As the adage goes, “You can’t know where you’re going until you know where you’ve been.” We think our history of growth says a lot about where we are heading as a company. In this post, we want to reflect on some of our milestones to give you an idea of how we see our future.
1. Trinidad is founded in 1996
This, of course, was the first of many milestones. We started with four rigs, and now we have 134. Right from the beginning, there were some fundamental values that enabled (and continue to enable) our success: values like listening to our customers, staying on top of technology, focusing on performance and always taking care of our team. Taking care of our team means working to keep every worker safe, every day, and giving our employees opportunities that allow them to grow their careers and share in our success.
2. TDG on the TSX: Trinidad starts trading on the Toronto Stock Exchange
From 1996 to 2000, Trinidad grew its fleet modestly, but in 2000 – after Trinidad started being traded publicly – our growth took off. In fact, only two months after our stock hit the TSX, we had already doubled our fleet.
“Over the years, Trinidad has engaged in a series of strategic acquisitions and rig builds that have helped us grow into an industry leader,” said Lisa Ciulka, Vice-President of Investor Relations with Trinidad Drilling. “We continue to grow our fleet in response to new plays and to the needs of our customers.”
3. ☑North America: we expand south of the 49th parallel
In 2005, we moved into a huge new play – the U.S. Responding to demand, we built 12 triple rigs that were deployed south of the border.
“Our move into the American market was huge for Trinidad,” said Ciulka. “Now, over half our fleet operates in the U.S.”
Our North American growth continued in 2008 when Trinidad announced it was moving three rigs to east-central Mexico to operate in the southern edge of the Chicontepec field.
4. Getting into new plays
As Ciulka said, we have stayed at the top of our industry by responding to new plays. For example, in 2007 we acquired the company Axxis Drilling. Included in the deal was our first barge rig (we currently own two and operate five inland water barge rigs in Louisiana).
Right now, we are building what will be one of Canada’s largest and most technically advanced rigs. It is being designed to drill natural gas in the Liard Basin (we’re working on a post about that rig so look for that in the coming weeks).
5. Going international
“We are growing outside of North America as well,” said Ciulka. “For example, in September we entered a joint-venture arrangement with Halliburton that will see us expand into Saudi Arabia.”
This agreement also includes operations in Mexico and could open up opportunities in other international markets.
“By aligning ourselves with a major oilfield-services company, such as Halliburton, we are able to open the doors to a new level of international growth,” said Lyle Whitmarsh, Trinidad’s CEO, when the deal was announced.