Tesco makes tools for those who work alfresco. The company makes drilling equipment for oil and gas producers worldwide and is organized around four business lines: top drives, tubular services, casing drilling, and research and engineering. Tesco maintains a rental fleet of portable units, or top drives. Its Tubular Services unit offers proprietary offerings and conventional casing and tubing running services. Tesco's casing drilling technology allows drilling of wells without the use of drill pipe. The company's blow-out preventers and active control units are used for snubbing, air drilling, and underbalanced drilling. Tesco also offers complete drilling rigs, drilling machinery, and related equipment.
In 2011 the company acquired the Egyptian company Premiere Casing Services (PCS). PCS, a tubular services provider for the onshore and offshore oil and gas industry in Egypt, will be integrated into the TESCO Middle East Business Unit . The transaction, the first for TESCO in that market, will utilize the current PCS contract portfolio and workforce and positions the company for further expansion of operations in the region. The terms of the deal were not disclosed.
Tesco is focusing on its technology, looking to change the way people drill wells by making drilling more efficient and less costly for the upstream energy industry. It also seeking to deliver safer drilling methods and reducing risks to personnel and assets for both surface and downhole drilling operations. The company has been concentrating on commercializing its investment in its proprietary technologies and has brought in executives to oversee the commercialization of its technologies while letting other managers focus on their areas of expertise.
Tesco estimates that about 95% of the world's offshore rigs are equipped with top drives. The company sees a major growth potential in the land rig market (only 60% of land rigs currently use top drive systems). (Tesco was first top drive maker to provide portable top drives for land drilling rigs.)
In 2008 it formed a new segment, under the CASING DRILLING name. CASA DRILLING allows wells to be drilled with conventional oilwell casing, but in a manner that reduces both drilling time and minimizes the use of conventional drill pipe and drill collars and the problems associated with their use.
The global recession and the resulting lower commodity priced and weakened demand for oil and gas activities hurt the company's revenues and income in 2009. Demand began to pick up again in 2010. – less