AD HOC NEWS
SBO reaches agreement in long-standing legal dispute
Ternitz/Vienna, 17 November 2023. Schoeller-Bleckmann Oilfield Equipment AG (SBO) has reached an out-of-court settlement in the legal dispute with a former minority shareholder of Downhole Technology (now The WellBoss Company, LLC).
The purchase price to be paid for the acquisition of the 25.7 % minority interest had already been provided for in the consolidated financial statements for several years based on the contractually agreed mechanism to be applied under normal circumstances. This, plus the agreed additional payment for accrued interest and incidental costs of MEUR 8.5, will result in a payment of MUSD 128.7 in the fourth quarter of 2023. SBO will thus only pay the purchase price stipulated in the purchase agreement dated April 1, 2016 and associated interest and one-off costs.
On April 1, 2016, SBO acquired 67.7 % of the shares in Downhole Technology and agreed on an option with the minority shareholders for the remaining 32.3 % of the shares in the company. The right to acquire the minority stake was exercised on April 1, 2019. Already at that point, SBO paid the purchase price agreed in 2016 for the 6.6 % of shares.
Contact:
Monika Bell
Head of Investor Relations
Schoeller-Bleckmann Oilfield Equipment AG
Tel: +43 2630 315-253
E-Mail: m.bell@sbo.co.at
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Contact
Schoeller-Bleckmann
Oilfield Equipment AG
Hauptstraße 2
A-2630 Ternitz
Tel.: +43 (0)2630 315-253
Fax: +43 (0)2630 315-101
E-Mail:
