TDG Limited was a goods transportation, distribution, warehousing and supply chain management company based in England with offices also in Ireland, Belgium, the Netherlands, Spain, Hungary and Germany. Wikipedia.

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News Article | April 26, 2017
Site: www.marketwired.com

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. Trinidad Drilling Ltd. (TSX:TDG) ("Trinidad" and "the Company") is pleased to announce changes to management roles. Adrian Lachance will assume the expanded role of Chief Operating Officer and Randy Hawkings will assume the new role of Executive Vice President, US Operations. "Adrian and Randy bring extensive experience in the oil and gas industry to their new positions," said Brent Conway, Trinidad's President and CEO. "Their continued contributions to managing our operations and assisting in the future direction of the Company will be invaluable as we guide Trinidad for success in the current improving conditions and through future industry cycles." Adrian has been with Trinidad for 14 years, most recently as Chief Operating Officer, US and International. During his career with Trinidad, Adrian has held various senior positions within the Company, including responsibility for the Company's US and international operations, rig design and manufacturing, and corporate business development. Adrian was a key driver behind the Company's successful expansion in to the US in 2005, and continues to be an integral part of the innovative and unique rig designs that have built Trinidad's reputation as a high performance driller. Prior to joining Trinidad, Adrian was the owner of a private drilling company, Bear Drilling, which was acquired by Trinidad in 2003. Randy joined Trinidad in 2015 as Executive Vice President, Canadian Operations and Mexico following the acquisition of CanElson Drilling, where he held the position of President and CEO. In his new role, Randy will be responsible for running the Company's US operations. In addition, he will set up and manage Trinidad's performance drilling and technology integration initiatives. Randy holds a Bachelor of Applied Science degree in Mechanical Engineering from the University of British Columbia and holds a Professional Engineer designation with the Association of Professional Engineers, Geologists and Geophysicist of Alberta. Trinidad is a corporation focused on sustainable growth that trades on the Toronto Stock Exchange under the symbol TDG. Trinidad's divisions currently operate in the drilling sector of the oil and natural gas industry, with operations in Canada, the United States and internationally. In addition, through joint venture arrangements, Trinidad operates drilling rigs in Saudi Arabia and Mexico, and is currently assessing operations in other international markets. Trinidad is focused on providing modern, reliable, expertly designed equipment operated by well-trained and experienced personnel. Trinidad's drilling fleet is one of the most adaptable, technologically advanced and competitive in the industry.


News Article | May 4, 2017
Site: www.thefishsite.com

An additional 15 million tonnes of by-products from the fisheries and aquaculture processing industries could be utilised by the aquafeed sector, according to the results of a recent study. The investigation, which was commissioned by IFFO (the marine ingredients organisation), and undertaken by researchers at Stirling University, examined the use of fish by-products in fishmeal and fish oil production. Nearly 20 million tonnes of fish-based raw materials are used annually in the production of fishmeal and fish oil, but the model showed that this could be increased to 35 million tonnes should all the by-products of these fish be utilised. These results were published in the IFFO’s first ever Annual Report, which also gives succinct summaries of the organisation’s core areas of work – including stakeholder engagement, technical projects and market research. IFFO will present the report to members at this week’s annual meeting in Barcelona, which will be attended by 157 members from 27 countries. The report also contains details of the three member events hosted by the IFFO, which were attended by 869 delegates in total; as well as the outlines of 90 market reports it made, 24 of which focused on the fast-growing Chinese market. Throughout the year IFFO worked hard to expand its methods of data collection by gathering production and/or trade annual data for 109 countries, monthly data for 30 countries, and weekly data for around 10 countries. Data is collected from multiple sources to ensure accuracy, with the most important source being IFFO’s members, which represent more than 50% of the total production, and between 75% and 80% of the total annual trade, of marine ingredients worldwide. The report summary adds that, in a bid to promote successful stakeholder engagement, IFFO worked with press, academia, regulatory bodies, governments, NGOs and the wider industry. In 2016 they represented members at an international working with Codex (Fish oil standard), the United Nations Economic and Social Council’s Committee of Experts on the Transport of Dangerous (UNTDG) goods and the International Maritime Organisation (IMO) (antioxidants), the Food and Agriculture Organization of the United Nations (FAO) (data and statistics), and not least with the European Commission during its work on the reauthorisation of ethoxyquin in the EU. A particular highlight was the interaction with the UN-TDG, where a change in the wording relating to the shipping of fishmeal has been proposed. Finally, IFFO’s Annual Conference in Bangkok brought many of our stakeholders together to give a 360-degree overview of the marine ingredients industry. IFFO Director General Andrew Mallison stated that: “This report is intended to give an overview of who we are, what we have delivered in 2016 and what we are trying to achieve in future. We look forward to producing more reports of this kind in the future to draw together all IFFO’s important work.”


News Article | April 17, 2017
Site: www.marketwired.com

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. Trinidad Drilling Ltd. (TSX:TDG) (Trinidad) is pleased to announce that we will release our first quarter 2017 results after market close on Tuesday, May 9, 2017. The news release will provide consolidated operating and financial information. The full management's discussion and analysis as well as the consolidated financial statements will be posted on the Investor Relations section of Trinidad's website at www.trinidaddrilling.com and will also be filed on SEDAR at www.sedar.com. Trinidad is a corporation focused on sustainable growth that trades on the Toronto Stock Exchange under the symbol TDG. Trinidad's divisions currently operate in the drilling sector of the oil and natural gas industry, with operations in Canada, the United States and internationally. In addition, through joint venture arrangements, Trinidad operates drilling rigs in Saudi Arabia and Mexico, and is currently assessing operations in other international markets. Trinidad is focused on providing modern, reliable, expertly designed equipment operated by well-trained and experienced personnel. Trinidad's drilling fleet is one of the most adaptable, technologically advanced and competitive in the industry.


