ITS ABOUT PERFORMANCE First Quarter 2014 Overview May 8th, 2014
Q1 2014 Highlights Revenue totaled 252m Up 12% from Q4 13 due to seasonal ramp up in Canada Up 2% from Q1 13 due to higher manufacturing revenue, partially offset by sale of coring rigs in Q2 13 Operating margin(1) at 41% Down from…
Solid First Quarter Results Dayrates and drilling margins stable, demand solid for high-spec rigs Utilization reflects stronger demand in the US, slightly softer demand in Canada for shallow rigs Net earnings of 25.8m, down from…
Canadian Operations Revenue of 104m Up 41% from Q4 13 due to seasonal ramp up in activity Down 10% from Q1 13 due to absence of coring rigs Operating margin of 48% Up from 45% at Q4 13 due to increased activity In line with Q1 13…
Canadian Review Canada Rate Per Operating Day vs Operating Margin TDG Q1 14 utilization of Utilization 30,000 50% 68%(1), 10 percentage 25,000 20,000 40% points above industry 15,000 30% 20% 10,000 average 5,000 10%…
US and International Operations Revenue of 115m Down 15% from Q4 13 due to lower early termination and standby revenue Up 3% from Q1 13 due to improved dayrates and a strong US dollar, partially offset by weaker barge contribution…
US Review US industry active rig Dayrates (US) 30,000 US Rate Per Operating Day vs Operating Margin 50% count increasing 25,000 20,000 40% Customers demanding 30% 15,000 20% 10,000 high performance 5,000 10% 0 0%…
Other Operations Barge rigs dayrates remain strong, lower activity levels in Q1 14 due to drilling programs being delayed to later periods Coring sold coring and pre-set rigs during Q2 13 Mexico Expect to redeploy three rigs to…
Trinidad Drilling Intl JV Update Three existing US rigs delivered to Saudi, expected to begin drilling operations in Q2 14 Saudi new build rig expected to be completed and delivered for operation in 2H 2014 Constructing four new…
Rig Location Summary Canada Play Count Montney 14 Frobisher 5 Duvernay 5 Cardium 4 Deep Basin 3 AB Bakken 2 Viking 1 Oil Sands 1 Montney Liard Basin 1 Liard Basin Oil Sands Bakken 0 Other 26 Duvernay Viking Total 62…
Financial Review Total 2014 capital budget of 315 million New builds and JV related(1) - 135 million Upgrades to 30 rigs - 140 million Maintenance and infrastructure capital - 40 million Q1 14 capex of 38 million (before proceeds)…
Debt Reduction Strategy Significant progress made on debt reduction strategy 1.91 times at Q1 2014 Total Debt to EBITDA 4.0 (not including 278m cash on hand) 3.5 3.0 Increase from YE due mainly 2.5 2.0 1.5 to US translation of…
Outlook Q2 2014 and beyond Rig performance and efficiency becoming increasingly important Demand remains strong for high-spec equipment, customers increasingly requesting upgraded rigs Canadian industry conditions firm, increased…
Outlook - continued Trinidad will outperform the industry due to: High performing fleet (80% with advanced drilling controls and high mobility) Significant contract base (40% under long-term, take- or-pay contract, average term…
Summary of Results FINANCIAL HIGHLIGHTS For the quarter ended March 31, ( tho usands except share and per share data) 2014 2013 % Cha nge Re ve nue 251,505 247,186 1.7 Re ve nue , ne t of thi rd pa rty cos ts 231,018 227,377 1.6 Ope…
www.trinidaddrilling.com 2500, 700 9 Avenue S.W. Calgary, Alberta, Canada T2P 3V4 T 403.265.6525 F 403.265.4168 E infotrinidaddrilling.com
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