EQS-News: Schoeller-Bleckmann Oilfield Equipment AG / Key word(s):
Acquisition
SBO successfully completes acquisition of well completion specialist
'Praxis Completion Technology', strengthening market-leading position
10.10.2023 / 10:00 CET/CEST
The issuer is solely responsible for the content of this announcement.
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PRESS RELEASE
SBO successfully completes acquisition of well completion specialist
"Praxis Completion Technology", strengthening market-leading position
Ternitz/Wien, 10 October 2023. Schoeller-Bleckmann Oilfield Equipment AG
(SBO) has completed the acquisition of Praxis Completion Technology
announced in June. The closing of the transaction took place yesterday.
The purchase price for the acquisition of all shares in the company
amounts to MUSD 22, plus compensation for working capital adjustments and
earnings generated from January 1, 2023 until yesterday’s closing. The
latter had not yet been determined at the time of closing.
The Dubai-based company with 40 employees is one of Middle East’s leading
providers of packer systems and completion products, offering tailored
solutions that extend well life, assure well integrity and improve well
performance. The bolt-on acquisition strengthens SBO's presence in the
Middle East, the market with the highest growth dynamic in the energy
sector, and further expands the Group’s market-leading position. With the
integration of Praxis, SBO gains key product development expertise and
adds meaningful well completion technologies to SBO's product portfolio.
In addition, Praxis offers products for applications in the field of
Carbon Capture & Storage (CCS), a business area with great potential for
the future.
“We are very pleased about the integration of Praxis Completion
Technology, as it strengthens our leading position in our core business.
Together we can offer our customers even better solutions and complete
systems. At the same time, Praxis is already recording initial successes
in the promising area of carbon capture and storage. This represents
another strategically important step for SBO in the direction of climate
protection technologies," comments SBO CEO Gerald Grohmann on the
acquisition.
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 steels. The SBO Group is engaged
in high-precision production of 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 https://www.sbo.at/publikationen.
Contact:
Monika Bell, Schoeller-Bleckmann Oilfield Equipment
Tel: +43 2630 315 253
E-Mail: [1]m.bell@sbo.co.at
Ildiko Füredi-Kolarik, Metrum Communications
Tel: +43 1 504 69 87 351
E-Mail: [2]i.fueredi@metrum.at
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10.10.2023 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: 1745187
End of News EQS News Service
1745187 10.10.2023 CET/CEST
References
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1. mailto:m.bell@sbo.co.at
2. mailto:i.fueredi@metrum.atOTS-ORIGINALTEXT PRESSEAUSSENDUNG UNTER AUSSCHLIESSLICHER INHALTLICHER VERANTWORTUNG DES AUSSENDERS - WWW.OTS.AT |
