TESO » Topics » OVERVIEW

This excerpt taken from the TESO 10-Q filed May 11, 2009.

OVERVIEW

Business

TESCO is a global leader in the design, manufacture and service delivery of technology based solutions for the upstream energy industry. We seek 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. Our product and service offerings include proprietary technology, including TESCO CASING DRILLING® (“CASING DRILLING”), TESCO’s Casing Drive System (“CDS™” or “CDS”) and TESCO’s Multiple Control Line Running System (“MCLRS™” or “MCLRS”). TESCO® is a registered trademark in Canada and the United States. TESCO CASING DRILLING® is a registered trademark in the United States. CASING DRILLING® is a registered trademark in Canada and CASING DRILLING™ is a trademark in the United States. Casing Drive System™, CDS™, Multiple Control Line Running System™ and MCLRS™ are trademarks in Canada and the United States.

Our four business segments are: Top Drives, Tubular Services, CASING DRILLING and Research and Engineering. Historically, we organized our activities into three business segments: Top Drives, Casing Services and Research and Engineering. Effective December 31, 2008, we determined that the CASING DRILLING segment no longer met the criteria which allowed it to be aggregated with the Tubular Services segment and therefore changed the presentation of our Tubular Services activities and CASING DRILLING activities into two separate segments. The financial and operating data for the three months ended March 31, 2008 have been recast to be presented consistently with this structure.

Our Top Drive segment sells equipment and provides services to drilling contractors and oil and gas operating companies throughout the world. We primarily manufacture top drives that are used in drilling operations to rotate the drill string while suspended from the derrick above the rig floor. We also provide rental top drives on a day-rate basis for land and offshore drilling rigs, and we provide after-market sales and support for our customers.

Our Tubular Services business includes both proprietary and conventional services, which are typically offered as a “call out” service on a well-by-well basis.

Our proprietary Tubular Service business is based on our Proprietary Casing Running Service technology, which uses certain components of our CASING DRILLING technology, in particular the CDS, and provides an efficient method for running casing and, if required, reaming the casing into the hole. Additionally, our proprietary Tubular Service business includes the installation service of deep water smart well completion equipment using our MCLRS, a proprietary and patented technology which improves the quality of the installation of high-end well completions.

Our conventional Tubular Service business provides equipment and personnel for the installation of tubing and casing, including power tongs, pick-up/lay-down units, torque monitoring services, connection testing services and power swivels for new well construction and in work-over and re-entry operations.

 

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Our CASING DRILLING business is based on our proprietary CASING DRILLING technology, which uses patented equipment and processes to allow an oil or gas well to be drilled using standard well casing pipe. In contrast, conventional or straight practice rotary drilling requires the use of specialized drill pipe and drillstring components. The demonstrated benefits of using well casing to drill the well compared with conventional drilling include a reduction in the risk of unscheduled downhole events that typically result in non-productive time and additional cost and operational risk to the drilling contractor and well operator.

This excerpt taken from the TESO 10-K filed Feb 27, 2009.

OVERVIEW

SIZE="2">Business

TESCO is a global leader in the design, manufacture
and service delivery of technology based solutions for the upstream energy industry. We seek 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. Our product and service offerings include proprietary technology, including TESCO CASING DRILLING® (“CASING DRILLING”), TESCO’s Casing Drive System
(“CDS” or “CDS”) and TESCO’s Multiple Control Line Running System (“MCLRS” or
“MCLRS”). TESCO® is a registered trademark in Canada and the United States. TESCO CASING DRILLING® is a registered
trademark in the United States. CASING DRILLING® is a registered trademark in Canada and CASING DRILLING is a trademark in the
United States. Casing Drive System, CDS, Multiple Control Line Running SystemSIZE="1"> and MCLRS are trademarks in Canada and the United States.

