Deal: Trinidad Drilling sells barge drilling rig for $54m
Trinidad sells barge drill rig for $54m
Canadian contract company Trinidad Drilling has entered into an agreement to sell the barge drilling rig it has been constructing in Indonesia to an international third party for $54 million.
The barge rig is an internationally classed, posted drilling rig with 3000 horse power and AC drive equipment.
Trinidad has received a $5.35 million non-refundable deposit and expects to receive the balance of the purchase price within 90 days.
The proceeds from the sale of the Indonesian barge are expected to be used for general business purposes, to fund future expansion opportunities and to reduce current debt levels.
The company sees strong opportunities in both the US land drilling market and the US Gulf Coast barge drilling market.
Trinidad has a fleet of 119 drilling rigs with this new buy, service rigs and four barge rigs that are operating in the US Gulf.