November 23, 2017 / 9:15 AM / 7 months ago

Schoeller-Bleckmann Oilfield plans 0.50 euros/share dividend

VIENNA (Reuters) - Austria’s Schoeller-Bleckmann Oilfield Equipment (SBOE.VI) plans to pay a dividend of 0.5 euros ($0.5916) per share for 2017, following the pick-up in its North American business, its chief executive told Reuters on Thursday.

“It will probably be 50 cents (per share), which we will propose under the condition that the business environment keeps developing roughly as it is now, which is what I expect,” Gerald Grohmann said in a telephone interview.

He was speaking after the company reported that its order backlog and sales in the third quarter had doubled to 33.4 million euros and 91.9 million euros respectively.

The positive trend for orders has also continued into the fourth quarter, Grohmann said.

Heightened drilling activity in North America, especially in West Texas, has been a boon for SBO at a time when other markets stagnate.

“Our North American activities are highly profitable, and we will drive this growth further. In the international business, markets are stagnating at the levels seen the year before. Therefore, we expect that they will remain in a phase of transition (in) 2018,” Grohmann said earlier in his results statement.

Operating profit after impairments in the third quarter amounted to 14.6 million euros, which compared with a similarly sized loss last year.

In August SBO posted its first quarterly operating profit for two years.

Reporting By Shadia NasrallaEditing by Maria Sheahan, Greg Mahlich

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