On September 3, 2013, Halliburton and Trinidad Drilling entered into a joint venture to provide and operate drilling rigs for Halliburton’s international integrated projects. Halliburton will own a 40% stake in the joint venture, which will conduct business under the name Trinidad Drilling International. Trinidad Drilling, a Canadian drilling rig operator, will hold a 60% stake in the venture, but Halliburton and Trinidad Drilling will share equal voting rights and representation on the board of directors. The joint venture will have a right of first look to provide drilling rigs for all of Halliburton’s managed onshore projects outside of Canada and the United States, and a right of first look at Trinidad Drilling’s onshore contract drilling opportunities outside of Canada and the United States.

Initially, the joint venture is expected to concentrate on the Kingdom of Saudi Arabia and Mexico. Affiliates of Trinidad Drilling and Halliburton have signed an agreement, which will be assigned to the joint venture, to provide four rigs for work in the Kingdom of Saudi Arabia for an initial term of three years, with an optional extension of one year.

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