Trinidad reported 4Q15 EBITDAS of $47 mm, well above our es mate of $37 mm due to cost cutting initiatives and greater than expected early termination payments. The Company also announced early termination revenue of $34.9 mm, of which $34.3 mm will be recognized as EBITDAS in 2Q16e. This posi vely impacts our 2016e EBITDAS but has a negative impact on 2017e. We expect the Company to receive a distribution payment of $21.6 mm from Trinidad Drilling International in 2Q16e. Our current forecast ....