Trinidad Drilling Ltd. announced unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2017. For the quarter, the company's revenue was $129,810,000 compared to $66,960,000 for the same period a year ago. Loss before income taxes were $60,704,000 compared to $46,395,000 for the same period a year ago. Net loss attributable to shareholders of company was $44,408,000 or $0.16 per basic and diluted share against $35,780,000 or $0.16 per basic and diluted share a year ago. Adjusted EBITDA was $27,458,000 compared to $17,990,000 for the same period a year ago. Capital expenditures were $52,570,000 against $13,682,000 for the same period a year ago. Operating income was $37,061,000 against $22,979,000 for same period a year ago. Funds flow was $7,956,000 or $0.03 per basic and diluted share against funds used in of $10,576,000 or $0.05 per share for same period a year ago.

For the nine months, the company's revenue was $363,713,000 compared to $269,086,000 for the same period a year ago. Loss before income taxes were $106,444,000 compared to $65,784,000 for the same period a year ago. Net loss attributable to shareholders of company was $61,927,000 or $0.23 per basic and diluted share against $40,733,000 or $0.18 per basic and diluted share a year ago. Cash flows used in operations was $3,035,000 compared to cash provided from operations of $38,293,000 for the same period a year ago. Purchase of property and equipment was $111,128,000 compared to $38,345,000 for the same period a year ago. Purchase of intangibles was $3,145,000. Adjusted EBITDA was $93,370,000 compared to $119,233,000 for the same period a year ago. Operating income was $109,425,000 against $131,337,000 for same period a year ago. Funds flow was $18,710,000 or $0.07 per basic and diluted share against $45,022,000 or $0.20 per basic and diluted share for same period a year ago.

In 2017, Trinidad expects to spend approximately $175 million in capital expenditures.