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Schoeller-Bleckmann Oilfield Equipment AG

euro adhoc: Schoeller-Bleckmann Oilfield Equipment AG
Quarterly or Semiannual Financial Statements
Significant increase in bookings in first half of 2004 - Net result above last year (E)

  Disclosure announcement transmitted by euro adhoc.
  The issuer is responsible for the content of this announcement.
Ternitz, August 31, 2004. Schoeller-Bleckmann Oilfield Equipment AG
(SBO), listed on the prime market of the Vienna Stock Exchange, could
significantly increase bookings in the first half of 2004 by 35.7 %
to EUR 85.2 mill. The improved order situation is not yet fully
reflected in the sales figures, as the more adverse euro-dollar
exchange rate over 2003 caused a slight decline of sales to EUR 72.0
mill. (following EUR 73.9 mill.). The half-year EBIT was EUR 7.4
mill., slightly below last year’s EUR 8.1 mill. As a result of the
now 100% interest in Knust-SBO/Houston the net group profit in the
first half of 2004 was EUR 4.4 mill. (following EUR 3.9 mill.).
Adjusted for the dollar rate effects both the consolidated group
sales of EUR 78.3 mill. and the half-year EBIT of EUR 9.6 mill. would
have considerably surpassed last year’s figures.
"The favourable development of the economies in Asia and the US and
the resulting increased demand for oil had a positive effect on the
oilfield service industry," comments SBO’s  CEO Gerald Grohmann on
the half-year result. It was mainly the second quarter in which the
economic upswing made itself felt in all business segments.
In the first half of the year, SBO further invested in expanding
their market position and streamlining the cost structure. Apart from
founding a fully-owned subsidiary in Mexico the company is
establishing a new service centre in the Rocky Mountains. This is due
to the positive sales development in the field of downhole motors
triggered by growing numbers of gas drilling projects in the North
West of the US.
Stimulating oil prices now but potential threat to global economy
With the high order backlog of around EUR 45 mill. (compared with
approx. EUR 33 mill. at mid-2003), business development in the second
half rests on a solid foundation. However, the most recent oil price
hike driven by the political crisis and speculations does not allow
any precise forecast. Business development in the second half of 2004
will considerably depend on the economic and demand assessment of oil
companies for 2005 and the dollar-euro exchange rate. At the moment,
the high oil price has a stimulating effect on the oilfield service
industry. However, excessive oil and energy prices might have
negative repercussions on the "economic engines" of  Asia and the US
and, therefore, also on the oil industry’s willingness to make
further investments.
Comparison of key figures in MEUR 
~
                           HY 2004 HY 2003
Sales                      72.0    73.9
EBIT                       7.4     8.1
EBIT margin (%)            10.3    11
Profit before tax          6.7     7.1
Consolidated group result  4.4     3.9
EPS*                       0.34    0.30
Headcount **               811     833
~
* based on average shares outstanding 
**reporting date June 30, 2004
Schoeller-Bleckmann Oilfield Equipment AG is the global leader for
high-precision components for the oilfield service industry. The
business focus is on non-magnetic drillstring components for
directional drilling. Worldwide, SBO employs a workforce of 811 (end
of  2003: 800), currently 206 in the company headquarters at Ternitz,
Lower Austria, and 411 in North America. The majority shareholder of
the company (approx. 64 %) is Berndorf AG.
end of announcement        euro adhoc 31.08.2004

Further inquiry note:

Gerald Grohmann, Chief Executive Officer
Schoeller-Bleckmann Oilfield Equipment AG
A-2630 Ternitz, Hauptstraße 2
Tel: +43 2630/315 ext. 110, fax: ext. 101
E-mail: sboe@sbo.co.at

Mick Stempel
Tel.: 01/5046987-85
mailto:m.stempel@hochegger.com

Branche: Oil & Gas - Upstream activities
ISIN: AT0000946652
WKN: 94665
Index: ATX Prime, WBI
Börsen: Wiener Börse AG / official dealing

Original content of: Schoeller-Bleckmann Oilfield Equipment AG, transmitted by news aktuell

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