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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.


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.


The business of retail real estate is changing rapidly. Embrace the change with All Our Might. For more information, visit WeAreAllOurMight.com. About The Dealey Group The Dealey Group is a "Tra-digital" full-service agency offering marketing, advertising, social media, communications, and public relations services for commercial real estate and other industries. TDG was founded in 1983 and is headquartered in Dallas, TX. To learn more, visit TheDealeyGroup.com. About Imaginuity Imaginuity is the full-service, digital marketing agency and consultancy that enables complex organizations to create and manage meaningful customer connections for the digital age. An independent agency based in the Southwest, Imaginuity has been nationally recognized for creative excellence. Services include Digital Strategy, Creative, Web Development, Social Media Marketing, Mobile Marketing, Search Engine Optimization & Marketing, and Analytics & Reporting. To learn more, visit Imaginuity.com. About Pocketstop Pocketstop provides a suite of cloud-based software solutions that help organizations build relationships and drive behavior through effective and timely communication.  Launched in 2006, Pocketstop leverages the latest technology and data analytics while ensuring scalability and reliability to provide operational, marketing, customer service, or internal communications—ensuring businesses and corporations can deliver the right message to the right people at the right time. To learn more, visit Pocketstop.com. To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/announcing-all-our-might-a-new-consultancy-for-the-retail-real-estate-industry-formed-by-the-dealey-group-imaginuity-and-pocketstop-300460985.html SOURCE All Our Might


The kits, to be rolled out over the next six months, include software sponsored by the Office of Naval Research (ONR). They can be used in field, barracks or classroom settings to provide warfighters with a versatile workspace to practice and hone their decision-making skills. The included software tools enhance existing training technologies like virtual first-person simulations or field exercises. "This suite of new training tools is easy to implement and can be tailored to Marines' needs," said Dr. Peter Squire, a program officer in ONR's Expeditionary Maneuver Warfare and Combating Terrorism Department. "It will allow Marines to think more critically and adapt more quickly to changing environments and adversaries." The ONR-sponsored technology includes (1) the Interactive Tactical Decision Game (I-TDG); (2) an augmented-reality Sand Table application that uses a HoloLens visual display to insert virtual objects into an actual field of sight; and (3) a quadcopter-based system for quickly surveying and modeling terrain. Among their many capabilities, the tactical decision kits literally bring training to where warfighters live. The kits are designed to be employed in barracks "decision rooms," where Marines can practice and compete in tactical decision-making on a routine basis. In a recent media interview, Col. James Jenkins, director of Science and Technology for the Marine Corps Warfighting Lab, said the value of the system is in the ability of squads and small units to run the same scenario multiple times with detailed after-action feedback. "Here's the debrief, here's who shot whom, when, and here's why—and go back and get better every time," he said. The tactical decision kit technology was developed in close cooperation with 2nd Battalion, 6th Marines (2/6) based in Camp Lejeune, North Carolina. The battalion employed prototypes in barracks decision rooms, in events such as Spartan Week, and in support of field activities such as a live fire exercise recently executed at 29 Palms, California. These successes were largely responsible for inspiring senior Marine Corps leadership to select the tactical decision kits as the first experiment for the service's newly created Rapid Capabilities Office, which is designed to more quickly develop and deliver promising new technologies. Explore further: The mind as a weapon: Helping Marines make faster, better combat decisions


News Article | May 17, 2017
Site: www.eurekalert.org

ARLINGTON, Va. -- Battlefield commanders confront life-or-death situations requiring fast, yet informed, decisions. To develop, strengthen and accelerate these quick-thinking abilities -- particularly among small-unit leaders -- the U.S. Marine Corps is distributing new "tactical decision kits" to 24 infantry battalions. The kits, to be rolled out over the next six months, include software sponsored by the Office of Naval Research (ONR). They can be used in field, barracks or classroom settings to provide warfighters with a versatile workspace to practice and hone their decision-making skills. The included software tools enhance existing training technologies like virtual first-person simulations or field exercises. "This suite of new training tools is easy to implement and can be tailored to Marines' needs," said Dr. Peter Squire, a program officer in ONR's Expeditionary Maneuver Warfare and Combating Terrorism Department. "It will allow Marines to think more critically and adapt more quickly to changing environments and adversaries." The ONR-sponsored technology includes (1) the Interactive Tactical Decision Game (I-TDG); (2) an augmented-reality Sand Table application that uses a HoloLens visual display to insert virtual objects into an actual field of sight; and (3) a quadcopter-based system for quickly surveying and modeling terrain. Among their many capabilities, the tactical decision kits literally bring training to where warfighters live. The kits are designed to be employed in barracks "decision rooms," where Marines can practice and compete in tactical decision-making on a routine basis. In a recent media interview, Col. James Jenkins, director of Science and Technology for the Marine Corps Warfighting Lab, said the value of the system is in the ability of squads and small units to run the same scenario multiple times with detailed after-action feedback. "Here's the debrief, here's who shot whom, when, and here's why -- and go back and get better every time," he said. The tactical decision kit technology was developed in close cooperation with 2nd Battalion, 6th Marines (2/6) based in Camp Lejeune, North Carolina. The battalion employed prototypes in barracks decision rooms, in events such as Spartan Week, and in support of field activities such as a live fire exercise recently executed at 29 Palms, California. These successes were largely responsible for inspiring senior Marine Corps leadership to select the tactical decision kits as the first experiment for the service's newly created Rapid Capabilities Office, which is designed to more quickly develop and deliver promising new technologies.


— Global Soft Magnetic Materials Market report covers product scope, market overview, opportunities, risk, and driving force. It analyzes the top manufacturers of Soft Magnetic Materials, with sales, revenue, and price in 2016 and 2017. It also display the competitive situation among the top manufacturers, with sales, revenue and market share in 2016 and 2017. Companies profiled in this research report are TDK, DMEGC, VACUUMSCHMELZE, MAGNETICS, TDG, Acme Electronics, FERROXCUBE, Nanjing New Conda, Haining Lianfeng Magnet, HEC GROUP, JPMF, KaiYuan Magnetism, NBTM NEW MATERIALS, Samwha Electronics and Toshiba Materials. Access this report at https://www.themarketreports.com/report/global-soft-magnetic-materials-market-by-manufacturers-countries-type-and-application-forecast-to-2022 To provide the historical development this report includes global market by regions, with sales, revenue and market share of Soft Magnetic Materials, for each region, from 2012 to 2017 and market analysis by type and application, with sales market share and growth rate by type, application, from 2012 to 2017. This report also analyze the key regions, with sales, revenue and market share by key countries in North America, Europe, Asia-Pacific, South America, and Middle East and Africa. Later, this report provides Soft Magnetic Materials Market forecast, by regions, type and application, with sales and revenue, from 2017 to 2022. In addition to above this report includes Soft Magnetic Materials sales channel, distributors, traders, dealers, and sum up with research findings and conclusion. Purchase this premium report at: https://www.themarketreports.com/report/buy-now/520930 Market Analysis by Regions • North America (USA, Canada and Mexico) • Europe (Germany, France, UK, Russia and Italy) • Asia-Pacific (China, Japan, Korea, India and Southeast Asia) • South America (Brazil, Argentina, Columbia etc.) • Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa) Inquire about this report at: https://www.themarketreports.com/report/ask-your-query/520930 For more information, please visit https://www.themarketreports.com/report/global-soft-magnetic-materials-market-by-manufacturers-countries-type-and-application-forecast-to-2022


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.


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.


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

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