News Article | April 25, 2017
Site: www.eurekalert.org

An international collaboration of neuroscientists has shed light on how the brain helps us to predict what is coming next in speech. In the study, publishing on April 25 in the open access journal PLOS Biology scientists from Newcastle University, UK, and a neurosurgery group at the University of Iowa, USA, report that they have discovered mechanisms in the brain's auditory cortex involved in processing speech and predicting upcoming words, which is essentially unchanged throughout evolution. Their research reveals how individual neurons coordinate with neural populations to anticipate events, a process that is impaired in many neurological and psychiatric disorders such as dyslexia, schizophrenia and Attention Deficit Hyperactivity Disorder (ADHD). Using an approach first developed for studying infant language learning, the team of neuroscientists led by Dr Yuki Kikuchi and Prof Chris Petkov of Newcastle University had humans and monkeys listen to sequences of spoken words from a made-up language. Both species were able to learn the predictive relationships between the spoken sounds in the sequences. Neural responses from the auditory cortex in the two species revealed how populations of neurons responded to the speech sounds and to the learned predictive relationships between the sounds. The neural responses were found to be remarkably similar in both species, suggesting that the way the human auditory cortex responds to speech harnesses evolutionarily conserved mechanisms, rather than those that have uniquely specialized in humans for speech or language. "Being able to predict events is vital for so much of what we do every day," Professor Petkov notes. "Now that we know humans and monkeys share the ability to predict speech we can apply this knowledge to take forward research to improve our understanding of the human brain." Dr Kikuchi elaborates, "in effect we have discovered the mechanisms for speech in your brain that work like predictive text on your mobile phone, anticipating what you are going to hear next. This could help us better understand what is happening when the brain fails to make fundamental predictions, such as in people with dementia or after a stroke." Building on these results, the team are working on projects to harness insights on predictive signals in the brain to develop new models to study how these signals go wrong in patients with stroke or dementia. The long-term goal is to identify strategies that yield more accurate prognoses and treatments for these patients. In your coverage please use this URL to provide access to the freely available article in PLOS Biology: http://dx. Citation: Kikuchi Y, Attaheri A, Wilson B, Rhone AE, Nourski KV, Gander PE, et al. (2017) Sequence learning modulates neural responses and oscillatory coupling in human and monkey auditory cortex. PLoS Biol 15(4): e2000219. doi:10.1371/journal.pbio.2000219 Funding: BBSRC http://www. (grant number BB/J009849/1). Received by CIP and YK, joint with Quoc Vuong. The funder had no role in study design, data collection and analysis, decision to publish, or preparation of the manuscript. Wellcome Trust https:/ (grant number WT091681MA). Received by TDG and PEG. The funder had no role in study design, data collection and analysis, decision to publish, or preparation of the manuscript. Wellcome Trust https:/ (grant number WT092606AIA). Received by CIP (Investigator Award). The funder had no role in study design, data collection and analysis, decision to publish, or preparation of the manuscript. NeuroCreative Award. Received by YK. The funder had no role in study design, data collection and analysis, decision to publish, or preparation of the manuscript. NIH Intramural contract. Received by CIP and YK. The funder had no role in study design, data collection and analysis, decision to publish, or preparation of the manuscript. NIH https:/ (grant number R01-DC04290). Received by MAH, AER, KVN, CKK, and HK. The funder had no role in study design, data collection and analysis, decision to publish, or preparation of the manuscript. Competing Interests: The authors have declared that no competing interests exist.


Receive press releases from GenRocket, Inc.: By Email Hexaware and GenRocket Partner to Offer Accelerated Software Development Solutions Based on Test Data Generation Technology Ojai, CA, May 02, 2017 --( A key ingredient for automating and accelerating the software test process is through a new and innovative approach that produces real-time test data based on GenRocket’s patented Test Data Generation (TDG) technology and supports the growing demand for continuous integration and testing. Using GenRocket’s TDG technology, software test consultants can quickly create and execute comprehensive test scenarios with patterned and conditioned test data, based on the most complex data models while preserving the referential integrity and parent child relationships. GenRocket’s TDG technology can speeden the testing process by more than 1000% for about 10% of the cost of traditional Test Data Management (TDM) solutions. “GenRocket’s TDG is expected to address all of our customer's TDM needs with a wider range of test data, at a higher speed and much lower cost, while reducing the learning curve for new test consultants,” said Tony Mohanty, Global Head, Digital Assurance Group at Hexaware Technologies. “The technology is consistent with our vision of empowering enterprises to be digital disruptors, in their respective market place.” “Our partnership with Hexaware is a unique opportunity for GenRocket to join forces with one of the fastest growing IT services providers in India and one that is consistently recognized as a leader in the deployment of emerging technologies and process automation, to maximize customer success and satisfaction,” commented Garth Rose, CEO of GenRocket, “We are excited to be partnering with them.” Hexaware’s Digital Assurance practice is aligned, with the organizations’ growth strategy “Shrink IT Grow Digital” that focusses on identifying opportunities for automation, while significantly reducing the enterprises’ Quality Assurance spend. The company’s strategy for assuring quality of digital transformation programs, is by leveraging its innovative solutions like iD2E (Integrated Design to Execution) automation, FAME (framework for automated mobile testing) for multi-channel testing, quantifying usability of apps using our UMI (usability measurement index) model, automated Big Data testing, service virtualization and our innovations in on-demand performance engineering using the cloud and security testing solutions About GenRocket GenRocket is an emerging technology leader in software testing technology serving IT services companies and enterprise customers who demand superior quality and efficiency in their software development operation. GenRocket’s Test Data Generation (TDG) software redefines the way test data is produced by generating realistic, random, patterned and conditioned test data in real-time and on-demand. GenRocket holds a patent for its unique and innovative test data generation technology. Headquartered in Ojai, California, GenRocket operates in a number of international markets through its network of technology partners. For more information, please visit About Hexaware Hexaware is a leading global provider of IT, Application, Infrastructure, BPS and Digital services. Our business philosophy of Shrink IT, Grow Digital allows customers to significantly shrink commodity IT spend while partnering with them to embrace digitalization. The Company focuses on key domains such as Banking, Financial Services, Capital Market, Healthcare, Insurance, Manufacturing, Retail, Education, Telecom, Travel, Transportation and Logistics. Hexaware is committed to deliver business results and leverage technology solutions by specializing in Application Development & Maintenance, Business Intelligence & Analytics, Quality Assurance and Testing Services, Infrastructure Management Services, Business Process Services and Enterprise Solutions. Founded in 1990, Hexaware has a well-established global delivery model armed with proprietary tools and methodologies, skilled human capital and SEI CMMI-Level 5 certification. For more information log on to Ojai, CA, May 02, 2017 --( PR.com )-- Hexaware Technologies Limited, a leading global provider of application, infrastructure, BPS and digital services and GenRocket, a technology leader in automated software test tools, today announced a global reseller partnership to provide advanced software testing products and services to enterprises. This partnership helps enterprises to meet their high-velocity software release cycles, while maintaining the highest possible standards for software quality assurance.A key ingredient for automating and accelerating the software test process is through a new and innovative approach that produces real-time test data based on GenRocket’s patented Test Data Generation (TDG) technology and supports the growing demand for continuous integration and testing.Using GenRocket’s TDG technology, software test consultants can quickly create and execute comprehensive test scenarios with patterned and conditioned test data, based on the most complex data models while preserving the referential integrity and parent child relationships. GenRocket’s TDG technology can speeden the testing process by more than 1000% for about 10% of the cost of traditional Test Data Management (TDM) solutions.“GenRocket’s TDG is expected to address all of our customer's TDM needs with a wider range of test data, at a higher speed and much lower cost, while reducing the learning curve for new test consultants,” said Tony Mohanty, Global Head, Digital Assurance Group at Hexaware Technologies. “The technology is consistent with our vision of empowering enterprises to be digital disruptors, in their respective market place.”“Our partnership with Hexaware is a unique opportunity for GenRocket to join forces with one of the fastest growing IT services providers in India and one that is consistently recognized as a leader in the deployment of emerging technologies and process automation, to maximize customer success and satisfaction,” commented Garth Rose, CEO of GenRocket, “We are excited to be partnering with them.”Hexaware’s Digital Assurance practice is aligned, with the organizations’ growth strategy “Shrink IT Grow Digital” that focusses on identifying opportunities for automation, while significantly reducing the enterprises’ Quality Assurance spend. The company’s strategy for assuring quality of digital transformation programs, is by leveraging its innovative solutions like iD2E (Integrated Design to Execution) automation, FAME (framework for automated mobile testing) for multi-channel testing, quantifying usability of apps using our UMI (usability measurement index) model, automated Big Data testing, service virtualization and our innovations in on-demand performance engineering using the cloud and security testing solutionsAbout GenRocketGenRocket is an emerging technology leader in software testing technology serving IT services companies and enterprise customers who demand superior quality and efficiency in their software development operation. GenRocket’s Test Data Generation (TDG) software redefines the way test data is produced by generating realistic, random, patterned and conditioned test data in real-time and on-demand. GenRocket holds a patent for its unique and innovative test data generation technology. Headquartered in Ojai, California, GenRocket operates in a number of international markets through its network of technology partners. For more information, please visit www.genrocket.com About HexawareHexaware is a leading global provider of IT, Application, Infrastructure, BPS and Digital services. Our business philosophy of Shrink IT, Grow Digital allows customers to significantly shrink commodity IT spend while partnering with them to embrace digitalization. The Company focuses on key domains such as Banking, Financial Services, Capital Market, Healthcare, Insurance, Manufacturing, Retail, Education, Telecom, Travel, Transportation and Logistics. Hexaware is committed to deliver business results and leverage technology solutions by specializing in Application Development & Maintenance, Business Intelligence & Analytics, Quality Assurance and Testing Services, Infrastructure Management Services, Business Process Services and Enterprise Solutions. Founded in 1990, Hexaware has a well-established global delivery model armed with proprietary tools and methodologies, skilled human capital and SEI CMMI-Level 5 certification. For more information log on to www.hexaware.com Click here to view the list of recent Press Releases from GenRocket, Inc.


NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. Trinidad Drilling Ltd. (TSX:TDG) ("Trinidad" and "the Company") announced today that it has increased its capital expenditure budget for 2017 by $80 million, in response to strong demand from customers, particularly in the Permian Basin in the US. In 2017, Trinidad expects to spend approximately $175 million in capital expenditures, with $155 million directed towards rig upgrades and $20 million towards maintenance capital. The incremental capital of $135 million over the Company's initial $40 million capital budget is largely backed by customer commitments, including early termination provisions that covers all the committed incremental capital, with additional contracts expected to be signed. Capital associated with the contracts under negotiation will not be spent unless suitable contract terms can be agreed. Of the total 2017 upgrade capital, approximately 75% will be spent in the US and 25% will be spent in Canada, with rig upgrades expected to be completed throughout the first three quarters of 2017. Trinidad expects to recover the upgrade capital invested in 2017 through incremental Adjusted EBITDA1 (on an annualized basis) within 2.5 years. "We have seen a strong increase in customer demand in 2017, with recent acceleration in the past two months," said Brent Conway, Trinidad's President and Chief Executive Officer. "This demand is focused on modern, high performance equipment that allows our customers to drill wells quickly and efficiently. Our already high spec fleet is able to be upgraded relatively easily to meet the changing demands of our customers, allowing us to maintain our position as a leading high performance driller and to improve the future marketability of our fleet." Trinidad's expanded upgrade program includes increasing the pressure capacity of mud circulating systems, adding mud pumps, moving systems, additional generators and AC power conversion. Following the completion of the upgrade program, half of Trinidad's US fleet will be equipped with a moving system and just under half will have 7500 PSI, making these rigs fit the new "ultra, high-spec" category US customers are increasingly requesting. In the US, Trinidad currently has 32 rigs or 47% of its US fleet operating, including 26 rigs operating in the Permian Basin. Another 11 rigs are expected to start up in the Permian in the coming months, giving Trinidad strong and growing market share in North America's most active play. By the end of the third quarter, Trinidad expects to have approximately 45 rigs operating in the US. In Canada, it is currently spring break-up, a time when rig activity typically lowers due to road bans and wet ground conditions. Trinidad currently has 7 rigs or 10% of its Canadian fleet running, well ahead of the levels running at the same time in the past two years. Trinidad expects activity levels in Canada to rebound quickly once ground conditions allow rigs to return to work. Customer demand in both Canada and the US has been growing since crude oil prices began to improve towards the end of 2016. During the early stages of the rebound, opportunities existed to upgrade rigs for customers; however, the contract terms available did not meet Trinidad's economic thresholds and the Company initially planned a low capital budget for 2017. As conditions have improved and contract terms changed to exceed Trinidad's thresholds, the Company took the opportunity to lock in increasing dayrates, termination provisions and contract upside. Several of the contracts signed include price escalation clauses tied to crude oil prices, performance incentives and contract duration. These contracts allow Trinidad to lock in a base revenue level, while allowing the Company to share in the benefits of increasing commodity prices and strong operational performance. Since the beginning of March this year, Trinidad has added 8 new long-term contracts. Including the contracts associated with the current upgrade program, Trinidad has 31 rigs, or 21% of its fleet under long-term contracts, with an average term remaining of 1.6 years. The Company also has a significant number of rigs under contracts with term of less than one year, not included in the long-term contract base. 1. See Non-GAAP Measures Definitions section of this document for further details. Early in the second quarter of 2017, Trinidad received a distribution from its international joint venture operations of approximately $40 million. These funds, along with cash on hand, funds generated from its operations and where necessary, the Company's revolving credit facility, will be used to fund the capital expenditure program. Trinidad is a corporation focused on sustainable growth that trades on the Toronto Stock Exchange under the symbol TDG. Trinidad's divisions currently operate in the drilling sector of the oil and natural gas industry, with operations in Canada, the United States and internationally. In addition, through joint venture arrangements, Trinidad operates drilling rigs in Saudi Arabia and Mexico, and is currently assessing operations in other international markets. Trinidad is focused on providing modern, reliable, expertly designed equipment operated by well-trained and experienced personnel. Trinidad's drilling fleet is one of the most adaptable, technologically advanced and competitive in the industry. This document contains references to Adjusted EBITDA that does not have any standardized meaning prescribed by IFRS and may not be comparable to similar measures presented by other companies. Adjusted EBITDA is computed on a consistent basis for each reporting period and is defined as follows: Adjusted EBITDA is used by management and investors to analyze the Company's profitability based on the Company's principal business activities prior to how these activities are financed, how assets are depreciated and amortized and how the results are taxed in various jurisdictions. Additionally, in order to focus on the core business alone, amounts are removed related to foreign exchange, share-based payment expense, impairment expenses the sale of assets, and fair value adjustments on financial assets and liabilities, as the Company does not deem these to relate to the core drilling business. Adjusted EBITDA also takes into account the Company's portion of the principal activities of the joint venture arrangements by removing the (gain) loss from investment in joint ventures and including adjusted EBITDA from investment in joint ventures. Adjusted EBITDA is not intended to represent net (loss) income as calculated in accordance with IFRS. Adjusted EBITDA is calculated using 100% of the related amounts from all entities controlled by Trinidad where Trinidad may not hold 100% of the outstanding shares. This document contains certain forward-looking information and statements ("forward-looking statements") within the meaning of applicable Canadian securities laws, relating to Trinidad's plans, strategies, objectives, expectations and intentions for the future. The use of any of the words "expect", "anticipate", "continue", "will", "plans" and similar expressions are intended to identify forward-looking statements. In particular, this document contains forward-looking statements pertaining to, among other things: Trinidad's 2017 capital budget, including the amounts and breakdown of anticipated capital expenditures and the projects that are expected to be undertaken during 2017; the maintenance of Trinidad's rig fleet in 2017; Trinidad's ability to sign contracts for its upgraded rigs; the future utilization and margin levels of upgraded rigs; that the demand for high spec equipment will grow; Trinidad's ability to fund its capital program from cash generated from our operations, Joint Venture distributions, the Company's revolving facility and cash on hand; the rebound in activity in Canada, the number of rigs operating in Trinidad's US division and Trinidad's ability to generate an Adjusted EBITDA to repay capital investment within 2.5 years. Various assumptions were used in drawing the conclusions or making the projections contained in the forward-looking statements throughout this document. While Trinidad believes that the expectations and material factors and assumptions reflected in its forward-looking statements are reasonable as at the date hereof, there can be no assurance that any of these expectations, factors or assumptions will prove to be correct. In particular, in presenting its forward-looking statements, Trinidad has made assumptions respecting, among other things: that Trinidad's customers will honor their take-or-pay contracts; future liquidity levels; future industry conditions and general economic conditions; oil and gas supply and demand conditions in 2017; internal capital expenditure programs and other expenditures by oil and gas exploration and production companies; areas of industry activity and rig demand (and the spec requirements thereof) in such areas; regulatory and legislative conditions; commodity prices, in particular oil and natural gas; future expected cash flows; foreign currency exchange rates and interest rates; and future performance and operations of joint ventures and partnership arrangements. The forward-looking statements included in this document are not guarantees of future performance and should not be unduly relied upon. Readers are cautioned that forward-looking statements are based on current expectations, estimates and projections that, by their nature, involve a number of known and unknown risks and uncertainties, which could cause actual results to differ materially from those anticipated and described in the forward-looking statements. These known and unknown risks and uncertainties include, but are not limited to: potential changes in the regulatory and legislative environment; political uncertainty and instability in North American and internationally, and changes in political leadership in North America and elsewhere; volatility in commodity prices and foreign currency exchange, interest and tax rates; the ability of Trinidad to attract and retain qualified personnel, in particular field staff to crew the Company's rigs; the existence of competitors, technological changes and developments in the oilfield services industry; operating risks inherent in the oilfield services industry; variations in internal capital expenditure programs and other expenditures by oil and gas exploration and production companies; volatility in supply and demand for commodities, in particular oil and natural gas; and changes in general economic conditions including the capital and credit markets. Trinidad cautions that the foregoing list of assumptions, risks and uncertainties is not exhaustive. Although the Company's current 2017 capital budget is based upon the current expectations of Trinidad's management, should any one of a number of issues arise, Trinidad may find it necessary to alter its business strategy and/or capital spending program and there can be no assurance as at the date of this document as to how those funds may be reallocated or the Company's strategy changed. Additional information on risks and other factors that could affect Trinidad's business, strategy, operations or financial results are described in reports filed with securities regulatory authorities (accessible through the SEDAR website www.sedar.com) including but not limited to Trinidad's annual and quarterly MD&A and financial statements, Annual Information Form and Management Information Circular. The forward-looking statements contained in this document speak only as of the date of this document and Trinidad assumes no obligation to publicly update or revise them to reflect new events or circumstances, except as may be required pursuant to applicable securities laws.


