Schoeller-Bleckmann Oilfield Equipment AG

euro adhoc: Schoeller-Bleckmann Oilfield Equipment AG / Schoeller-Bleckmann Oilfield Equipment AG: Preliminary result 2003, proposed dividend distribution 30 cents/share in spite of difficult environment (E)

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Ternitz, February 23, 2004. Schoeller-Bleckmann Oilfield Equipment AG (SBO), listed on the prime market of the Vienna Stock Exchange, generated group sales worth EUR 134.2 mill. based on the preliminary figures for 2003 (following EUR 178.6 mill. in 2002). The EBIT was EUR 13.1 mill. (following EUR 26.1 mill. the year before). This corresponds to an EBIT margin of 9.8 %.

Global political uncertainties, a weak economy and the resulting curbed investment in oil production combined with high inventories of equipment for the oilfield service industry dominated the market environment for SBO in 2003. The approximately 20 % fall of the US-dollar against the Euro was an additional major strain on sales and results. Adjusted for currency fluctuations, SBO would have generated an EBIT of around EUR 20.4 mill. in 2003.

In view of these challenging environment SBO was able to achieve a satisfying result in 2003 and to further expand its leading market position. The Executive Board will, therefore, suggest to the General Meeting to distribute a basic dividend of 30 cents per share (following a basic dividend of 30 cents plus a premium of 20 cents in 2002). Based on the closing price of EUR 8.9 in 2003 this corresponds to a rather attractive dividend yield of 3.4 %.

Positive prospects for business development

According to the current general assessment, the global business situation is recovering. It is in particular the recent positive economic data from Asia and the US give rise to expectations of growing demand for crude oil, which, in turn, should result in rising demand for drilling equipment.

The final and detailed annual results for 2003 and an initial outlook for 2004 will be published on March 31, 2004 in the press conference on the financial statement.

Comparison of key figures in MEUR

                                            Preliminary figures 2003      2002
Sales                                                                  134,2    178,6
EBIT                                                                      13,1      26,1
EBIT margin (%)                                                      9,8      14,6
Profit before tax                                                  9,4      19,8
Consolidated group result                                      6,1      11,1
EPS*                                                                      0,47      0,85
Headcount **                                                          800        852
* based on average shares outstanding
**Reporting date December 31

Schoeller-Bleckmann Oilfield Equipment AG is the global market leader for high-precision components for the oilfield service industry. The business focus is on non-magnetic drillstring components for directional drilling. Worldwide, SBO employs a workforce of 800 (end of  2002: 852), currently 207 in the company headquarters at Ternitz, Lower Austria, and 314 in Houston,Texas. The majority shareholder of the company (approx. 64%) is Berndorf AG.

end of announcement            euro adhoc 23.02.2004

Further inquiry note: Gerald Grohmann, Chief Executive Officer Schoeller-Bleckmann Oilfield Equipment AG A-2630 Ternitz, Hauptstraße 2 Tel: +43 2630/315 DW 110, Fax: DW 101 E-Mail:

Mick Stempel, Hochegger|Financials Tel.:+43 1/504 69 87 DW 85 E-Mail:

Branche: Oil & Gas - Upstream activities
ISIN:      AT0000946652
WKN:        94665
Index:    ATX Prime, WBI
Börsen:  Wiener Börse AG / official dealing

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