Tesco Corporation Reports Earnings for Q2 2007 and Announces Tubular Services Acquisitions



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

    HOUSTON, TX, Aug. 2 /CNW/ - Tesco Corporation ("TESCO" or the "Company")
today reported net income for the quarter ended June 30, 2007 of $3.9 million,
or $0.10 per diluted share. This compares to net income of $2.6 million, or
$0.07 per diluted share, for the second quarter of 2006, and net income of
$11.0 million or $0.30 per diluted share for the first quarter of 2007.
Revenue was $109.8 million for the quarterly period ended June 30, 2007
compared to revenue of $86.8 million for the comparable period in 2006 and
$114.3 million in the first quarter of 2007.
    The Company also announced the acquisition of two tubular services
businesses. The Company completed the acquisition of Lightning Casing, Inc. of
Parachute, Colorado for a purchase price of $12.0 million on July 31, 2007. In
addition, the Company completed the acquisition of Hill's Casing Service Ltd.
of Grande Prairie, Alberta for a purchase price of $5.7 million on August 2,
2007. Please see the section labeled "Acquisitions" below for more commentary
on these two acquisitions.

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

                   ----------------------------------------------------------
                           Quarter 2       Quarter 1      Six Months Ended
                           ---------       ---------      ----------------
                   ----------------------------------------------------------
                      2007        2006        2007     6/30/2007   6/30/2006
                   ----------  ----------  ----------  ----------  ----------
                   ----------------------------------------------------------
    Revenues       $   109.8   $    86.8   $   114.3   $   224.1   $   170.4
                   ----------------------------------------------------------

                   ----------------------------------------------------------
    Operating
     Income              7.6        12.7        19.0        26.6        27.0
                   ----------------------------------------------------------

                   ----------------------------------------------------------
    Net Income           3.9         2.6        11.0        14.9        11.6
                   ----------------------------------------------------------

                   ----------------------------------------------------------
    EPS (diluted)  $    0.10   $    0.07   $    0.30   $    0.40   $    0.32
                   ----------------------------------------------------------

                   ----------------------------------------------------------
    Adjusted
     EBITDA(*)
     (as defined)  $    15.6   $    15.7   $    26.6   $    42.2   $    36.0
                   ----------------------------------------------------------

    (*) See explanation of Non-GAAP measure below
    

    Commentary

    Julio Quintana, TESCO's Chief Executive Officer, commented "Our second
quarter results were disappointing compared to the record earnings we reported
last quarter. A number of unfavorable factors contributed to these lower
results. In our Top Drive segment, manufacturing production was temporarily
reduced due to disruptions caused by the installation of a new planning system
at our Calgary manufacturing plant which resulted in lower Top Drive unit
sales. Also, we experienced a decline in Top Drive rental margins outside of
North America due to start up expenses related to new contracts in certain
international markets as well as a higher number of rental units undergoing
routine maintenance. In our Casing Services segment, margins declined due in
part to competitive pressures affecting our cost base including higher labor
and employee benefit costs as well as the continuing ramp up of resources for
our CASING DRILLING(R) business and the expansion of our tubular services
business. Also, the increase in the Canadian dollar versus the U.S. dollar
impacted earnings; we manufacture our Top Drive units in Canada. Going
forward, we believe that the business and market fundamentals which have
driven TESCO's growth remain solid. The rental Top Drive market in the U.S. is
stronger than we anticipated earlier this year. This factor combined with our
reentry into the Mexican market has caused us to alter our strategy such that
we plan on increasing the size of our rental fleet by year end. We remain
firmly committed to growing the Casing Services segment as evidenced by the
acquisition of the two tubular services businesses mentioned above. We believe
these acquisitions will benefit both our tubular services and CASING
DRILLING(R) offerings."

