Tesco Corporation Reports Q4 2009 and 2009 Results

    
    Trading Symbol:
    "TESO" on NASDAQ
    

HOUSTON, Feb. 25 /CNW/ - Tesco Corporation ("TESCO" or the "Company") today reported a net loss for the quarter ended December 31, 2009 of $9.0 million, or $0.24 per diluted share. This compares to net income of $9.7 million, or $0.26 per diluted share, for the fourth quarter of 2008, and net income of $0.4 million, or $0.01 per diluted share, for the third quarter of 2009. The current quarter includes pre-tax charges of $14.4 million in non-cash inventory adjustments, $1.8 million for the impairment of fixed assets held for sale, $2.6 million for litigation reserve costs and $0.5 million in severance costs. Partially offsetting these charges is a $1.3 million gain on the sale of a facility in Canada. Without these items, the Company would have reported net income of $3.2 million, or $0.08 per diluted share, for the fourth quarter of 2009.

Revenue was $85.3 million for the quarter ended December 31, 2009, compared to revenue of $139.4 million for the comparable period in 2008 and $72.6 million for the third quarter of 2009.

    
                           Summary of Results (a)
              (in millions of U.S. $, except per share amounts)
                            U.S. GAAP - Unaudited

                                                               Year Ended
                                  Quarter 4      Quarter 3     December 31
                             ------------------  --------- ------------------
                                2009      2008      2009      2009      2008
                                                 (restated)

    Revenue                  $  85.3   $ 139.4   $  72.6   $ 356.5   $ 534.9

    Operating (Loss) Income  $ (13.9)  $  17.1   $   2.4   $ (14.8)  $  74.8

    Net (Loss) Income        $  (9.0)  $   9.7   $   0.4   $  (5.3)  $  49.9

    (Loss) Earnings per
     Share (diluted)         $ (0.24)  $  0.26   $  0.01   $ (0.14)  $  1.32

    Adjusted EBITDA (b)
     (as defined)            $  12.9   $  27.5   $  10.5   $  42.4   $ 114.5

    (a) Adjusted. See Explanatory Note on page 6
    (b) See explanation of Non-GAAP measure on page 8
    

Commentary

Julio Quintana, TESCO's Chief Executive Officer, commented "2009 was a difficult year for our industry, particularly in North America. However, TESCO weathered the storm and continued to strengthen our Company and our balance sheet. In fact, we improved our net debt position by over $60 million from a year ago and TESCO is debt-free today. In addition, we continued to focus on growing our international business during the year. Our top drive business is more efficient today versus a year ago. Our proprietary tubular services business has grown throughout the downturn and CASING DRILLING(TM) has advanced in the offshore arena over the last twelve months. I believe that the recent improvement in the market is holding and that 2010 should be better than the second half of 2009. With the support of our dedicated employee base, our strong balance sheet and our innovative offerings, I believe we are well positioned for 2010."

    
                           Segment Information (a)
                           (in millions of U.S. $)
                                  Unaudited

                                                               Year Ended
                                  Quarter 4      Quarter 3     December 31
                             ------------------  --------- ------------------
                                2009      2008      2009      2009      2008
                             --------  --------  --------  --------  --------
    Revenue:                                     (restated)
    ------------------------
    Top Drives:
      Sales                  $  20.5   $  43.1   $  14.4   $  91.4   $ 164.1
      Rental Services           22.2      29.8      20.0      83.9     112.0
      Aftermarket Sales
       and Service              11.1      17.1      10.8      49.6      65.3
                             --------  --------  --------  --------  --------
                                53.8      90.0      45.2     224.9     341.4
                             --------  --------  --------  --------  --------
    Tubular Services :
      Conventional               4.7      16.8       4.0      22.9      79.4
      Proprietary               24.4      26.2      20.3      95.4      87.1
                             --------  --------  --------  --------  --------
                                29.1      43.0      24.3     118.3     166.5
                             --------  --------  --------  --------  --------

      CASING DRILLING(TM)        2.4       6.4       3.1      13.3      27.0
                             --------  --------  --------  --------  --------
    Total Revenue            $  85.3   $ 139.4   $  72.6   $ 356.5   $ 534.9
                             --------  --------  --------  --------  --------
                             --------  --------  --------  --------  --------

