ENSCO Offshore Company Enters Into Agreement with TESCO
18 January 2007 - 12:00AM
PR Newswire (US)
Trading Symbol: "TESOF" on NASDAQ "TEO" on TSX HOUSTON, Jan. 17
/PRNewswire-FirstCall/ -- Tesco Corporation today announced that it
has entered into an equipment placement agreement with ENSCO
Offshore Company to provide TESCO's proprietary Casing Drive
System(TM) (CDS(TM)) onto ENSCO's offshore rigs. ENSCO Offshore
Co., based in Broussard, Louisiana, is a full service drilling
contractor operating in the Gulf of Mexico and South America. Under
terms of the agreement TESCO and ENSCO will cooperate in placing
CDS(TM) tools aboard rigs for use by ENSCO's operating customers.
As part of the agreement, TESCO will place their CDS(TM) tools on
mutually-agreed ENSCO rigs. The parties will work together to
provide a value-added service including services and personnel of
both companies for delivery of improved technology in running
casing at the well site. John Knowlton, General Manager, ENSCO
Offshore, stated, "ENSCO recognizes the importance and value of
providing safety, performance, and reliability enhancing services
to our customers and we are pleased to help facilitate access by
operators to TESCO's CDS(TM) technology." Julio M. Quintana,
President and CEO, Tesco Corporation, added, "We have consistently
stated that TESCO would advance our tubular services offering
utilizing key relationships with global drilling contractors such
as ENSCO. We are very pleased to have earned the support of ENSCO
and continue to believe that automated running of casing with tools
such as our CDS(TM) will become the standard by which the industry
measures quality 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: James Lank,
(713) 359-7104, Tesco Corporation
Copyright