This Day On The Street
Continue to site right-arrow
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

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

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™."


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

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
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!


DOW 17,698.18 -77.94 -0.44%
S&P 500 2,059.69 -8.20 -0.40%
NASDAQ 4,880.2280 -20.6570 -0.42%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs