Investing.com - Financial Markets Worldwide
June's AI-picked stock updates now live. See what's new in Tech Titans, up 28.5% year to date.Unlock Stocks

BRIEF-Trinidad Drilling says cut back 2016 capital expenditure program, lowered headcount by about 50 pct

Published 2015-12-14, 06:29 a/m
© Reuters. BRIEF-Trinidad Drilling says cut back 2016 capital expenditure program, lowered headcount by about 50 pct
TDG
-

Dec 14 (Reuters) - Trinidad Drilling Ltd TDG.TO :
* Announces 2016 capital program, additional cost cutting measures and
amendments to its credit facility and debt covenants
* Says expects to spend approximately $30 million in capital expenditures in
2016
* Agreed with lending group to amend its credit facility and certain of the
financial covenants
* Says all executives and directors have taken an additional reduction in
salaries and board fees
* Says "given current weak market conditions, we have significantly cut back
our capital expenditure program for 2016"
* A further company-wide wage roll back has been implemented
* Says expects to utilize existing capital inventory items to "upgrade and
maintain" fleet in 2016
* Has lowered its headcount by approximately 50% since the beginning of the year

* Source text for Eikon ID:nCCNb3JZbz

* Further company coverage TDG.TO

Latest comments

Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.