Trading Symbol:
"TESO" on NASDAQ
HOUSTON, May 7, 2014 /PRNewswire/ - TESCO Corporation
(NASDAQ:TESO) today announced the signing of a definitive agreement
between its subsidiary, Tesco Corporation (US), and Tech Field
Services Inc. ("TFS"). Under the terms of the
definitive agreement, Tesco Corporation (US) has acquired the
assets of TFS and will incorporate the TFS business into its United
States After-Market Sales and Service ("AMSS") operations. The
combination of the TESCO AMSS United States operations with TFS
enhances TESCO's ability to service and recertify TESCO and
Non-Tesco top drive units and other automated pipe handling
equipment.
TESCO is a leader in top drive sales, rentals,
and after-market services. TFS brings to the TESCO
organization customer service excellence, a characteristic TESCO
values and believes complements its current offerings. Established
in 2006 in Magnolia, Texas, TFS
provides parts, maintenance, and repairs for multiple top drive
manufacturers, including TESCO top drive units. In addition
to its core AMSS business, TFS offers hydraulic top drive rental
units to customers.
"Excellent customer service and partnership with
our customers is what differentiates TESCO from the competition.
Through this acquisition, we welcome a highly skilled, trained
workforce to our organization who value customer service as much as
we do. Adding TFS into our family reinforces our commitment
to being our customers' strategic partner in eliminating
Non-Productive Time (NPT) and our reputation as the premier
drilling services company," said Fernando
Assing, Chief Operating Officer. "We recognized the need to
expand and integrate our service and product offerings in order to
achieve our goals. This acquisition accelerates our objective of
providing after-market services for all critical pipe handling
equipment."
"The addition of TFS to our organization is an
example of TESCO 3.0 at work, the strategy we have discussed with
our shareholders and investment community in recent years. 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 pursuing selective acquisitions and investing
in research and development as we continue to position ourselves as
the Drilling Innovation Company™."
FORWARD-LOOKING STATEMENTS
Statements in this press release that are not
historical facts are forward-looking statements that reflect
management's current expectations, assumptions, and estimate of
future performance and economic conditions. Such "forward-looking
statements" are made in reliance upon the safe harbor provisions of
Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended. These
statements include, among others, statements regarding expectations
of future activities. 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.
Information relating to factors that may impact the company's
results and forward-looking statements are disclosed in the
company's filings with the SEC. The forward-looking statements
contained in this press release are made as of the date of this
release, and the company disclaims any intention or obligation,
other than imposed by law, to update, or revise any forward-looking
statements, whether as a result of new information, future events,
or otherwise.
SOURCE Tesco Corporation