Tesco Corporation

Last updated
Tesco Corporation
Company typeDefunct
Industry Oilfield Services
FoundedDecember 1, 1993;30 years ago (1993-12-01), Calgary, Alberta, Canada
FounderRobert Tessari
DefunctDecember 15, 2017;6 years ago (2017-12-15)
FateAcquired by Nabors Industries
Headquarters Houston, Texas, United States
Key people
Fernando R. Assing, President & CEO
RevenueDecrease2.svg $134 million (2016)
Increase2.svg -$117 million (2016)
Total assets Decrease2.svg $344 million (2016)
Total equity Decrease2.svg $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. The team responsible for the research and development of the portable top drive included Robert Tessari, Lindsay J. Hood and Per Angman. [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 USpatent 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]

Related Research Articles

<span class="mw-page-title-main">Schlumberger</span> Oilfield services company

Schlumberger NV, doing business as SLB, also known as Schlumberger Limited, is an oilfield services company. As of 2022, it is both the world's largest offshore drilling company and the world's largest offshore drilling contractor by revenue.

<span class="mw-page-title-main">Baker Hughes</span> American oil field services company

Baker Hughes Company is an American energy company based in Houston, Texas. As one of the world's largest oil field services companies, it provides products and services for oil well drilling, formation evaluation, completion, production, and reservoir consulting. It operates in over 120 countries, with research and manufacturing facilities in Australia, Singapore, Malaysia, India, Dubai, Saudi Arabia, Italy, Germany, Norway, Oklahoma, Louisiana and Missouri. From 2017 to 2020, the company was majority owned by General Electric (GE); however, GE no longer owns an economic stake in the company. The company is incorporated in Delaware.

<span class="mw-page-title-main">Nucor</span> American steel corporation

Nucor Corporation is an American company based in Charlotte, North Carolina, that produces steel and related products. It is the largest steel producer in the United States and the largest recycler of scrap in North America. Nucor is the 16th-largest steel producer in the world. Along with Commercial Metals Company, it is one of two primary suppliers of rebar used to reinforce concrete in buildings, bridges, roads, and infrastructure in the U.S.

Well logging, also known as borehole logging is the practice of making a detailed record of the geologic formations penetrated by a borehole. The log may be based either on visual inspection of samples brought to the surface or on physical measurements made by instruments lowered into the hole. Some types of geophysical well logs can be done during any phase of a well's history: drilling, completing, producing, or abandoning. Well logging is performed in boreholes drilled for the oil and gas, groundwater, mineral and geothermal exploration, as well as part of environmental and geotechnical studies.

<span class="mw-page-title-main">Transocean</span> Offshore drilling contractor

Transocean Ltd. is an American drilling company. It is the world's largest offshore drilling contractor based on revenue and is based in Vernier, Switzerland. The company has offices in 20 countries, including Canada, the United States, Norway, United Kingdom, India, Brazil, Singapore, Indonesia, and Malaysia.

<span class="mw-page-title-main">NOV Inc.</span> U.S. energy company

NOV Inc., formerly National Oilwell Varco, is an American multinational corporation based in Houston, Texas. It is a worldwide provider of equipment and components used in oil and gas drilling and production operations, oilfield services, and supply chain integration services to the upstream oil and gas industry. The company conducts operations in more than 500 locations across six continents, operating through three reporting segments: Rig Technologies, Wellbore Technologies, and Completion & Production Solutions.

<span class="mw-page-title-main">Wellhead</span> Component at the surface of a well that provides the structural and pressure-containing interface

A wellhead is the component at the surface of an oil or gas well that provides the structural and pressure-containing interface for the drilling and production equipment.

<span class="mw-page-title-main">Valaris Limited</span> Offshore drilling contractor

Valaris Limited is an offshore drilling contractor headquartered in Houston, Texas, and incorporated in Bermuda. It is the largest offshore drilling and well drilling company in the world, and owns 52 rigs, including 36 offshore jackup rigs, 11 drillships, and 5 semi-submersible platform drilling rigs.

<span class="mw-page-title-main">APA Corporation</span> American energy company

APA Corporation is the holding company for Apache Corporation, an American company engaged in hydrocarbon exploration. It is organized in Delaware and headquartered in Houston. The company is ranked 431st on the Fortune 500.

<span class="mw-page-title-main">Smith International</span>

Smith International was a Fortune 500 company headquartered in the Greenspoint district and in unincorporated Harris County, Texas. Smith International ceased to exist as an independent company following the merger with Schlumberger. This company supplies products to gas and oil production and exploration companies. The company used to be identified by its red Sii logo. The company has recently changed its logo to consist of the word "SMITH" in black capital letters with a green globe.

Noble Energy, Inc. was a company engaged in hydrocarbon exploration headquartered in Houston, Texas. In October 2020, the company was acquired by Chevron Corporation.

<span class="mw-page-title-main">Noble Corporation</span> U.K. domiciled energy company

Noble Corporation plc is an offshore drilling contractor organized in London, England. Its affiliate, Noble Corporation, is organized in the Cayman Islands. It is the corporate successor of Noble Drilling Corporation.

Nabors Industries Limited is an American global oil and gas drilling contractor that has operated since 1972. Based in Houston, Texas, Nabors owns the largest land drilling fleet in the world with approximately 400 rigs in more than 20 countries. The company consists of the following business segments: U.S. Drilling, Canada Drilling, International Drilling, Drilling Solutions, and Rig Technologies. Nabors is notable for its historic association with the Guggenheim family.

Oilfield terminology refers to the jargon used by those working in fields within and related to the upstream segment of the petroleum industry. It includes words and phrases describing professions, equipment, and procedures specific to the industry. It may also include slang terms used by oilfield workers to describe the same.

<span class="mw-page-title-main">Newfield Exploration</span> Former energy company; acquired by Encana

Newfield Exploration Company was a petroleum, natural gas and natural gas liquids exploration and production company organized in Delaware and headquartered in Houston, Texas, USA. In February 2019, the company was acquired by Encana.

<span class="mw-page-title-main">Cameron International</span> American oilfield services company

Cameron International Corporation (formerly Cooper Cameron Corporation (CCC) and Cooper Oil Tool, Cameron Iron Works) though now operating under Schlumberger, is a global provider of pressure control, production, processing, and flow control systems as well as project management and aftermarket services for the oil and gas and process industries. Cameron was acquired by Schlumberger (SLB) in 2016, and now operates as 'Cameron, an SLB Company.' At the start of the SLB acquisition in 2015, Cameron employed approximately 23,000 people and delivered $9.8 billion in revenue.

Patterson-UTI Energy provides land drilling and pressure pumping services, directional drilling, rental equipment and technology to clients in the United States and western Canada.

SEACOR Holdings, based in Fort Lauderdale, Florida, provides equipment and services to the offshore petroleum industry and the marine transportation industry.

Grant Prideco, Inc. is a supplier of drill pipe and drill stem accessories headquartered in Houston, Texas. Since 2008, it has been a subsidiary of energy services company NOV Inc. Grant Prideco was included on the Fortune magazine top 1000 largest corporations for several years in the mid-2000s and through the 1990s and early 2000s was the world's largest oilfield drill pipe supplier.

<span class="mw-page-title-main">Chord Energy</span> US Energy Company

Chord Energy Corporation is a company engaged in hydrocarbon exploration and hydraulic fracturing in the Williston Basin in North Dakota and Montana. It is organized in Delaware and headquartered in Houston, Texas, with an office in Williston, North Dakota. The company was formerly known as Oasis Petroleum.

References

  1. 1 2 "Tesco Corporation 2016 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. 1 2 3 "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.