TESCO Corporation Confirms Sale of Drilling Assets

TESCO Corporation has completed the sale of its four casing drilling rigs rigs to Turnkey E & P Inc., a public company listed on The Toronto Stock Exchange (TSX:TKY). Additionally, TESCO and Turnkey have entered into a Preferred Supplier Agreement in North America for the provision of TESCO services. At closing, TESCO received US$ 35 million in cash, and warrants exercisable over the course of two years to purchase approximately 5% of Turnkey at a price of Cdn$6.00.

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.