Ensign Energy Services Inc. and Trinidad Drilling Ltd. ("Trinidad" or the "Issuer") announced that, pursuant to Trinidad's previously announced consent solicitation (the "Consent Solicitation") relating to its outstanding 6?% Senior Notes due 2025 (the "Notes"), approximately 99.5% of holders had consented to the adoption of the proposed amendments to the Notes, which amendments eliminate or modify substantially all of the restrictive covenants as well as certain events of default and other provisions contained in the Indenture (the "Proposed Amendments").Ensign and Trinidad also announced that, pursuant to Trinidad's previously announced change of control offer (the "Change of Control Offer") to purchase any and all of the Notes at a price in cash equal to 101% of the principal amount of the Notes repurchased plus accrued and unpaid interest, if any, to, but excluding, the Settlement Date (as defined below), approximately 78.1% of Notes had been validly tendered (and not validly withdrawn) as of 5:00 p.m., New York City time, on January 15, 2019 (the "Consent Deadline"). In accordance with the terms and conditions of the Consent Solicitation, the right to consent to the Proposed Amendments and the right to withdraw previously delivered consents expired at the Consent Deadline. In accordance with the terms of the Change of Control Offer, holders of Notes may continue to tender Notes at any time at or prior to 11:59 p.m., New York City time, on February 11, 2019 (such time and date, as the same may be extended, the "Expiration Time") and tendered Notes may be withdrawn in accordance with the Change of Control Offer at any time at or prior to 5:00 p.m., New York City time, on February 12, 2019 (such time and date, as the same may be extended, the "Withdrawal Time"). The consents received from holders of Notes exceed the amount needed to adopt the Proposed Amendments to that certain indenture, dated as of February 7, 2017 (the "Indenture"), among the Issuer, the guarantors from time to time party thereto (the "Guarantors") and Wells Fargo Bank, N.A., as trustee (the "Trustee"), pursuant to which the Notes were issued. Accordingly, Trinidad, the Guarantors and the Trustee will promptly execute a supplemental indenture to the Indenture effecting the Proposed Amendments (the "Supplemental Indenture"). The Supplemental Indenture will become operative upon payment of the Consent Only Payment (as defined below) or Total Consideration (as defined below) to consenting holders. Holders that delivered (and did not validly revoke) consents at or prior to the Consent Deadline will receive an amount in cash equal to USD 5.00 per USD 1,000 principal amount of Notes (the "Consent Only Payment") as to which they delivered consents on the settlement date, which is expected to be February 14, 2019 (the "Settlement Date"). In addition, holders that validly tender their Notes at or prior to the Expiration Time (and do not validly withdraw such Notes at or prior to the Withdrawal Time) will receive in respect of Notes accepted for purchase USD 1,010.00 for each USD 1,000 principal amount of Notes plus accrued and unpaid interest from the last interest payment date to, but excluding, the Settlement Date, on the Settlement Date (the "Change of Control Payment"). Holders that delivered consents at or prior to the Consent Deadline and validly tender (and do not withdraw) their Notes at or prior to the Expiration Time will be entitled to both the Consent Only Payment and the Change of Control Payment (together, the "Total Consideration"), which amounts to USD 1,015.00 per USD 1,000.00 principal amount of Notes. The Change of Control Offer and the Consent Solicitation are being made upon the terms and conditions set forth in the Change of Control Offer to Purchase and Consent Solicitation Statement dated December 27, 2018 (as amended or supplemented from time to time, the "Offer Document"), which sets forth a more detailed description of the Change of Control Offer and the Consent Solicitation. The Offer Document contains important information that holders of Notes should read carefully before any decision is made with respect to the Change of Control Offer and the Consent Solicitation. The Issuer reserves the right to modify the terms and conditions of its Change of Control Offer and Consent Solicitation. Ensign anticipates funding the Change of Control Offer and the Consent Solicitation with available borrowings under Ensign's existing revolving credit facility and/or proceeds from new indebtedness of Ensign or Trinidad. Ensign does not have any current intention to redeem any Notes that remain outstanding following the Change of Control Offer.