Trading Symbol:
"TESO" on NASDAQ
HOUSTON, Feb. 20, 2014 /CNW/ - On behalf of its Board of
Directors ("Board"), TESCO Corporation ("TESCO" or "the Company")
(NASDAQ:TESO) issues a response to a recent public communication
made by its shareholder White Eagle Partners LLC:
The Board of TESCO values the opinions of its
shareholders, and welcomes the opportunity to exchange views with
our owners. Over the recent months, TESCO has engaged with
White Eagle both in writing and through discussions with
management, and has noted and considered the suggestions presented
by White Eagle in these meetings.
The Company reviews its strategic plan and
capital allocation policies on a regular periodic basis, in
addition to considering those topics in normal discussions at our
Board meetings. TESCO is currently in the midst of such a review,
and we expect to complete it by the end of the second quarter of
2014. As a part of this process, consistent with its past
practice, the Board will evaluate the Company's current strategic
plan and capital allocation policies with a view to maximizing
long-term shareholder value.
The Board notes that there were excellent
returns provided to our shareholders in 2013, with the share price
up by almost 74%, and remains committed to continuing to explore
the best ways to drive value for all shareholders on a go-forward
basis.
FORWARD-LOOKING STATEMENTS
This release contains statements that may
constitute "forward-looking statements" within the meaning of the
US Private Securities Litigation Reform Act of 1995 and other
applicable securities legislation. These statements include
statements regarding the Company's internal review of its strategic
plan and capital allocation policies and the timing thereof.
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, further changes to the business, operations,
assets or financial performance of the Company. Readers are
cautioned that such risk factors should not be construed as
exhaustive. The Company is under no obligation to update such
risk factors except as required by applicable law.
SOURCE Tesco Corporation