Trading Symbol:
"TESO" on NASDAQ
HOUSTON,
Nov. 19, 2013 /CNW/ - TESCO
Corporation (NASDAQ:TESO) today announced the acquisition of
automated catwalk technology from Custom Pipe Handlers Canada
Inc. The acquired catwalk models offer customers the ability
to service drilling rigs utilizing state of the art rig
mechanization technology. The catwalk designs are highly
mobile and adaptable to various rig structures, offering high tech
solutions for handling pipe from the ground to the rig floor.
These catwalks, the Brutus, Zeus and Hercules
models, are advanced equipment that increase the safety and
efficiency of pipe handling. Catwalks remove workhands from
the critical path and eliminate pinch points. These models
are superior to the competition due to their reliability, mobility,
ease of maintenance, remote systems, and their ability to service
multiple floor heights within minutes.
"At the outset of 2013, we debuted TESCO 3.0,
our five-year vision for TESCO. We are committed to being our
customers' strategic partner in eliminating Non-Productive Time
(NPT) and earning our reputation as the premier drilling services
company," said Jeff Foster, Senior
Vice President. "To achieve our goals, we recognized the need to
expand and integrate our service and product offerings, and this
acquisition takes us one step closer toward our ultimate objective
of providing a full pipe handling system for any rig."
TESCO is a leader in Top Drive sales, rentals
and after-market services. Automated catwalks coupled with
Top Drives and other pipe handling equipment are an excellent
package for customers seeking safer, more efficient and automated
operations.
"The addition of catwalks to our product
offerings is an example of TESCO 3.0 at work, the strategy we
discussed with our shareholders and investment
community. We intend to pursue similar expansion to our
products and services offerings as the proper opportunities arise,"
said Julio Quintana, Chief Executive
Officer. "We are committed to selective acquisitions and
investing in research and development as we continue to position
ourselves as the Drilling Innovation Company™."
"With our increased manufacturing proficiency,
we are able to add more products to our manufacturing operations,"
said Fernando Assing, Chief
Operating Officer. "We are positioned to build multiple
catwalks monthly which complement customer demand for rig
automation."
FORWARD-LOOKING STATEMENTS
This presentation contains statements that may
constitute "forward-looking statements" within the meaning of the
US Private Securities Litigation Reform Act of 1995. These
statements include, among others, statements regarding expectations
of future revenues, activities, capital expenditures and earnings
and technical results. These statements are based on current
expectations that involve a number of risks and uncertainties,
which could cause actual results to differ from those
anticipated. These risks include, but are not limited to: the
background risks of the drilling services industry (e.g.
operational risks; potential delays or changes in plans with
respect to customers' exploration or development projects or
capital expenditures; the uncertainty of estimates and projections
relating to levels of rental activities; uncertainty of estimates
and projections of costs and expenses; risks in conducting foreign
operations (e.g. political and fiscal instability) and exchange
rate fluctuations); uncertainty and risks in technical results and
performance of technology; and other uncertainties.
SOURCE Tesco Corporation
Image with caption: "Tesco Corporation Announces Acquisition of
Automated Catwalks Technology from Custom Pipe Handlers Canada Inc.
(CNW Group/Tesco Corporation)". Image available at:
http://photos.newswire.ca/images/download/20131119_C8643_PHOTO_EN_33536.jpg