    Operating Income (Loss):
    ------------------------
      Top Drives             $   8.4   $  24.6   $  14.1   $  49.5   $ 106.8
      Tubular Services          (2.0)      5.4      (1.4)     (2.9)     22.5
      CASING DRILLING(TM)      (11.7)     (3.4)     (3.1)    (21.0)    (12.6)
      Research and Engineering  (0.9)     (2.9)     (2.1)     (7.4)    (11.0)
      Corporate/Other           (7.7)     (6.6)     (5.1)    (33.0)    (30.9)
                             --------  --------  --------  --------  --------
    Total Operating Income
     (Loss)                  $ (13.9)  $  17.1   $   2.4   $ (14.8)  $  74.8
                             --------  --------  --------  --------  --------
                             --------  --------  --------  --------  --------

    (a) Adjusted. See Explanatory Note on page 6.


                 Q4 2009 Financial and Operating Highlights

    Top Drives Segment
    ------------------

    -   Revenue from the Top Drive segment for Q4 2009 was $53.8 million, up
        19% from revenue of $45.2 million in Q3 2009, primarily due to an
        increase in the number of Top Drive units sold during the current
        quarter. Revenue for Q4 2008 was $90.0 million.

    -   Top Drive sales for Q4 2009 included 17 units (11 new and 6 from the
        rental fleet), compared to 13 units (10 new and 3 from the rental
        fleet) sold in Q3 2009 and a record 38 units sold in Q4 2008 (37 new
        and 1 from the rental fleet).

    -   At December 31, 2009, Top Drive backlog was 11 units, with a total
        value of $16.1 million, versus 3 units at September 30, 2009, with a
        total value of $4.8 million. This compares to a backlog of 65 units
        at December 31, 2008 with a total value of $56.9 million.

    -   Operating days for the Top Drive rental fleet increased to 5,422 for
        Q4 2009 from 4,441 in Q3 2009 but were down compared to 5,808 in
        Q4 2008. The improvement from Q3 2009 was primarily due to a recovery
        in rental activity throughout our operating units, particularly in
        North America and Latin America.

    -   Revenue from after-market sales and service for Q4 2009 was
        $11.1 million, up 3% from revenue of $10.8 million in Q3 2009 and
        down 35% from revenue of $17.1 in Q4 2008.

    -   Our Top Drive operating margins were 16% in Q4 2009 compared to 31%
        and 27% in Q3 2009 and Q4 2008, respectively. The margin decrease
        compared to Q3 2009 is primarily due to a $5.4 million inventory
        adjustment and a $2.6 million accrual for litigation reserves
        recorded during Q4, partially offset by a $1.3 million gain on the
        sale of a facility in Canada.

    Tubular Services Segment
    ------------------------

    -   Revenue from the Tubular Services segment for Q4 2009 was
        $29.1 million, up 20% from revenue of $24.3 million in Q3 2009.
        Revenue was $43.0 million in Q4 2008. Revenue increased from Q3 in
        both our conventional and proprietary businesses as the active rig
        count increased during the fourth quarter. Proprietary revenue
        improved compared to Q3 2009 primarily due to an increase in MCLRS
        revenue during the current quarter. We performed a record total of
        767 proprietary casing running jobs in Q4 2009 compared to 683 in
        Q3 2009 and 540 in Q4 2008. We remain focused on converting the
        market to running casing with our proprietary CDS(TM) technology.

    -   Operating Loss in the Tubular Services segment for Q4 2009 was
        $2.0 million, compared to a loss of $1.4 million in Q3 2009 and
        income of $5.4 million in Q4 2008. Operating results for Q4 2009 were
        unfavorably impacted by a $2.0 million inventory adjustment in this
        segment.

    CASING DRILLING(TM) Segment
    ---------------------------

    -   CASING DRILLING(TM) revenue in Q4 2009 was $2.4 million compared to
        $3.1 million in Q3 2009 and $6.4 million in Q4 2008. This decrease
        from Q3 2009 was primarily due to lower project activity in the Asia
        Pacific region.

    -   Operating Loss in our CASING DRILLING(TM) segment for Q4 2009 was
        $11.7 million, compared to $3.1 million in Q3 2009 and $3.4 million
        in Q4 2008. Q4 2009 operating loss included an inventory adjustment
        of $7.0 million and a $1.8 million impairment charge on assets held
        for sale.

