Tesco Corporation, Houston, (Nasdaq: TESO) has reported the acquisition of Premiere Casing Services - Egypt S.A.E. (PCS).

 The transaction marks TESCO's first major entry into the Egyptian tubular services market and positions the company for rapid expansion in the Egyptian onshore and offshore market from the established market position of PCS.  The combination of TESCO's proprietary offerings, including its CDS^TM and CASING DRILLING^TM technologies, with PCS's existing contract portfolio and regionally-mobile workforce also positions the company for further expansion throughout North Africa and the broader Middle East region.

In the transaction, TESCO retains the entire PCS senior management team, and its skilled workforce of approximately 200 personnel, which TESCO plans to integrate into its Dubai-based Middle East Business Unit.  The acquisition is expected to be immediately accretive to TESCO's existing Tubular Services business.

"This acquisition is another step in our stated strategy of capturing tubular services companies in key geographical regions," says Julio M. Quintana, president and CEO of Tesco. "The Middle East is a key strategic market for TESCO, particularly in our Tubular Services and CASING DRILING™ segments.  We are very pleased to welcome the Premiere Team to the TESCO family".