Business Ethics

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TESCO Corporation
Business Ethics Policy
Message from the President ............................................................... 1 Ethics and Business Conduct ............................................................. 2 Conflict of Interest and Other Misconduct ...................................... 4 International Business ........................................................................ 6 Corporate Information and Confidentiality .................................... 8 Employment Practices ........................................................................ 9 Health and Safety .............................................................................. 10 Environment ...................................................................................... 11 Whistleblower Policy and Procedure…………………………….12 Compliance......................................................................................... 14

Message from the President
TESCO is an international company with a strong reputation for providing quality products and services. We continually seek to deliver the best results for the Company, the highest return to our shareholders, and the most beneficial service to our customers.

Ethical conduct is defined as that which is morally correct and honorable. To maintain our valuable reputation, and to build on our success, we must conduct our business in a manner that is legal as well as ethical. This Business Ethics Policy establishes TESCO's commitment to following ethical business practices. It details the fundamental principles of ethical business behavior and defines the responsibilities of all employee and Company representatives. Familiarize yourself with this Ethics Policy and with the other corporate Policies that relate to it. I expect managers and supervisors to promote compliance by example and by providing guidance to other employees.

In the course of conducting your business for TESCO you will occasionally find yourself faced with difficult choices. A circumstance will present itself that gives you reason to pause and consider whether you are about to violate the principles contained in this Ethics Policy. At such times always pause and defer your decision until you have had the opportunity to discuss the matter with one or more members of the Executive Management Team as it is constituted from time to time, or the Legal Department.

Julio M. Quintana
President and Chief Executive Officer
TESCO Corporation

MAY 6, 2004

PAGE 1

ETHICS POLICY

Ethics and Business Conduct
All employees contribute to TESCO's reputation; therefore, it is important that all employees adhere to ethical guidelines. Always follow these principles: Compliance with Laws
TESCO business, whether domestic or international, must be conducted in compliance with all applicable laws and regulations. Be aware of the legal requirements that apply to your job, and follow those laws strictly. TESCO will not tolerate illegal activity conducted for personal gain or on the Company’s behalf.

Lack of knowledge of the law will not excuse your non-compliance with this Ethics Policy. If you have questions or if you require assistance with legal matters contact TESCO's Legal Department.
Honesty and Integrity
Consider TESCO’s reputation and credibility in all your business relationships. Be honest and honorable in all dealings with other employees, the public, the business community, shareholders, customers, suppliers, competitors, and government authorities.

Entertainment and Gifts
Never accept a gift, entertainment, or any other benefit from an individual or organization doing business with TESCO if that gift, entertainment or benefit could influence your decisions or, if it were made public, might appear to have influenced your business decision.

Any gift, entertainment, or benefit you provide to a business associate must be modest in scope and value. Never provide a gift, entertainment or benefit that...
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