In January 2010 Trinidad announced that it had agreed to resume the construction of six new contracted drilling rigs that were delayed earlier in 2009 due to weak industry conditions.

The rigs remain under five-year, take-or-pay contracts with the original customer and the terms of the contract are unchanged. The drilling rigs are 18,000 feet triple rigs with 1,500 horsepower AC drawworks and are equipped with Trinidad’s in-house, state-of-the-art technology and automation. The rigs will be built at Trinidad’s rig manufacturing facility, Victory Rig Equipment, and are expected to be completed by the end of 2010. The new rigs are destined for operations in the Haynesville shale in Louisiana.

In June 2009 Trinidad announced a bought deal equity financing for 27,184,500 common shares at a price of $5.15 per share for gross proceeds of approximately $140 million. The net proceeds of the offering were used to reduce Trinidad’s indebtedness. The increased financial flexibility resulting from this debt reduction provide Trinidad with the ability to evaluate, and if appropriate, capitalize on value creating opportunities in potential new and existing markets.

In June 2009 Trinidad announced the expansion of its Mexican operations and agreed to move four existing, under-utilized rigs from its Canadian operations into Mexico under long-term, take-or-pay contract. The rigs are contracted to work at a utilization rate of 100 percent for an initial term of 18 months, with a further 18-month extension option. Trinidad’s initial step into Mexico in the fourth quarter of 2008, involved three rigs which were contracted for six months, with a six-month extension option. Following their strong performance, these rigs have been extended under similar terms to the four rigs discussed above until April 30, 2010, with a further 12-month extension option.

In February 2009 Trinidad reduced its existing rig construction program, reflecting the Company’s prudent capital management planning and strong customer relationships. This reduction included a 12-month delay in the delivery of six new drilling rigs and the cancellation of four new service rigs. The decision to delay the construction of the drilling rigs was reached in conjunction with Trinidad’s customers, reflecting the strength of Trinidad’s relationships and the customer’s ongoing need for the equipment. The six delayed drilling rigs remain under long-term, take-or-pay contract with the original customer and are expected to be completed in 2010, assuming improved market conditions.

In September 2008 Trinidad announced the expansion of its operations into Mexico. Trinidad agreed to move three existing rigs from Canada into the southern edge of the Chicontepec field in central eastern Mexico. The rigs will be contracted to work at utilization rates of 100% for an initial term of six months, with a further six month extension option. The operator has agreed to pay the costs associated with relocating the rigs into Mexico and returning the rigs to Canada at the end of the contracted period, if required. The rigs are expected to remain in Mexico for the foreseeable future.

In September 2008 Trinidad announced the acquisition of Victory Rig Equipment Corporation, a privately-held oilfield equipment fabrication company based in Red Deer, Alberta. Trinidad will combine all its oilfield equipment manufacturing and construction businesses into one business that will retain the name Victory Rig Equipment. The combined Victory division will offer an extensive range of drilling solutions including innovative and technically-advanced rigs capable of meeting the growing challenges in the oil and gas industry.

In July 2008 Trinidad announced a seven drilling rig construction program backed by long-term take-or-pay contracts with two major North American oil and gas exploration and production companies. The rigs being constructed are 1,500 horsepower drilling rigs with a depth capacity of 18,000 feet and are all expected to operate in the United States under three to five year, take-or-pay contracts. Following completion in 2009, Trinidad expects to have 126 drilling rigs, 57 operating in Canada, 66 in the US and 3 in Mexico.

In May 2008 Trinidad announced a nine drilling rig construction program backed by long-term take-or-pay contracts with two major North American oil and gas exploration and production companies. The rigs are 1,500 to 2,000 horsepower drilling rigs with a depth capacity of 16,000 to 18,000 feet. The rigs are all expected to operate in the United States under three to five year take-or-pay contracts. In addition, Trinidad announced a construction program for six new service rigs for the Canadian well servicing market. In conjunction with the rig construction program, Trinidad announced a concurrent bought deal equity financing. Under the financing deal, which closed on June 10, 2008, Trinidad issued 13,235,294 shares (including the underwriter’s overallotment option) for total proceeds of $165 million.

On March 10, 2008, Trinidad Energy Services Income Trust announced that it received security holder and court approval to convert into a growth oriented dividend paying energy services corporation. Following the conversion, Trinidad intends to change its monthly distribution to a quarterly dividend of $0.15 per quarter ($0.60 per year).

