Trinidad Drilling Ltd. reported earnings results for the fourth quarter and full year ended December 31, 2017. For the quarter, the company saw revenue was $137.9 million which is 48.2% more than during the same periods last year. The company's net loss totaled $17.69 million, which is 49.8% deeper in the red than during the comparative 2016 timeframes. Operating income was $47.895 million as compared to $28.24 million a year ago. Adjusted EBITDA was $36.075 million or 0.13 cents per diluted share as compared to $23.769 million or 0.11 cents per diluted share a year ago. Funds flow was $32.719 million or 0.12 cents per diluted share as compared to $17.596 million or 0.08 cents per diluted share a year ago. Capital expenditures were $51.989 million as compared to $5.981 million a year ago. EBITDA was $32.684 million as compared to $37.737 million a year ago.
Net loss increased in the fourth quarter of 2017 compared to the same period of 2016 mainly due to higher depreciation and amortization expenses and a lower contribution from Trinidad's joint venture operations.

For the year, the company saw revenue was $501.62 million, which is 38.5% more than during the same periods last year. Revenue increased compared to previous year, largely due to increased activity levels in the U.S. and international division, as well as the Canadian division. Lower day rates in Canada and currency exchange partially offset revenue increases. The company's net loss totaled $79.62 million, which is 51.5% deeper in the red than during the comparative 2016 timeframes. Operating income was $157.32 million as compared to $159.577 million a year ago. Adjusted EBITDA was $129.445 million or 0.49 cents per diluted share as compared to $143.002 million or 0.64 cents per diluted share a year ago. Funds flow was $51.429 million or 0.19 cents per diluted share as compared to $62.618 million or 0.28 cents per diluted share a year ago. Capital expenditures were $163.117 million as compared to $44.326 million a year ago. Purchase of intangibles were $4.038 million as compared to nil a year ago. EBITDA was $102.725 million as compared to $139.775 million a year ago.

The company remains committed to maintaining conservative leverage and expects to manage its business within cash flow generated from its operations in 2018. In 2018, the Company expects to spend approximately $94 million in capital expenditures.