|
|
Type
|
Public |
---|---|
Traded as | NASDAQ: TESO S&P 600 Component |
Industry | Oilfield Services |
Founded | 1993, Calgary, Alberta, Canada |
Founder | Robert Tessari |
Headquarters | Houston, Texas, United States |
Area served
|
Global |
Key people
|
Fernando R. Assing, President & CEO |
Revenue | US$513.0 million (2011) |
Number of employees
|
2,000 |
Website | www.tescocorp.com |
Tesco Corporation (Tesco) is an oilfield services company specializing in the design, manufacture and service of technology-based solutions for the upstream energy industry. Its headquarters are located in the Spring Branch district of Houston, Texas, United States.
On August 14, 2017, it was announced that Nabors Industries agreed to acquire Tesco Corporation in an all-stock transaction.
Tesco was created in December 1993 when Shelter Oil and Gas Ltd., Coexco Petroleum Inc., and Forewest Industries Ltd. merged as Tesco Corporation, originally Tesco Drilling Technology, a joint venture between the three. Tesco originally became famous for inventing the first portable land top drive, which won a Special Meritorious Award for Engineering at the 1994 OTC show. Since then, Tesco has branched out into casing running as well, including a casing running tool called the Casing Drive System, or CDS. In 2006, the company moved their headquarters from Calgary, AB to Houston, TX, while continuing to manufacture in Calgary.
On 30 April 2012, Tesco and Schlumberger announced a deal in which Tesco's CASING DRILLING™ division would be sold to Schlumberger for $45 million in cash.
Tesco provides top drive rental services on a day-rate basis for land and offshore drilling rigs and after-market sales and service for its customers. Tesco’s top drive rental fleet comprised 132 units on December 31, 2011. In order of size by region from highest to lowest, Tesco currently has rental units in Latin America, the United States and Canada, Russia, Asia-Pacific, Europe, and the Middle East. In response to the economic downturn and operating conditions during 2009, Tesco redeployed over 10% of Tesco’s U.S. fleet to international locations, including the Middle East, Latin America, Russia and Asia. Tesco's major competitors in the top drive market include National Oilwell Varco, Canrig, a subsidiary of Nabors, and FDS.
Similarly, Tesco provides conventional and proprietary casing running services. The company operates both conventional equipment and a proprietary casing running tool, the Casing Drive System, for rigs equipped with top drives. These technologies were originally developed for CASING DRILLING™, but were discovered to be useful on their own. In addition, several other accessories packages are available. Other companies operating in the same sector include National Oilwell Varco, Franks International, Canrig, and Weatherford International.
List of oilfield service companies
2016-03-03 | Reiterated Rating | FBR & Co. | Outperform | $13.00 to $11.00 |
2016-03-03 | Reiterated Rating | FBR & Co | Outperform | $13.00 to $11.00 |
2016-03-02 | Lower Price Target | Iberia Capital | Sector Perform | $9.00 to $8.00 |
2015-12-01 | Upgrade | Guggenheim | Neutral to Buy | |
2015-11-05 | Lower Price Target | FBR & Co. | Outperform | $16.00 to $13.00 |
2015-10-15 | Lower Price Target | Cowen and Company | Outperform | $14.00 to $10.00 |
2015-08-07 | Upgrade | Guggenheim | Neutral to Buy | $14.00 |
2015-06-19 | Initiated Coverage | Sidoti | Buy | $17.00 |
2015-04-02 | Downgrade | Global Hunter Securities | Accumulate to Neutral | |
2015-04-02 | Downgrade | Seaport Global Securities | Accumulate to Neutral | |
2015-02-09 | Downgrade | Capital One Financial Corp. | Overweight to Equal Weight | |
2014-12-23 | Downgrade | Iberia Capital | Outperform to Sector Perform | |
2014-12-16 | Lower Price Target | FBR & Co. | Outperform | $23.00 to $16.00 |
