Trinidad Drilling expands 2012 rig build program

7 November 2011: Trinidad Drilling is building two new rigs under long-term, take-or-pay contract for delivery into its Canadian operations in mid-2012. The two new rigs will be telescopic doubles with 850 horsepower draw works and a depth capacity of 3,500 metres (approximately 11,500 ft). The rigs are contracted with a senior producer for a five-year term with a guarantee of 250 days per annum. They will be built at Trinidad's in-house manufacturing facility and are expected to cost approximately $15 million each. The rigs should begin operations in Canada towards 2012.

Source:Yourindustrynews