This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Tesco Corporation Announces Acquisition Of Automated Catwalks Technology From Custom Pipe Handlers Canada Inc.

Stocks in this article: TESO

Trading Symbol: "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."

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.

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,781.18 +3.03 0.02%
S&P 500 2,067.30 +6.07 0.29%
NASDAQ 4,755.5360 +7.14 0.15%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs