LRP V Luxembourg Holdings S.a r.l. Announces Sale of Common Shares of Tesco Corporation

CALGARY, ALBERTA--(Marketwired - Nov. 22, 2013) -

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

LRP V Luxembourg Holdings S.à r.l. ("LRP") announces that it sold 1,070,000 common shares (the "Shares") of Tesco Corporation ("Tesco") pursuant to Rule 144 of the Securities Act of 1933 (U.S.) (the "Sale"). LRP sold the Shares at a price of $18.63 USD per common share, for an aggregate sale price of $19,934,100 USD. The Shares represent approximately 2.74% of the outstanding common shares of Tesco. Prior to the Sale, LRP held 6,877,799 common shares of Tesco (approximately 17.59% of the issued and outstanding common shares of Tesco prior to giving effect to the Sale).

Following completion of the Sale, LRP held 5,807,799 Shares representing approximately 14.85% of the outstanding common shares of Tesco.

LRP sold the Shares in the normal course in accordance with its investment objectives. 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 Hille‐Paul Schut or Hamish Hector Lawrence Ross, the Managers of LRP at: Telephone: 352 263 02271 and Facsimile: 352 263 02272.