Trading Symbol: "TESOF" on NASDAQ "TEO" on TSX CALGARY, Dec. 1 /PRNewswire-FirstCall/ -- Today Tesco Corporation announced plans to transition its remaining corporate administrative functions from Calgary to Houston and officially designate Houston, Texas as TESCO's corporate headquarters. The departments affected are the corporate portions of Information Technology, Legal, and Human Resources, which will entail the transfer of approximately 15 positions to Houston. All of the Company's corporate operational, marketing, and financial functions are currently located in Houston. In 2007, the Company will become an accelerated filer for purposes of U.S. securities laws and will begin filing its periodic reports with the U.S. Securities and Exchange Commission on forms applicable to domestic companies, including its Annual Report on Form 10-K for the fiscal year ended December 31, 2006. Beginning with this Form 10-K report, the Company's financial statements will be reported in accordance with generally accepted accounting principles applicable in the United States. Julio Quintana, TESCO's President and Chief Executive Officer, said "This transition of our remaining corporate functions to Houston will allow the management team to operate more efficiently. It should be noted that Calgary will remain one of the largest employment centers for TESCO and our status of being incorporated under Canadian law will remain unchanged. The Company will continue to have approximately 225 employees in its Canadian manufacturing, research and engineering, and Canadian business unit operations". 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 (713) 849-5900, Tesco Corporation

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