Trading Symbol:
“TESO” on NASDAQ

HOUSTON, April 30, 2012 /PRNewswire/ – Tesco Corporation and Schlumberger today
announced that they have signed a definitive agreement for Schlumberger
to acquire Tesco’s CASING DRILLING™ division for $45 million in cash.

“The sale of CASING DRILLING™ will allow Tesco to focus on delivering
best-in-class service quality and return on capital employed; a key
part of our go forward strategy,” said Julio M. Quintana, Chief
Executive Officer and President of Tesco Corporation. “Tesco has been
an innovator throughout our history and our innovative culture
continues to foster new ideas that will add long-term value to our
shareholders. CASING DRILLING™ has been one of our key technologies
developed over the years. The time is right to expand the market for
this technology through this sale to Schlumberger. With the momentum
provided by this transaction and the strength and profitability of our
remaining product lines, we are very excited about our future
opportunities.”

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.

Tesco Corporation has scheduled a conference call to discuss the
transaction today, Monday April 30, 2012 at 8:00AM Central Time.
Individuals who wish to participate in the conference call should dial
US/Canada (877) 312-5422 or International (253) 237-1122 approximately
five to ten minutes prior to the scheduled start time of the call. The
conference ID for this call is 77088845.

The conference call and all questions and answers will be recorded and
made available until May 30, 2012. To listen to the recording call
(855) 859-2056 or (404) 537-3406 and enter conference ID 77088845.

The conference call will be webcast live as well as for on-demand
listening at the Company’s web site, www.tescocorp.com. Listeners may access the call through the “Conference Calls” link in
the Investor Relations section of the site.

About Tesco Corporation
Tesco Corporation is a global leader in the design, manufacture and
service of technology based solutions for the upstream energy
industry. TESCO seeks to change the way people drill wells by
delivering safer and more efficient solutions that add real value by
reducing the costs of drilling for and producing oil and gas. For more
information, visit www.tescocorp.com.

About Schlumberger
Schlumberger is the world’s leading supplier of technology, integrated
project management and information solutions to customers working in
the oil and gas industry worldwide. Employing approximately 113,000
people representing over 140 nationalities and working in approximately
85 countries, Schlumberger provides the industry’s widest range of
products and services from exploration through production.

Schlumberger Limited has principal offices in Paris, Houston and The
Hague and reported revenues of $39.54 billion in 2011. For more
information, visit www.slb.com.

CASING DRILLING and Casing Drive System are trademarks of Tesco
Corporation.

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

Certain statements in this news release about the Casing Drilling
business and Tesco Corporation’s expectations regarding the timing for
the closing of the sale are forward-looking. These forward-looking
statements are based on certain assumptions and reflect Tesco
Corporation’s current expectations. As a result, forward-looking
statements are subject to a number of risks and uncertainties that
could cause actual results or events to differ materially from current
expectations. There can be no assurance that the sale of the Casing
Drilling business will be completed. Except as may be required by
applicable law, Tesco Corporation disclaims any obligation to update or
revise any forward-looking statements. Some of the material risk
factors that could cause actual results or events to differ materially
from those expressed in or implied by forward-looking statements in
this news release are discussed in materials that Tesco Corporation
from time to time files with, or furnishes to, the Canadian securities
regulatory authorities and the U.S. Securities and Exchange Commission.
Tesco Corporation’s annual and quarterly reports are also available in
the “Investor Relations” section of www.tescocorp.com.

SOURCE Tesco Corporation