Industry Recovery Spurs Profits At Oil Equipment Maker Schoeller-Bleckmann

Oilfield equipment maker Schoeller-Bleckmann (SBO) announced a surge in second-quarter earnings on Aug. 23, putting it on course to return to a full-year net profit.

The Austrian group is emerging from a rough patch, triggered by the collapse of oil prices a few years ago, as recovering crude prices prompt producers to invest in new projects.

It reported an eightfold increase in operating profit for April to June, helped by a thriving North American business where its customers include industry giants Halliburton and Schlumberger.

SBO said its sales surged 40% in the quarter to 105.9 million euros (US$121 million), benefiting in particular from strong demand for its drilling motors, circulation tools and repair and maintenance services in North America.