EQS-News: Schoeller-Bleckmann Oilfield Equipment AG acquires well completion specialist “Praxis Completion Technology” | Brandaktuell - Nachrichten aus allen Bereichen

EQS-News: Schoeller-Bleckmann Oilfield Equipment AG acquires well completion specialist “Praxis Completion Technology”

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EQS-News: Schoeller-Bleckmann Oilfield Equipment AG / Key word(s):
Acquisition
Schoeller-Bleckmann Oilfield Equipment AG acquires well completion
specialist “Praxis Completion Technology”

01.06.2023 / 13:25 CET/CEST
The issuer is solely responsible for the content of this announcement.

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PRESS RELEASE

SBO acquires well completion specialist “Praxis Completion Technology”

• Acquisition of additional completion technology strengthens SBO’s
positioning
• Transaction to close in the second half of 2023

Ternitz/Vienna, 1 June 2023. Schoeller-Bleckmann Oilfield Equipment AG
(SBO) strengthens its market positioning in the well completion segment
outside North America with the acquisition of Praxis Completion Technology
FZCO. The Dubai-based company with branch in Saudi-Arabia is a leader in
the manufacture of packers that isolate the annulus from the production
tubing to allow for controlled production, thereby increasing the rate of
production from the well. In the past fiscal year, which ended on 31
December 2022, Praxis Completion Technology generated sales of around MUSD
15 with 30 employees. The company will become a subsidiary of The WellBoss
Company and will complement their product offering. The WellBoss Company
has been a leader in the manufacture of well completion equipment for
years.

The acquisition not only strengthens SBO’s positioning in the Middle East,
which is considered the market with the greatest growth momentum in the
energy sector, but also adds an expedient technology to the Company’s
offering in the well completion segment. In addition, Praxis products will
also be used for carbon capture & storage (CCS) applications in the
future. This underpins SBO’s Strategy 2030, in which ESG is firmly
anchored.

Signing of the purchase agreement took place today. Closing is expected
for the second half of 2023, subject to regulatory approvals. The purchase
price for the acquisition of all shares in the company of MUSD 22 – of
which 80 % is due at Closing and 20 % two years after Closing – will be
increased by the results generated from 1 January 2023 to Closing, as well
as working capital adjustments.

SBO’s CEO Gerald Grohmann: “In our Strategy 2030, we have set ourselves
the clear goals of maintaining our market-leading position in our core
business by continuing to invest in research & development and bolt-on
acquisitions. At the same time, we are expanding our presence in the
Middle East, which is an important market for our industry. The future
applications of Praxis Completion Technology’s products for carbon capture
and storage offer exciting opportunities to participate in this growing
market and will help to reduce the global CO2 emissions.”

About SBO

SCHOELLER-BLECKMANN OILFIELD EQUIPMENT Aktiengesellschaft (SBO) is a
globally operating group of companies and world market leader in the
manufacture of high-alloy, non-magnetic stainless steels. The SBO Group is
engaged in high-precision production of stainless steels as special
components for the oil, gas and other industries by applying innovative
and additive technologies. The SBO Group is equally recognized worldwide
for its directional drilling tools and equipment for well completion. With
its subsidiaries and more than 1,500 employees worldwide, the Group is
successfully positioned in technologically demanding, profitable niches.
The Group is headquartered in Ternitz, Austria. Making an active
contribution to energy transition is a key element of the Group’s Strategy
2030. More detailed information on the Strategy 2030 and sustainable
management (ESG) is available in the Annual Report 2022
at [1] https://www.sbo.at/publikationen.

Further inquiry note:

Andreas Böcskör, Schoeller-Bleckmann Oilfield Equipment

Phone: +43 2630 315 252

E-Mail: [2]a.boecskoer@sbo.co.at

 

Ildiko Füredi-Kolarik, Metrum Communications

Phone: +43 1 504 69 87 351

E-Mail: [3]i.fueredi@metrum.at

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01.06.2023 CET/CEST This Corporate News was distributed by EQS Group AG.
www.eqs.com

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Language: English
Company: Schoeller-Bleckmann Oilfield Equipment AG
Hauptstrasse 2
2630 Ternitz
Austria
Phone: +43 (0)2630/315110
Fax: +43 (0)2630/315101
E-mail: sboe@sbo.co.at
Internet: http://www.sbo.at
ISIN: AT0000946652
Indices: ATX
Listed: Vienna Stock Exchange (Official Market)
EQS News ID: 1647435

 
End of News EQS News Service

1647435  01.06.2023 CET/CEST

References

Visible links
1. https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=redirect&url=a6f1465d21597ff93a3a12ea5cbf186b&application_id=1647435&site_id=apa_ots_austria&application_name=news
2. a.boecskoer@sbo.co.at
3. i.fueredi@metrum.at

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