Exhibit 99.1
tescologoa44.jpgNews Release

Tesco Corporation Reports Third Quarter 2016 Results

Liquidity of $90 million and no debt at the end of the third quarter
Reported U.S. GAAP diluted EPS was a loss of $(0.48) on a net loss of $22.1 million and adjusted EPS was a loss of $(0.37) on an adjusted net loss of $17.3 million, after $0.11 in charges
Adjusted EBITDA loss was $9.1 million for the third quarter, compared to a loss of $7.5 million for the second quarter
First offshore catwalk system delivered during the quarter
Automated Rig Controls technology gets commercialized with six systems in the field with positive feedback

HOUSTON, November 4, 2016 -- Tesco Corporation ("TESCO" or the "Company") (NASDAQ: TESO) today reported third quarter 2016 financial and operating results.

Third Quarter Operating Results

Fernando Assing, Tesco's Chief Executive Officer, commented, "With global energy markets signaling the formation of an oilfield services activity bottom late in 2016, we are well positioned competitively and have a liquidity position that will allow us to take advantage of opportunities to start growing our business and deploying our new technologies."

Tesco reported revenue of $30.4 million for the third quarter ended September 30, 2016, down from $33.6 million, or 10%, in the second quarter of 2016, and down from $61.4 million, or 50%, for the third quarter of 2015. The sequential decline in revenue was primarily from expected lower new product sales.

Tesco reported a U.S. GAAP net loss of $22.1 million, or $(0.48) per share, for the third quarter ended September 30, 2016. Our adjusted net loss for the quarter was $17.3 million, or $(0.37) per share, excluding special items, consisting primarily of several charges related to inventory and restructuring costs. This compares to a U.S. GAAP net loss of $18.9 million, or $(0.47) per diluted share, in the second quarter of 2016, and a U.S. GAAP net loss of $19.9 million, or $(0.51) per diluted share, for the third quarter of 2015. Adjusted net loss in the second quarter of 2016 was $15.8 million, or $(0.39) per diluted share, and in the third quarter of 2015 was $12.5 million, or $(0.32) per diluted share.

Adjusted EBITDA loss was $9.1 million for the third quarter compared to adjusted EBITDA loss of $7.5 million in the second quarter of 2016 on a 10% revenue decline. For the third quarter of 2016, U.S. GAAP operating loss was $21.9 million and adjusted operating loss was $17.4 million, which excludes the impact of $4.5 million of charges. This compares to the second quarter 2016 U.S. GAAP operating loss of $19.2 million and adjusted operating loss of $16.0 million, which excludes $3.2 million of charges.

Cash and cash equivalents as of September 30, 2016 decreased from the second quarter by $7.3 million to $90.1 million primarily due to restructuring payments of $0.8 million, $3 million of certain international receivables not collected until October and the cash collateralization of $2 million of letters of credit due to the non-renewal of the credit facility. During the quarter, Tesco elected not to proceed with a credit facility replacement as the costs and restrictions were not proportional to the borrowing availability.

Free cash flow was a use of cash of $5.7 million before approximately $0.8 million of restructuring payments. The sequential decline was primarily caused by the $3 million in collection delays, higher capital spending of over $1 million and lower used equipment sales of over $1 million. However, inventory declined by approximately $5 million, excluding reserves, from product sales and improved supply chain management.






The following information was filed by Tesco Corp (TESO) on Friday, November 4, 2016 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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