Exhibit 99.1
tescologoa44.jpgNews Release

Tesco Corporation Reports Second Quarter 2017 Results

Liquidity of $72.5 million and no debt at the end of the second quarter, after funding approximately $5 million of working capital growth during the second quarter
Reported U.S. GAAP diluted EPS was a loss of $(0.26) on a net loss of $12.1 million and adjusted EPS was a loss of $(0.25) on an adjusted net loss of $11.6 million, after $0.5 million in charges
Adjusted EBITDA loss improved 17% to $(3.9) million in the second quarter
Revenue increased by 9% to $40.1 million, driven by stronger Tubular Services in North America

HOUSTON, August 8, 2017 -- Tesco Corporation ("TESCO" or the "Company") (NASDAQ: TESO) today reported second quarter 2017 financial and operating results.

Second Quarter Operating Results

Fernando Assing, TESCO's President and Chief Executive Officer, commented, "Our business continues to improve and the second quarter results reflect the benefit of the stronger U.S. land market and growing CDS sales as customers continue to recognize the benefits of drilling automation. Despite some new product shipping delays to the third quarter, revenue and EBITDA both improved sequentially."

TESCO reported revenue of $40.1 million in the second quarter of 2017, up from $36.7 million, or 9%, in the first quarter of 2017, and up from $33.6 million, or 19%, in the second quarter of 2016. The sequential increase in revenue was primarily from higher land tubular services and CDS sales in the U.S.

TESCO reported a U.S. GAAP net loss of $12.1 million, or $(0.26) per share, in the second quarter of 2017. Adjusted net loss for the quarter was $11.6 million, or $(0.25) per share, excluding special items, consisting primarily of charges related to restructuring costs. This compares to a U.S. GAAP net loss of $13.7 million, or $(0.29) per diluted share, in the first quarter of 2017, and a U.S. GAAP net loss of $18.9 million, or (0.47) per diluted share, in the second quarter of 2016. Adjusted net loss in the first quarter of 2017 was $13.4 million, or $(0.29) per diluted share, and in the second quarter of 2016 was $15.8 million, or $(0.39) per diluted share.

Adjusted EBITDA loss was $3.9 million in the second quarter of 2017 compared to an adjusted EBITDA loss of $4.7 million in the first quarter of 2017 on a 9% revenue increase. For the second quarter of 2017, U.S. GAAP operating loss was $11.5 million and adjusted operating loss was $11.4 million. This compares to the first quarter 2017 U.S. GAAP operating loss of $12.9 million and adjusted operating loss of $12.1 million, which excluded $0.8 million of charges.

Cash and cash equivalents as of June 30, 2017 decreased from the first quarter of 2017 by $10.6 million to $72.5 million primarily due to higher accounts receivable and inventory. Accounts receivable was impacted by approximately $4 million due to payment delays on certain top drive shipments and slower collections than anticipated from several larger customers. These balances should be collected in the third quarter of 2017. In addition, inventory increased by approximately $3 million due to two top drive orders shifting to the third quarter of 2017 and higher aftermarket inventory to support recertification projects shipping in the third quarter of 2017.

Free cash flow was a use of cash of $10.5 million before approximately $0.3 million of restructuring payments.




The following information was filed by Tesco Corp (TESO) on Tuesday, August 8, 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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