-announced rigs, Trinidad Drilling currently is building a natural gas powered rig for operations in the Horn River in northeastern British Columbia.

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