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

                   ----------------------------------------------------------
                           Quarter 2       Quarter 1      Six Months Ended
                           ---------       ---------      ----------------
                   ----------------------------------------------------------
                      2007        2006        2007     6/30/2007   6/30/2006
                   ----------  ----------  ----------  ----------  ----------
                   ----------------------------------------------------------
    Revenues:
    ---------
                   ----------------------------------------------------------
      Top Drives:
                   ----------------------------------------------------------
        Sales and
         after-
         market    $    44.0   $    23.0   $    45.7   $    89.7   $    45.5
                   ----------------------------------------------------------
        Rental          25.2        24.3        27.0        52.2        48.5
                   ----------  ----------  ----------  ----------  ----------
                   ----------------------------------------------------------
                        69.2        47.3        72.7       141.9        94.0
                   ----------------------------------------------------------
      Casing
       Services:        40.6        39.5        41.6        82.2        76.4
                   ----------  ----------  ----------  ----------  ----------
                   ----------------------------------------------------------
    Total
     Revenues      $   109.8   $    86.8   $   114.3   $   224.1   $   170.4
                   ----------  ----------  ----------  ----------  ----------
                   ----------  ----------  ----------  ----------  ----------
                   ----------------------------------------------------------

                   ----------------------------------------------------------
    Operating
    ---------
     Income:
     -------
                   ----------------------------------------------------------
      Top Drives   $    14.8   $    13.5   $    22.8   $    37.6   $    25.1
                   ----------------------------------------------------------
      Casing
       Services          3.4         5.6         7.6        10.9        14.4
                   ----------------------------------------------------------
    Research and
     Engineering        (2.3)       (1.2)       (2.6)       (5.0)       (2.6)
                   ----------------------------------------------------------
    Corporate/
     Unallocated        (8.3)       (5.2)       (8.8)      (16.9)       (9.9)
                   ----------  ----------  ----------  ----------  ----------
                   ----------------------------------------------------------
    Total
     Operating
     Income        $     7.6   $    12.7   $    19.0   $    26.6   $    27.0
                   ----------  ----------  ----------  ----------  ----------
                   ----------  ----------  ----------  ----------  ----------
                   ----------------------------------------------------------


                     Financial and Operating Highlights

    Top Drives Segment
    ------------------
    -   Top Drive sales for Q2 2007 were 31 units (27 new and 4 from the
        rental fleet). This compares to 37 units sold in Q1 2007 (32 new and
        5 used) and 18 units sold in Q2 2006 (16 new and 2 used). As
        previously mentioned, the installation of a new manufacturing
        planning system during the second quarter disrupted our manufacturing
        schedule, resulting in fewer new Top Drive unit sales in the second
        quarter. We believe we have worked through the problems with the new
        system and by the end of June production of Top Drive units was back
        on schedule.

    -   At June 30, 2007, Top Drive backlog amounted to 41 units versus 47
        units at March 31, 2007. In addition to the 41 new units in backlog,
        we have firm orders for another 4 units to be sold from our rental
        fleet. The composition of our backlog has changed with more of the
        backlog now comprised of international orders for our higher
        horsepower, larger units.

    -   Operating days for the Top Drive rental fleet decreased to 5,341 days
        in Q2 2007 compared to 5,590 operating days for Q1 2007 and 5,916
        operating days for Q2 2006. The decrease in operating days in Q2 2007
        compared to Q1 2007 was primarily due to the sale of nine rental
        units during the first six months of 2007 and a higher number of
        rental units that required refurbishment and recertification.

    -   Our operating rental fleet today stands at 103 units, net of rental
        units committed for sale, down from 109 units at the end of March, a
        reflection of the sale of units from the rental fleet during the
        second quarter. The Company has secured new contracts to provide Top
        Drive rental services for Pemex and another operator in Mexico
        beginning in July 2007. We have moved four units into Mexico thus far
        and the contracts provide the potential for seven more units to be
        added in the future.

