TESCO Announces Sale of 26 Top Drive Units

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


CALGARY, Dec. 23  /PRNewswire-FirstCall/ -- TESCO Corporation (TESCO) today announced that it has received purchase orders for twenty-six (26) EMI 400HP top drive units from drilling contractor Helmerich & Payne International Drilling Co. (H&P) (NYSE:HP). The orders for the highly portable top drives are made to complement the H&P fleet of Flex IV rigs and are in addition to fifteen (15) previous orders received over the course of the year.

Julio M. Quintana, TESCO President and CEO said, "The orders demonstrate continued customer satisfaction and demand for our innovative top drive products. We look forward to providing our products to H&P as part of our ongoing commitment to premium sales and service."

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

DATASOURCE: Tesco Corporation



CONTACT: Mike Kearney at [phone], Tesco Corporation;

To request a free copy of this organization's annual report, please go to

http://www.newswire.ca/ and click on reports@cnw

Copyright