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Schoeller-Bleckmann Oilfield Equipment AG

EANS-Adhoc: Schoeller-Bleckmann Oilfield Equipment AG
Schoeller-Bleckmann Oilfield Equipment AG acquires Drilling Systems International Ltd.

  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.
14.09.2010
Ternitz/Vienna, 14 September 2010. Schoeller-Bleckmann Oilfield 
Equipment AG (SBO), listed on the ATX market of the Vienna Stock 
Exchange, acquires 100 % of Drilling Systems International Ltd. 
(DSI). Headquartered in Dubai, DSI is a leading global provider of 
specialised equipment for downhole circulation technology for oil and
gas wells. By renting its tools, DSI generates annual revenues of 
approximately MUSD 30. DSI's customers include international oil 
companies and oilfield service providers. Purchase agreements were 
signed on 13 September 2010 and the transaction is expected to be 
completed on 1 October 2010. The parties have agreed not to disclose 
the purchase price.
"With DSI, we acquire the market leader of an attractive niche in the
oilfield service industry. We believe that due to its proven 
technology DSI offers excellent growth potential and is an ideal 
addition to our product portfolio. We expect to see significant 
synergies arising between DSI and BICO, our drilling motor 
subsidiary, notably for our distribution networks", comments Gerald 
Grohmann, CEO of Schoeller-Bleckmann Oilfield Equipment AG, on the 
acquisition.
The seller is the founder and sole owner of the company and SBO is 
acquiring all associated patents and intellectual property rights. 
The former owner will continue to provide technical consulting 
services to SBO.
DSI delivers specialised downhole circulation tools which steer the 
flow direction of drilling muds in the drill string. The company's 
flagship product is the PBL tool which forms part of the drill 
string. The main purpose of the PBL tool is to avoid mud losses 
during the drilling process. Such losses may occur when drilling muds
escape into the rock formations. The tool helps to protect costly 
drill string steering systems (MWD and LWD equipment) from damage and
to solve expensive lost-circulation problems. The PBL is also used in
deepwater operations to clean the wellhead profile prior to running 
casing and jetting/washing the subsea blowout preventers (BOPs). 
SBO's CEO Gerald Grohmann believes strongly that: "Using such a tool 
could become increasingly important, notably after the incident in 
the Gulf of Mexico (Macondo Well)".
The PBL tool delivers value to customers through considerable time 
and cost savings, as the system is highly reliable and easy to 
operate. DSI's technology makes the company the uncontested global 
market leader in this niche. The business model structure is similar 
to that of SBO's subsidiary BICO, which also rents drilling motors to
its customers.
end of ad-hoc-announcement ==========================================
====================================== Schoeller-Bleckmann Oilfield 
Equipment AG is the global market leader in high- precision 
components for the oilfield service industry. The business focus is 
on non-magnetic drillstring components for directional drilling. 
Worldwide, SBO has employed a workforce of 1135 as at 30 June 2010 
(31 December 2009: 1056), thereof 336 in Ternitz/Austria and 502 in 
North America (including Mexico).
end of announcement                               euro adhoc

Further inquiry note:

Gernot Bauer, Head of Investor Relations
Schoeller-Bleckmann Oilfield Equipment AG
A-2630 Ternitz, Hauptstraße 2
Tel: +43 2630/315 ext 250, fax ext 501
e-mail: g.bauer@sbo.co.at

Branche: Oil & Gas - Upstream activities
ISIN: AT0000946652
WKN: 907391
Index: WBI, ATX Prime, ATX
Börsen: Wien / official market

Plus de actualités: Schoeller-Bleckmann Oilfield Equipment AG
Plus de actualités: Schoeller-Bleckmann Oilfield Equipment AG