News Article | May 10, 2017
Site: www.marketwired.com

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. Trinidad Drilling Ltd. (TSX:TDG) (Trinidad) is pleased to announce the voting results from our Annual Meeting of Shareholders held on May 10, 2017. Trinidad is a corporation focused on sustainable growth that trades on the Toronto Stock Exchange under the symbol TDG. Trinidad's divisions currently operate in the drilling sector of the oil and natural gas industry, with operations in Canada, the United States and internationally. In addition, through joint venture arrangements, Trinidad operates drilling rigs in Saudi Arabia and Mexico, and is currently assessing operations in other international markets. Trinidad is focused on providing modern, reliable, expertly designed equipment operated by well-trained and experienced personnel. Trinidad's drilling fleet is one of the most adaptable, technologically advanced and competitive in the industry.


CALGARY, ALBERTA--(Marketwired - May 9, 2017) - Trinidad Drilling Ltd. (TSX:TDG) (Trinidad) announced its first quarter 2017 results today. In the first quarter of 2017, Trinidad responded quickly to growing customer demand and increasing activity levels. The Company reactivated rigs in both its Canadian and US operations, and began an upgrade program on existing equipment to meet ongoing demand, particularly in the US. Trinidad recorded Adjusted EBITDA(1) of $51.3 million in the first quarter of 2017, up 15.9% from the same quarter last year as the impact of higher activity levels and early termination revenue received in the Company's joint venture offset lower dayrates than in the first quarter of 2016. Net income(2) was a loss of $11.9 million or $(0.05) per share in the first quarter of 2017 compared to net income of $11.3 million or $0.05 per share in the first quarter of 2016, largely as a result of one-time general and administrative costs primarily related to bad debt expense, higher foreign exchange expenses and a smaller gain from investments in joint ventures in the current quarter. These additional costs in the quarter were partly offset by the impact of cost cutting initiatives implemented during the past two years. In addition, earnings per share was impacted by an increase in the number of shares outstanding due to the issuance of 47.5 million shares during the first quarter of 2017. "Industry conditions began to improve in late 2016 and continued to strengthen in the first quarter of 2017," said Brent Conway, Trinidad's President and Chief Executive Officer. "Our Canadian and US and international divisions worked over 40% more operating days this quarter than the same quarter last year, and we are continuing to see positive momentum in customer demand. With increasing activity, we are also seeing opportunities to increase dayrates, particularly for high performance equipment in our US operations. Our 2017 upgrade program is focused on meeting these growing customer requests and is targeted towards high-spec equipment that can be relatively easily upgraded to meet changing customer requirements. The upgrade program is largely backed by customer commitments that provide solid returns and have early termination provisions that cover almost all the upgrade capital." "During the first quarter, we refinanced our long-term debt, lowering overall leverage, extending debt maturity and lowering interest costs. As part of this refinancing, we also raised approximately $150 million through an equity offering. In addition to lowering leverage, these transactions have allowed us the financial flexibility to capture the opportunities we saw growing. With our strong balance sheet, in-demand equipment and well-trained crews, we are well positioned for success in the improving industry conditions." A copy of Trinidad's First Quarter 2017 Management's Discussion and Analysis and the Financial Statements can be found at www.sedar.com and Trinidad's website at www.trinidaddrilling.com/investorrelations/reports.aspx. The improving industry conditions witnessed in the first quarter of 2017 have continued into the second quarter. In Canada, it is currently spring break-up and activity levels, while low due to typical seasonality, are significantly higher than at the same time during the past two years. Activity in Canada remains focused in the Montney, Deep Basin, and the Duvernay. In Canada, the Company has eight rigs currently working, up from four rigs at the same time last year. Trinidad expects activity levels in Canada to rebound quickly once ground conditions allow rigs to return to work. In the US, customer demand continues to grow, predominantly for high performance equipment in the Permian Basin, with increasing interest in the Eagle Ford, Haynesville and SCOOP/STACK plays. In order to meet some of this growing demand, Trinidad has agreed to move a second idle rig from its Canadian operations to work under a long-term contract in the Permian. Trinidad currently has 26 rigs or 81% of its active US fleet, working in the Permian and expects to add an additional 11 rigs to the Permian in the coming months. In total, Trinidad currently has 32 rigs or 47% of its US fleet operating, up from nine rigs operating at this time last year. In its joint venture operations, Trinidad has successfully extended the contracts on three rigs on a well by well basis operating in Saudi Arabia. The joint venture currently has three rigs in Saudi Arabia and one rig in Mexico operating, one rig in Mexico earning standby revenue and three idle rigs. The joint venture and Trinidad are actively bidding on near-term and future opportunities for equipment that is idle or is expected to be available when contracts expire. Growing activity levels and increasing customer demand are driving higher spot market dayrates and improving contract terms, particularly in the US. Since the beginning of March, Trinidad has signed eight new long-term contracts and several more contracts with terms of less than one year. Customers are increasingly agreeing to contracts with performance incentive or price escalation clauses tied to crude oil prices. These contracts allow Trinidad to lock in a base revenue level, while allowing the Company to share in the benefits of strong operational performance and increasing commodity prices. Currently, Trinidad has 31 rigs, or 21% of its fleet under long-term contracts, with an average term remaining of 1.6 years; eight contracts have expiration dates during the remainder of 2017. To date, Trinidad has successfully crewed rigs as they have returned to work, largely with returning Trinidad employees. The Company remains committed to providing safe, efficient operations for its customers and its crews. Trinidad's ongoing industry-leading safety statistics and strong operational performance demonstrate its ability to train and recruit some of the best people in the industry. As activity levels increase, Trinidad is continuing to carefully monitor costs in its operations and in its offices, retaining efficiency gains where possible. Other G&A expenses are expected to total between $50 million and $55 million, including one-time items recorded in the first quarter of 2017. Trinidad expects to spend $175 million in capital expenditures in 2017, with $20 million directed to maintenance capital and $155 million directed to upgrades of existing equipment. Of the total 2017 upgrade capital, approximately 75% will be spent in the US and 25% will be spent in Canada, with rig upgrades expected to be completed throughout the first three quarters of 2017. Trinidad's upgrade program is largely backed by customer commitments, including early termination provisions that cover almost all the capital spent. Early in the second quarter of 2017, Trinidad received a distribution from its international joint venture operations of US$30 million. These funds, along with cash on hand, funds generated from its operations and where necessary, the Company's revolving credit facility, will be used to fund the capital expenditure program. Earlier in 2017, Trinidad raised equity and refinanced its debt, lowering the Company's leverage, extending its debt maturities and reducing future interest expense. These changes positioned Trinidad well to take advantage of improving market conditions, allowing the Company to upgrade rigs to meet changing customer demands and maintain or grow market share in some of North America's most active plays. Conditions to date in 2017 have shown a marked improvement from last year. Assuming current commodity price levels, Trinidad expects to see ongoing improvements throughout the remainder of the year as it puts more rigs back to work. The impact of rig re-activation costs on operating costs is expected to lower, and as the industry's limited pool of high performance equipment is re-activated, spot market rates may continue to improve. Trinidad expects that the full impact of improving spot market rates will not be fully reflected in average reported dayrates until later in 2017, as it is