TESCO Announces Plan to Complete Transition of Corporate Functions to Houston
December 01 2006 - 12:07PM
PR Newswire (US)
Trading Symbol: "TESOF" on NASDAQ "TEO" on TSX CALGARY, Dec. 1
/PRNewswire-FirstCall/ -- Today Tesco Corporation announced plans
to transition its remaining corporate administrative functions from
Calgary to Houston and officially designate Houston, Texas as
TESCO's corporate headquarters. The departments affected are the
corporate portions of Information Technology, Legal, and Human
Resources, which will entail the transfer of approximately 15
positions to Houston. All of the Company's corporate operational,
marketing, and financial functions are currently located in
Houston. In 2007, the Company will become an accelerated filer for
purposes of U.S. securities laws and will begin filing its periodic
reports with the U.S. Securities and Exchange Commission on forms
applicable to domestic companies, including its Annual Report on
Form 10-K for the fiscal year ended December 31, 2006. Beginning
with this Form 10-K report, the Company's financial statements will
be reported in accordance with generally accepted accounting
principles applicable in the United States. Julio Quintana, TESCO's
President and Chief Executive Officer, said "This transition of our
remaining corporate functions to Houston will allow the management
team to operate more efficiently. It should be noted that Calgary
will remain one of the largest employment centers for TESCO and our
status of being incorporated under Canadian law will remain
unchanged. The Company will continue to have approximately 225
employees in its Canadian manufacturing, research and engineering,
and Canadian business unit operations". 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: Mike Kearney at (713) 849-5900, Tesco Corporation
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