Canadian company Trinidad Drilling failed to receive renewals on contracts that expired end-June for its three rigs operating in Mexico as national oil company Pemex reduced activity, the firm said in a quarterly webcast.
"We believe this reduction in activity by Pemex is temporary and expect work to resume by late 2013 or early 2014 with the possibility that additional equipment may be required in the area," CEO Lyle Whitmarsh said in the webcast.
The three rigs will remain idle in Mexico as the firm evaluates opportunities...
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