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the closing price on the last trading day prior to the announcement. By the end of August 2018 Ensign owned 9.8 percent of
Trinidad’s shares. Although not part of the strategic review process Ensign tendered an informal offer that was rejected. The company then made the same unsolicited offer formal. The Board of Directors has recommended shareholders reject the Ensign offer because it undervalues the company with a low balling bid.
24:
251:. The plans had to be altered because the company decided to sell the three rigs in Saudi Arabia instead of moving them. The price of around $ 114 million will see a net of $ 69 million with the rest going to partner Halliburton. According to the new report CEO Brent Conway stated "selling is a better option because the funds can be used for its capital program or to repay debt."
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In
October 2018 Precision Drilling entered into an agreeable negotiation with Trinidad, that includes a stock swap of 0.445 Precision stocks for each Trinidad stock. Including debt the deal is worth $ 1.03 billion dollars. Also included is a $ 20 million break fee that Precision will have to agree to
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attempt, valued at C$ 947 million (US$ 720.26 million) including $ 477 million in debt at $ 1.68 a share. This was a 20% premium to the volume weighted average price of the common shares of
Trinidad on the TSX for the trading days between August 1, 2018 through August 10, 2018 and an 11% premium to
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A strategic review process that began in late 2017, a procedure to court potential buyers looking for a "white knight" to reportedly maximize value for shareholders, was not fruitful. In August 2018 the company was tendered a formal unsolicited offer, that is considered a hostile takeover bid, by
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pay if the deal does not materialize. A Raymond James analyst, Andrew
Bradford, noted that Ensign could sweeten the deal, also agreeing to pay the break fee, or walk away. The counter offer may lead a bidding war that would be beneficial to Trinidad stock holders.
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In August 2017 Trinidad purchased RigMinder Inc. in a $ 40 million cash and stock acquisition. This has allowed the integration electronic data between the rig and the directional drilling tools as well as cutting costs.
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A turn of events started with the director of
Trinidad Drilling purchasing shares of the company in August 2018 that happened during a strategic review process looking for buyers. When no offers were tendered
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had raised the price objective from C$ 2.75 to C$ 3.00. Three investment analysts have issued a "hold" rating on the stock, five have it listed as "buy", with an average target price of C$ 2.41.
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lowering the price objective for the stock in
September 2018 from an outperform rating to a sector perform rating with a target price of $ 2.20 a share. Analysts at
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In
January 2018 Trinidad announced it would be moving eight rigs, two from Canada, three from Saudi Arabia, and three from other areas of the US, to the
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394:"Ensign Provides an Update on New Drilling Rig Contracts (Permian, Canada, and International) and an Update on the Integration of Trinidad"
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197:, Canada that operated in the drilling and well servicing sectors of the North American oil and gas industry. Trinidad was acquired by
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made an offer, valued at over $ 1 billion, potentially pitting the two largest
Canadian drilling companies against each other.
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may contain an excessive amount of intricate detail that may interest only a particular audience
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566:"Precision Drilling emerges as white knight for Trinidad, but Ensign may still sweeten bid"
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551:"Trinidad Drilling (TDG) Downgraded by National Bank Financial to "Sector Perform""
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415:"Trinidad Drilling Ltd. Potential Takeover And Halliburton/Baker Hughes' Role"
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The financial market has mixed reviews on the future company share value with
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463:"Trinidad Drilling sells rigs to Saudi Arabia instead of moving them to U.S."
506:"Trinidad Drilling seeks white knight as it fends off hostile bid by Ensign"
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any relevant information, and removing excessive detail that may be against
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between late 2018 to early 2019, and was amalgamated into Ensign in 2019.
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445:"Two Canadian drillers relocating rigs to Permian Basin to meet demand"
217:. It later reverted to a corporation under the name Trinidad Drilling.
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477:"Ensign Launches C$ 947 Million Takeover Bid For Trinidad Drilling"
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lowered the price objective from $ 2.20 to $ 2.10 a share and
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491:"Trinidad Drilling Ltd. (TDG.TO): Historical data on shares"
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Mason, Richard (Chief
Technical Director) (6 October 2017).
537:. Trinidad shareholders announcement. 14 September 2018.
521:"Ensign makes formal offer to acquire Trinidad Drilling"
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Companies formerly listed on the
Toronto Stock Exchange
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that led to surmising of a Halliburton takeover plan.
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Non-renewable resource companies established in 1975
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447:. MRT: Midland Reporter-Telegram (acquired by
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220:In 2014 Trinidad entered a joint venture with
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392:Ensign Energy Services Inc. (2019-03-28).
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306:Learn how and when to remove this message
335:stepped in with an unsolicited offer or
213:in 2002 and did business under the name
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549:Cottrell, Gemma (27 September 2018).
215:Trinidad Energy Services Income Trust
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700:Energy companies established in 1975
564:Morgan, Geoffrey (5 October 2018).
519:Jaremko, Deborah (30 August 2018).
504:Varcoe, Chris (14 September 2018).
189:was a corporation headquartered in
539:(Primary source on rejection call)
465:The Canadian Press. 12 April 2018.
417:. Seeking Alpha. 26 November 2014.
373:List of oilfield service companies
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443:McEwen, Mella (3 February 2018).
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690:Natural gas companies of Canada
479:. Hart Energy. 13 August 2018.
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535:"REJECT Ensign's Hostile Bid"
228:(40%) and plans to drill in
209:The company converted to an
396:. Cision Canada. Newswire.ca
288:Knowledge's inclusion policy
680:Oilfield services companies
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695:Companies based in Calgary
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685:Oil companies of Canada
629:Land drilling companies
345:National Bank Financial
639:Ensign Energy Services
333:Ensign Energy Services
321:Ensign Energy Services
199:Ensign Energy Services
187:Trinidad Drilling Ltd.
86:Ensign Energy Services
17:Trinidad Drilling Ltd.
644:Helmerich & Payne
553:. Fairfield Current.
353:BMO Capital Markets
160:Number of employees
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659:Precision Drilling
325:Precision Drilling
323:. By October 2018
150:$ 859.327 million
95:Calgary, Alberta,
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649:Nabors Industries
508:. Calgary Herald.
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176:.trinidaddrilling
109:Lyle C. Whitmarsh
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230:Saudi Arabia
226:Baker Hughes
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211:income trust
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92:Headquarters
84:Acquired by
31:Company type
255:Acquisition
222:Halliburton
60:Oil and gas
674:Categories
572:2018-10-10
400:2020-03-11
379:References
296:March 2020
284:relocating
249:New Mexico
245:West Texas
104:Key people
51:: TDG
451:in 1979).
121:President
43:Traded as
367:See also
243:area in
137:services
131:Drilling
127:Products
56:Industry
205:History
195:Alberta
191:Calgary
169:Website
142:Revenue
74:Alberta
70:Calgary
66:Founded
449:Hearst
154:(2012)
133:&
97:Canada
76:(1996)
35:Public
164:3,000
247:and
178:.com
135:well
81:Fate
282:or
174:www
152:CAN
113:CEO
49:TSX
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