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Tesco and Schlumberger Enter into efinitive Agreement on CASING DRILLING™ Division

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

“Our CASING DRILLING™ division comprises some of our leading technologies, which Tesco has incubated for several years,” said Julio M. Quintana, chief executive officer and president of Tesco Corporation. “The time is right to expand the market for this technology through this sale to Schlumberger. Tesco has been an innovator throughout its history and we look forward to introducing further new technologies to the industry.”

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.

About Tesco Corporation

Tesco Corporation is a global leader in the design, manufacture and service of technology based solutions for the upstream energy industry.  TESCO seeks 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. For more information, visit www.tescocorp.com.

About Schlumberger
Schlumberger is the world's leading supplier of technology, integrated project management and information solutions to customers working in the oil and gas industry worldwide. Employing approximately 113,000 people representing over 140 nationalities and working in approximately 85 countries, Schlumberger provides the industry's widest range of products and services from exploration through production.
Schlumberger Limited has principal offices in Paris, Houston and The Hague and reported revenues of $39.54 billion in 2011. For more information, visit www.slb.com.
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CASING DRILLING and Casing Drive System are trademarks of Tesco Corporation.
For further information, contact:


Stephen Whittaker

Director of Corporate Communications

Schlumberger Limited

Tel:+ 33 1 4062 1330

swhittaker@slb.com

Robert Kayl
Tesco Corporation
Tel:+1 713 359 7000

 

 
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