EANS-Adhoc: Schoeller-Bleckmann Oilfield Equipment AG / First quarter of 2013 marked by cautious customer spending policy - Market environment remains intact

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Financial Figures/Balance Sheet/quarterly report
23.05.2013

Ternitz/Vienna, 23 May 2013. For Schoeller-Bleckmann Oilfield
Equipment AG (SBO), listed on the ATX market of the Vienna Stock
Exchange, the first quarter of 2013 was marked by customers' cautious
spending policy which started to become apparent already in the
second half of 2012. Compared to the first quarter of 2012 sales went
down moderately by 4.0 %, from MEUR 120.6 to MEUR 115.8. Earnings
before interest and taxes (EBIT) fell to MEUR 23.2 (following MEUR
28.1 in the first quarter of 2012), representing an EBIT margin of
20.0 % (following 23.3 %). Profit before tax decreased from MEUR 25.8
to MEUR 20.5, profit after tax from MEUR 17.8 to MEUR 14.2. Quarterly
earnings per share stood at EUR 0.88 (following EUR 1.11 in the first
quarter of 2012).

The decrease in earnings was due to reduced capacity utilisation
compared to last year, associated lower economies of scale and
selective price adjustments for individual products.

"Given the continuous growth in oil and gas demand and the sustained
high oil price our market environment remains intact. However, our
customers' assessment of the market situation was too optimistic last
year, resulting in overordering of tools for the oilfield service
industry in the first half of 2012. For optimising their inventories,
companies have now cut on their spending volumes and preferred to
invest in repairing tools rather than buying new equipment," says
Gerald Grohmann, CEO of SBO, commenting on recent business
development. The product group most affected was high-precision
components. The product group of downhole tools, oilfield supplies
and service continued to develop positively despite declining
drilling activity in North America.

Customers' current spending policy was reflected in the bookings
received in the first quarter, which, compared to the extraordinarily
strong result in Q1 2012 of MEUR 129.2 contracted to MEUR 93.3, but
represented a slight improvement from Q4 2012.

Capital expenditure in property, plant and equipment in the first
quarter of 2013 amounted to MEUR 9.1 (following MEUR 9.8 in the first
quarter of 2012). At the Ternitz site a new machining centre for
non-magnetic oilfield service drillstring components worth MEUR 54
million is under construction at the moment. Installation of the
first machines is scheduled for the end of 2013/beginning of 2014.
Another spending focus was on expanding the drilling motor and
circulation tools rental fleet.

Outlook For 2013, the IEA projects average global demand for oil to
come to 90.6 million barrels per day, representing an increase of
0.9 % from last year. This provides the basis of stable development
in the oilfield service industry. Drilling activity remains at a high
level globally. At the moment there are no indications that the high
spending volumes in oil and gas exploration and production expected
for 2013 should be curtailed.

As a result, SBO's customers are expected to further reduce their
inventories of high-precision components gradually in the months
ahead. If drilling activity continues this should increase the number
of new orders coming in. However, it cannot be predicted how fast
inventories will actually be reduced.

Owing to its extreme flexibility SBO is perfectly prepared to meet
all scenarios. With its ongoing capital investment programme, SBO has
prepared the ground for the further dynamic growth in demand that is
expected to set in over the medium term. The company's sound
balance-sheet structure combined with low debt and sustained high
cash-flow confirm the long-term positive growth perspectives of SBO.

Comparison of key financial figures

1-3/2013 1-3/2012 Change
Sales in MEUR 115.8 120.6 - 4.0 %
EBIT in MEUR 23.2 28.1 - 17.6 %
EBIT margin in % 20.0 23.3 -
Profit before tax in MEUR 20.5 25.8 - 20.3 %
Profit after tax in MEUR 14.2 17.8 - 20.3 %
EPS * in EUR 0.88 1.11 - 21.0 %
Headcount ** in numbers 1569 1506 + 4.2 %

* based on average number of shares outstanding
** reporting date 31 March

end of ad-hoc-announcement ==========================================
====================================== Schoeller-Bleckmann Oilfield
Equipment AG is the global market leader in high-precision components
for the oilfield service industry. The business focus is on
non-magnetic drillstring components for directional drilling.
Worldwide, SBO has employed a workforce of 1569 as at 31 March 2013
(31 December 2012: 1591), thereof 454in Ternitz/Austria and 616 in
North America (including Mexico).

Further inquiry note:
MMag Florian Schütz, Head of Investor Relations
Schoeller-Bleckmann Oilfield Equipment AG
A-2630 Ternitz/Austria, Hauptstrasse 2
Tel.: +43 2630 315-251
Fax: +43 2630 315-501
E-Mail: f.schuetz@sbo.co.at

end of announcement euro adhoc
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issuer: 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