FACE="Times New Roman" SIZE="2">Our four business segments are: Top Drives, Tubular Services, CASING DRILLING and Research and Engineering. Historically, we organized our activities into three business segments: Top Drives, Casing Services and
Research and Engineering. Effective December 31, 2008, we separated our Tubular Services activities from our CASING DRILLING business and our financial and operating data for the years ended December 31, 2006 through 2008 has been recast
in this Annual Report on Form 10-K to be presented consistently with this structure.

The Top Drive business is comprised of top drive
sales, top drive rentals and after-market sales and service. The Tubular Services business includes both our proprietary and conventional Tubular Services. The CASING DRILLING segment consists of our proprietary CASING DRILLING technology, and the
Research and Engineering segment is comprised of our research and development activities related to our proprietary Tubular Services and CASING DRILLING technology and Top Drive model development. For a detailed description of these business
segments, see Part I, Item 1. (Business), above.

This excerpt taken from the TESO 10-Q filed Nov 6, 2008.

OVERVIEW

Business

We are a global leader in the design, manufacture and service of technology-based solutions for the upstream energy industry. We seek 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.

We organize our activities into three business segments: Top Drive, Casing Services and Research and Engineering, and our financial and operating data are presented consistent with that structure. The Top Drive business segment consists of Top Drive sales, Top Drive rentals and after-market sales and service. The Casing Services business segment includes CASING DRILLING and our proprietary and conventional Tubular Services. The Research and Engineering (“R&E”) segment consists of our research and development activities primarily related to our proprietary Casing Services technology and Top Drive model development.

Our Top Drive business segment sells equipment and provides services to drilling contractors and oil and gas operating companies throughout the world. We offer our customers a range of top drive systems which we manufacture based on proprietary design and engineering. These top drives, which can be installed in mast configurations including land, offshore and workover rigs, are used in drilling operations to rotate the drill string while suspended from the derrick above the rig floor. We both sell this equipment to our customers and provide rental units on a day-rate basis. Additionally, we provide after-market sales and service to customers who own TESCO Top Drives.

Our Casing Services business segment includes a Tubular Services business which was previously referred to as the Casing Running business and CASING DRILLING.

 

   

Our Tubular Services business includes both proprietary and conventional services, which are typically offered as a “call out” service on a well-by-well basis.

 

 

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Our proprietary Tubular Service business is based on our Proprietary Casing Running Service technology (“PCRS”), which uses certain components of our TESCO CASING DRILLING (“CASING DRILLING”) technology, in particular the Casing Drive System (“CDS”), and provides an efficient method for running casing and, if required, reaming the casing into the hole. Additionally, our proprietary Tubular Service business includes the installation service of deep water smart well completion equipment using our Multiple Control Line Running System (“MCLRS”), a proprietary and patented technology which improves the quality of the installation of high-end well completions. Prior to January 1, 2008, MCLRS and certain part sales and services were included with conventional services. Since MCLRS is a proprietary and patented technology, we now include this and related activity with our proprietary information. Accordingly, we have reclassified prior year revenues related to MCLRS from conventional to proprietary in the tables below.

 

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Our conventional Tubular Service business provides equipment and personnel for the installation of tubing and casing, including power tongs, pick-up/lay-down units, torque monitoring services,

 

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connection testing services and power swivels for new well construction and in work-over and re-entry operations.

 

   

Our CASING DRILLING business is based on our proprietary CASING DRILLING technology, which uses patented equipment and processes to allow an oil or gas well to be drilled using standard well casing pipe. In contrast, conventional or straight practice rotary drilling requires the use of specialized drill pipe and drillstring components. The demonstrated benefits of using well casing to drill the well compared with conventional drilling include a reduction in the risk of unscheduled downhole events that typically result in non-productive time and additional cost and operational risk to the drilling contractor and well operator.

This excerpt taken from the TESO 10-Q filed Aug 8, 2008.

OVERVIEW

Business

We are a global leader in the design, manufacture and service of technology-based solutions for the upstream energy industry. We seek 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.