    -   Our Top Drive margins decreased $8.0 million in Q2 2007 compared to
        Q1 2007. In addition to the fewer number of units sold, margins were
        also negatively impacted by increased manufacturing costs due to the
        strengthening of the Canadian dollar, an increase in the number of
        rental units that required refurbishment and recertification during
        Q2 2007 and start-up costs in international markets related to new
        contracts (see below).

    Casing Services Segment
    -----------------------
    -   Revenues in our Casing Services segment declined sequentially in Q2
        2007 from Q1 2007, mainly related to the lower project activity
        associated with CASING DRILLING(R). Revenues associated with tubular
        services were essentially flat quarter to quarter. However, we are
        pleased to report that the Company's proprietary casing running
        business reported another record quarter for both revenues and the
        number of proprietary casing running jobs (399 jobs in Q2 compared to
        331 in Q1).

    -   Margins in our Casing Services segment decreased $4.2 million in Q2
        2007 compared to Q1 2007 primarily driven by increased labor costs in
        our tubular services business resulting from competitive pressures in
        the industry and costs associated with the build-up of resources to
        deliver CASING DRILLING(R) throughout the world. While we have taken
        measures to address the cost structure in our tubular services
        business, it is important to note that high industry activity levels
        in the U.S. have increased the competition for field personnel, which
        has impacted our cost structure.

    -   The Company has recently been awarded significant multi-rig onshore
        and offshore contracts in Indonesia and Mexico to provide both
        conventional and proprietary casing running services. We believe this
        is an important development in expanding our tubular services
        business outside of North America where we have traditionally been
        focused.

    -   Although activity and revenues for our CASING DRILLING(R) technology
        dipped in Q2, TESCO has secured some important contracts with major E
        & P operators that are scheduled to commence in the second half of
        2007. These projects include the application of our proprietary
        retrievable CASING DRILLING(R) technology in the Piceance basin of
        the Rockies on multiple rigs in addition to multi-well contracts in
        Argentina and Brazil. The contract in Argentina represents an
        integrated offering across all of TESCO's major product lines
        including CASING DRILLING(R), tubular services and Top Drives. We
        believe these major projects represent an upward momentum shift in
        CASING DRILLING(R).

    Financial Review
    ----------------
    -   At quarter end cash and cash equivalents decreased from $17.1 million
        to $7.5 million while debt increased from $30.0 million at March 31,
        2006 to $39.0 million at June 30, 2007. This represents a net debt to
        book capitalization of 10%(1). The increase in debt levels and
        decrease in cash balances is mainly the result of corporate income
        tax payments made as well as the payment of annual insurance premiums
        in Q2 2007. As previously disclosed on Form 8-K on June 7, 2007, the
        Company entered into an amended and restated credit agreement. Most
        significantly, the amended and revised agreement expanded the amount
        of borrowing capacity under the revolving credit facility from
        $50 million to $100 million.

    -   Total capital expenditures in Q2 2007 were $13.5 million and
        $23.2 million for the first six months of 2007. We have budgeted
        capital expenditures in 2007 of approximately $50 million, although
        this amount may increase as capital is added for new projects.

    -   Selling, General and Administrative (SG&A) costs for Q2 2007 amounted
        to $12.3 million, compared to $11.1 million for Q1 2007. The increase
        relates primarily to additional selling expenses associated with our
        Casing Services segment and additional amounts accrued for bad debt
        expense.

    -   Research and Engineering (R&E) costs for Q2 2007 amounted to
        $2.3 million which compares to $1.2 million for Q2 2006. This
        increase was due to increased R&E activities related to field trials
        of our tubular services and CASING DRILLING(R) technologies and the
        development of a new generation of Top Drive units which were
        introduced to the market during Q2 2007. The Company estimates R&E
        spending in 2007 will approximately double over 2006 levels primarily
        to further expand our commercialization and enhancement of existing
        proprietary technologies in Casing Services and CASING DRILLING(R).

    -------------------
    (1) This ratio is calculated by dividing financial debt, less cash by the
        sum of financial debt, net of cash plus shareholders' equity.
    

    Acquisitions

    As a continuation of the TESCO's successful strategy to expand our Casing
Services "footprint," the Company recently completed the acquisition of two
separate regional tubular services and casing running businesses. These
acquisitions will provide established regional bases to introduce TESCO's
proprietary casing running and CASING DRILLING(R) technologies by leveraging
the acquired companies' strong reputations and operating experience in key
markets. Both of these acquisitions provide TESCO with a platform in markets
that we believe have excellent growth potential where historically we have not
had a local presence. These acquisitions were:

    
    -   Lightning Casing, Inc. (Lightning) based in Parachute, Colorado, for
        a purchase price of $12.0 million. Lightning provides conventional
        casing running and tubular services in the Rockies. We believe the
        region served by Lightning, including the Piceance basin, is
        characterized by drilling and well bore conditions that will benefit
        from our proprietary Casing Drive System(TM) for casing running as
        well as further opportunities to expand our CASING DRILLING(R)
        offering.

    -   Hill's Casing Service Ltd. (Hill's) of Grande Prairie, Alberta for a
        purchase price of $6.0 million Canadian (or approximately
        $5.7 million U.S.). Hill's provides conventional casing running and
        tubular services in the northwest Alberta and northeast British
        Columbia regions, areas that are well suited for TESCO's proprietary
        Casing Drive System(TM).
    

    Mr. Quintana commented further, "Both of these casing running
acquisitions provide TESCO with a platform in markets that we believe have
excellent growth potential where historically we have not had a local
presence. In late 2005, we completed two similar casing running acquisitions
in other new markets that have been significant contributors to our growth in
revenue and earnings. We likewise expect both of these acquisitions to be
accretive to earnings in 2007."

    Material Weaknesses Previously Disclosed

    As discussed in our 2006 Annual Report on Form 10-K, we did not maintain
effective controls as of December 31, 2006, involving (1) the corporate
financial reporting organization's monitoring and oversight role of the
Company's U.S. Casing Services Business Unit, and (2) the overall financial
reporting of our U.S. Casing Services Business Unit, including the complement
of personnel, review and approval of manual journal entries, timely
reconciliations of databases and bank account reconciliations and the
existence, accuracy and completeness of fixed asset records. The remedial
actions implemented in the first half of 2007 related to these material
weaknesses will be described in Quarterly Report (Form 10-Q) filed with the
SEC later this month.

    Conference Call

    The Company will conduct a conference call to discuss its results for the
second quarter of 2007 tomorrow (Friday, August 3, 2007) at 10:00 a.m. CDT.
Individuals who wish to participate in the conference call should dial
US/Canada (866) 433-0163 or International (706) 679-3976 approximately ten
minutes prior to the scheduled start of the call. The conference ID for this
call is 10971327. The conference call will also be webcast live and available
for replay 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. The conference call and all questions and answers will be
recorded and made available until September 30, 2007. To listen to the
recording, call (800) 642-1687 or (706) 645-9291 and enter conference ID
10971327.
    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 gas.



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

                   ----------------------------------------------------------
    (in millions
     of U.S. $)            Quarter 2       Quarter 1      Six Months Ended
                           ---------       ---------      ----------------
                   ----------------------------------------------------------
                      2007        2006        2007     6/30/2007   6/30/2006
                   ----------  ----------  ----------  ----------  ----------
                   ----------------------------------------------------------
    Net Income     $     3.9   $     2.6   $    11.0   $    14.9   $    11.6
                   ----------------------------------------------------------
    Income Taxes         2.7         4.7         7.2         9.9         9.9
                   ----------------------------------------------------------
    Depreciation and
     Amortization        6.7         5.5         6.2        12.9        10.7
                   ----------------------------------------------------------
    Net Interest
     expense             0.8         1.1         0.5         1.3         1.5
                   ----------------------------------------------------------
    Stock
     Compensation
     Expense-
     non-cash            1.5         1.8         1.7         3.2         2.5
                   ----------------------------------------------------------
    Cumulative
     Change in
     accounting
     method                -           -           -           -        (0.2)
                   ----------------------------------------------------------
    Adjusted
     EBITDA        $    15.6   $    15.7   $    26.6   $    42.2   $    36.0
                   ----------------------------------------------------------
    

