Trinidad Drilling Ltd. has cut more than 500 jobs and is looking at moving more rigs into international markets as it tries to deal with a severe slump in North American oil and gas drilling.

In a conference call to discuss its first-quarter results Wednesday, president and chief executive Lyle Whitmarsh said the company has let go of about 15 per cent of the 3,500 Canadian and American staff it employed a year ago and is trying to cut a minimum of 10 per cent of overall costs through wage reductions and measures including the delay of recertifying idled rigs.