TESO » Topics » Background

These excerpts taken from the TESO 10-K filed Feb 27, 2009.

Background

Tesco Corporation (“TESCO” or the “Company”) 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.

TESCO was created on December 1, 1993 through the amalgamation of Shelter Oil and Gas Ltd., Coexco Petroleum Inc., Forewest Industries Ltd. and Tesco Corporation. The amalgamated corporation continued under the name Tesco Corporation, which is organized under the laws of Alberta; Canada. Unless the context indicates otherwise, a reference in this Form 10-K to “TESCO”, “the Company”, “we” or “us” includes Tesco Corporation and its subsidiaries.

Our principal executive offices are located at 3993 West Sam Houston Parkway North, Suite 100, Houston, Texas 77043; our telephone number is (713) 359-7000; and our Internet website address is www.tescocorp.com. Our annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K, and all amendments thereto, are available free of charge on our Internet website. These reports are posted on our website as soon as reasonably practicable after such reports are electronically filed in the United States (“U.S.”) with the U.S. Securities and Exchange Commission (“SEC”) and in Canada on the System for Electronic Document Analysis and Retrieval (“SEDAR”). Our Code of Conduct Policy is also posted on our website. Our common stock is traded on the Nasdaq Global Market under the symbol “TESO.” Until June 30, 2008, TESCO’s common stock was also traded on the Toronto Stock Exchange (“TSX”) under the symbol “TEO.” Effective June 30, 2008, we voluntarily delisted our shares from the TSX.

Background

STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%;padding-bottom:3px;line-height:95%; vertical-align:top">Tesco Corporation (“TESCO” or the “Company”) 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">TESCO was created on December 1, 1993 through the amalgamation of Shelter Oil and Gas Ltd., Coexco Petroleum Inc., Forewest Industries Ltd. and Tesco Corporation. The amalgamated corporation continued under the
name Tesco Corporation, which is organized under the laws of Alberta; Canada. Unless the context indicates otherwise, a reference in this Form 10-K to “TESCO”, “the Company”, “we” or “us” includes Tesco
Corporation and its subsidiaries.

Our principal executive offices are located at 3993 West Sam Houston Parkway North, Suite 100, Houston,
Texas 77043; our telephone number is (713) 359-7000; and our Internet website address is www.tescocorp.com. Our annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K, and all amendments thereto, are
available free of charge on our Internet website. These reports are posted on our website as soon as reasonably practicable after such reports are electronically filed in the United States (“U.S.”) with the U.S. Securities and Exchange
Commission (“SEC”) and in Canada on the System for Electronic Document Analysis and Retrieval (“SEDAR”). Our Code of Conduct Policy is also posted on our website. Our common stock is traded on the Nasdaq Global Market under the
symbol “TESO.” Until June 30, 2008, TESCO’s common stock was also traded on the Toronto Stock Exchange (“TSX”) under the symbol “TEO.” Effective June 30, 2008, we voluntarily delisted our shares from the
TSX.

This excerpt taken from the TESO 10-K filed Feb 27, 2008.

Background

Tesco Corporation (“TESCO” or the “Company”) 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.

TESCO was created on December 1, 1993 through the amalgamation of Shelter Oil and Gas Ltd., Coexco Petroleum Inc., Forewest Industries Ltd. and Tesco Corporation. The amalgamated corporation continued under the name Tesco Corporation, which is organized under the laws of Alberta Canada. Unless the context indicates otherwise, a reference in this Form 10-K to “TESCO”, “the Company”, “we” or “us” includes Tesco Corporation and its subsidiaries.

Our principal executive offices are located at 3993 West Sam Houston Parkway North, Suite 100, Houston, Texas 77043, our telephone number is (713) 359-7000, and our Internet website address is www.tescocorp.com. Our annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K, and all amendments thereto, are available free of charge on our Internet website. These reports are posted on our website as soon as reasonably practicable after such reports are electronically filed in the United States (“U.S.”) with the U.S. Securities and Exchange Commission (“SEC”) and in Canada on the System for Electronic Document Analysis and Retrieval (“SEDAR”). Our Ethics Policy is also posted on our website. Our common stock is traded on the Toronto Stock Exchange under the symbol “TEO” and on the Nasdaq Global Market under the symbol “TESO.”

This excerpt taken from the TESO 8-K filed Mar 29, 2007.

Background

The Company had previously reported that it delayed its filing of the Form 10-K because of its discovery of certain errors that would require it to restate its financial statements for the second and third fiscal quarters of 2006, its becoming subject to the reporting and disclosure requirements under the Securities Exchange Act and related rules beginning January 1, 2007, the identification of certain material weaknesses in internal controls over financial reporting, and its adjustment to reflect the results of a self-initiated review of its past stock option granting practices and related accounting. As a result of final adjustments made in connection with the preparation of its financial statements included in the Form 10-K, there were several adjustments to financial information that had been previously reported or announced in the Company’s earnings release of March 8, 2007. These restatements and adjustments did not change the full year 2006 net income or earnings per share. Some of the more significant changes include the following:

 

   

Net Income for the year ended December 31, 2005 was $8.1 million, as opposed to $7.0 million as previously reported. The revised earnings per share (fully diluted) was $0.23 (as opposed to $0.20 as previously reported). This difference relates to a correction in the application of foreign currency rates.

 

   

Reclassification of the 2005 $8.4 million gain on the sale of operating assets from Corporate/Unallocated to the Casing Services segment, and

 

   

Other reclassifications within operating income for certain segments.

Also, as previously announced, the Company made adjustments to its unaudited quarterly results for the second, third and fourth quarters of 2006 and filed restatements of its quarterly information for the


second and third quarters. As revised, net income for the second quarter 2006 was $2.6 million on a U.S. GAAP basis, not $3.0 million. A corresponding adjustment was made with respect to the fourth quarter, so that net income for the fourth quarter was $10.5 million on a U.S. GAAP basis as opposed to $10.2 million ($0.29 per share on a fully diluted basis as opposed to $0.28 per share). Third quarter 2006 reported net income of $8.5 million, on a U.S. GAAP basis, is the same as previously reported in the March 8, 2007 earnings release. Other adjustments are described in the section titled “Additional Disclosures.”

Because of various adjustments described above, the restatements for the second and third quarters of 2006 and other adjustments made during the course of preparing the final audited financial statements included in its Form 10-K, the Company has decided to revise and reissue its March 8, 2007 earnings release and to withdraw the prior release in order to provide investors, analysts and other interested persons with a composite report based on the Company’s audited financial information. All information included below is on a U.S. GAAP basis.

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