    Other Segments and Expenses
    ---------------------------

    -   Corporate costs for Q4 2009 were $7.7 million, compared to
        $5.1 million for Q3 2009 and $6.6 million in Q4 2008. The increase
        from Q3 2009 was primarily due to a $0.4 million increase in legal
        costs and a $0.6 million increase in compensation costs. During Q3
        2009, we recognized a reversal of $0.9 million of non-cash stock
        compensation expense associated with performance stock awards. Total
        Selling, General and Administrative costs in Q4 2009 were
        $9.8 million compared to $6.8 million in Q3 2009 and $11.2 million in
        Q4 2008. The increase from Q3 2009 was driven by the aforementioned
        Corporate items, and the decrease from Q4 2008 was primarily due to a
        $1.3 million decrease in bad debt expense.

    -   Research and Engineering costs for Q4 2009 of $0.9 million were down
        from $2.1 million in Q3 2009 and down from $2.9 million in Q4 2008.
        The decrease from Q3 2009 and Q4 2008 is due to comparatively less
        research and engineering activity and our continued focus on reducing
        costs.

    -   Other Income and Expense, excluding net interest, for Q4 2009 totaled
        an expense of $0.3 million, compared to expense of $1.0 million for
        Q3 2009 and income of $0.8 million in Q4 2008. These fluctuations
        primarily relate to foreign exchange gains and losses.

    -   Our effective tax rate for Q4 2009 was 38% compared to 77% in Q3 2009
        and 42% in Q4 2008. The decreased effective tax rate for Q4 2009
        compared to Q3 2009 was primarily due to a $1.1 million charge
        recorded in Q3 as a result of filing our Canadian and U.S. tax
        returns.

    Financial Condition
    -------------------

    -   At December 31, 2009, cash and cash equivalents increased to
        $39.9 million from $20.6 million at December 31, 2008, while total
        debt decreased during the same period to $8.6 million from
        $49.6 million. Net debt(1) was $29.0 million at December 31, 2008.
        Our cash exceeded outstanding debt by $31.3 million and $11.9 million
        at December 31, 2009 and September 30, 2009, respectively. Subsequent
        to year-end, we paid the remaining $8.6 million of debt outstanding
        and are debt-free today.

    -   Total capital expenditures were $3.6 million in Q4 2009, compared to
        $0.9 million in Q3 2009 and $21.9 million in Q4 2008. Total capital
        expenditures for 2009 were $17.3 million. We project our total
        capital expenditures for 2010 to be between $20 million and
        $30 million, based on current market conditions.

                   2009 Financial and Operating Highlights

    Top Drives Segment
    ------------------

    -   Top Drive revenue for 2009 was $224.9 million, a decrease of
        $116.5 million from $341.4 million in 2008, primarily due to a
        decline in the number of Top Drive units sold during the year, lower
        utilization of our rental fleet in 2009 and a decrease in our
        after-market sales and service activity.

    -   Top Drive sales for 2009 were 90 units (79 new and 11 from the rental
        fleet). This compares to 137 units sold in 2008 (118 new and 19 from
        the rental fleet).

    -   Operating days for the Top Drive rental fleet decreased to 18,218 in
        2009 compared to 23,171 in 2008. This decrease was primarily due to
        the worldwide decline in operating rig count during 2009.

    -   Our Top Drive Operating income decreased to $49.5 million, a decrease
        of $57.3 million as compared to $106.8 million in 2008, primarily due
        to margin erosion in our service lines resulting from pricing
        pressures, a decrease in the number of Top Drive units sold, a
        $5.4 million inventory adjustment, a $3.8 million accrual for
        litigation reserves and $1.3 million in severance costs, partially
        offset by a $1.3 million gain on the sale of a facility in Canada.

    Tubular Services Segment
    ------------------------

    -   Tubular Services revenue was $118.3 million for 2009, a decrease of
        $48.2 million from revenue of $166.5 million in 2008, primarily due
        to declining industry operating conditions during the year and the
        related drop in operating rig count, particularly in North America.

    -   For 2009, we completed 2,554 proprietary casing running jobs compared
        to 1,971 in 2008, an increase of 30%. While the number of jobs
        performed increased, revenues per job were negatively impacted by
        pricing pressures resulting from increased competition for available
        casing activity and the mix in type of casing jobs completed.

