IPAA OGIS West

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• IPAA OGIS West
• Oil Gas Investment Symposium
• October, 2005

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Corporate Information
Forward Looking Statement This presentation
contains statements that may constitute
forward-looking statements within the meaning
of the US Private Securities Litigation Reform
Act of 1995. These statements include, among
others, statements regarding expectations of
future revenue, activities, capital expenditures,
earnings and technical results. These statements
are based on current expectations that involve a
number of risks and uncertainties, which could
cause actual results to differ from those
anticipated. These risks include, but are not
limited to the background risks of the drilling
services industry (e.g. operational risks
potential delays or changes in plans with respect
to customers exploration or development projects
or capital expenditures the uncertainty of
estimates and projections relating to levels of
rental activities uncertainty of estimates and
projections of costs and expenses risks in
conducting foreign operations (e.g. political and
fiscal instability) and exchange rate
fluctuations) uncertainty and risks in technical
results and performance of technology and other
uncertainties.
Julio M. Quintana President and Chief Executive
Officer
Michael C. Kearney Executive Vice President
Finance Chief Financial Officer
Tesco Corporation 11330 Brittmoore Park
Drive Houston, TX 77041 Phone (713)
849-5900 Fax [phone] Web
www.tescocorp.com
Investor Relations Contact Kristi Rector (281)
721-3970 kristi_rector_at_tescocorp.com
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TESCO at a Glance

• Global leader in design and delivery of
  technology-based
• solutions for the drilling industry
• Two segments Top Drives
• Casing Services
• Founded in 1986 IPO in 1993
• Listed TSX (TEO)
• NASDAQ (TESOF)
• 52 week stock price range CAD10.70-19.90
  / US8.55-16.97
• 30 day average stock price CAD18.02 /
  US14.96
• Market Cap (millions) CAD634 /
  US541

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Business Segments

• CASING SERVICES
• Casing Running
• Proprietary
• Conventional
• CASING DRILLING

• TOP DRIVES
• Rental
• Sales
• Aftermarket Sales and Service

Revenue
Segment Operating Income
Casing Services
Casing Services
1st 6 Months 2005
Top Drive
8.4
34.6
Top Drive
20.4
71.5
Millions CAD
Total 106.1
Total 28.8
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Global Reach
Moscow, Russia
Aberdeen, Scotland
Calgary, Canada
Beijing, China
Houston, Freer, Kilgore Carthage, Texas
Athens Jena, Louisiana
Dubai, UAE
Ciudad del Carmen, Mexico
El Tigre, Venezuela
Jakarta, Indonesia
San Mateus Natal, Brazil
Rio de Janeiro, Brazil
Perth, Australia
Buenos Aires Neuquen,Argentina
TESCO Offices
950 Employees in 23 countries
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Top Drives

• Invented portable Top Drive
• Created Top Drive rental market
• Will rent or sell Top Drives
• Hydraulic
• Electric
• Growing Aftermarket Sales
• and Service business

Other
Other
Canrig
NOV
TESCO
TESCO
Units Installed
Rental Market
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Top Drive Market
Offshore Rigs with Top Drives 95
Land Rigs without Top Drives 75
Land Rigs with Top Drives 25
Offshore Rigs without Top Drives 5
Total Offshore Rigs
Total Land Rigs North America
150
2,150 International 550

900 (Excluding FSU China) Total Rigs
700
3,050

• Expected offshore replacement / sale market
  growth of 5 per year
• Expected growth of land rig market 15 per year
• China FSU are two large markets with minimal
  complements of top drives

_______________________ Sources IADC, CAODC,
TESCO Research
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Top Drives
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Casing Services

• CASING DRILLING
• Integrated drill entire well with retrievable
  tool system
• Interval drill selected intervals
  retrievable or non-retrievable
• Partnership with Baker Hughes for EZCase
  solution
• Casing Running
• Proprietary Casing Running Service
• Game changing technology
• Quantum leap in safety profile
• Near term growth engine
• Conventional Casing Running
• Bo Gray and AM Tubular
• N.E. Texas / N. Louisiana
• Recent SE Asia Acquisition

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Animation of CASING DRILLING Technology
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CASING DRILLING Technology
CASING DRILLING PROCESS

• What is it?
• Simultaneously drill and case wells
• Trip bottom hole assemblies by
• wireline instead of drill pipe
• Combines LWD/MWD and rotary
• steerable technology
• Developed the only commercial
• directional system in the market
• Drilled over 1.75 million feet and
• over 240 wells
• Drilled onshore and offshore,
• including 30 directional wells
• Deployed on both conventional
• and purpose built rigs
• Advantages
• Time savings
• Material savings
• Increases production through
• reduced reservoir damage

CONVENTIONAL DRILLING PROCESS

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Casing Running
Proprietary
Conventional
TESCOs technology is a Game Changing
technology due to Safety Elimination of high
risk stabber and power tong positions
Performance Can rotate casing to bottom
through trouble zones, improve cementing
results Reliability Proven performance
and market acceptance Flexibility Adapts to all
Top Drives Efficiency Cost reduction
Mechanized
Manual, Labor Intensive
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Animation of Proprietary Casing Running
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Rapid Acceptance of TESCOsCasing Services
Proprietary Casing Running
CASING DRILLING
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Casing Services
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• Financial Overview

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Consolidated Income Statement
Millions CAD, except EPS
Note Pre-tax restructuring charges of 28.1
million and 4.9 million in FY 2003 and FY 2004,
respectively.
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Strong Balance Sheet
Millions CAD
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Improving Free Cash Flow
Millions CAD
Note Pre-tax restructuring charges of 28.1
million and 4.9 million in FY 2003 and FY 2004,
respectively.
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Vision Going Forward

• Refocus Top Drive rental, sales and aftermarket
  business
• Capture high value offshore market for CASING
  DRILLING
• Revolutionize the casing running process
• Instill fiscal discipline throughout the
  organization
• Improve return on capital employed

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• IPAA OGIS West
• Oil Gas Investment Symposium
• October, 2005