HOUSTON, Dec. 19, 2014 /CNW/ -- Tesco Corporation
(NASDAQ: TESO) announced today that, in accordance with the
previously disclosed executive succession plan, Julio M. Quintana has resigned from the
positions of President and Chief Executive Officer. Mr. Quintana
will remain an employee of the Company until his January 1, 2015 retirement date and will remain
on the Board of Directors through his current term. The Board
correspondingly appointed Mr. Assing as President and Chief
Executive Officer and appointed him to a vacant seat on the Board
of Directors.
"This has been a well planned and executed succession,"
commented Michael Sutherlin,
Chairman of the Board of Directors, "and that has been especially
important with the recent volatility in the energy markets.
It is also a significant credit to both Julio and Fernando.
Under Julio's tenure, TESCO has outpaced the market in revenue
growth, did that with improved profitability, broadened its
footprint into a truly global company, and built Tubular Services
from scratch to a recognized force in the industry. I want to
express the Board's great appreciation for the success that Julio
has brought to TESCO, and wish him all the best in his future
endeavors."
"Fernando is our new Chief Executive Officer, but he is not new
to TESCO," continued Sutherlin. "Fernando has a deep
knowledge of TESCO and our industry, and has had a strong track
record over more than five years at TESCO. In addition, he
was a chief architect of our updated strategy. As a result,
the Board of Directors is confident that Fernando is well prepared
to handle the challenges of the current markets, and will continue
on our strategic plan to build value for our shareholders."
ABOUT Mr. Fernando R Assing
Mr. Assing joined 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 then Executive Vice President and COO in 2013. Prior to coming
to TESCO in 2009, Mr. Assing served in a series of
operational and management roles of increasing responsibility
during approximately twelve years at Schlumberger Ltd. and six
years at Technip. Mr. Assing is a 1991 graduate of Jose Maria
Vargas University in Caracas,
Venezuela.
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 Company 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 more information please
contact:
Chris L. Boone –
Chief Financial Officer
(713) 359-7000
Tesco Corporation
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SOURCE Tesco Corporation