    -   Operating Loss for 2009 from Tubular Services was $2.9 million, a
        decrease of $25.4 million from operating income of $22.5 million in
        2008, primarily due to decreased revenues and depressed margins
        resulting from pricing pressures, a $1.8 million impairment charge on
        assets held for sale, a $2.0 million inventory adjustment and
        severance costs of $0.4 million.

    CASING DRILLING(TM) Segment
    ---------------------------

    -   CASING DRILLING(TM) revenue for 2009 was $13.3 million in 2009, a
        decrease of $13.7 million, or 51%, from $27.0 million in 2008. This
        decrease is primarily due to a decline in available work,
        particularly in Latin America and the U.S., in connection with
        industry operating conditions.

    -   Operating loss in our CASING DRILLING(TM) segment for 2009 was
        $21.0 million, compared to $12.6 million in 2008. The increase in the
        loss is primarily due to a $7.0 million inventory adjustment, a
        $1.8 million impairment on fixed assets held for sale, a $0.5 million
        loss on the sale of certain operating assets and severance costs of
        $0.2 million, partially offset by reduced management and overhead
        expenses.

    Other Segments and Expenses
    ---------------------------

    -   Corporate costs for 2009 totaled $33.0 million, compared to
        $30.9 million in 2008. This increase was primarily due to a
        $2.2 million litigation settlement and $1.4 million in severance
        costs, partially offset by a $1.5 million decrease in marketing
        expenses during the current year. Total Selling, General and
        Administrative costs in 2009 were $43.7 million compared to
        $49.1 million in 2008. The decrease is primarily due to a
        $4.0 million decrease in compensation costs and a $3.7 million
        decrease in bad debt expense, partially offset by a $2.2 million
        increase in litigation settlement costs.

    -   Research and Engineering costs for 2009 of $7.4 million were down
        from $11.0 million in 2008 primarily due to comparatively less
        research and engineering activity and our focus on reducing costs
        during 2009.

    -   Our effective tax rate for 2009 was 70% compared to 30% in 2008. The
        2009 effective tax rate reflects the recognition of a $4.5 million
        tax benefit associated with a change in Canadian tax law that
        occurred during the first quarter of 2009.

    ------------------------
    (1) Net debt, a non-GAAP measure, is calculated by subtracting cash and
        cash equivalents from the sum of long term debt plus the current
        portion of long term debt.

    Explanatory Note: As separately reported on our Form 8-K filed on
    February 25, 2010, we are currently amending our Quarterly Reports on
    Form 10-Q for the periods ended March 31, 2009, June 30, 2009 and
    September 30, 2009. The financial results for all prior periods presented
    herein have been adjusted to reflect such revisions.
    

Conference Call

The Company will conduct a conference call to discuss its results for the fourth quarter and full year 2009 tomorrow (Friday, February 26, 2010) at 10:00 a.m. CST. Individuals who wish to participate in the conference call should dial US/Canada (866) 433-0163 or International (973) 638-3066 approximately five to ten minutes prior to the scheduled start time of the call. The conference ID for this call is 56365481. The conference call and all questions and answers will be recorded and made available until March 26, 2010. To listen to the recording, call (800) 642-1687 or (706) 645-9291 and enter conference ID 56365481. The conference call will be webcast live as well as for on-demand listening at the Company's web site, www.tescocorp.com. Listeners may access the call through the "Conference Calls" link in the Investor Relations section of the site.

Tesco Corporation is a global leader in the design, manufacture and service of technology based solutions for the upstream energy industry. 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 natural gas. TESCO(R) is a registered trademark in the United States and Canada. TESCO CASING DRILLING(R) is a registered mark in the United States. CASING DRILLING(R) is a registered mark in Canada and CASING DRILLING(TM) is a trademark in the United States. Casing Drive System(TM), CDS(TM), Multiple Control Line Running System(TM) and MCLRS(TM) are trademarks in the United States and Canada.

    
         Non-GAAP Measures - Adjusted EBITDA (as defined below) (a)

                                                               Year Ended
    (in millions of U.S. $)       Quarter 4      Quarter 3     December 31
    ------------------------ ------------------  --------- ------------------
                                2009      2008      2009      2009      2008
                             --------  --------  --------- --------  --------
    Net (Loss) Income under
     U.S. GAAP               $  (9.0)  $   9.7   $   0.4   $  (5.3)  $  49.9
    Income Taxes                (5.5)      7.2       1.3     (12.3)     20.8
    Depreciation and
     Amortization                9.5       8.7       8.8      36.7      33.3
    Net Interest (income)
     expense                     0.3       1.0      (0.3)      0.9       4.2
    Stock Compensation
     Expense - non-cash          1.4       0.9       0.3       4.4       6.3
    Impairment of Inventory
     and Assets - non-cash      16.2         -         -      18.0         -
                             --------  --------  --------  --------  --------
    Adjusted EBITDA          $  12.9   $  27.5   $  10.5   $  42.4   $ 114.5
                             --------  --------  --------  --------  --------
                             --------  --------  --------  --------  --------

    (a) Adjusted. See Explanatory Note on page 6.
    