2014-12-01 | Downgrade | Guggenheim | Buy to Neutral | $23.00 to $16.00 |
2014-10-17 | Upgrade | Cowen and Company | Market Perform to Outperform | $24.00 to $22.00 |
2014-10-14 | Lower Price Target | FBR & Co. | Outperform | $28.00 to $23.00 |
2014-09-22 | Initiated Coverage | Guggenheim | Buy | |
2014-09-16 | Initiated Coverage | KeyBanc | Buy | $25.00 |
2014-09-16 | Initiated Coverage | KeyCorp | Buy | $25.00 |
2014-08-28 | Downgrade | Deutsche Bank | Buy to Hold | |
2014-08-28 | Downgrade | Deutsche Bank AG | Buy to Hold | |
2014-08-06 | Lower Price Target | Global Hunter Securities | $22.00 to $1.00 | |
2014-08-06 | Lower Price Target | Seaport Global Securities | $22.00 to $1.00 | |
2014-05-13 | Boost Price Target | Cowen and Company | $20.00 to $24.00 | |
2014-05-06 | Reiterated Rating | FBR & Co. | Outperform | $27.00 to $28.00 |
2014-03-14 | Upgrade | Capital One Financial Corp. | Equal Weight to Overweight | |
2014-02-25 | Boost Price Target | FBR & Co. | Outperform | $22.00 to $27.00 |
2013-12-20 | Initiated Coverage | Iberia Capital | Outperform | |
2013-12-06 | Initiated Coverage | FBR & Co. | Outperform | |
2013-11-13 | Downgrade | HSBC | Overweight to Neutral | |
2013-11-07 | Initiated Coverage | Stephens | Equal Weight | |
2013-11-05 | Boost Price Target | Global Hunter Securities | Hold | $18.00 to $21.00 |
2013-11-05 | Boost Price Target | Cowen and Company | Market Perform | $18.00 to $20.00 |
2013-10-21 | Downgrade | Capital One Financial Corp. | Add to Neutral | |
2013-10-09 | Reiterated Rating | Cowen and Company | Market Perform | |
2013-01-08 | Downgrade | Dahlman Rose | Buy to Hold | |
2012-10-11 | Reiterated | FBR Capital | Mkt Perform | $12 to $10 |
2011-11-08 | Reiterated | Dahlman Rose | Buy | $20 to $18 |
2011-10-20 | Initiated | Global Hunter Securities | Accumulate | $19 |
2011-07-20 | Initiated | Dahlman Rose | Buy | $26 |
2011-05-09 | Reiterated | FBR Capital | Outperform | $22 to $25 |
2011-03-02 | Reiterated | FBR Capital | Outperform | $17 to $22 |
2010-02-01 | Upgrade | Wunderlich | Sell to Hold | $8 to $13 |
2010-01-20 | Upgrade | FBR Capital | Mkt Perform to Outperform | $10 to $18 |
2009-11-05 | Downgrade | Wunderlich | Hold to Sell | $10 to $8 |
2009-08-07 | Downgrade | Wunderlich | Buy to Hold | $15 to $10 |
2016-03-03 | Reiterated Rating | FBR & Co. | Outperform | $13.00 to $11.00 |
2016-03-03 | Reiterated Rating | FBR & Co | Outperform | $13.00 to $11.00 |
2016-03-02 | Lower Price Target | Iberia Capital | Sector Perform | $9.00 to $8.00 |
2015-12-01 | Upgrade | Guggenheim | Neutral to Buy | |
2015-11-05 | Lower Price Target | FBR & Co. | Outperform | $16.00 to $13.00 |
There is presents forecasts of rating agencies and recommendations for investors about this ticker
In TESO 8 funds of 2213 total. Show all
Fund name | Ticker shares |
---|---|
BlackRock Fund Advisors | 4.04M |
BlackRock Institutional Trust Company, N.A. | 1.11M |
BlackRock Investment Management, LLC | 0.25M |
BlackRock Group LTD | 80581 |
VTL Associates, LLC | 31591 |
BLACKROCK ADVISORS LLC | 25510 |
CAPSTONE ASSET MANAGEMENT CO | 10500 |
HUNTINGTON NATIONAL BANK | 1 |
Name Relationship | Total Shares | Holding stocks |
---|---|---|
LRP V Luxembourg Holdings S.a r.l. | 8.09% (3241617) | TESO / |
Quintana Julio M President and CEO | 0.59% (236581) | BAS / NEM / SM / TESO / |
Kayl Robert L Senior V.P. & CFO | 0.21% (82207) | TESO / |
Foster Jeffrey L Sr. V.P., Top Drives | 0.14% (56752) | TESO / |
Robertson Norman W | 0.12% (47498) | TESO / |
Dyment Fred J | 0.10% (39267) | TESO / |
KOTT GARY L | 0.09% (36935) | TESO / |
Ferris Mihial Dean SVP, Gen Counsel & Corp Sec | 0.06% (23355) | TESO / |
REYNOLDS JOHN T | 0.03% (13398) | LRE / TESO / |
Sloan Thomas B JR Vice President | 0.02% (9907) | NE / TESO / |
Ulakovic Darko Vice President | 0.01% (5933) | TESO / |
Irausquin Michael Vice President, TCUS | 0.01% (3416) | TESO / |