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 Signing Of Definitive Agreement Between Subsidiary, Tesco Corporation (US), And Tech Field Services Inc. ("TFS")

Stocks in this article: TESO

Trading Symbol: "TESO" on NASDAQ

HOUSTON, May 7, 2014 /PRNewswire/ - TESCO Corporation (NASDAQ:TESO) today announced the signing of a definitive agreement between its subsidiary, Tesco Corporation (US), and Tech Field Services Inc. ("TFS").    Under the terms of the definitive agreement, Tesco Corporation (US) has acquired the assets of TFS and will incorporate the TFS business into its United States After-Market Sales and Service ("AMSS") operations. The combination of the TESCO AMSS United States operations with TFS enhances TESCO's ability to service and recertify TESCO and Non-Tesco top drive units and other automated pipe handling equipment.

TESCO is a leader in top drive sales, rentals, and after-market services.  TFS brings to the TESCO organization customer service excellence, a characteristic TESCO values and believes complements its current offerings. Established in 2006 in Magnolia, Texas, TFS provides parts, maintenance, and repairs for multiple top drive manufacturers, including TESCO top drive units.  In addition to its core AMSS business, TFS offers hydraulic top drive rental units to customers.

"Excellent customer service and partnership with our customers is what differentiates TESCO from the competition. Through this acquisition, we welcome a highly skilled, trained workforce to our organization who value customer service as much as we do.  Adding TFS into our family reinforces our commitment to being our customers' strategic partner in eliminating Non-Productive Time (NPT) and our reputation as the premier drilling services company," said Fernando Assing, Chief Operating Officer. "We recognized the need to expand and integrate our service and product offerings in order to achieve our goals. This acquisition accelerates our objective of providing after-market services for all critical pipe handling equipment."

"The addition of TFS to our organization is an example of TESCO 3.0 at work, the strategy we have discussed with our shareholders and investment community in recent years.  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 pursuing selective acquisitions and investing in research and development as we continue to position ourselves as the Drilling Innovation Company™."

FORWARD-LOOKING STATEMENTS

Statements in this press release that are not historical facts are forward-looking statements that reflect management's current expectations, assumptions, and estimate of future performance and economic conditions. Such "forward-looking statements" are made in reliance upon the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.  These statements include, among others, statements regarding expectations of future activities.  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. Information relating to factors that may impact the company's results and forward-looking statements are disclosed in the company's filings with the SEC. The forward-looking statements contained in this press release are made as of the date of this release, and the company disclaims any intention or obligation, other than imposed by law, to update, or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

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 17,959.37 +154.57 0.87%
S&P 500 2,077.97 +7.32 0.35%
NASDAQ 4,778.7890 +13.4090 0.28%

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