In July 2007, Trinidad closed the acquisition of the assets of Axxis. The assets acquired include four land based drilling rigs and one barge drilling rig, together with related inventory, crew boats and spare parts. Trinidad will assume the remaining construction commitments of a second barge drilling rig currently under construction, and will reimburse Axxis for construction costs undertaken to the date of closing. Concurrently with the closing of the Axxis acquisition, Trinidad closed its convertible debenture financing. Convertible unsecured subordinated debentures of $325,000,000 aggregate principal amount with a coupon of 7.75% were sold by a syndicate of underwriters co-led by TD Securities Inc. and Raymond James Ltd., and including BMO Capital Markets, Canaccord Adams, RBC Capital Markets, Scotia Capital Inc., CIBC World Markets Inc., Blackmont Capital Inc., Wellington West Capital Markets Inc., and Haywood Securities Inc.

The debentures have a face value of $1,000 per debenture, a coupon of 7.75%, a maturity date of July 31, 2012, and are convertible at any time prior to maturity or the date fixed for redemption at the option of the holder, into trust units of Trinidad at a price of $19.30 per trust unit. The debentures pay interest semi-annually on June 30 and December 31, with the initial interest payment to be made on December 31, 2007.

In January 2007, Trinidad continues work on additional long term contracts with three major North American oil and gas exploration and development companies whereby it will provide five new drilling rigs ranging in depth capacity from 5,000 metres to 5,500 metres. All five rigs will be operating in the United States, each backed by take-or-pay contracts. These five rigs being constructed will increase Trinidad’s United States drilling fleet to 42 rigs. The US fleet combined with the completed Canadian drilling fleet of 64 rigs will give Trinidad a total of 106 drilling rigs once all existing construction programs are completed.

In March 2006, Trinidad announced the amalgamation of one of its wholly owned subsidiaries with Mastco Derrick Service Ltd. Total consideration paid by Trinidad in the transaction was $61.8 million dollars, comprised of $37.1 million in cash and $24.7 million in trust units of the Trust. The Trust units were issued at a price of $ 16.54 per unit. The transaction will provide Trinidad with all the facilities, assets, inventory and employees of Mastco.

Mastco is a leader in the design, manufacture, sale and refurbishment of customized land based drilling rigs and related equipment. Mastco also designs, manufactures, sells and refurbishes service rigs and other oilfield equipment for North America and global markets. Mastco’s fabrication and engineering capabilities are ISO 9001 certified and equipment is all manufactured to industry accepted quality standards.

In December 2005, Trinidad closed the acquisition of the assets of Cheyenne Drilling L.P. in the United States. The assets include 20 drilling rigs, drill pipe, related inventory, spare parts and real estate. The purchased rigs include three drilling rigs with depth ratings of 6,000 feet (2,000 meters), eight drillings rigs with depth ratings of 10,000 feet (3,300 meters), five drilling rigs with depth ratings ranging from 12,000 feet (4,000 meters) to 13,500 feet (4,500 meters), and four drilling rigs with depth ratings ranging from 14,000 feet (4,600 meters) to 16,000 feet (5,300 meters).

In October 2005, Trinidad opened its new operations office and yard in Nisku, Alberta.

In October 2005, Trinidad closed the acquisition of the well servicing assets of Summit Energy Services Inc. and Yukon Energy Rentals Inc. The acquisition included six service rigs built in the last five years and all support equipment related to well servicing. Trinidad Well Servicing also has two more rigs under construction and will have a total of 18 service rigs once construction is complete.

In May 2005, Trinidad was awarded with long term contracts for two major North American oil and gas exploration and development companies whereby 22 new drilling rigs (including the new U.S. rigs) ranging in depth capacity from 3,600 metres to 6,000 metres will be constructed. Each of the 22 rigs is backed by either a three or five year take-or-pay contract which provides Trinidad with a minimum number of drilling days per annum resulting in a five year guaranteed minimum utilization rate of 66 percent. Each of these contracts is fixed at current market day rates consistent with the size and type of rig.

In May 2005, Trinidad closed the acquisition of Titan Surface Casing Ltd. Titan's assets include 14 pre-set drilling and coring rigs and associated inventory. These assets represent one of the largest concentrations of pre-setting and coring rigs in Western Canada and were combined with four similar style rigs acquired through the prior acquisition of the assets of T-Car Drilling. The pre-setting and coring business is seen as a natural diversification for Trinidad. The investment was in response to requests from Trinidad's client base requiring these types of specialized drilling services. Titan will remain operating as an independent operating division of Trinidad primarily in Western Canada.

In March 2005, Trinidad was asked to provide additional capacity to the United States from our existing customer base. Construction of 12 new diesel electric triple drilling rigs, to be deployed into the United States, began in March 2005. The new rigs include 1,500 horsepower, 6,000 metre rigs and 1,000 horsepower, 5,000 metre rigs. Each of the new rigs are backed by take-or-pay contracts which provide for committed days and drilling rates over three years. The rigs have been commissioned and the first two will begin drilling during the third quarter of 2005. Additional rigs will be added in 2005 and the rest in the first quarter of 2006.

