HOUSTON, Aug. 21, 2014 /PRNewswire/ -- Tesco
Corporation (NASDAQ: TESO) today announced that
Julio M. Quintana, President and
Chief Executive Officer, has elected to retire at the beginning of
January, 2015. In accordance with the company's succession
plan, the board has designated Fernando R.
Assing, currently Executive Vice-President and Chief
Operating Officer, to succeed Mr. Quintana.
Michael Sutherlin, Chairman of
the Board, commented, "Julio has provided Tesco with remarkable
leadership that has created a global leader in many
dimensions. Tesco's technology has been recognized with
multiple industry awards during Julio's ten year tenure, and
Tesco's automated casing running technology continues to transform
the industry. Julio leaves Tesco well positioned to
capitalize on future opportunities. He has built a strong and
capable management team that will carry his legacy forward. Since
his arrival in 2009, Fernando has repeatedly demonstrated that he
has the capability and capacity to take on broader
responsibilities, and that gives the Board ultimate confidence in
his ability to now lead Tesco. Finally, we are pleased that
Julio will continue to serve on Tesco's Board of Directors through
his current term."
Julio Quintana commented,
"Succession at Tesco has been a constant focus for our Board, and I
am pleased that our board is able to promote from within our
ranks. As a result, you should expect a smooth and orderly
transition and consistency in strategy and execution going forward.
During his tenure, Fernando's commitment to execution excellence
has helped transform Tesco from an innovative products company to a
focused, high quality international service company. Fernando
played a key role in the development of our current growth strategy
and is uniquely positioned to lead Tesco to the next level."
Fernando Assing commented, "I am
honored to be selected to this new role. I believe that Tesco's
reputation in the industry, when coupled with our focused strategy,
will generate significant shareholder value. Over the last five
years, our executive team has worked extensively on building a
management team committed to creating a world class international
company. Our commitment to execution excellence is uncompromising;
we are ready and look forward to the challenges ahead."
Julio Quintana further commented,
"The last ten years have been gratifying and rewarding as we
deployed new technologies and built a global business. But
that success comes with extensive time and travel commitments.
We have now put Tesco on a new course of leveraging
technology coupled with a compelling strategy and a key focus on
operational excellence. In many ways, it is the right time
for me to turn Tesco over to new leadership, and for me to take
some personal time to plan the next phase of my journey."
Mr. Quintana expects to formally retire on January 1, 2015. However, the transition of
responsibilities to Mr. Assing is planned to be completed by
mid-December 2014.
Mr. Assing came to Tesco in 2009 as Senior Vice President of
Marketing and Business Development. He was subsequently promoted to
the role of Senior Vice President and Chief Operating Officer in
2011 and Executive Vice President and COO earlier this year.
Prior to coming to Tesco in 2009, Mr. Assing served in a series of
operational and management roles of increasing responsibility
during approximately 12 years at Schlumberger Ltd and 6 years
at Technip. Mr. Assing is a 1991 graduate of Jose Maria
Vargas University in Caracas,
Venezuela.
Caution Regarding Forward-Looking Information and Risk
Factors
This news release contains forward-looking statements within the
meaning of Canadian and United
States securities laws, including the United States Private
Securities Litigation Reform Act of 1995. From time to time, our
public filings, press releases and other communications (such as
conference calls and presentations) will contain forward-looking
statements. Forward-looking information is often, but not always
identified by the use of words such as "anticipate", "believe",
"expect", "plan", "intend", "forecast", "target", "project", "may",
"will", "should", "could", "estimate", "predict" or similar words
suggesting future outcomes or language suggesting an outlook.
Forward-looking statements in this press release include, but are
not limited to, statements with respect to expectations of our
prospects, future revenue, earnings, activities and technical
results.
Forward-looking statements and information are based on current
beliefs as well as assumptions made by, and information currently
available to, us concerning anticipated financial performance,
business prospects, strategies and regulatory developments.
Although management considers these assumptions to be reasonable
based on information currently available to it, they may prove to
be incorrect. The forward-looking statements in this news release
are made as of the date it was issued and we do not undertake any
obligation to update publicly or to revise any of the included
forward-looking statements, whether as a result of new information,
future events or otherwise, except as required by applicable
law.
By their very nature, forward-looking statements involve
inherent risks and uncertainties, both general and specific, and
risks that outcomes implied by forward-looking statements will not
be achieved. We caution readers not to place undue reliance on
these statements as a number of important factors could cause the
actual results to differ materially from the beliefs, plans,
objectives, expectations and anticipations, estimates and
intentions expressed in such forward-looking statements.
These risks and uncertainties include, but are not limited to,
the impact of changes in oil and natural gas prices and worldwide
and domestic economic conditions on drilling activity and demand
for and pricing of our products and services, other risks inherent
in the drilling services industry (e.g. operational risks,
potential delays or changes in 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, the consolidation of our
customers, and intense competition in our
industry), risks, including litigation, associated with
our intellectual property and with the performance of our
technology. These risks and uncertainties may cause our actual
results, levels of activity, performance or achievements to be
materially different from those expressed or implied by any
forward-looking statements. When relying on our forward-looking
statements to make decisions, investors and others should carefully
consider the foregoing factors and other uncertainties and
potential events.
Copies of our Canadian public filings are available through
www.tescocorp.com and on SEDAR at www.sedar.com. Our U.S. public
filings are available at www.sec.gov and through
www.tescocorp.com.
ABOUT TESCO CORPORATION
Tesco Corporation is a global leader in the design, manufacture
and service of technology based solutions for the upstream energy
industry. Tesco 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.
For further information please contact:
Chris
Boone - Chief Financial Officer
(713) 359-7000
SOURCE Tesco Corporation