01.04.2016,
4621 Zeichen
ad-hoc disclosure transmitted by euro adhoc with the aim of a Europe-wide
distribution. The issuer is solely responsible for the content of this
announcement.
Mergers - Acquisitions - Takeovers
01.04.2016
AD HOC-NEWS
SBO acquires US company "Downhole Technology LLC" (Downhole Technology)
SBO expands its well completion business as announced\nDownhole Technology offers high growth potential\nFinancing through existing liquid funds\n Ternitz, 1 April 2016 - Schoeller-Bleckmann Oilfield Equipment AG (SBO)
acquires 68% (rounded) of the US oilfield equipment provider "Downhole
Technology LLC" (Downhole Technology).
Following the acquisition of Resource Well Completion Technologies Inc.
(Resource) in November 2014, SBO is expanding its well completion business by
integrating Downhole Technology into the business segment "Oilfield Equipment".
Signing and closing of the transaction took place today. The purchase price
for the 68% share is MUSD 103 (rounded). The remaining 32% are held by the
company founder and key managers. The agreement includes an option to acquire
the remaining 32% in Downhole Technology after three years.
Downhole Technology is based in Houston, US, and was, prior to Closing,
owned by the company founder, key management and a private equity company. The
company is a technologically leading provider of patent protected "composite
frac plugs" for completion of oil and gas wells. In the past fiscal year, which
ended on December 31, 2015, Downhole Technology generated sales revenues of
approx. MUSD 43 with a workforce of 160.
SBO is financing the purchase price through existing liquid funds. After
payment of the purchase price for the 68% share, SBO's profoundly strong
balance sheet structure will be maintained as before, with the gearing ratio
standing below 15% (based on equity at YE: MEUR 450; Gearing at YE 2015: -5.8
%). The company name Downhole Technology and the current management will be
retained. From now on, Downhole Technology will benefit from SBO's global
presence and financial and operating strength, allowing for substantially
better use of the significant growth potential offered by the business field
well completion.
Gerald Grohmann, SBO's Chief Executive Officer: "With this acquisition, we
are continuing the corporate strategy we have announced: We are broadening our
portfolio in the attractive product area of well completion. This helps us to
extend our range of products, know-how, but also our customer base by creating
added-value both for our company and our shareholders. Downhole Technology is
an outstanding business with an innovative workforce fitting in well with the
corporate culture of SBO."
About well completion und the products of Downhole Technology
In the past, SBO focused on components for directional drilling. After the
well has been drilled, the next step is to prepare the well for the production
of oil and gas, a procedure called well completion. Since the acquisition of
Resource in November 2014, SBO is also active in this area. While Resource
provides high-tech sliding sleeve equipment for well completion, Downhole
Technology offers plug-and-perforation equipment for such operations.
Downhole Technology is a technologically leading provider of "composite frac
plugs". The patented design, the manufacturing know-how and the high quality
standard of its products enable completion of the well to be done faster, more
efficiently and more securely. As a consequence, Downhole Technology has
reached an outstanding acceptance on the market. With Downhole Technology and
Resource, SBO is now in a position to offer a wide range of tight formation
completion tools.
About SBO
Schoeller-Bleckmann Oilfield Equipment AG is the global market leader in
high-precision components and a leading supplier of oilfield equipment for the
oilfield service industry. The business focus is on non-magnetic drillstring
components and high-tech downhole tools for drilling and completing directional
and horizontal wells. As of 31 December 2015, SBO employed a workforce of 1,135
worldwide (31 December 2014: 1,720), thereof 376 in Ternitz/Austria and 399 in
North America (including Mexico).
end of announcement euro adhoc
issuer: Schoeller-Bleckmann Oilfield Equipment AG
Hauptstrasse 2
A-2630 Ternitz
phone: 02630/315110
FAX: 02630/315101
mail: sboe@sbo.co.at
WWW: http://www.sbo.at
sector: Oil & Gas - Upstream activities
ISIN: AT0000946652
indexes: WBI, ATX Prime, ATX
stockmarkets: official market: Wien
language: English
Digital press kit: http://www.ots.at/pressemappe/2917/aom
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SBO
Akt. Indikation: 36.65 / 37.10
Uhrzeit: 08:52:54
Veränderung zu letztem SK: -0.20%
Letzter SK: 36.95 ( 1.37%)
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