SBO 2Q 20 - Results in line with preliminaries, no demand recovery in sight yet
SBO's final financial results came in fully in line with the preliminary figures, which were released on August 14, 2020.The top line was down 34% yoy with SBO recording a stronger decline in the US market (-44% yoy), while revenues of Advanced Manufacturing & Services (AM&S) were lower by 24% yoy. A relatively better performance of the AM&S segment could be explained by its exposure to offshore drilling on international markets, which were less impacted by the lockdowns and the oil price decline. According to SBO, future activities on international markets are expected to less affected by oil price weakness and uncertainties regarding future oil demand. Thus, the capex spending on exploration and production (E&P) on international markets is expected to decline by 22% in 2020e. At the same time, the E&P spending in North American is expected to decline by 42%.
Schoeller-Bleckmann Oilfield Equipment is engaged as a producer of high precision components and a supplier of oilfield equipment for the oilfield service industry. Co. focuses on non-magnetic drillstring components (non-magnetic drill collars) and downhole tools for drilling and completing directional and horizontal wells. The High Precision Components segment consists of the manufacturing of MWD (Measuring While Drilling) and LWD (Logging While Drilling) precision drillstring components. The Oilfield Equipment segment comprises production and distribution of non-magnetic drill collars, drilling motors and tools for downhole circulation applications, repair and maintenance services.
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