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

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][email protected]

    

   Ildiko Füredi-Kolarik, Metrum Communications

   Phone: +43 1 504 69 87 351

   E-Mail: [3][email protected]

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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:      [email protected]
   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

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