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Trinidad Drilling Postpones Rig Upgrades
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Trinidad Drilling Ltd. has announced that it expects to spend approximately $175 million in capital expenditures in 2015. This includes capital for the completion of previously-announced new builds carried over from 2014, capital inventory, some minor upgrades to existing equipment and maintenance capital.
Lyle Whitmarsh, Trinidad's Chief Executive Officer said: "Given the weakness in commodity prices, we lowered our original capital expenditures planned for 2015 from $350 million to $175 million. We feel that a prudent approach to the coming year is important and have chosen to lower our capital expenditure level from 2014. We have postponed some rig upgrades until demand increases and have worked with our customers to meet our commitments while also conserving cash generated from our…
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