Tesco Form 4 TESCO / Raymond Vance QC Milligan ownership change

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

Milligan Raymond Vance QC

(Last) (First) (Middle)

11330 CLAY ROAD

SUITE 350

(Street)

HOUSTON TX 77041

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
TESCO CORP [ TESO ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	10% Owner
	Officer (give title below)	Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
11/07/2015

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	11/07/2015	11/09/2015(1)	M(2)		867	A	$0(3)	28,533	D
Common Stock	11/08/2015	11/09/2015(4)	M(5)		1,300	A	$0(3)	29,833	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Restricted Stock Unit	(6)	11/07/2015	11/09/2015	M(2)			867	(7)	11/07/2016	Common Stock	867	$0.0000	867	D
Restricted Stock Unit	(8)	11/08/2015	11/09/2015	M(5)			1,300	(7)	11/08/2015	Common Stock	1,300	$0.0000	0.0000	D

Explanation of Responses:

1. The vest date occurred on Saturday, November 7, 2015; therefore, the deemed vest date was Monday, November 9, 2015.

2. On November 7, 2013, the Reporting Person received a grant of Restricted Stock Units (RSUs) under the Amended and Retated 2005 Tesco Corporation Incentive Plan. The RSUs vested on the anniversary date of the grant. Under the terms of the Plan, the Cmpany redeemed the vested RSUs for an equal number of shares of common stock of the Company. The defined terms in this footnote are used throughout this Form 4.

3. The Reporting Person received shares of common stock of the Company upon the vesting and redemption of an equal number of RSUs. The Reporting Person received the shares at no cost. The market value of the shares of common stock was calculated in accordance with the Plan at US$8.35.

4. The vest date occurred on Sunday, November 8, 2015; therefore, the deemed vest date was Monday, November 9, 2015.

5. On November 8, 2012, the Reporting Person received a grant of Restricted Stock Units (RSUs) under the Amended and Restated 2005 Tesco Corporation Incentive Plan. The RSUs vested on the anniversary date of the grant. Under the terms of the Plan, the Company redeemed the vested RSUs for an equal number of shares of common stock of the Company.

6. The Company redeemed RSUs from a grant received by the Reporting Person on November 7, 2013. Under the terms of the Plan, there is no conversion price.

7. The RSUs vest equally over three years on the anniversary of the grant date.

8. The Company redeemed RSUs from a grant received by the Reporting Person on November 8, 2012. Under the terms of the Plan, there is no conversion price.

	Dean Ferris, Attorney-in-fact	11/10/2015
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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