Our management reports our financial statements in accordance with U.S. GAAP but evaluates Company performance based on non-GAAP measures, of which a primary performance measure is Adjusted EBITDA. Adjusted EBITDA consists of earnings (net income or loss) available to common stockholders before interest expense, income tax expense, non-cash stock compensation, non-cash impairments, depreciation and amortization and other non-cash items. This measure may not be comparable to similarly titled measures employed by other companies and is not a measure of performance calculated in accordance with GAAP. Adjusted EBITDA should not be considered in isolation or as substitutes for operating income, net income or loss, cash flows provided by operating, investing and financing activities, or other income or cash flow statement data prepared in accordance with GAAP.

We believe Adjusted EBITDA is useful to an investor in evaluating our operating performance because:

    
    -   it is widely used by investors in our industry to measure a company's
        operating performance without regard to items such as net interest
        expense, depreciation and amortization, which can vary substantially
        from company to company depending upon accounting methods and book
        value of assets, financing methods, capital structure and the method
        by which assets were acquired;

    -   it helps investors more meaningfully evaluate and compare the results
        of our operations from period to period by removing the impact of our
        capital structure (primarily interest) and asset base (primarily
        depreciation and amortization) and actions that do not affect
        liquidity (stock compensation expense and non-cash impairments) from
        our operating results; and

    -   it helps investors identify items that are within our operational
        control. Depreciation and amortization charges, while a component of
        operating income, are fixed at the time of the asset purchase in
        accordance with the depreciable lives of the related asset and as
        such are not a directly controllable period operating charge.
    

Our management uses Adjusted EBITDA:

    
    -   as a measure of operating performance because it assists us in
        comparing our performance on a consistent basis as it removes the
        impact of our capital structure and asset base from our operating
        results;

    -   as one method we use to evaluate potential acquisitions;

    -   in presentations to our Board of Directors to enable them to have the
        same consistent measurement basis of operating performance used by
        management;

    -   to assess compliance with financial ratios and covenants included in
        our credit agreements; and

    -   in communications with investors, analysts, lenders, and others
        concerning our financial performance.
    

Caution Regarding Forward-Looking Information; Risk Factors

This press release contains forward-looking statements within the meaning of Canadian and United States securities laws, including the United States Private Securities Litigation Reform Act of 1995. From time to time, our public filings, press releases and other communications (such as conference calls and presentations) will contain forward-looking statements. Forward-looking information is often, but not always identified by the use of words such as "anticipate", "believe", "expect", "plan", "intend", "forecast", "target", "project", "may", "will", "should", "could", "estimate", "predict" or similar words suggesting future outcomes or language suggesting an outlook. Forward-looking statements in this press release include, but are not limited to, statements with respect to expectations of our prospects, future revenue, earnings, activities and technical results.

Forward-looking statements and information are based on current beliefs as well as assumptions made by, and information currently available to, us concerning anticipated financial performance, business prospects, strategies and regulatory developments. Although management considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect. The forward-looking statements in this press release are made as of the date it was issued and we do not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.

By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks that outcomes implied by forward-looking statements will not be achieved. We caution readers not to place undue reliance on these statements as a number of important factors could cause the actual results to differ materially from the beliefs, plans, objectives, expectations and anticipations, estimates and intentions expressed in such forward-looking statements.

These risks and uncertainties include, but are not limited to, the impact of changes in oil and natural gas prices and worldwide and domestic economic conditions on drilling activity and demand for and pricing of our products and services, other risks inherent in the drilling services industry (e.g. operational risks, potential delays or changes in 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, the consolidation of our customers, and intense competition in our industry), risks, including litigation, associated with our intellectual property and with the performance of our technology. These risks and uncertainties may cause our actual results, levels of activity, performance or achievements to be materially different from those expressed or implied by any forward-looking statements. When relying on our forward-looking statements to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events.

