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Trinidad Drilling Ltd Enters Joint Venture Arrangement With Halliburton; Signs Long Term Contract For Four Rigs In Kingdom Of Saudi Arabia

Tuesday, 3 Sep 2013 07:58am EDT 

Trinidad Drilling Ltd. announced that it has entered into a joint venture arrangement with a wholly-owned subsidiary of Halliburton Company (Halliburton) to provide and operate drilling rigs for Halliburton's international integrated projects. The joint venture is expected to concentrate initially on the Kingdom of Saudi Arabia and Mexico. Under this arrangement, the joint venture will have a right of first look to provide drilling rigs for all of Halliburton's managed onshore projects outside of Canada and the United States. Additionally, the joint venture will have a right of first look at Trinidad's onshore contract drilling opportunities outside of Canadaand the United States. Trinidad will be the majority shareholder in the joint venture with 60% ownership, and Halliburton will have 40% ownership, with each party contributing future capital in these respective proportions. The joint venture will conduct business under the name Trinidad Drilling International (TDI). Affiliates of Trinidad and Halliburton have signed an agreement to provide four rigs for work in the Kingdom of Saudi Arabia for three years, with a one year optional extension. This agreement will be assigned to the joint venture. The rigs for these initial contracts will include three upgraded rigs from Trinidad's US fleet and one new build rig. The funds for this capital program will be provided by the joint venture partners in line with their ownership levels. 

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24 Apr 2015