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Trinidad Drilling Leveraging Contracts, High Performance Rigs
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Trinidad Drilling Ltd. has reported fourth quarter and full year 2014 results.
Lyle Whitmarsh, Trinidad's Chief Executive Officer said: "Market conditions have changed very quickly in the past few months. Our operations continued to perform well in the fourth quarter; however, we began to see the impact of lower commodity prices more significantly in the first quarter of 2015. In light of these weaker market condition, we have lowered our 2015 capital program and reduced operating and administrative costs. We expect that our extensive contract coverage, high quality fleet and financial flexibility will allow Trinidad to withstand the downturn and be well positioned to perform strongly as market conditions improve."
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