Tesco Corporation acquires TFS assets

Tesco Corporation has signed a definitive agreement with Tech Field Services Inc. (TFS). Under the terms of the agreement, Tesco has acquired the assets of TFS and will incorporate the business into its US After-Market Sales and Service (AMSS) operations.

Tesco and TFS

The combination of the Tesco AMSS United States operations with TFS enhances Tesco’s ability to service and recertify Tesco and Non-Tesco top drive units and other automated pipe handling equipment.

Tesco is a leader in top drive sales, rentals, and after-market services. Established in 2006 in Magnolia, Texas, TFS provides parts, maintenance, and repairs for multiple top drive manufacturers, including Tesco top drive units. In addition to its core AMSS business, TFS offers hydraulic top drive rental units to customers.

Customer service

Tesco COO, Fernando Assing, commented: “Excellent customer service and partnership with our customers is what differentiates Tesco from the competition. Through this acquisition, we welcome a highly skilled, trained workforce to our organisation who value customer service as much as we do. Adding TFS into our family reinforces our commitment to being our customers' strategic partner in eliminating Non-Productive Time (NPT) and our reputation as the premier drilling services company.

“We recognised the need to expand and integrate our service and product offerings in order to achieve our goals. This acquisition accelerates our objective of providing after-market services for all critical pipe handling equipment."

Expansion strategy

Company CEO, Julio Quintana, added: "The addition of TFS to our organistion is an example of Tesco 3.0 at work, the strategy we have discussed with our shareholders and investment community in recent years. We intend to pursue similar expansion to our products and services offerings as the proper opportunities arise. We are committed to pursuing selective acquisitions and investing in research and development as we continue to position ourselves as the Drilling Innovation Company™."

Adapted from press release by Katie Woodward

Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/16052014/tesco_acquires_tfs_742/