partly offset by additional rigs re-activated in the spot market and rigs rolling off contract. The US will likely be ahead of Canada in this regard. With its improved financial flexibility, high performance fleet and skilled crews, Trinidad is well positioned to benefit from these improving industry conditions. For the three months ended March 31, 2017, Trinidad recorded operating revenue and operating income of $66.3 million and $30.3 million, respectively, an increase of 31.7% and 26.8%, respectively, compared to the three months ended March 31, 2016. Increased revenue generation and operating income were driven by higher activity levels during the first quarter of 2017, partly offset by lower dayrates, when compared to the same quarter last year. For the three months ended March 31, 2017, Trinidad recorded 2,888 operating days, compared to 2,001 operating days in 2016. Activity levels increased as a result of growing customer demand associated with improved commodity prices in 2017, compared to the first quarter of 2016. Dayrates decreased by $1,670 per day in the current quarter compared to the first quarter of 2016. Dayrates were lower in 2017 as a result of an increase in the number of rigs on spot market pricing compared to contract pricing. Contract pricing was generally set during stronger industry conditions and typically had higher dayrates than spot market pricing. The impact of the contract mix was partially offset by increased early termination and standby revenue recorded in the first quarter of 2017 to compensate Trinidad for shortfall days. As early termination and standby revenue is recorded with no operating days, it positively impacted dayrates in 2017. For the three months ended March 31, 2017, Trinidad received early termination and standby revenue of $11.4 million (2016 - $4.6 million) primarily related to shortfall days. The early termination and standby revenue recognized in 2017 related primarily to lump sum amounts collected on six rigs for shortfall days. The early termination and standby revenue recognized in 2016 mainly related to lump sum amounts collected for three rigs with contracts that had all expired by March 31, 2016. Excluding early termination and standby revenue, dayrate averaged $19,034 per day in 2017, down $3,317 per day from the adjusted dayrate of $22,351 per day in 2016. The decrease in the adjusted dayrate was primarily due to an increase in the number of rigs working at spot market rates compared to contract rates combined with one large rig that moved from a contract rate to standby rate during the current quarter. Operating income - net percentage decreased slightly in the current period compared to 2016 as a result of increased number of rigs on spot market pricing compared to contract pricing. Adjusted for early termination and standby revenue, operating income - net percentage was 34.1% in the first quarter of 2017 compared to 42.0% in 2016, due to increased rigs on spot market pricing. Trinidad's Canadian rig count totaled 71 rigs at March 31, 2017, compared to 72 rigs at March 31, 2016. During the quarter ended March 31, 2017, the Company transferred one rig to its US and international division. First Quarter of 2017 versus Fourth Quarter of 2016 In the first quarter of 2017, operating revenue and operating income increased by $24.7 million and $14.6 million, respectively, compared to the fourth quarter of 2016. Operating revenue increased in the current period due to higher activity and improved dayrates. In the first quarter of 2017, the Canadian operations recorded 821 more operating days and dayrates increased by $2,847 per day, compared to the fourth quarter of 2016. The increase in operating days reflects the typical seasonality of the winter drilling season in Canada, combined with growing customer demand. Excluding the impact of early termination and standby revenue, dayrates decreased by $977 per day in the first quarter of 2017 compared to the fourth quarter of 2016, due to an increase in the number of rigs on spot market pricing compared to contract pricing, combined with one large rig moving from a contracted rate to standby rate during the quarter. Operating income - net percentage increased to 45.2% in the first quarter of 2017 compared to 37.5% in the fourth quarter of 2016, as a result of the $11.4 million of early termination and standby revenue in the first quarter of 2017, compared to $0.2 million in the fourth quarter of 2016. Adjusted for early termination and standby revenue, operating income - net percentage was 34.1% in the first quarter of 2017 compared to 37.1% in the fourth quarter of 2016, due to increased rigs on spot market pricing and a previously contracted rig moving to a standby rate in the first quarter of 2017. For the three months ended March 31, 2017, Trinidad recorded operating revenue and operating income of $58.1 million and $18.2 million, an increase of 17.5% and a decrease of 21.2%, respectively, compared to 2016. Operating revenue increased in the current period due to higher activity compared to 2016, partially offset by lower early termination and standby revenue and lower dayrates. During the first quarter of 2017, Trinidad recorded 2,465 operating days, up 42.2% or 732 days from the same quarter last year. Improving commodity prices and growing customer demand drove the increased activity level in the current period. During the first three months of 2017, Trinidad re-activated eight rigs in its US and international division, primarily in the Permian Basin. For the three months ended March 31, 2017, Trinidad recorded lower average dayrates than in 2016 primarily due to a decrease in early termination and standby revenue recorded. In the three months ended March 31, 2017, Trinidad recorded standby revenue of US$0.7 million, compared to early termination and standby revenue of US$3.7 million in 2016. Standby revenue during the three months ended March 31, 2017 related to one rig. Early termination and standby revenue for 2016 mainly related to three rigs that were terminated at the end of 2015 and one in 2016, with an average remaining contract period of 18 months. Excluding the impact of early termination and standby revenue, dayrates averaged US$17,578 per day in the first quarter of 2017, a decrease of US$721 per day from the adjusted dayrate of US$18,299 per day in 2016. Adjusted dayrates lowered during the three months ended March 31, 2017 compared to 2016 as a result of an increased number of rigs operating in the spot market at highly competitive pricing. Operating income decreased by $4.9 million during the first quarter of 2017 compared to 2016, mainly due to rig re-activation costs of approximately $2.7 million which included approximately $2.0 million of costs to move rigs between plays combined with an increase in labour costs. For the three months ended March 31, 2017, Trinidad recorded operating income - net percentage of 31.3% compared to 46.7% in 2016. Operating income - net percentage decreased mainly as a result of less early termination and standby revenue received and increased costs as discussed above. After adjusting for early termination and standby revenue and rig reactivation costs, Trinidad recorded operating income - net percentage of 35.0% during the first quarter of 2017 compared to 40.5% in 2016. Trinidad's US and international rig count totaled 68 rigs at March 31, 2017 compared to 67 at March 31, 2016 due to a rig transferred from the Canadian operations in the first quarter of 2017. The rig was transferred to meet increased customer demand in the Permian Basin. First Quarter of 2017 versus Fourth Quarter of 2016 Operating revenue and operating income increased by $13.3 million and $5.9 million, respectively, in the first quarter of 2017, compared to the fourth quarter of 2016. Operating revenue and operating income increased primarily due to 704 more operating days in the current period, partially offset by lower dayrates. Dayrates in the current quarter were US$1,344 per day lower than the fourth quarter of 2016, as a result of less early termination and standby revenue in the current period. During the first quarter of 2017, Trinidad recorded standby revenue of US$0.7 million compared to standby revenue of US$1.6 million in the fourth quarter of 2016. Excluding the impact of early termination and standby revenue, dayrates averaged US$17,578 per day in the current quarter compared to US$18,290 in the fourth quarter of 2016. Adjusted dayrates lowered in the current quarter as a result of an increase in activity levels resulting in more rigs working in the spot market. Operating income - net percentage increased to 31.3% in the first quarter of 2017 compared to 27.5% in the fourth quarter of 2016. Operating income - net percentage increased in the current quarter as a result of higher operating revenue as discussed above, combined with a reduction of approximately $1.5 million in re-activation costs. Amounts below are presented at 100% of the value included in the statement of operations and