In January 2005, Trinidad Well Servicing announced the construction of four new service rigs capable of servicing wells up to 3,500 metres. The rigs will be designed and built to provide cost effective well servicing operations for Trinidad's clients. The new rigs are being built to satisfy the demand for incremental services from Trinidad's customer base. The new rigs will add to the capabilities of the well servicing division and expand the geographical focus into northern Alberta and British Columbia. It is anticipated that the construction of all four rigs will be completed by the end of 2005.

In 2004 and in early 2005, five more 3,600 metre double telescopic diesel electric drilling rigs were constructed in response to customer requests for additional drilling capacity. The new rigs are backed by take-or-pay contracts which provide for committed days and drilling rates. Trinidad's investment in new drilling rig technology is improving the efficiency of the entire drilling operation for Trinidad's customers. Trinidad's ability to provide new and innovative drilling rigs operated by strong operational personnel has continued to provide Trinidad with opportunities to add incremental drilling capacity.

In November 2004, Trinidad closed the acquisition of substantially all of the assets of Jade Drilling Inc. and its affiliates. Such assets include 14 drilling rigs, drill pipe, related inventory, spare parts, rig camps and real estate. The purchased rigs include: one single drilling rig with a depth rating of 1,100 metres, three double drilling rigs with depth ratings of 1,600 metres, five double drilling rigs with depth ratings of 2,000 to 2,500 metres and five heavy double drilling rigs with depth ratings of 3,000 metres.

In July 2004, Trinidad closed the acquisition of substantially all of the assets of Wilson Drilling Ltd. Such assets include two triple drilling rigs and two heavy double drilling rigs; the triple drilling rigs have depth ratings of 4,000 and 4,700 metres while the double drilling rigs have depth ratings of 3,000 and 3,500 metres. The acquisition also included all drill pipe, spare parts and other miscellaneous inventory items related to the drilling rigs.

In March 2004, Trinidad purchased substantially all of the assets of Arrow Drilling Inc. The assets acquired include five double drilling rigs and three single drilling rigs; the doubles have depth ratings of up to 2,600 metres while the singles have depth ratings of up to 1,400 metres. The acquisition also includes all drill pipe, spare parts and other miscellaneous inventory items related to the drilling rigs. All of the rigs being acquired have complete rig crews in place.

Early in 2004, rig construction was completed for two new 3,500 metre double telescopic drilling rigs in response to customer requests.

On July 18, 2003, Trinidad completed the acquisition of certain of the assets of Bear Drilling. The acquired assets were comprised of three heavy double drilling rigs and two triple drilling rigs. The double drilling rigs have depth ratings of 3,300, 3,500 and 3,600 metres while the triple drilling rigs have depth ratings of 4,700 and 5,500 metres. The acquisition also included all drill pipe, spare parts and other miscellaneous inventory items related to the drilling rigs.

On April 10, 2003, Trinidad completed the acquisition of substantially all of the assets of Saturn Drilling. The assets included three drilling rigs (two with a depth rating of 3,000 metres and one with a depth rating of 3500 metres), drill pipe, mud pumps, generators, boilers and spare parts. The addition of Saturn's assets provided Trinidad with increased drilling depth capacity from what previously existed within Trinidad’s fleet. This allowed Trinidad to broaden its coverage of the drilling market into depth ranges in which Trinidad did not previously operate.

In September 2002, Trinidad completed the Trust Arrangement.

During 2001, Trinidad completed its construction of Rigs #8 through #12. These new rigs were designed and constructed to work at a depth capacity of 1,800 metres. They are heavy single rigs designed to capture the mid-depth drilling market.

On December 15, 2000 Trinidad diversified its drilling services with the acquisition of eight service rigs by purchasing the assets of Progressive Well Servicing Ltd. (now Trinidad Well Servicing).

On October 11, 2000 Trinidad began trading on the Toronto Stock Exchange under the symbol TDG.

On October 15, 1999 Trinidad acquired a 1,000 metre single rig which was modified and added to the fleet to drill at shallower depth capacities.

On October 1, 1999 Trinidad completed the acquisition of Can-Am Drilling Ltd. and Rig #5. This added a medium depth triple rig to the Trinidad fleet with a depth capacity of 2,500 metres.

The company was founded in 1996 and moved forward with the construction of 4 identical 2800 metre depth capacity heavy telescopic double drilling rigs.