LRP V Luxembourg Holdings S.a r.l.

July 13, 2009 17:22 ET

LRP V Luxembourg Holdings S.a r.l. Announces Acquisition of 4,990,416 Common Shares of Tesco Corporation

CALGARY, ALBERTA--(Marketwire - July 13, 2009) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

LRP V Luxembourg Holdings S.a r.l. ("LRP") announces that on July 13 it acquired 4,990,416 common shares ("Purchased Shares") of Tesco Corporation ("Tesco") at a price of USD$7.45 (approximately CAD$8.68) pursuant to a stock purchase agreement (the "Purchase Agreement") dated July 13, 2009 among LRP and Centennial Energy Partners, L.P., Hoyt Farm Partners, L.P., Quadrennial Partners, L.P., Centennial Energy Partners V, L.P. and Peter K. Seldin (collectively the "Selling Shareholders") (the "Acquisition"). After giving effect to the common shares acquired pursuant to the Acquisition, the Purchased Shares represent approximately 13.3% of the outstanding common shares of Tesco.

Following completion of the Acquisition of the Purchased Shares, LRP holds 5,146,060 common shares representing approximately 13.7% of the outstanding common shares of Tesco.

LRP acquired the Purchased Shares for investment purposes. LRP may in the future take such actions in respect of its shareholdings in Tesco as it may deem appropriate in light of the circumstances then existing, including the purchase of additional shares or other securities of Tesco through open market purchases or privately negotiated transactions, or the sale of all or a portion of its holdings in the open market or in privately negotiated transactions to one or more purchasers.

A copy of LRP's related early warning report filed with the applicable securities commissions and further information may be obtained by contacting Eric Vanderkerken or Hamish Hector Lawrence Ross, the Managers of LRP.

Contact Information

  • LRP V Luxembourg Holdings S.a r.l.
    Eric Vanderkerken
    Manager
    352 268 901
    352 268 901 69 (FAX)
    or
    LRP V Luxembourg Holdings S.a r.l.
    Hamish Hector Lawrence Ross
    Manager
    352 268 901
    352 268 901 69 (FAX)