Exhibit 99.1
tescologoa44.jpgNews Release

Tesco Corporation Reports First Quarter 2017 Results

Liquidity of $83.1 million and no debt at the end of the first quarter, after funding approximately $1.1 million of payments for restructuring, $1.6 million for U.S. property taxes and $6 million of receivables growth
Reported U.S. GAAP diluted EPS was a loss of $(0.29) on a net loss of $13.7 million and adjusted EPS was a loss of $(0.29) on an adjusted net loss of $13.4 million, after $0.3 million in charges
Adjusted EBITDA loss was $4.7 million for the first quarter, compared to a loss of $4.4 million for the fourth quarter of 2016

HOUSTON, May 9, 2017 -- Tesco Corporation ("TESCO" or the "Company") (NASDAQ: TESO) today reported first quarter 2017 financial and operating results.

First Quarter Operating Results

Fernando Assing, TESCO's President and Chief Executive Officer, commented, "While our first quarter results reflect the benefit of the stronger U.S. land market, the results also reflect the continued weakness in multiple international and offshore markets. We continue to deploy our new technologies and commercial innovation to be positioned to take advantage of opportunities in these markets as they begin to recover in subsequent quarters."

TESCO reported revenue of $36.7 million in the first quarter of 2017, up from $35.3 million, or 4%, in the fourth quarter of 2016, and up from $35.5 million, or 3%, in the first quarter of 2016. The sequential increase in revenue was primarily from higher sales of new products and aftermarket services as well as land tubular services in the U.S.

TESCO reported a U.S. GAAP net loss of $13.7 million, or $(0.29) per share, in the first quarter of 2017. Adjusted net loss for the quarter was $13.4 million, or $(0.29) per share, excluding special items, consisting primarily of charges related to restructuring costs. This compares to a U.S. GAAP net loss of $20.1 million, or $(0.43) per diluted share, in the fourth quarter of 2016, and a U.S. GAAP net loss of $56.8 million, or $(1.45) per diluted share, in the first quarter of 2016. Adjusted net loss in the fourth quarter of 2016 was $13.3 million, or $(0.28) per diluted share, and in the first quarter of 2016 was $17.9 million, or $(0.46) per diluted share.

Adjusted EBITDA loss was $4.7 million in the first quarter of 2017 compared to an adjusted EBITDA loss of $4.4 million in the fourth quarter of 2016 on a 4% revenue increase. For the first quarter of 2017, U.S. GAAP operating loss was $12.9 million and adjusted operating loss was $12.1 million, which excludes the impact of $0.8 million of charges. This compares to the fourth quarter 2016 U.S. GAAP operating loss of $18.9 million and adjusted operating loss of $13.1 million, which excluded $5.8 million of charges.

Cash and cash equivalents as of March 31, 2017 decreased from the fourth quarter of 2016 by $8.4 million to $83.1 million primarily due to restructuring payments of $1.1 million, U.S. property taxes of $1.6 million and higher receivables of $6.0 million.

Free cash flow was a use of cash of $9.2 million before approximately $1.1 million of restructuring payments. The sequential decline was primarily caused by an increase in accounts receivable of over $6.0 million, driven by sequential revenue increase and nearly $4 million in international collection delays that have been substantially collected so far this quarter.



The following information was filed by Tesco Corp (TESO) on Tuesday, May 9, 2017 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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