We organize our activities into three business segments: Top Drive, Casing Services and Research and Engineering, and our financial and operating data are presented consistent with that structure. The Top Drive business segment consists of top drive sales, top drive rentals and after-market sales and service. The Casing Services business segment includes CASING DRILLING and our proprietary and conventional Tubular Services. The Research and Engineering (“R&E”) segment consists of our research and development activities primarily related to our proprietary Casing Services technology and top drive model development.

Our Top Drive business segment sells equipment and provides services to drilling contractors and oil and gas operating companies throughout the world. We primarily manufacture top drives that are used in drilling operations to rotate the drill string while suspended from the derrick above the rig floor. We also provide rental top drives on a day-rate basis for land and offshore drilling rigs, offering a range of systems which can be installed in practically any mast configuration, including workover rigs.

Our Casing Services business segment includes a substantial Tubular Services business which was previously referred to as the Casing Running business and CASING DRILLING.

 

   

Our Tubular Services business includes both proprietary and conventional services, which are typically offered as a “call out” service on a well-by-well basis.

o    Our proprietary Tubular Service business is based on our technology-based Proprietary Casing Running Service (“PCRS”), which uses certain components of our CASING DRILLING technology, in particular the Casing Drive System (CDS), and provides a more efficient method for running casing and, if required, reaming the casing into the hole. Additionally, our proprietary Tubular Service business includes the installation service of deep water smart well completion equipment using our MCLRS (Multiple Control Line Running System) proprietary and patented technology which improves the quality of the installation of high-end well completions. Prior to January 1, 2008, MCLRS was included with conventional services. However, since MCLRS is a proprietary and patented technology, we now include this activity with our proprietary information. Accordingly, we have reclassified prior year revenues related to MCLRS from conventional to proprietary in the tables below.

o    Our conventional Tubular Service business provides equipment and personnel for the installation of tubing and casing, including power tongs, pick-up/lay-down units, torque monitoring services, connection testing services and power swivels for new well construction in work-over and re-entry operations.

 

 

 

Our CASING DRILLING business is based on our CASING DRILLING technology, which uses proprietary technology with patented equipment and processes to allow an oil or gas well to be drilled using standard well casing pipe. In contrast, conventional or straight practice rotary drilling requires the

 

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use of specialized drill pipe and drillstring components. The use of well casing to drill the well has been demonstrated to reduce the risk of certain unscheduled downhole events that generally result in non-productive time and additional cost and risk to the drilling contractor and/or well operator.

During the three months ended June 30, 2008, we delivered 30 top drive units (24 new and 6 used) to customers, compared to 31 units (27 new and 4 used) delivered to customers during the same period in 2007. This brings the total number of top drive units delivered to our third-party customers during 2008 to 61 units (49 new and 12 used), compared to 68 units (59 new and 9 used) during the six months ended June 30, 2007. At June 30, 2008, our third-party backlog was 52 new top drive units, compared to 39 units as of March 31, 2008 and 38 units as of December 31, 2007. Our goal is to maintain a third-party backlog for our top drive business of approximately two quarters of production, which we believe is reasonable and allows us to effectively manage our supply chain and workforce, yet be responsive to our client base. We consider an order as a backlog unit when the customer has signed a purchase contract, submitted the purchase order and, if required by the purchase agreement, paid a non-refundable deposit.

This excerpt taken from the TESO 10-Q filed May 2, 2008.

OVERVIEW

Business

We are a global leader in the design, manufacture and service of technology-based solutions for the upstream energy industry. We seek 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.

We organize our activities into three business segments, Top Drive, Casing Services and Research and Engineering, and our financial and operating data are presented consistent with that structure. The Top Drive business segment consists of Top Drive sales, Top Drive rentals and after-market sales and service. The Casing Services business segment includes CASING DRILLING® and our proprietary and conventional Tubular Services. The Research and Engineering (“R&E”) segment consists of our research and development activities primarily related to our proprietary Casing Services technology and Top Drive model development.

