Tesco Corporation Announces Marketing Agreement with Schlumberger

    Trading Symbol:
    "TESO" on NASDAQ
    "TEO" on TSX

    HOUSTON, TX, Dec. 17 /CNW/ - Tesco Corporation ("TESCO") today announced
that it has entered into a non-exclusive Marketing Agreement with
Schlumberger. The agreement provides that the two companies will work together
to identify opportunities to create value for customers by combining the use
of their respective proprietary drilling technologies, including TESCO's
CASING DRILLING(R) and the Schlumberger directional drilling, rotary
steerable, MWD and LWD systems. For this purpose, each company may promote the
other's equipment and services, and make approved use of certain specified
trademarks belonging to the other company.
    Julio M. Quintana, TESCO's President and CEO said, "We are pleased to
earn the support of Schlumberger. It is but one more example of a commitment
from the industry to help mainstream our proprietary CASING DRILLING(R)
technology. Schlumberger's global infrastructure and operational excellence
will be of substantial aid in our view towards growth."

    Tesco Corporation is a global leader in the design, manufacture and
service of technology based solutions for the upstream energy industry.
TESCO's mandate 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.

                         FORWARD-LOOKING STATEMENTS

    This press release 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.

    %SEDAR: 00002774E

For further information:

For further information: Anthony Tripodo, (713) 359-7000, Tesco

Organization Profile

Tesco Corporation

More on this organization

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890