comprehensive income for Trinidad Drilling International (TDI); Trinidad owns 60% of the shares of TDI. For the three months ended March 31, 2017, TDI recorded operating revenue of $51.5 million, an increase of 11.8% from the same period in 2016. Operating revenue increased primarily due to early termination revenue received in the Mexican drilling division, partially offset by lower activity in both the Mexican and Saudi Arabian drilling divisions. TDI recorded early termination and standby revenue of US$21.5 million in the first quarter of 2017, which includes US$18.1 million of early termination revenue related to contracts on two rigs in its Mexican division. During the three months ended March 31, 2017, TDI recorded utilization of 49%, compared to 95% in 2016. Utilization lowered in the current quarter as a result of one idle-but-contracted rig in Saudi Arabia, one idle-but-contracted rig in Mexico, and the two early terminated rigs that were stacked in Mexico during the quarter. In the first quarter of 2016, TDI had all eight rigs actively working. Early termination and standby revenue recorded in the first quarter of 2017 relates to three contracts, one of which had an expiry date prior to December 31, 2017 and the other two with expiry dates prior to March 31, 2018. Operating income and operating income - net percentage increased in the current period as a result of higher early termination and standby revenue received in the quarter. This type of revenue is recorded with minimal associated operating expenses increasing operating income - net percentage compared to the prior year. In the first quarter of 2017, dayrates averaged US$107,057 per day, an increase of US$60,381 per day compared to 2016, due to US$21.5 million of early termination and standby revenue during 2017. As this revenue is recorded with no operating days, it increases profitability and dayrates. First Quarter of 2017 versus Fourth Quarter of 2016 TDI recorded an increase of $25.9 million in operating revenue during the first quarter of 2017 compared to the fourth quarter of 2016. This increase is primarily due to early termination and standby revenue of US$21.5 million recorded in the three months ended March 31, 2017, compared to US$6.4 million recorded in the three months ended December 31, 2016. TDI recorded an increase of 70 operating days in the first quarter of 2017, compared to the fourth quarter of 2016 as one rig in the Mexican division was re-activated during the first quarter of 2017. In the fourth quarter of 2015, due to lower demand for new and upgraded equipment, Trinidad chose to restructure its manufacturing operations, resizing its cost base to better reflect lower activity levels. As of June 30, 2016, the restructuring of the manufacturing division was complete. No revenue or operating costs were recorded in Trinidad's manufacturing division during the first quarter of 2017 or fourth quarter of 2016. For the three months ended March 31, 2016, Trinidad recognized revenue of $2.1 million and operating expenses of $2.7 million related to one upgrade project and various repairs and maintenance type work performed on the TDI joint venture rigs in Mexico and Saudi Arabia. Trinidad's total long-term debt balance at March 31, 2017 decreased by $115.0 million compared to December 31, 2016. This decrease was largely due to the redemption of the 2019 Senior Notes, partially offset by the issuance of the 2025 Senior Notes at a lower principal balance and the strengthening of the Canadian dollar compared to the US dollar at March 31, 2017 versus December 31, 2016. As these notes are held in US funds, the Senior Notes are translated at each period end, and as such, their aggregate value fluctuates with the US to Canadian exchange rates. The decrease in Senior Notes was partially offset by $33.2 million outstanding on the Canadian dollar credit facility at March 31, 2017, with no amount outstanding at December 31, 2016. Trinidad has designated the Senior Notes as a net investment hedge of the US and international operations. As a result, unrealized gains and losses on the US dollar Senior Notes are offset against foreign exchange gains and losses arising from the translation of the foreign subsidiaries and included in the cumulative translation account in other comprehensive income. On January 27, 2017, Trinidad amended its previously existing credit facility, dated June 24, 2016, to allow for flexibility in the redemption of the 2019 Senior Notes and subsequent issuance of the 2025 Senior Notes. The new amended credit facility includes a Canadian revolving facility of $100.0 million and a US revolving facility of $100.0 million. Included in the facility are a $10.0 million Canadian dollar bank overdraft and a $10.0 million US dollar bank overdraft. The facility requires quarterly interest payments based on Bankers Acceptance and LIBOR rates. The facility matures on December 12, 2018, and is subject to annual extensions of an additional year on each anniversary date upon consent of the lenders holding two-thirds of the aggregate commitments under the credit facility. The members of the syndicated groups include major Canadian, US and international financial institutions. The debt is secured by a general guarantee over the assets of Trinidad and its subsidiaries. At March 31, 2017, the following financial covenants were in place: At March 31, 2017, Senior Debt to Bank EBITDA was 0.34 times and Bank EBITDA to Cash Interest Expense was 2.14 times. Trinidad was in compliance with all covenants at March 31, 2017. On April 1, 2018, the Bank EBITDA to Cash Interest Expense covenant increases to a minimum of 2.5 times. Other covenants in effect include but are not limited to the following: incurring additional debt and liens on assets; investments, including advances to the TDI joint venture; asset sales; and making restricted payments. The new amended credit facility also includes a dividend restriction whereby no dividends may be paid from April 1, 2016 to March 31, 2018. At March 31, 2017, Trinidad is in compliance with all covenants related to the credit facility. The 2025 Senior Notes are unsecured and have no financial covenant compliance reporting requirements. There are other covenant limitations, including the following: incurring additional debt; investments; asset sales; and restricted payments. Restricted payments are allowed within a basket, calculated as the accumulated net earnings from January 1, 2017 to the current period at 50% of net income or 100% of net loss, plus equity issued for cash and the net fair market value of other restricted assets added for equity. At March 31, 2017, Trinidad has a significant positive restricted payment basket available. Future contributions to the TDI joint venture are limited in a separate permitted business investment basket not to exceed the greater of US$300.0 million and 20% of consolidated tangible assets. Readers are cautioned that the ratios noted above do not have standardized meanings under IFRS. In 2017, Trinidad expects to spend approximately $175.0 million in capital expenditures, mostly related to upgrading rigs. During the quarter ended March 31, 2017, Trinidad spent $23.2 million on capital expenditures, compared to $20.2 million in 2016. The increase in expenditures related primarily to capital upgrades associated with growing customer demand for high performance rigs and increased maintenance and infrastructure projects. In addition, the Company spent $0.1 million related to its portion of capital spending for the TDI joint venture, compared to $2.2 million in the first quarter of 2016. Trinidad will be hosting a rig tour and investor day for institutional investors and analysts on June 20, 2017 in Midland, Texas. To register for the event or for more information, please contact Lisa Ottmann at (403) 294-4401. Trinidad is a corporation focused on sustainable growth that trades on the Toronto Stock Exchange under the symbol TDG. Trinidad's divisions currently operate in the drilling sector of the oil and natural gas industry, with operations in Canada, the United States and internationally. In addition, through joint venture arrangements, Trinidad operates drilling rigs in Saudi Arabia and Mexico, and is currently assessing operations in other international markets. Trinidad is focused on providing modern, reliable, expertly designed equipment operated by well-trained and experienced personnel. Trinidad's drilling fleet is one of the most adaptable, technologically advanced and competitive in the industry. Consolidated Statements of Changes in Equity This document contains references to certain financial measures and associated per share data that do not have any standardized meaning prescribed by IFRS and may not be comparable to similar measures presented by other companies. These financial measures are computed on a consistent basis for each reporting period and include: Adjusted EBITDA, Adjusted EBITDA from investments in joint ventures, Working capital, Senior Debt to Bank EBITDA, Bank EBITDA