Tesco Corporation and Schlumberger 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.

Subsea World News Staff , May 01, 2012; Image: Tesco