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

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

01-Jun-2023 / 13:13 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the
Regulation (EU) No 596/2014, transmitted by EQS News – a service of EQS
Group AG.
The issuer is solely responsible for the content of this announcement.

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ADHOC

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. Praxis products will also be used for carbon capture
& storage (CCS) applications in the future.

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.

Further inquiry note:

Andreas Böcskör, Schoeller-Bleckmann Oilfield Equipment

Phone: +43 2630 315 252

E-Mail: [1]a.boecskoer@sbo.co.at

 

Ildiko Füredi-Kolarik, Metrum Communications

Phone: +43 1 504 69 87 351

E-Mail: [2]i.fueredi@metrum.at

End of Inside Information

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01-Jun-2023 CET/CEST News transmitted 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: 1647403

 
End of Announcement EQS News Service

1647403  01-Jun-2023 CET/CEST

References

Visible links
1. a.boecskoer@sbo.co.at
2. i.fueredi@metrum.at