Schoeller-Bleckmann Oilfield Equipment AG

EANS-Adhoc: Schoeller-Bleckmann Oilfield Equipment AG
Sound performance in 2013 - Proposed dividend again at EUR 1.50 - Downhole Tools with a continuing strong business performance

  ad-hoc disclosure transmitted by euro adhoc with the aim of a Europe-wide
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annual result/annual report

Ternitz/Vienna, 10 March 2014. Schoeller-Bleckmann Oilfield Equipment AG (SBO),
listed on the ATX market of the Vienna Stock Exchange, posted in fiscal year
2013 the second best business performance in the company's history. With an
EBITDA margin of 29.8% (following 31.4% in the 2012 record year) and an EBIT
margin of 19.7% (following 23.7%) profitability remained at a high level and
above the long-term average. The Executive Board therefore proposes, as for the
year 2012, to pay an unchanged high dividend of EUR 1.50 per share for 2013.

Consolidated sales of MEUR 458.6 in 2013 were down 10.5% from the MEUR 512.1
record performance in 2012. Sales and profit increases as seen in the previous
years could not be continued for the fourth time in a row due to customers'
overordering in 2012 resulting in inventory build-up and subsequently in
declining bookings for SBO in 2013.

Earnings before interest, taxes, depreciation and amortisation (EBITDA) arrived
at MEUR 136.5, decreasing by 15.1% from last year's MEUR 160.8. Earnings before
interest and taxes (EBIT) were MEUR 90.2, down 25.6% from MEUR 121.2 in 2012.
Annual profit after tax went to MEUR 61.3, following MEUR 76.9 in 2012. 

"SBO responded to the order decline by flexible adjustment of production
capacities so as to adapt costs to the current situation. This is why we kept
our profit margin at a high level and posted the second best result in the
company's history despite lower bookings", says Gerald Grohmann, CEO of SBO,
commenting on the result for 2013. "There is no doubt that the oilfield service
industry will continue to achieve attractive growth rates in the medium and long
run. Oil and gas remain the prime energy sources in the decades ahead. As the
global market leader in high-precision components and downhole tools SBO is
perfectly positioned in this environment both technologically and economically."

Market development 2013

According to the International Energy Agency (IEA), average global oil
consumption in full 2013 was 91.3 million barrels per day, up 1.4%. Growing
global demand for oil was driven by the emerging markets. 

The rig count, the number of globally operating drilling rigs, was slightly
declining from a high level in 2013, averaging 3412 units per month.
Year-on-year, the number of rigs went down by 3.0% from 2012 (3518 rigs).
Increasing efficiency helped to compensate for the decline, keeping oil
production at the level seen in the past years.

Business performance 2013

The decline in sales over the year resulted from the lower number of bookings in
the product group of high-precision components posted since the second half of
2012, whereas sales in the product group of downhole tools, oilfield equipment
and services were kept at the level of record year 2012. SBO's drilling motor
subsidiary BICO and downhole tools company DSI again posted very strong results
in 2013. Business development of SBO's globally operating Service & Supply shops
profited from the tendency to overhaul oilfield tools after a certain period of

Bookings received in fiscal 2013 arrived at MEUR 425.9 (following MEUR 471.4 in
the year before). At year-end 2013, SBO posted an order backlog of MEUR 111.5
(following MEUR 149.8) primarily for the product group of high-precision

The rise of the euro against the US dollar had a negative influence of
approximately MEUR 12 on consolidated sales in 2013. 

Capital expenditure 

SBO pursues a long-term capex programme. The largest investment project at the
moment is the expansion of the production site in Ternitz/Austria, where a new
machining centre for non-magnetic oilfield service drillstring components is
under construction. Stage one of this multi-year investment will go on stream as
planned early in 2014. The total investment volume (including stage two) is
around MEUR 54. 

Due to the strong market acceptance, another capex focus in 2013 was on
expanding the drilling motor fleet of the BICO subsidiary and the downhole
circulation tools fleet of the DSI subsidiary.

Total capital additions to tangible fixed assets amounted to MEUR 62.6
(following MEUR 53.1 in the year before) in fiscal 2013.

The SBO share

In July 2013 the SBO share reached its new all-time high at EUR 90.00. At
year-end it arrived at the same level (EUR 80.56) as in the beginning of the
year (EUR 80.75).

Outlook 2014

Market analysts anticipate an increase in spending for exploration and
production (E&P) of 6.1%, from USD 682 billion in 2013 to USD 723 billion. With
oil prices exceeding the 90 USD threshold, even highly complex and
technologically challenging oil drilling projects are attractive in economic

However, rising demand for energy calls for constantly developing new oil and
gas fields using increasingly complex technologies. As the global market leader
in high-precision components and downhole tools, SBO has established itself
perfectly in the growth segment of directional drilling. SBO's technology is
used for drilling both offshore wells and horizontal wells required for tapping
into shale oil and shale gas reservoirs. 

Leading-edge technological expertise combined with minimum debt and high
cash-flow provides a sound foundation for SBO's future growth. In the process,
SBO will further broaden its business base through organic growth, introduction
of new products and technologies as well as acquisition of companies.

Key financial figures:               2013    2012    Change in %
Sales                        MEUR   458.6   512.1    - 10.5
Earnings before interest, 
taxes, depreciation and  
amortisation (EBITDA)        MEUR   136.5   160.8    - 15.1
EBITDA margin                   %    29.8    31.4  
Earnings before interest 
and taxes (EBIT)             MEUR    90.2   121.2    - 25.6
EBIT margin                     %    19.7    23.7  
Profit before tax            MEUR    83.9   111.0    - 24.4
Profit after tax             MEUR    61.3    76.9    - 20.3
Cash-flow from profit        MEUR   110.4   118.4    - 6.8
Earnings per share            EUR    3.81    4.80    - 20.7
Dividend per share            EUR    1.50*   1.50  
Headcount                     No.    1574    1591    - 1.1

* proposed 

SBO financial calendar 2014
23 April 2014      Annual General Meeting 
8 May 2014         Ex-dividend day, dividend payment date 
21 May 2014        Results Q1 / 2014
20 August 2014     Results H1 / 2014
19 November 2014   Results Q3 / 2014 

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. As of 31
December 2013, SBO has employed a workforce of 1574 worldwide (31 December 2012:
1591), thereof 435 in Ternitz/Austria and 607 in North America (including

Further inquiry note:
MMag Florian Schütz, Head of Investor Relations
Schoeller-Bleckmann Oilfield Equipment AG
A-2630 Ternitz/Austria, Hauptstrasse 2
Tel.: +43 2630 315-251
Fax: +43 2630 315-501

end of announcement                               euro adhoc 

issuer:      Schoeller-Bleckmann Oilfield Equipment AG
             Hauptstrasse 2
             A-2630 Ternitz
phone:       02630/315110
FAX:         02630/315101
sector:      Oil & Gas - Upstream activities
ISIN:        AT0000946652
indexes:     WBI, ATX Prime, ATX
stockmarkets: official market: Wien 
language:   English

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