"TESO" on NASDAQ
HOUSTON, Nov. 19, 2013 /CNW/ - TESCO Corporation (NASDAQ: TESO) today
announced the acquisition of automated catwalk technology from Custom
Pipe Handlers Canada Inc. The acquired catwalk models offer customers
the ability to service drilling rigs utilizing state of the art rig
mechanization technology. The catwalk designs are highly mobile and
adaptable to various rig structures, offering high tech solutions for
handling pipe from the ground to the rig floor.
These catwalks, the Brutus, Zeus and Hercules models, are advanced
equipment that increase the safety and efficiency of pipe handling.
Catwalks remove workhands from the critical path and eliminate pinch
points. These models are superior to the competition due to their
reliability, mobility, ease of maintenance, remote systems, and their
ability to service multiple floor heights within minutes.
"At the outset of 2013, we debuted TESCO 3.0, our five-year vision for
TESCO. We are committed to being our customers' strategic partner in
eliminating Non-Productive Time (NPT) and earning our reputation as the
premier drilling services company," said Jeff Foster, Senior Vice
President. "To achieve our goals, we recognized the need to expand and
integrate our service and product offerings, and this acquisition takes
us one step closer toward our ultimate objective of providing a full
pipe handling system for any rig."
TESCO is a leader in Top Drive sales, rentals and after-market
services. Automated catwalks coupled with Top Drives and other pipe
handling equipment are an excellent package for customers seeking
safer, more efficient and automated operations.
"The addition of catwalks to our product offerings is an example of
TESCO 3.0 at work, the strategy we discussed with our shareholders and
investment community. 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
selective acquisitions and investing in research and development as we
continue to position ourselves as the Drilling Innovation Company™."
"With our increased manufacturing proficiency, we are able to add more
products to our manufacturing operations," said Fernando Assing, Chief
Operating Officer. "We are positioned to build multiple catwalks
monthly which complement customer demand for rig automation."
This presentation contains statements that may constitute
"forward-looking statements" within the meaning of the US Private
Securities Litigation Reform Act of 1995. These statements include,
among others, statements regarding expectations of future revenues,
activities, capital expenditures and earnings and technical results.
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: the background risks of the drilling services industry
(e.g. operational risks; potential delays or changes in plans with
respect to 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 (e.g.
political and fiscal instability) and exchange rate fluctuations);
uncertainty and risks in technical results and performance of
technology; and other uncertainties.
Image with caption: "Tesco Corporation Announces Acquisition of Automated Catwalks Technology from Custom Pipe Handlers Canada Inc. (CNW Group/Tesco Corporation)". Image available at: http://photos.newswire.ca/images/download/20131119_C8643_PHOTO_EN_33536.jpg
SOURCE: Tesco Corporation
For further information:
John Dodson (713) 359-7000