"TESO" on NASDAQ
"TEO" on TSX
HOUSTON, TX, Dec. 13 /CNW/ - Tesco Corporation ("TESCO") announced today
that it had reached a settlement in its patent litigation against Fluid Design
Solutions, Inc. ("FDS").
Julio Quintana, TESCO's President and CEO said, "FDS and TESCO have
resolved all claims and disputes related to TESCO's Portable Top Drive patent.
All actions have been dismissed. The terms of the settlement are confidential.
However, in addition to other terms, TESCO has been granted marketing rights
by FDS to sell their pipe handling and makeup/breakout units. These FDS
products, sold in conjunction with TESCO's Top Drives, will allow TESCO to
offer a more complete automation package to our Top Drive customers."
Tesco Corporation is a global leader in the design, manufacture and
service of technology based solutions for the upstream energy industry,
including TESCO Top Drives, the TESCO Casing Drive System(TM) and other rig
floor solutions. The Company's strategy is 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.
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.
For further information:
For further information: Anthony Tripodo, (713) 359-7000, Tesco