Tesco Signs 5th Casing Drilling Contract

Tesco Corporation has signed an agreement with Petrobras to provide Casing Drilling(TM) services onshore in the North Eastern region of Brazil. Tesco will make minor modifications to a conventional Petrobras drilling rig enabling it to run Tesco's Casing Drilling(TM) tools and equipment. Work on the first well is scheduled to commence between February 15th and March 1st, 2003 and calls for Tesco to drill with 13 3/8" casing to 5400 ft, and 9 5/8" casing to 10,800 ft. This contract and a top drive rental agreement with the same client are valued at an aggregate of US $1.0 million.

This marks the first deployment of Tesco's Casing Drilling(TM) technology in South America, and brings the number of active contracts for the process to five. Tesco is currently conducting or contracted for Casing Drilling(TM) operations in the United States, Canada, Algeria, the United Kingdom and (now) Brazil.