Our Top Drive business segment sells equipment and provides services to drilling contractors and oil and gas operating companies throughout the world. We primarily manufacture Top Drives that are used in drilling operations to rotate the drill string while suspended from the derrick above the rig floor. We also provide rental Top Drives on a day-rate basis for land and offshore drilling rigs, offering a range of systems which can be installed in practically any mast configuration, including workover rigs.

Our Casing Services business segment includes a substantial Tubular Services business which was previously referred to as the Casing Running business and CASING DRILLING®.

 

   

Our Tubular Services business includes both proprietary and conventional services, which are typically offered as a “call out” service on a well-by-well basis.

o     Our proprietary tubular service is based on our technology-based Proprietary Casing Running Service (“PCRS”), which uses certain components of our CASING DRILLING® technology, in particular the Casing Drive System™ (CDS™), and provides a more automated method for running casing and, if required, reaming the casing into the hole. Additionally, our proprietary tubular service includes the installation service of deep water smart well completion equipment using our MCLRS™ (Multiple Control Line Running System™) proprietary and patented technology which improves the quality of the installation of high-end well completions. Before 2008, MCLRS™ was included with conventional services. However, since MCLRS™ is a proprietary and patented technology, we now include this activity with our proprietary information. Accordingly, we have reclassified prior year revenues related to MCLRS™ from conventional to proprietary in the table below.

o    Our conventional tubular service provides equipment and personnel for the installation of tubing and casing, including power tongs, pick-up/lay-down units, torque monitoring services, connection testing services and power swivels for new well construction in work-over and re-entry operations.

 

 

 

Our CASING DRILLING® business is based on our CASING DRILLING® technology, which uses proprietary technology with patented equipment and processes, and allows an oil or gas well to be drilled using standard well casing pipe. In contrast, conventional or straight practice rotary drilling

 

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requires the use of specialized drill pipe and drillstring components. The use of well casing to drill the well has been demonstrated to reduce the risk of certain unscheduled downhole events that generally result in non-productive time and additional cost and risk to the drilling contractor and/or well operator.

During the three months ended March 31, 2008, we delivered 31 Top Drive units (25 new and 6 used) to customers, compared to 37 units (32 new and 5 used) delivered to customers during the same period in 2007. At March 31, 2008, our backlog was 39 new Top Drive units, compared to 38 at December 31, 2007. Our goal is to maintain a backlog for our Top Drive business of approximately two quarters of production, which we believe is reasonable and allows us to effectively manage our supply chain and workforce, yet be responsive to our client base. We consider an order as a backlog unit when the customer has signed a purchase contract, submitted the purchase order and, if required by the purchase agreement, paid a non-refundable deposit.

This excerpt taken from the TESO 10-Q filed Nov 14, 2007.

OVERVIEW

Business

We are a global leader in the design, manufacture and service of technology-based solutions for the upstream energy industry. We seek 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.

We organize our activities into three business segments, Top Drive, Casing Services and Research and Engineering, and our financial and operating data are presented consistent with that structure. The Top Drive business segment is comprised of top drive sales, top drive rentals and after-market sales and service. The Casing Services business segment includes CASING DRILLING® and Tubular Services. The Research and Engineering (“R&E”) segment is comprised of our research and development activities primarily related to our CASING DRILLING® technology and Top Drive model development. Unless indicated otherwise, all amounts in these Consolidated Financial Statements are denominated in United States (US) dollars. All references to US$ or to $ are to US dollars and references to C$ are to Canadian dollars.

Our Top Drive business segment sells equipment and provides services to drilling contractors and oil and gas operating companies throughout the world. We manufacture top drives that are used in drilling operations to rotate the drill string while suspended from the derrick above the rig floor. We also provide rental top drives on a day-rate basis for land and offshore drilling rigs, offering a range of systems which can be installed in practically any mast configuration, including workover rigs.

Our Casing Services business segment includes CASING DRILLING® and a substantial tubular services business which was previously referred to as the Casing Running business.

