Trinidad Drilling Ltd. reported unaudited consolidated earnings results for the first quarter ended March 31, 2018. For the quarter, adjusted EBITDA was $38 million, down from $51 million a year ago. Adjusted EBITDA lowered from the prior year as the impact of higher activity in U.S. operations was offset by a lower contribution from joint venture operations as well as lower early termination and standby revenue in Canadian operations. Operating income in the U.S. and international division grew from the first quarter of 2017 due to increased activity at higher day rates. Total capital expenditures were $16,014,000 against $23,172,000 a year ago. Revenue was $153,247,000 against $132,737,000 a year ago. Loss before income taxes was $32,182,000 against $24,944,000 a year ago. Net loss was $22,390,000 against $12,118,000 a year ago. Net loss attributable to shareholders of the company $22,462,000 against $11,936,000 a year ago. Basic and diluted loss per share was $0.08 against $0.05 a year ago. Cash flow provided by operating activities was $8,382,000 against cash flow used in operating activities of $27,697,000 a year ago. Purchase of property and equipment was $16,014,000 against $23,172,000 a year ago. Intangibles additions were $832,000. Adjusted LBITDA from investments in joint ventures was $1,035,000 against adjusted EBITDA of $21,581,000 a year ago. Adjusted EBITDA diluted per share was $0.14 against $0.21 a year ago. Funds flow was $22,152,000 against $237,000 a year ago. Funds flow per share basic and diluted was $0.08 against $0.00 a year ago.

In 2018, the company expects to spend approximately $110 million in capital expenditures.

For the quarter, the company announced impairment of property and equipment from investments in joint ventures of $10,210,000.