Trinidad Drilling, a drilling contractor I have worked with many times in the past is becoming the latest victim of Canada's anti industry stupidity. Trudeau and Notley's loss is a gain for American workers.http://business.financialpost.com/pmn/b ... of-company
ALGARY — Three weeks after announcing it would move two idle Canadian drilling rigs and three from Saudi Arabia to greener pastures in the United States, Trinidad Drilling Ltd. has put itself on the block.
The Calgary-based oil and gas drilling company said Tuesday it has appointed a committee to look at options including a corporate sale or merger because its share price doesn’t reflect what it believes is its true value.
The news comes as Canada’s oil and gas producers continue to budget for lower exploration and production spending this year than their American counterparts — Peters & Co. has estimated Canadian spending will fall six per cent this year while U.S. spending rises 14 per cent.
Winter is the most active season for Canada’s drilling industry because the frozen ground permits access to more backcountry drilling sites.
In an interview in late January, Trinidad CEO Brent Conway said his American customers in the prolific Permian Basin in Texas are helping to pay relocation costs because they want to contract his rigs.
“What’s happening in the U.S.? They’re lowering taxes, they’re building pipelines and they’re starting to export oil,” he said.
In Canada, he added, “we’ve raised taxes, we’re increasing costs because of labour laws that are changing, we aren’t building pipelines and we can’t get federal or provincial governments to do anything to help us.”