The reorganization decision comes as a result of an organizational structure review undertaken by Tesco, in order to streamline and enhance the effectiveness of its business lines.
The Top Drive business will comprise of top drive sales, top drive rentals, and aftermarket sales and service. The Casing Services business will include casing drilling and casing running, as well as downhole tool rental and accessory sales.
The company intends to emphasize the sales of top drives, broaden the marketing of its top drive rental fleet and expand its position as a provider of after market sales and service. In particular, Tesco will focus on lowering its cost structure, while continuing to expand its efforts in the growing markets for top drive rentals and sales in the eastern hemisphere.
To date, Tesco’s casing running strategy has focused on the high value benefits of rotating and circulating casing. Moving forward, Tesco will mainstream this technology by further emphasizing the benefits of the fully-mechanized nature of its proprietary casing running technology, and the significant safety improvements and reduction in the staffing requirements of casing crews.
Commenting on behalf of Tesco’s management and its board of directors, Robert Tessari, president and CEO, said We will continue to focus our efforts on the commercialization of our new proprietary technologies and emphasize the excellent service culture for which Tesco has long been recognized.
