TESCO Inks Deal with Transocean for Casing Running

Tesco Corporation has entered into an alliance with Transocean Inc. to provide TESCO's proprietary Casing Drive System (CDS(TM)) on Transocean rigs. Under the terms of the agreement TESCO and Transocean will jointly market TESCO's CDS(TM) on a global basis to exploration and production companies.

The terms of the agreement call for TESCO to place CDS(TM) equipment on mutually-agreed upon Transocean rigs and to jointly provide operating personnel. The parties will work together to provide a value-added package, incorporating the services and personnel of both companies to deliver improved safety, efficiency and performance at the wellsite.

Julio M. Quintana, President and CEO stated, "We are very pleased to be working with a world class company like Transocean. We believe this business model whereby we provide our casing running technology through an alliance with drilling contractors will become the standard in the industry."