We believe Trinidad’s fleet composition in Canada and the United States will allow it to be a first mover in increasing utilization and EBITDAS as North American rig counts recover. We believe the mid-cycle case for TDG’s EBITDAS from its existing asset base is $202 mm and the high point case is $298 mm, relative to our 2016e of $133 mm (which is aided by $34 mm in early termination revenue). In Canada, Trinidad has the highest average vertical depth per rig at 4,267 metres leaving a significant ....