    Our management evaluates Company performance based on non-GAAP measures,
of which a primary performance measure is EBITDA. 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. They 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 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) 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 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 revenues,
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),
and risks 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 for the year ended
December 31, 2006, 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 Three Months     For the Six Months
                                   Ended June 30,          Ended June 30,
                              ----------------------- -----------------------
                                 2007        2006        2007        2006
                              ----------- ----------- ----------- -----------
                                               (unaudited)

    REVENUE                   $    109.8  $     86.8  $    224.1  $    170.4

    OPERATING EXPENSES
    Cost of Sales and Services      87.6        65.6       169.1       126.1
    Selling, General and
     Administrative                 12.3         7.3        23.4        14.7
    Research and Engineering         2.3         1.2         5.0         2.6
                              ----------- ----------- ----------- -----------
                                   102.2        74.1       197.5       143.4
                              ----------- ----------- ----------- -----------
      OPERATING INCOME               7.6        12.7        26.6        27.0
    Interest Expense, net            0.8         1.1         1.3         1.5
    Other (Income) Expense, net      0.2         4.3         0.5         4.2
                              ----------- ----------- ----------- -----------
      INCOME BEFORE INCOME
       TAXES                         6.5         7.3        24.8        21.3
    Income taxes                     2.6         4.7         9.9         9.9
                              ----------- ----------- ----------- -----------
      NET INCOME BEFORE
       CUMULATIVE
       EFFECT OF ACCOUNTING
       CHANGE                        3.9         2.6        14.9        11.4
    Cumulative Effect of
     Accounting Change, net            -           -           -         0.2
                              ----------- ----------- ----------- -----------
      NET INCOME              $      3.9  $      2.6  $     14.9  $     11.6
                              ----------- ----------- ----------- -----------
                              ----------- ----------- ----------- -----------
    Earnings per share:
      Basic                   $     0.11  $     0.07  $     0.41  $     0.33
      Diluted                 $     0.10  $     0.07  $     0.40  $     0.32
    Weighted average number
     of shares:
      Basic                   36,625,529  35,812,458  36,379,771  35,722,465
      Diluted                 37,569,250  36,684,647  37,252,271  36,604,835



              COMPARATIVE CONDENSED CONSOLIDATED BALANCE SHEETS

                                                       June 30,  December 31,
                                                         2007        2006
                                                      ----------- -----------
                                                           (unaudited)
    ASSETS
      Cash and Cash Equivalents                       $      7.5  $     14.9
      Accounts Receivables, net                             79.6        80.4
      Inventories                                           94.8        85.4
      Other Current Assets                                  27.4        18.2
                                                      ----------- -----------
        Current Assets                                     209.3       198.9
      Property, Plant and Equipment, net                   143.7       132.3
      Goodwill                                              17.2        16.6
      Other Assets                                          24.5        24.4
                                                      ----------- -----------
                                                      $    394.7   $   372.2
                                                      ----------- -----------
                                                      ----------- -----------
    LIABILITIES AND SHAREHOLDERS' EQUITY
      Current Maturities of Long Term Debt            $     10.0   $    10.0
      Accounts Payable                                      26.3        27.8
      Accrued and Other Current Liabilities                 39.4        49.3
                                                      ----------- -----------
        Current Liabilities                                 75.7        87.1
      Long Term Debt                                        29.0        34.5
      Deferred Income Taxes                                 13.8        11.2
      Shareholders' Equity                                 276.2       239.4
                                                      ----------- -----------
                                                      $    394.7   $   372.2
                                                      ----------- -----------
                                                      ----------- -----------
    
    %SEDAR: 00002774E




For further information:

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

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