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Company News

BRIEF-Trinidad Drilling Sells Its Three Remaining Saudi Arabian Rigs

April 12 (Reuters) - Trinidad Drilling Ltd:

* TRINIDAD DRILLING LTD. SHOWS PROGRESS ON STRATEGIC REVIEW WITH SALE OF SAUDI ARABIAN RIGS

* RIGS AND RELATED EQUIPMENT WILL BE SOLD FOR ABOUT $30 MILLION EACH, OR $91 MILLION IN TOTAL GROSS PROCEEDS

* AGREED TO SELL ITS 3 REMAINING RIGS LOCATED IN SAUDI ARABIA OWNED BY ITS INTERNATIONAL JV, TRINIDAD DRILLING INTERNATIONAL

* EXPECTS TO SPEND A TOTAL OF $57.5 MILLION IN GROWTH CAPITAL IN 2018

* TRINIDAD’S SHARE OF PROCEEDS TOTALS APPROXIMATELY US$55 MILLION

* FOLLOWING CLOSE OF SALE, TDI EXPECTS TO DISTRIBUTE NET PROCEEDS FROM ASSET SALE TO ITS PARTNERS Source text for Eikon: Further company coverage:

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