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(image courtesy of Tuscany International Drilling)

This weekend Tuscany International Drilling Inc filed for chapter 11 bankruptcy protection as they continue to struggle with liquidity.

The Canadian contract driller is aiming to cut its debt load and explore strategic restructuring alternatives.

Tuscany said that revenue and rig utilization have fallen over the last year due to stiff competition in the oilfield services market, leading to a cash shortage for the company.

The company holds estimated liabilities and assets of between $100 million to $500 million, according to the court filing.

Even with an amended credit agreement with creditors, the company will have about $237 million of outstanding debt.