 

 

 

Our CASING DRILLING® business is based on our CASING DRILLING® technology, which is a proprietary technology using patented equipment and processes, and allows an oil or gas well to be drilled using standard well casing pipe. In contrast, conventional or straight practice rotary drilling requires the use of specialized drill pipe and drillstring components. The use of well casing to drill the well has been demonstrated to reduce the risk of certain unscheduled downhole events that generally result in non-productive time and additional cost and risk to the drilling contractor and/or well operator.

 

   

Our Tubular Services business is comprised of both proprietary and conventional services which are typically offered as a “call out” service on a well-by-well basis.

o    Our proprietary tubular service is based on our technology-based Proprietary Casing Running Service (“PCRS”), which uses certain components of our CASING DRILLING® technology, in particular the Casing Drive System (CDS), and provides a more automated method for running casing and, if required, reaming the casing into the hole.

o    Our conventional tubular service provides equipment and personnel for the installation of tubing and casing, including power tongs, pick-up/lay-down units, torque monitoring services, connection testing services and power swivels for new well construction in work-over and re-entry operations. Additionally, our conventional tubular service includes the installation service of deep water smart well completion equipment using its MCLRS (Multiple Control Line Running System) proprietary and patented technology which improves the quality of the installation of high-end well completions.

 

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During the three months ended September 30, 2007, we delivered 23 new top drive units to customers, compared to 26 new units delivered to customers during the same period in 2006. This brings the total number of new top drive units delivered to customers to 82 for the nine months ended September 30, 2007 compared to 57 new units delivered to customers during the same period in 2006. At September 30, 2007 our backlog was 30 new top drive units compared to a backlog of 68 new units at December 31, 2006. The decrease in our backlog from 2006 is due to the approximately 50% increase in our production of top drive units in 2007 as compared to 2006 while bookings for new orders have not increased in line with production increases. Our goal is to maintain a backlog of approximately 40 top drive units and as such we are increasing our sales efforts to get back to this goal. We consider an order as a backlog unit when the customer has signed a purchase contract, submitted the purchase order and, if required by the purchase agreement, paid a non-refundable deposit.

This excerpt taken from the TESO 10-Q filed Aug 7, 2007.

OVERVIEW

Business

We are a global leader in the design, manufacture and service of technology-based solutions for the upstream energy industry. We seek 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.

We organize our activities into three business segments, Top Drive, Casing Services and Research and Engineering, and our financial and operating data are presented consistent with that structure. The Top Drive business segment is comprised of top drive sales, top drive rentals and after-market sales and service. The Casing Services business segment includes CASING DRILLING® and Tubular Services. Unless indicated otherwise, all amounts in these Consolidated Financial Statements are denominated in United States (US) dollars. All references to US$ or to $ are to US dollars and references to C$ are to Canadian dollars.

Our Top Drive business segment sells equipment and provides services to drilling contractors and oil and gas operating companies throughout the world. We manufacture top drives which are used in drilling operations to rotate the drill string while suspended from the derrick above the rig floor. We also provide rental top drives on a day-rate basis for land and offshore drilling rigs, offering a range of systems which can be installed in practically any mast configuration, including workover rigs.

Our Casing Services business segment includes CASING DRILLING® and a substantial tubular services business which was previously referred to as the Casing Running business. Our CASING DRILLING® business is based on our CASING DRILLING® technology which is a proprietary technology, using patented equipment and processes, and allows an oil or gas well to be drilled using standard oilwell casing. This is contrasted against conventional or straight practice rotary drilling, which requires the use of specialized drill pipe and drillstring components. The use of oilwell casing to drill the well has been demonstrated to reduce the risk of certain unscheduled downhole events that generally result in non–productive time and additional cost and risk to the drilling contractor and/or well operator. Our Tubular Services business is comprised of both proprietary and conventional services which are typically offered as a “call out” service on a well by well basis. Our proprietary tubular service is based on our technology-based Proprietary Casing Running Service (“PCRS”), which uses certain components of our CASING DRILLING® technology, in particular the Casing Drive System™ (CDS™), which provides a more automated method for running casing and, if required, reaming the casing into the hole. Our conventional tubular service provides equipment and personnel for the installation of tubing and casing, including power tongs, pick-up/lay-down units, torque monitoring services, connection testing services and power swivels for new well construction in work-over and re-entry operations. Additionally, our conventional tubular service includes the installation service of deep water smart well completion equipment using its MCLRS™ (Multiple Control Line Running System™) proprietary and patented technology which improves the quality of the installation of high-end well completions.

