HOUSTON, March 16, 2015 /PRNewswire/ -- Tesco
Corporation (NASDAQ: TESO) ("TESCO" or the "Company") announced
today that it will file a Form 12b-25 Notification of Late Filing
with the U.S. Securities and Exchange Commission with regard to its
Annual Report on Form 10-K for the year ended December 31, 2014. The filing provides the
Company with an additional 15 calendar days to file its Form 10-K.
While the Company believes that it will file by the extended
deadline, there can be no assurance that the Company will meet this
extended filing deadline.
The Company was unable to file its Form 10-K by the March 16, 2015 deadline as a result of the
identification of out-of-period adjustments and the consequential
need for the Company to complete certain related analysis. The
majority of these charges relate to foreign exchange calculations,
indirect tax balances and tax reserves for certain prior
intercompany transactions and balances.
Based on the analysis completed to date, the Company believes
that the total net adjustments are immaterial to any given prior
year but the effect of making all adjustments in the current year
is material. TESCO is also evaluating the effectiveness of its
internal controls over financial reporting, as required under the
provisions of Section 404 of the Sarbanes-Oxley Act of 2002. During
the course of this evaluation, the Company may conclude it has
identified material weaknesses in the effectiveness of certain
internal controls over financial reporting.
In order to file its Annual Report on Form 10-K by March 31, the Company must complete its
documentation and assessment of internal controls. In addition, the
Company's current auditor for 2014, Ernst & Young LLP, will
need to complete its current year audit and the Company's prior
auditor for the years 2011-2013, PricewaterhouseCoopers LLP, will
need to complete its review process in order provide its consent to
adjust the prior year financial statements
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 more information please
contact:
Chris Boone –
Chief Financial Officer
Tesco Corporation
(713) 359-7000
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SOURCE Tesco Corporation