Trinidad Drilling Ltd. (TDG.TO) has announced the renewal of contracts involving a significant portion of its U.S. fleet and CIBC World Markets Inc. analyst Jeff Fetterly reportedly believes several of the rig renewals were concluded at more favourable terms than when they were last renegotiated amid weak industry conditions in 2009. This, he suggests, will materially increase day rates and margins for the rigs, the Globe and Mail reported.
Fetterly reportedly raised his price target by 50 cents to $13 and maintained his Sector Outperformer rating.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