During the three months ended June 30, 2007, we delivered 27 new top drive units to customers, compared to 16 new units delivered to customers during the same period in 2006. This brings the total number of new top drive units delivered to customers to 59 for the six months ended June 30, 2007 compared to 31 new units delivered to customers during the same period in 2006. At June 30, 2007 our backlog was 41 new top drive units

 

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compared to a backlog of 68 new units at December 31, 2006. We consider an order as a backlog unit when the customer has signed a purchase contract, submitted the purchase order and, if required by the purchase agreement, paid a non-refundable deposit.

This excerpt taken from the TESO 10-Q filed May 8, 2007.

OVERVIEW

Business

We are a global leader in the design, manufacture and service of technology-based solutions for the upstream energy industry. We seek 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.

We organize our activities into three business segments, Top Drive, Casing Services and Research and Engineering, and our financial and operating data are presented consistent with that structure. The Top Drive business comprises top drive sales, top drive rentals and after-market sales and service. The Casing Services business includes CASING DRILLING® and Tubular Services. Unless indicated otherwise, all amounts in these Consolidated Financial Statements are denominated in United States (U.S.) dollars. All references to US$ or to $ are to U.S. dollars and references to C$ are to Canadian dollars.

During the three months ended March 31, 2007, we delivered 32 new top drive units to customers, compared to 15 new units delivered to customers during the same period in 2006. At March 31, 2007 our backlog was 47 top drive units compared to a backlog of 68 units at December 31, 2006. We consider an order as a backlog unit when the customer has signed a purchase contract, submitted the purchase order and, if required by the purchase agreement, paid a non-refundable deposit.

This excerpt taken from the TESO 6-K filed Mar 19, 2007.

Overview

Tesco Corporation organizes its activities into two business segments, Top Drives and Casing Services, and the Corporation’s financial and operating data are presented consistent with that structure. The Top Drive business comprises top drive sales, top drive rentals and after market sales and service. The Casing Services business includes CASING DRILLING® and Tubular Services.

Effective January 1, 2006, TESCO adopted the U.S. dollar as its reporting currency since a majority of its revenue is closely tied to the U.S. dollar and also to facilitate comparability to other oil and gas service companies. Unless indicated otherwise, all amounts in these Consolidated Financial Statements are denominated in United States (U.S.) dollars. All references to US$ or to $ are to U.S. dollars and references to C$ are to Canadian dollars.

Changing the reporting currency affects the presentation in the Corporation’s Consolidated Financial Statements, but not the underlying accounting records. The functional currency for our Canadian operations remains the Canadian dollar; however the U.S. dollar has become the functional currency in all other regions, effective January 1, 2006. The financial results for Canada have been translated into U.S. dollars as described in Note 1 of the Consolidated Financial Statements.

This excerpt taken from the TESO 6-K filed Mar 19, 2007.

Overview

Tesco Corporation organizes its activities into two businesses, Top Drives and Casing Services, and the Corporation’s financial and operating data are presented consistent with that structure. The Top Drive business comprises top drive sales, top drive rentals and after market sales and service. The Casing Services business includes CASING DRILLING® and Tubular Services, as well as downhole tool rental and accessory sales.

Effective January 1, 2006, TESCO adopted the U.S. dollar as its reporting currency since a majority of its revenue is closely tied to the U.S. dollar and to facilitate comparability to other oil and gas service companies. Unless indicated otherwise, all amounts in these Consolidated Financial Statements are denominated in United States (U.S.) dollars. All references to US$ or to $ are to U.S. dollars and references to C$ are to Canadian dollars.