to Cash Interest Expense, Operating days, Utilization rate - operating day, and Rate per operating day or Dayrate. These non-GAAP measures are identified and defined as follows: Adjusted EBITDA is used by management and investors to analyze the Company's profitability based on the Company's principal business activities prior to how these activities are financed, how assets are depreciated and amortized and how the results are taxed in various jurisdictions. Additionally, in order to focus on the core business alone, amounts are removed related to foreign exchange, share-based payment expense, impairment expenses, the sale of assets, and fair value adjustments on financial assets and liabilities, as the Company does not deem these to relate to the core drilling business. Adjusted EBITDA also takes into account the Company's portion of the principal activities of the joint venture arrangements by removing the (gain) loss from investments in joint ventures and including adjusted EBITDA from investments in joint ventures. Adjusted EBITDA is not intended to represent net (loss) income as calculated in accordance with IFRS. Adjusted EBITDA is calculated using 100% of the related amounts from all entities controlled by Trinidad where Trinidad may not hold 100% of the outstanding shares. Adjusted EBITDA is calculated as follows: Adjusted EBITDA from investments in joint ventures is used by management and investors to analyze the results generated by the Company's joint venture operations prior to how these activities are financed, how assets are depreciated and amortized and how the results are taxed in various jurisdictions. Additionally, in order to focus on the core drilling business, amounts related to foreign exchange, dividend expense, impairment adjustments to property and equipment, as well as preferred share valuation and the sale of assets are removed. Lastly, amounts recorded for the revaluation on the investment of the TDI joint venture are removed as these are non-cash items and unrelated to the operations of the business. Adjusted EBITDA from investments in joint ventures is not intended to represent net (loss) income as calculated in accordance with IFRS. Adjusted EBITDA from investments in joint ventures is calculated as follows: Working capital is used by management and the investment community to analyze the operating liquidity available to the Company. Senior Debt to Bank EBITDA is defined as the consolidated balance of the credit facility and other debt secured by a lien at quarter end to consolidated Bank EBITDA for the trailing 12 months (TTM). Bank EBITDA used in this financial ratio is calculated as net earnings before interest, taxes, depreciation and amortization, plus impairment expense, loss (gain) on sale of assets, loss (gain) from investments in joint ventures, share-based payment expense and unrealized foreign exchange. Bank EBITDA also includes all distributions received from the Company's joint ventures during the period. Bank EBITDA to Cash Interest Expense is defined as the consolidated Bank EBITDA for TTM to the cash interest expense on all debt balances for TTM. Bank EBITDA used in this financial ratio is calculated as net earnings before interest, taxes, depreciation and amortization, plus impairment expense, loss (gain) on sale of assets, loss (gain) from investments in joint ventures, share-based payment expense and unrealized foreign exchange. Bank EBITDA also includes all distributions received from the Company's joint ventures during the period. Operating days is defined as moving days (move in, rig up and tear out) plus drilling days (spud to rig release). Rate per operating day or Dayrate is defined as operating revenue (net of third party costs) divided by operating days (drilling days plus moving days). Utilization rate - operating day is defined as operating days divided by total available rig days. To assess performance, the Company uses certain additional GAAP financial measures within this document that are not defined terms under IFRS. Management believes that these measures provide useful supplemental information to investors, and provide the reader a more accurate reflection of our industry. These financial measures are computed on a consistent basis for each reporting period and include Operating revenue or Revenue, net of third party costs, Funds flow, Operating income, and Operating income - net percentage. These additional GAAP measures are defined as follows: Operating revenue or Revenue, net of third party costs is defined as revenue earned for drilling activities excluding all third party revenues. Third party revenues mainly consist of rental activities and other services provided by third parties for which Trinidad does not earn a mark-up on. This metric is used by analysts and investors to assess the operations of each segment based on the core drilling business alone and more accurately reflects the health of those operations. The operating revenue for each reportable segment is disclosed in the segmented information included in the consolidated financial statements. Funds flow is used by management and investors to analyze the funds generated by Trinidad's principal business activities prior to consideration of working capital, which is primarily made up of highly liquid balances. This balance is reported in the consolidated statements of cash flows included in the cash flows from operating activities section. Operating income is used by management and investors to analyze overall and segmented operating performance. Operating income is not intended to represent an alternative to net (loss) income or other measures of financial performance calculated in accordance with IFRS. Operating income is calculated from the consolidated statements of operations and comprehensive (loss) income and from the segmented information contained in the notes to the consolidated financial statements. Operating income is defined as revenue less operating expenses. Operating income percentage is used by management and investors to analyze overall and segmented operating performance, including third party recovery and third party costs, as well as inter-segment revenue and inter-segment operating costs. Operating income percentage is calculated from the consolidated statements of operations and comprehensive (loss) income and from the segmented information in the notes to the consolidated financial statements. Operating income percentage is defined as operating income divided by revenue. Operating income - net percentage is used by management and investors to analyze overall and segmented operating performance excluding third party recovery and third party costs, as well as inter-segment revenue and inter-segment operating costs, as these revenue and expenses do not have an effect on consolidated net (loss) income. Operating income - net percentage is calculated from the consolidated statements of operations and comprehensive (loss) income and from the segmented information in the notes to the consolidated financial statements. Operating income - net percentage is defined as operating income less third party G&A expenses divided by revenue net of operating and G&A third party costs. This document contains certain forward-looking statements relating to Trinidad's plans, strategies, objectives, expectations and intentions. The use of any of the words "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "believe", "plans", "intends", "confident", "might" and similar expressions are intended to identify forward-looking information or statements. Various assumptions were used in drawing the conclusions or making the projections contained in the forward-looking statements throughout this document. The forward-looking information and statements included in this document are not guarantees of future performance and should not be unduly relied upon. Forward-looking statements are based on current expectations, estimates and projections that involve a number of risks and uncertainties, which could cause actual results to differ materially from those anticipated and described in the forward-looking statements. In particular, but without limiting the foregoing, this document may contain forward-looking information and statements pertaining to: Trinidad cautions that the foregoing list of assumptions, risks and uncertainties is not exhaustive. Additional information on these and other factors that could affect Trinidad's business, operations or financial results are described in reports filed with securities regulatory authorities (accessible through the SEDAR website www.sedar.com) including but not limited to Trinidad's annual MD&A, financial statements, Annual Information Form and Management Information Circular. The forward-looking information and statements contained in this document speak only as of the date of this document and Trinidad assumes no obligation to publicly update or revise them to reflect new events or circumstances, except as may be required pursuant to applicable securities laws.


