EANS-Adhoc: Schoeller-Bleckmann Oilfield Equipment AG / Schoeller-Bleckmann Oilfield Equipment AG: Another record year - Proposed dividend EUR 1.50 after EUR 1.20

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annual result
20.03.2013

Ternitz/Vienna, 20 March 2013. Schoeller-Bleckmann Oilfield Equipment
AG (SBO), listed on the ATX market of the Vienna Stock Exchange,
posted double digit sales and profit increases for the third time in
a row in fiscal 2012. Since the 2009 crisis year, SBO has thus
doubled sales and more than quadrupled its operating income. The
Executive Board proposes to pay a dividend of EUR 1.50 per share for
2012 (following EUR 1.20).

Consolidated sales of MEUR 512.1 in 2012 improved by 25.3 % from 2011
(MEUR 408.6). Earnings before interest, taxes, depreciation and
amortisation (EBITDA) arrived at MEUR 159.9, up 27.9 % from last
year's MEUR 125.0. Earnings before interest and taxes (EBIT) were
MEUR 120.3, up 33.3 % from MEUR 90.2 in 2011. The fiscal 2012 EBITDA
margin grew from 30.6 % to 31.2 %, and the EBIT margin from 22.1 % to
23.5 %. Annual profit after tax arrived at MEUR 76.2, up 42.7 % from
MEUR 53.4 in 2011. Total bookings amounting to MEUR 471.4 (following
MEUR 460.5 in 2011) reached a very high level.

Due to the new record result, the Executive Board will propose to the
forthcoming Annual General Meeting to increase the dividend to EUR
1.50 (following EUR 1.20 last year) per share. Based on the current
share price this represents a dividend yield of approximately 2 %.

"In 2012 SBO fully profited from the growth of the oilfield service
industry", says Gerald Grohmann, CEO of SBO, explaining the new
record result. "It was mainly the demand for high-tech equipment used
for complex applications - the core business of SBO - that was rising
sharply, as newly discovered oil and gas fields are located in deeper
and more challenging rock formations, involving constantly increasing
technological complexity. Further drivers of growth for SBO were
deepwater and ultra-deepwater wells and the dynamic rise in the
number of horizontal shale gas and shale oil wells."

Market development 2012

Owing to continued growth in demand for oil and gas the oilfield
service industry was largely unaffected by the global economic
slowdown in 2012. According to the International Energy Agency (IEA)
average global demand for oil in 2012 amounted to 89.8 million
barrels per day, increasing by 1 million barrels per day (approx. 1.1
%) from the level of 2011. The primary drivers of this development
were the emerging markets.

The 2012 average rig count, the parameter of globally active drilling
rigs, was 3518 units, representing an increase of 1.5 % from the
average number of operating rigs of 3465 units in 2011.

Business performance 2012

Due to exceptionally strong order volumes SBO's capacity utilisation
rates were particularly high in the first half of the year. It was
mainly the production company located in Ternitz/Austria that stood
out by its operating performance. Peaks in orders were accommodated
both by hiring additional personnel mainly in Austria and the US and
working additional shifts and overtime.

All product groups of SBO benefited from the generally sound industry
cycle in 2012, with the product group of high-precision components
delivering particularly encouraging results.

Capital expenditure

Based on its long-term growth perspectives, SBO's total additions to
tangible fixed assets in fiscal 2012 amounted to MEUR 53.1 (following
MEUR 36.8 in the year before), with a focus on expanding the
production site in Ternitz/Austria, where currently a new production
facility is built for a total of EUR 54 million. Planning and
foundation works were started in the first quarter of 2012. The
building shell is scheduled for completion in mid-2013. One year
later, in mid-2014, the expansion project in Ternitz should be
completed. Further capital was spent for expansions of the company's
US sites.

Moreover, the drilling motor fleet was extended, and the number of
downhole circulation tools was increased to meet growing demand.

The SBO share

In October 2012 the SBO share reached its new all-time high of EUR
83.15, at the same time representing the annual high of the
ATX-listed share. Over the year, the share developed positively and
climbed by 15.2 % to EUR 79.29 per share at the end of 2012.

Outlook 2013

According to the International Energy Agency (IEA) the moderate
economic development in the Western industrialised nations will have
only little impact on the rising global consumption of energy. As in
the years before, the expected growth of oil demand in 2013 will be
driven by the emerging markets.

What SBO has recently observed is that some customers try to optimise
their capital expenditures and inventories as they tend to invest
more in repairing tools than purchasing new equipment. This behaviour
was also reflected in the bookings SBO received at the beginning of
2013. In the past such actions taken by customers always were of a
transitory nature.

As the fundamental data have remained intact SBO expects to see a
continued positive industry environment. Market analyses assume that
global exploration and production spending will grow by just under
6.6 % to USD 644 billion in 2012 (following USD 604 billion in 2012).
An oil price above USD 100 per barrel (Brent) and a still low
OPEC-spare capacity of around 3 mb/d contribute to a favourable
spending climate. Hence, new projects for developing conventional and
unconventional oil and gas fields and spending for improved oil
recovery from existing oil fields will further drive demand for
high-precision equipment.

SBO is well prepared for each market environment. Despite its ongoing
spending for growth the company is based on a sound balance sheet,
low debt and attractive cash-flow. The capital investment programme
will be a key component for SBO to secure, for the years ahead,
global market leadership in the business units in which SBO operates
and to ensure long-term growth of SBO.

Key financial figures: 2012 2011 Change in %
Sales MEUR 512.1 408.6 + 25.3
Earnings before
interest, taxes,
depreciation and
amortisation
(EBITDA) MEUR 159.9 125.0 + 27.9
EBITDA margin % 31.2 30.6 -
Earnings before
interest and taxes
(EBIT) MEUR 120.3 90.2 + 33.3
EBIT margin % 23.5 22.1 -
Profit before tax MEUR 110.1 78.2 + 40.8
Profit after tax MEUR 76.2 53.4 + 42.7
Cash-flow from profit MEUR 118.4 91.7 + 29.2
Earnings per share EUR 4.76 3.33 + 42.7
Dividend per share EUR 1.50* 1.20 + 25.0
Headcount No. 1591 1459 + 9.0

* proposed

SBO financial calendar 2013

25 April 2013 Annual General Meeting
8 May 2013 Ex-dividend day, dividend payment date
23 May 2013 Result Q1 / 2013
22 August 2012 Result H1 / 2013
21 November 2012 Result Q3 / 2013

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. As of 31 December 2012, SBO has
employed a workforce of 1591 worldwide (31 December 2011: 1459),
thereof 460 in Ternitz/Austria and 651 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