tdg 110304.pdf


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March 4, 2011

Trinidad Drilling Ltd.

Q4/10 Financial and Operational Highlights
The following table compares Q4/10 actual results to our estimates. As shown, EBITDA of $63.4MM was ahead of our estimate of
$61.5MM driven largely by greater than expected day rates in Canada and the U.S.
Exhibit 2 – Q4/10 Financial Highlights
4Q10
Actual

RBC

% Diff

4Q09

% Diff

Revenue (Millions)
Canada

$89.2

$91.3

-2%

$54.7

63%

U.S./International

$96.7

$104.3

-7%

$84.6

14%

$185.9

$195.6

-5%

$139.3

33%

Total Revenue
EBITDA (Millions)

$63.4

$61.5

3%

$47.4

34%

EBITDA %

34.1%

31.4%

2.7%

34.0%

-2.6%

EPS (FD) - Adjusted

$0.14

$0.07

7.0%

$0.03

367%

4Q10
Actual

RBC

% Diff

4Q09

YoY %

3,270

3,671

-11%

2,090

56%

$24,086

$22,577

7%

$22,543

7%

65%

70%

-5%

44%

21%

4,430

4,790

-8%

3,994

11%

$19,955

$19,317

3%

$20,355

-2%

73%

82%

-9%

63%

10%

Canada
Operating Days
Rate per Drilling Day
Rig Fleet Utilization
U.S. / International
Operating Days
Rate per Drilling Day (US$)
Rig Fleet Utilization

Source: Company reports, RBC Capital Markets estimates

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