Schlumberger to Acquire Tesco Drilling Division for $45M

Tesco Corporation and Schlumberger announced Monday they have signed a definitive agreement for Schlumberger to acquire Tesco's CASING DRILLING™ division for $45 million in cash.

"The sale of CASING DRILLING™ will allow Tesco to focus on delivering best-in-class service quality and return on capital employed; a key part of our go forward strategy," said Julio M. Quintana, Chief Executive Officer and President of Tesco Corporation. "Tesco has been an innovator throughout our history and our innovative culture continues to foster new ideas that will add long-term value to our shareholders. CASING DRILLING™ has been one of our key technologies developed over the years. The time is right to expand the market for this technology through this sale to Schlumberger. With the momentum provided by this transaction and the strength and profitability of our remaining product lines, we are very excited about our future opportunities."

Jean-Francois Poupeau, president, Schlumberger Drilling Group, added, "CASING DRILLING™ technology enables construction of wells where the use of conventional technology has proven difficult. The addition of these technologies to our drilling portfolio will help our customers reduce finding and development costs through drilling efficiency gains and wellbore integrity improvements."

In addition to this definitive agreement, Schlumberger and Tesco have entered a long-term supplier agreement in which Tesco will sell and lease its Casing Drive System™ equipment to Schlumberger to support CASING DRILLING™ projects.


Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
wellcontroled | May. 1, 2012
If you build it, they will come and pay for it, Tesco still is a leader for technolgy. Could not be a better company to sell your case drilling to.

Related Companies

Our Privacy Pledge

Most Popular Articles

From the Career Center
Jobs that may interest you
Project Manager
Expertise: Engineering Manager|Project Engineer
Location: Chicago, IL
Executive Assistant
Expertise: Executive|Secretarial or Administrative
Location: United States
Regional Manager - Saybolt
Expertise: Executive|Operations Management
Location: Linden, NJ
search for more jobs

Brent Crude Oil : $51.38/BBL 2.44%
Light Crude Oil : $50.43/BBL 2.26%
Natural Gas : $3.14/MMBtu 0.94%
Updated in last 24 hours