Changing the reporting currency affects the presentation in the Corporation’s Consolidated Financial Statements, but not the underlying accounting records. The functional currency for our Canadian operations remains the Canadian dollar; however the U.S. dollar has become the functional currency in all other regions, effective January 1, 2006. The financial results for Canada have been translated into U.S. dollars as described in Note 1 of the Consolidated Financial Statements.

This excerpt taken from the TESO 6-K filed Nov 9, 2006.

Overview

Tesco Corporation organizes its activities into two business segments, Top Drives and Casing Services, and the Corporation’s financial and operating data are presented consistent with that structure. The Top Drive business comprises top drive sales, top drive rentals and after market sales and service. The Casing Services business includes CASING DRILLING® and Tubular Services.

Effective January 1, 2006, TESCO adopted the U.S. dollar as its reporting currency since a majority of its revenue is closely tied to the U.S. dollar and also to facilitate comparability to other oil and gas service companies. Unless indicated otherwise, all amounts in these Consolidated Financial Statements are denominated in United States (U.S.) dollars. All references to US$ or to $ are to U.S. dollars and references to C$ are to Canadian dollars.

Changing the reporting currency affects the presentation in the Corporation’s Consolidated Financial Statements, but not the underlying accounting records. The functional currency for our Canadian operations remains the Canadian dollar; however the U.S. dollar has become the functional currency in all other regions, effective January 1, 2006. The financial results for Canada have been translated into U.S. dollars as described in Note 1 of the Consolidated Financial Statements.

This excerpt taken from the TESO 6-K filed Aug 10, 2006.

Overview

Tesco Corporation organizes its activities into two businesses, Top Drives and Casing Services, and the Corporation’s financial and operating data are presented consistent with that structure. The Top Drive business comprises top drive sales, top drive rentals and after market sales and service. The Casing Services business includes CASING DRILLING® and Tubular Services, as well as downhole tool rental and accessory sales.

Effective January 1, 2006, TESCO adopted the U.S. dollar as its reporting currency since a majority of its revenue is closely tied to the U.S. dollar and to facilitate comparability to other oil and gas service companies. Unless indicated otherwise, all amounts in these Consolidated Financial Statements are denominated in United States (U.S.) dollars. All references to US$ or to $ are to U.S. dollars and references to C$ are to Canadian dollars.

Changing the reporting currency affects the presentation in the Corporation’s Consolidated Financial Statements, but not the underlying accounting records. The functional currency for our Canadian operations remains the Canadian dollar; however the U.S. dollar has become the functional currency in all other regions, effective January 1, 2006. The financial results for Canada have been translated into U.S. dollars as described in Note 1 of the Consolidated Financial Statements.

This excerpt taken from the TESO 6-K filed May 12, 2006.

Overview

TESCO organizes its activities into two businesses, Top Drives and Casing Services, and the Corporation’s financial and operating data are presented consistent with that structure. The Top Drive business comprises top drive sales, top drive rentals and after market sales and service. The Casing Services business includes CASING DRILLING® and Tubular Services, as well as downhole tool rental and accessory sales.

Effective January 1, 2006, TESCO has adopted the U.S. dollar as its reporting currency since a majority of its revenue is closely tied to the U.S. dollar and to facilitate comparability to other oil and gas service companies. Unless indicated otherwise, all amounts in these Consolidated Financial Statements are denominated in United States (U.S.) dollars. All references to US$ or to $ are to United States dollars and references to C$ are to Canadian dollars.

Changing the reporting currency affects the presentation in the Corporation’s Consolidated Financial Statements, but not the underlying accounting records. The functional currency for our Canadian operations remains the Canadian dollar; however the U.S. dollar has become the functional currency in all other regions, effective January 1, 2006. The financial results for Canada have been translated into U.S. dollars as described in Note 1 of the Consolidated Financial Statements.

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