Tesco reported revenue of $52.2 million for the fourth quarter ended December 31, 2015, down from $61.4 million, or 15%, in the third quarter of 2015 and down from $134.5 million, or 61%, in the fourth quarter of 2014. The sequential decline in revenue was primarily from lower activity and revenues in North America and Latin America for our rental and AMSS offerings.

Fernando Assing, TESCO's Chief Executive Officer, commented, "We continue to be impacted by market conditions that reduced drilling activity and pricing. We are positioning our business under the assumption that the market will be lower for longer. Consistent with our commitment of sustainability through the current market, we implemented additional global restructuring actions in the third quarter with annualized savings of approximately $5 million, bringing our total annualized savings from restructuring to $40 million. These actions are designed to lower our cost structure and better match current market activity. We continue to see opportunities to improve our operating performance and improve cash generation".

TESCO reported a net loss of $27.5 million, or $(0.71) per diluted share, for the second quarter ended June 30, 2015. Excluding certain special items, consisting of a valuation allowance on Canadian deferred tax assets, restructuring costs, specific warranty reserves for new products, certain foreign currency losses and specific bad debt expense related to an international customer, TESCO reported an adjusted net loss for the quarter of $8.0 million, or $(0.21) per diluted share. This compares to a net loss of $8.3 million, or $(0.21) per diluted share, in the first quarter of 2015, and net income of $12.7 million, or $0.31 per diluted share, for the second quarter of 2014. Adjusted net loss in the first quarter of 2015 was $3.3 million, or $(0.08) per diluted share, and in the second quarter of 2014 was $11.9 million, or $0.29 per diluted share.