EQS-Adhoc: SBO reaches agreement in long-standing legal dispute

EQS-Ad-hoc: Schoeller-Bleckmann Oilfield Equipment AG / Key word(s): Legal
   Matter/Scheme of Arrangement
   SBO reaches agreement in long-standing legal dispute

   17-Nov-2023 / 21:44 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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   SBO reaches agreement in long-standing legal dispute

   Ternitz/Vienna, 17 November 2023. Schoeller-Bleckmann Oilfield Equipment
   AG (SBO) has reached an out-of-court settlement in the legal dispute with
   a former minority shareholder of Downhole Technology (now The WellBoss
   Company, LLC).

   The purchase price to be paid for the acquisition of the 25.7 % minority
   interest had already been provided for in the consolidated financial
   statements for several years based on the contractually agreed mechanism
   to be applied under normal circumstances. This, plus the agreed additional
   payment for accrued interest and incidental costs of MEUR 8.5, will result
   in a payment of MUSD 128.7 in the fourth quarter of 2023. SBO will thus
   only pay the purchase price stipulated in the purchase agreement dated
   April 1, 2016 and associated interest and one-off costs.

   On April 1, 2016, SBO acquired 67.7 % of the shares in Downhole Technology
   and agreed on an option with the minority shareholders for the remaining
   32.3 % of the shares in the company. The right to acquire the minority
   stake was exercised on April 1, 2019. Already at that point, SBO paid the
   purchase price agreed in 2016 for the 6.6 % of shares.

   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 manufacturing
   technologies. The SBO Group is equally recognized worldwide for its
   directional drilling tools and equipment for well completion in the oil,
   gas, and geothermal industry. 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
   Head of Investor Relations
   Schoeller-Bleckmann Oilfield Equipment AG
   Tel: +43 2630 315-253
   E-Mail: [1][email protected] 

   Ildiko Füredi-Kolarik
   Metrum Communications GmbH
   Tel: +43 1 504 69 87 DW 351
   E-Mail: [2][email protected]

    

   End of Inside Information

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   17-Nov-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:      [email protected]
   Internet:    http://www.sbo.at
   ISIN:        AT0000946652
   Indices:     ATX
   Listed:      Vienna Stock Exchange (Official Market)
   EQS News ID: 1776607


    
   End of Announcement EQS News Service


   1776607  17-Nov-2023 CET/CEST

References

   Visible links
   1. mailto:[email protected]
   2. mailto:[email protected]

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