EQS-News: SBO successfully completes acquisition of well completion specialist 'Praxis Completion Technology', strengthening market-leading position

PRESS RELEASE

SBO successfully completes acquisition of well completion specialist "Praxis Completion Technology", strengthening market-leading position 

Ternitz/Wien, 10 October 2023. Schoeller-Bleckmann Oilfield Equipment AG (SBO) has completed the acquisition of Praxis Completion Technology announced in June. The closing of the transaction took place yesterday. The purchase price for the acquisition of all shares in the company amounts to MUSD 22, plus compensation for working capital adjustments and earnings generated from January 1, 2023 until yesterday’s closing. The latter had not yet been determined at the time of closing.

The Dubai-based company with 40 employees is one of Middle East’s leading providers of packer systems and completion products, offering tailored solutions that extend well life, assure well integrity and improve well performance. The bolt-on acquisition strengthens SBO's presence in the Middle East, the market with the highest growth dynamic in the energy sector, and further expands the Group’s market-leading position. With the integration of Praxis, SBO gains key product development expertise and adds meaningful well completion technologies to SBO's product portfolio. In addition, Praxis offers products for applications in the field of Carbon Capture & Storage (CCS), a business area with great potential for the future.

“We are very pleased about the integration of Praxis Completion Technology, as it strengthens our leading position in our core business. Together we can offer our customers even better solutions and complete systems. At the same time, Praxis is already recording initial successes in the promising area of carbon capture and storage. This represents another strategically important step for SBO in the direction of climate protection technologies," comments SBO CEO Gerald Grohmann on the acquisition.

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 technologies. The SBO Group is equally recognized worldwide for its directional drilling tools and equipment for well completion. 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, Schoeller-Bleckmann Oilfield Equipment

Tel: +43 2630 315 253

E-Mail: [email protected] 

Ildiko Füredi-Kolarik, Metrum Communications

Tel: +43 1 504 69 87 351

E-Mail: [email protected]