Trinidad Drilling to build more land rigs
Trinidad Drilling Ltd. announced that it will build two new land rigs for delivery into operations in 2011.
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.