HOUSTON, July 11, 2014 /CNW/ -- Tesco Corporation
(the "Company") (NASDAQ: TESO) announced on May 6, 2014 that its Board of Directors had
authorized the repurchase of as much as USD $100 million of the Company's common shares over
a two year period. The repurchase of the common shares shall be
conducted as a normal course issuer bid ("NCIB"). In the first
tranche of the program, the Board has authorized the purchase for
cancellation of up to 501,317 issued and outstanding common shares
("Shares"), representing approximately 1.25% of the 40,105,423
Shares in the public float as of April 30,
2014, through the facilities of the Nasdaq Stock Market
("NASDAQ"). The Company's Board of Directors shall authorize
additional tranches of repurchases on a quarterly basis subject to
the NCIB limitation that the Company may repurchase no more than 5%
of its outstanding Shares within any 12-month period.
During any of the Company's blackout periods, purchases under
the NCIB may continue under an automatic securities purchase plan
between the Company and its broker which was put in place during
the NCIB. The first tranche of the program's repurchases is
scheduled to occur between July 5,
2014 and continue until August 1,
2014.
The Company and its Board of Directors believe that this NCIB is
in the best interests of its shareholders and the repurchases made
under this NCIB will be made, in part, to offset the dilutive
effect of Shares expected to be issued upon the exercise of stock
options under the Company's stock option plan.
The actual number of Shares purchased, the timing of purchases
and the price at which the Shares are bought will depend on future
market conditions and on potential alternative uses for the
Company's cash resources. Any purchases will be subject to trading
restrictions and will be made by the Company at the prevailing
market price of the Shares at the time of purchase.
About Tesco Corporation
Tesco Corporation is a global leader in the design, manufacture
and service of technology based solutions for the upstream energy
industry. The Corporation seeks to change the way people
drill wells by delivering safer and more efficient solutions that
add real value by reducing the costs of drilling for and producing
oil and gas.
Forward-looking Information
This news release contains forward-looking statements and
forward-looking information within the meaning of the U.S. Private
Securities Litigation Reform Act of 1995 and other United States and Canadian securities laws.
The phrases "is subject to obtaining requisite regulatory
approvals", "is expected to commence", "will expire", "may
continue", "which will be put in place", "will be made", "expected
to be issued", "believe", "will depend on future market
conditions", "potential alternative uses of the Company's cash
resources", "will be subject to trading restrictions", "will be
made by the Company at the prevailing market price of the Shares at
the time of purchase", and similar terms and phrases are intended
to identify these forward-looking statements. Forward-looking
statements and forward-looking information are based on estimates
and assumptions made by the Company in light of its experience and
its perception of historical trends, current conditions, expected
future developments and the expected effects of new business
strategies, as well as other factors that the Company believes are
appropriate in the circumstances. Many factors could cause the
Company's actual performance or achievements to differ materially
from those expressed or implied by the forward-looking statements
or forward-looking information. Such factors include, without
limitation, the risks described in the Company's March 4, 2014 Form 10-K for the year ended
December 31, 2013 (the "10-K").
Copies of the 10-K may be obtained at www.sedar.com or www.sec.gov.
The Company recommends that readers review and consider all of
these risk factors and notes that readers should not place undue
reliance on any of the Company's forward-looking statements. The
Company has no intention and undertakes no obligation to update or
revise any forward-looking statements or forward-looking
information, whether as a result of new information, future events
or otherwise, except as required by law.
For more information please
contact:
Chris Boone –
Chief Financial Officer
Tesco Corporation
(713) 359-7000
SOURCE Tesco Corporation