Schoeller-Bleckmann Oilfield Equipment AG / Preliminary result for 2016

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annual result/Preliminary result for 2016
Schoeller-Bleckmann Oilfield Equipment AG: Preliminary result for 2016
Persistently challenging market environment weighs on result\nFundamentally sound balance sheet structure and comprehensive countermeasures\nLargest acquisition in the company's history completed\nTernitz/Vienna, 17 January 2017. The extremely challenging market environment within the oilfield service industry is reflected also in the business results of Schoeller-Bleckmann Oilfield Equipment AG (SBO), listed on the ATX market of the Vienna Stock Exchange, for the 2016 financial year. Global spending of oil companies for exploration and production went down by a total of 42 % for the second year in a row.
Bookings fell by 17.0 %, to an expected MEUR 169 (2015: MEUR 203.6). Sales contracted by 41.7 %, to MEUR 183 (2015: 313.7). Profit before tax arrived at MEUR minus 47 (2015: MEUR minus 20.0). Liquid funds as at 31 December 2016 - following the acquisition of Downhole Technology - came to MEUR 193 (31 December 2015: MEUR 196.3).
Note: All figures relating to 2016 are preliminary and rounded.
Gerald Grohmann, CEO of SBO: "In the challenging year 2016 we continued to implement our countermeasures to combat the downturn. Additionally, we pursued an important strategic positioning by taking over Downhole Technology, the largest acquisition in our company's history. As before, SBO has a fundamentally sound balance sheet structure and high liquidity, providing a perfect foundation for the next upswing."
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 2016, SBO employed a workforce of 1,200 worldwide (31 December 2015: 1,135), thereof 315 in Ternitz/Austria and 544 in North America (including Mexico).
end of announcement euro adhoc

company: 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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