The Calgary company said Friday it will spend the money to build two new rigs, continue work on a third rig and for other enhancements to its drilling fleet.
"Demand for high quality, modern equipment has continued to increase and contract terms have now moved to a point where it is attractive for us to build new equipment," Lyle Whitmarsh, Trinidad's president and CEO, said in a release.
"The rigs we are adding to our fleet fit well with our strategy of deep, technically advanced equipment and we expect that they will remain competitive long after their initial contracts expire."
One natural gas rig will be built at a cost of $18 million and will be used in the Eagle Ford shale region in Texas starting later this year.
A second rig will cost $20 million and is being built to work in steam assisted gravity drainage oilsands operations in northeastern Alberta.
In addition, Trinidad is currently building a natural gas powered rig for operations in the Horn River area of northeastern British Columbia, a major Canadian gas exploration and production area.
After the expansion program, rinidad will have 122 drilling rigs — 62 in the United States, 57 in Canada and three rigs in Mexico.
In addition, Trinidad has 22 service rigs, 20 preset and coring rigs and five barge drilling rigs.
In Friday trading on the Toronto Stock Exchange, Trinidad shares rose 14 cents to $9.53, a gain of nearly 1.5 per cent.
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