EQS-Adhoc: SBO reaches agreement in long-standing legal dispute

EQS-Ad-hoc: Schoeller-Bleckmann Oilfield Equipment AG / Key word(s): Legal
Matter/Scheme of Arrangement
SBO reaches agreement in long-standing legal dispute

17-Nov-2023 / 21:44 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the
Regulation (EU) No 596/2014, transmitted by EQS News – a service of EQS
Group AG.
The issuer is solely responsible for the content of this announcement.

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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.

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 manufacturing
technologies. The SBO Group is equally recognized worldwide for its
directional drilling tools and equipment for well completion in the oil,
gas, and geothermal industry. 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
Head of Investor Relations
Schoeller-Bleckmann Oilfield Equipment AG
Tel: +43 2630 315-253
E-Mail: [1]m.bell@sbo.co.at 

Ildiko Füredi-Kolarik
Metrum Communications GmbH
Tel: +43 1 504 69 87 DW 351
E-Mail: [2]i.fueredi@metrum.at

 

End of Inside Information

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17-Nov-2023 CET/CEST News transmitted by EQS Group AG. www.eqs.com

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Language: English
Company: Schoeller-Bleckmann Oilfield Equipment AG
Hauptstrasse 2
2630 Ternitz
Austria
Phone: +43 (0)2630/315110
Fax: +43 (0)2630/315101
E-mail: sboe@sbo.co.at
Internet: http://www.sbo.at
ISIN: AT0000946652
Indices: ATX
Listed: Vienna Stock Exchange (Official Market)
EQS News ID: 1776607

 
End of Announcement EQS News Service

1776607  17-Nov-2023 CET/CEST

References

Visible links
1. m.bell@sbo.co.at
2. i.fueredi@metrum.at

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