"TESO" on NASDAQ
HOUSTON, Nov. 19, 2013 /PRNewswire/ - TESCO Corporation (NASDAQ:TESO) today announced the acquisition of automated catwalk technology from Custom Pipe Handlers Canada Inc. The acquired catwalk models offer customers the ability to service drilling rigs utilizing state of the art rig mechanization technology. The catwalk designs are highly mobile and adaptable to various rig structures, offering high tech solutions for handling pipe from the ground to the rig floor.
These catwalks, the Brutus, Zeus and Hercules models, are advanced equipment that increase the safety and efficiency of pipe handling. Catwalks remove workhands from the critical path and eliminate pinch points. These models are superior to the competition due to their reliability, mobility, ease of maintenance, remote systems, and their ability to service multiple floor heights within minutes.
"At the outset of 2013, we debuted TESCO 3.0, our five-year vision for TESCO. We are committed to being our customers' strategic partner in eliminating Non-Productive Time (NPT) and earning our reputation as the premier drilling services company," said Jeff Foster, Senior Vice President. "To achieve our goals, we recognized the need to expand and integrate our service and product offerings, and this acquisition takes us one step closer toward our ultimate objective of providing a full pipe handling system for any rig."
TESCO is a leader in Top Drive sales, rentals and after-market services. Automated catwalks coupled with Top Drives and other pipe handling equipment are an excellent package for customers seeking safer, more efficient and automated operations.
"The addition of catwalks to our product offerings is an example of TESCO 3.0 at work, the strategy we discussed with our shareholders and investment community. We intend to pursue similar expansion to our products and services offerings as the proper opportunities arise," said Julio Quintana, Chief Executive Officer. "We are committed to selective acquisitions and investing in research and development as we continue to position ourselves as the Drilling Innovation Company™."
"With our increased manufacturing proficiency, we are able to add more products to our manufacturing operations," said Fernando Assing, Chief Operating Officer. "We are positioned to build multiple catwalks monthly which complement customer demand for rig automation."
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.
SOURCE Tesco Corporation
Image with caption: "Tesco Corporation Announces Acquisition of Automated Catwalks Technology from Custom Pipe Handlers Canada Inc. (CNW Group/Tesco Corporation)". Image available at: http://photos.newswire.ca/images/download/20131119_C8643_PHOTO_EN_33536.jpg