Copies of our Canadian public filings are available at www.tescocorp.com and on SEDAR at www.sedar.com. Our U.S. public filings are available at www.sec.gov and at www.tescocorp.com.

The risks included here are not exhaustive. Refer to "Part I, Item 1A - Risk Factors" in our annual report on Form 10-K to be filed for the year ended December 31, 2009 and "Part II, Item 1A - Risk Factors" in our quarterly report on Form 10-Q filed for the quarter ended September 30, 2009 for further discussion regarding our exposure to risks. Additionally, new risk factors emerge from time to time and it is not possible for us to predict all such factors, nor to assess the impact such factors might have on our business or the extent to which any factor or combination of factors may cause actual results to differ materially from those contained in any forward looking statements. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results.

    
                              TESCO CORPORATION
     (Millions of U.S. Dollars, except share and per share information)

           COMPARATIVE CONDENSED CONSOLIDATED STATEMENTS OF INCOME

                                      For the                 For the
                                 Three Months Ended         Year Ended
                                    December 31,            December 31,
                                  2009        2008        2009        2008
                              ----------- ----------- ----------- -----------
                              (unaudited)

    REVENUE                   $     85.3  $    139.4  $    356.5  $    534.9

    OPERATING EXPENSES
    Cost of Sales and Services      88.5       108.2       320.2       400.0
    Selling, General and
     Administrative                  9.8        11.2        43.7        49.1
    Research and Engineering         0.9         2.9         7.4        11.0
                              ----------- ----------- ----------- -----------
                                    99.2       122.3       371.3       460.1
                              ----------- ----------- ----------- -----------
      OPERATING INCOME (LOSS)      (13.9)       17.1       (14.8)       74.8
    Interest (Income)
     Expense, net                    0.3         1.0         0.9         4.2
    Other Expense, net               0.3        (0.8)        1.9        (0.1)
                              ----------- ----------- ----------- -----------
      INCOME (LOSS) INCOME
       BEFORE INCOME TAXES         (14.5)       16.9       (17.6)       70.7

    Income taxes                    (5.5)        7.2       (12.3)       20.8
                              ----------- ----------- ----------- -----------

      NET (LOSS) INCOME       $     (9.0) $      9.7  $     (5.3) $     49.9
                              ----------- ----------- ----------- -----------
                              ----------- ----------- ----------- -----------

    (Loss) Earnings per share:
      Basic                   $    (0.24) $     0.26  $    (0.14) $     1.34
      Diluted                 $    (0.24) $     0.26  $    (0.14) $     1.32
    Weighted average number
     of shares:
      Basic                   37,688,814  37,508,940  37,597,668  37,221,495
      Diluted                 37,688,814  38,130,859  37,597,668  37,832,554


                    CONDENSED CONSOLIDATED BALANCE SHEETS

                                                        December    December
                                                        31, 2009    31, 2008
                                                      ----------- -----------

    ASSETS
      Cash and Cash Equivalents                       $     39.9  $     20.6
      Accounts Receivable, net                              54.0        97.7
      Inventories                                           74.3        95.2
      Other Current Assets                                  43.6        30.7
                                                      ----------- -----------
        Current Assets                                     211.8       244.2
      Property, Plant and Equipment, net                   183.0       209.0
      Goodwill                                              29.4        28.7
      Other Assets                                          18.4        17.9
                                                      ----------- -----------
                                                      $    442.6  $    499.8
                                                      ----------- -----------
                                                      ----------- -----------
    LIABILITIES AND SHAREHOLDERS' EQUITY
      Current Maturities of Long Term Debt            $        -  $     10.2
      Accounts Payable                                      16.0        38.9
      Accrued and Other Current Liabilities                 43.3        51.2
                                                      ----------- -----------
        Current Liabilities                                 59.3       100.3
      Long Term Debt                                         8.6        39.4
      Deferred Income Taxes                                 12.5         8.2
      Shareholders' Equity                                 362.2       351.9
                                                      ----------- -----------
                                                      $    442.6  $    499.8
                                                      ----------- -----------
                                                      ----------- -----------
    

%SEDAR: 00002774E

SOURCE Tesco Corporation

For further information: For further information: Julio Quintana, (713) 359-7000; Bob Kayl, (713) 359-7000, Tesco Corporation

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