Patent
TDG Company | Date: 2017-02-15

A method for providing traffic data by GPS based vehicle position data at a central data base from a plurality of vehicles including at least one car or truck and a least one bicycle via separate connections from the vehicles, tracking the speeds and positions of each vehicles and determining from the tracked speeds and positions when the one of the vehicles, such as a cycle, is approaching another vehicle and traveling in the same direction on the same roadway. The method includes determining when at least two of the vehicles enter a notification zone there between and notifying another vehicle, such as a car or truck, that the other vehicle or vehicles has entered the notification zone. Historical analysis of collected data may be used to aid current traffic data based on the detection of specific traffic events or patterns of events and may be used for


News Article | May 11, 2017
Site: co.newswire.com

TDG Analysis Finds that 52% of Cord Cutters Cancelled Legacy Pay-TV Service in the Last Two Years According to The Diffusion Group (TDG), more than half of Cord Cutters cancelled their legacy pay-TV service in the two calendar years of 2015 and 2016. Remarkably, one-third of Cord Cutters cancelled service in 2016 alone. This according to research featured in TDG’s new report, Life Without Legacy Pay-TV: A Profile of U.S. Cord Cutters and Cord Nevers. According to Michael Greeson, Co-Founder and Principal at TDG, the uptick in cord-cutting is due to a number of factors TDG noted nearly a decade ago, including high prices and the rise of on-demand services. TDG expects the threat of cord-cutting will continue to haunt operators for some time, even as video ARPU among existing subscribers heads south. First, the use inexpensive on-demand streaming services like Netflix and Amazon Prime has gone mainstream, triggering the majority of legacy subscribers to reassess the value of traditional TV services. "Spending $70+/month for service that provides 2X value seems odd when you can pay $10/month for a service with 1X value," notes Greeson. "The calculus of today's TV subscriber has been radically altered by the presence of SVOD services like Netflix." Second, and to make matters worse, video streaming has evolved to include a growing variety of live linear services that mirror in many ways the offerings of legacy providers but are customized to the needs of individual viewing segments. "Whether from independents (Sony Vue, YouTube TV, Hulu) or from incumbents (DirecTV Now, Dish's Sling TV), consumers now have greater flexibility in deciding which channels they receive and pay for," said Greeson. Third, most incumbents (Comcast being the important exception) are rushing into the skinny-bundle trap; racing to the bottom in terms of price and selection to save subscribers without understanding the long-term consequences of this strategy. "True, market conditions are challenging, but many incumbents are blindly hastening the pace at which the value of robust fully-priced TV packages declines," said Greeson. Greeson cites Comcast as an example of a company doing well in this new age of quantum media. "TDG observed long ago that incumbents were going to have to make a choice: either resign themselves to being a 'dumb-pipe' provider, or invest in using IP, change the TV experience, and become the go-to source for all things video. Comcast tuned into the later, investing in the hardware and software required to bring the power of IP to the legacy TV experience. The company is now gaining video subscribers when others are reporting loses." TDG's latest analysis, Life Without Legacy Pay-TV: A Profile of U.S. Cord Cutters and Cord Nevers, is now available for purchase. Please contact Laura Allen Phillips or call 469-287-8050. About TDG Research TDG provides actionable intelligence on the quantum shifts impacting consumer technology and media behavior. Since 2004, we've helped leading and emerging technology vendors, media companies, and service providers master the digital transformation and decipher how modern viewers access and engage video-whenever and wherever they may be. Learn more about how we can help improve your digital video strategies.

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