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

CALGARY, ALBERTA--(Marketwired - March 12, 2014) -

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 1,500,000 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 $17.06 USD per share, for an aggregate sale price of $25,590,000 USD. The Shares represent approximately 3.78% of the outstanding Shares. Prior to the Sale, LRP held 5,807,799 Shares (approximately 14.63% of the issued and outstanding Shares).

Following completion of the Sale, LRP held 4,307,799 Shares representing approximately 10.85% of the outstanding Shares.

In addition to the common shares of Tesco held by LRP, John T. Reynolds ("Mr. Reynolds"), a director of LRP GP V, Inc., in his capacity as a member of the Board of Directors of Tesco, holds an aggregate of 35,700 options to purchase Shares ("Options"), 7,534 restricted share units ("RSUs") and 10,066 Shares. In the event all Options and RSUs held by Mr. Reynolds were exercised or redeemed, as the case may be, for Shares, the Shares owned by Mr. Reynolds together with the Shares owned by LRP would total 4,361,099 Shares, representing approximately 10.98% of the then outstanding Shares.

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 Patrick Lauria, the Managers of LRP at: Telephone: 352 263 02271 and Facsimile: 352 263 02272.