Schoeller-Bleckmann Oilfield Equipment AG: Preliminary result for 2015

- Massive slump of global drilling activity impacted results
- Positive EBIT before one-off effects
- Profoundly robust balance-sheet structure: Liquid funds grown to nearly MEUR 200

Ternitz/Vienna, 19 January 2016. Schoeller-Bleckmann Oilfield Equipment AG (SBO), listed on the ATX market of the Vienna Stock Exchange, was confronted with the consequences of the profound downturn in the oilfield service industry in the 2015 financial year. On the back of the oil price slump the number of global drilling operations fell by 44.9 % until the end of the year.

Despite numerous efforts to combat the decline, this downturn was reflected in the operating result of SBO. Following record booking figures in 2014, bookings contracted by 59.4 % and are expected to stand at MEUR 202 (2014: MEUR 497.9), sales went down by 36.1 % to MEUR 312 (2014: MEUR 488.6). In this extremely difficult environment SBO generated a positive EBIT (earnings before interest and tax) before one-off effects of an estimated MEUR 2. On the one hand the one-off effects comprise impairments of goodwill and of fixed assets as well as restructuring expenses totalling MEUR minus 26, leading to an EBIT after impairments and restructuring charges of MEUR minus 24. On the other hand financial income of MEUR 3 (pre-dominantly from a release of option commitments) was generated. As a result, profit before tax arrived at MEUR minus 21 (2014: MEUR: 80.0).

Gerald Grohmann, CEO of SBO: "We brace for another difficult business year in 2016, but with our profoundly robust balance-sheet structure the company is very well prepared to meet those challenges. We will continue our active cost management in the company. At the same time, we will systematically continue the search for attractive acquisition targets which fit in well with our strategy and align SBO to ensure we can make full use of the next upswing."

SBO significantly increased liquid funds by 31 December 2015 to close to MEUR 200 (31 December 2014: MEUR 130.2).

Note: All figures are preliminary and rounded.

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 2015, SBO employed a workforce of 1.135 worldwide (31 December 2014: 1.720), thereof 376 in Ternitz/Austria and 399 in North America (including Mexico).