Tesco Corporation

This article is about the oil industry company. For UK-based supermarket group, see Tesco.

Tesco Corporation

Company type	Defunct
Industry	Oilfield Services
Founded	December 1, 1993; 31 years ago (1993-12-01), Calgary, Alberta, Canada
Founder	Robert Tessari
Defunct	December 15, 2017; 7 years ago (2017-12-15)
Fate	Acquired by Nabors Industries
Headquarters	Houston, Texas, United States
Key people	Fernando R. Assing, President & CEO
Revenue	$134 million (2016)
Net income	-$117 million (2016)
Total assets	$344 million (2016)
Total equity	$309 million (2016)
Number of employees	1,215 (2016)
Footnotes / references [1]

Tesco Corporation was an oilfield services company that provided top drive rental services on a day-rate basis for land and oil platforms as well as casing running. It was headquartered in Spring Branch, Houston. In December 2017, the company was acquired by Nabors Industries.

History

The company traces its routes to a company founded in 1986 by Robert Tessari.

On December 1, 1993, Tesco Corporation was formed through the amalgamation of Shelter Oil and Gas Ltd., Coexco Petroleum Inc., Forewest Industries Ltd. and Tesco Corporation. The company also became a public company.[1]

In 1994, Tesco's portable land top drive won a Special Meritorious Award for Engineering at the Offshore Technology Conference show.[2]

In 1995, the company opened a sales office in Beijing.[2]

In 2002, the company acquired Bo Gray Casing Co. and A&M Tubular Maintenance for $10.5 million.[3]

In 2006, the company moved its headquarters from Calgary to Houston, while continuing to manufacture in Calgary.[2]

In 2011, the company acquired Premiere Casing Services - Egypt S.A.E.[4]

In 2012, Tesco sold its CASING DRILLING™ division to Schlumberger for $45 million.[5][6]

In 2013, the company acquired automated catwalk technology from Custom Pipe Handlers Canada.[7]

In 2014, the company acquired Tech Field Services.[8]

In August 2014, Judge Keith P. Ellison of Houston Texas dismissed with prejudice a lawsuit in which Tesco had been suing several competitors for infringement of US patent 7140443, "Pipe Handling Device, Method and System" . Glenn A. Ballard Jr. of global law firm Bracewell & Giuliani was rebuked for lying to the court.[9]

In December 2014, Fernando Assing was appointed President and CEO of the company.[10]

In December 2017, the company was acquired by Nabors Industries.[11][12]

References

1. "Tesco Corporation 2016 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
2. "Tesco Corporation 2008 Annual Report".
3. "Tesco acquires casing running business". Oil & Gas Journal. November 8, 2002.
4. "Tesco Corporation Announces Acquisition of Leading Egyptian Tubular Services Company" (Press release). PR Newswire. October 19, 2011.
5. "Tesco and Schlumberger Enter into Definitive Agreement on CASING DRILLING™ Division" (Press release). PR Newswire. April 30, 2012.
6. "TESCO Corporation Confirms Sale of Drilling Assets". RigZone. April 30, 2012.
7. "Tesco Corporation Announces Acquisition of Automated Catwalks Technology from Custom Pipe Handlers Canada Inc" (Press release). PR Newswire. November 19, 2013.
8. "Tesco Corporation Announces Signing of Definitive Agreement Between Subsidiary, Tesco Corporation (US), and Tech Field Services Inc. ("TFS")" (Press release). PR Newswire. May 7, 2014.
9. Falkenberg, Lisa (August 28, 2014). "In a patent case, a lawyer misleads a judge - and is rebuked". Houston Chronicle. Archived from the original on 2022-10-07. Retrieved January 3, 2020.
10. "Tesco Corporation Appoints Fernando Assing as President and Chief Executive Officer" (Press release). PR Newswire. December 19, 2014.
11. "Nabors Completes Acquisition of Tesco Corporation" (Press release). PR Newswire. December 15, 2017.
12. "Nabors Completes Acquisition of Tesco Corporation" (Press release). Nabors Industries. December 15, 2017.