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As noted below, three of the technology platforms are now commercially active while the fourth is in the test phase. Trinidad undertook a review of its cost structure to ensure that its practices are in-line or ahead of its competitors and provide long-term value for its shareholders. Following the review, Trinidad has decided to reduce headcount, roll back salaries and tighten expense management.
As part of the cost cutting and restructuring efforts, Randy Hawkings, Executive Vice President, US Operations has elected to step down from his operational position.
Trinidad looks forward to the continuing relationship with Mr. Trinidad is currently reviewing its operations for additional opportunities to create efficiencies, including a review of under-utilized facilities for further cost savings or potential asset sales. Trinidad will continue to develop its performance metrics and ensure they are aligned with both best practice and the enhancement of shareholder value.
Trinidad believes that its new and prior initiatives improve the efficiency of the Company and position it as a cost-efficient drilling contractor with one of the lowest cost structures in the drilling sector. Trinidad is an industry-leading contract driller, providing safe, reliable, expertly-designed equipment operated by well-trained and experienced personnel. Trinidad's drilling fleet is one of the most adaptable, technologically advanced and competitive in the industry.
Trinidad is headquartered in Calgary, Alberta, Canada. For more information, please visit www. Adjusted EBITDA is used by management and investors to analyze the Company's profitability based on the Company's principal business activities prior to how these activities are financed, how assets are depreciated and amortized and how the results are taxed in various jurisdictions.
Additionally, in order to focus on the core business alone, amounts are removed related to foreign exchange, share-based payment expense, impairment expenses, the sale of assets, and fair value adjustments on financial assets and liabilities, as the Company does not deem these to relate to the core drilling business. Return on Gross Assets is defined as consolidated net earnings loss before share-based payments, foreign exchange, after-tax finance costs, deferred income taxes, gain loss on sale of property and equipment, depreciation and amortization and impairments of assets divided by the sum of the average value of Accounts Receivable, Property and Equipment and Goodwill for the year.
The use of any of the words "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "believe", "plans", "intends", "confident", "might" and similar expressions are intended to identify forward-looking information or statements. Various assumptions were used in drawing the conclusions or making the projections contained in the forward-looking statements throughout this document.
The forward-looking information and statements included in this document are not guarantees of future performance and should not be unduly relied upon. Forward-looking statements are based on current expectations, estimates and projections that involve a number of risks and uncertainties, which could cause actual results to differ materially from those anticipated and described in the forward-looking statements.
In particular, but without limiting the foregoing, this document may contain forward-looking information and statements pertaining to:. Trinidad cautions that the foregoing list of assumptions, risks and uncertainties is not exhaustive.
The forward-looking information and statements contained in this document speak only as of the date of this document and Trinidad assumes no obligation to publicly update or revise them to reflect new events or circumstances, except as may be required pursuant to applicable securities laws. Trinidad Drilling Ltd Logo. January 08, GlobeNewswire , a Nasdaq company, is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.