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Schoeller-Bleckmann Q3 profit hit by 90 mln eur acquisition charge
October 17, 2017 / 2:23 PM / 2 months ago

Schoeller-Bleckmann Q3 profit hit by 90 mln eur acquisition charge

VIENNA, Oct 17 (Reuters) - Austria’s Schoeller-Bleckmann Oilfield Equipment will have to pay more than expected to buy the rest of U.S. unit Downhole Technology, and it will post a pre-tax loss of roughly 78 million euros ($91.6 million) in the third quarter, it said.

Schoeller-Bleckmann (SBO) has bought 68 percent of the unit but acquiring the rest under an option it has will be more expensive because of Downhole’s “strong growth”, it said on Tuesday.

“SBO’s accounting principles require in the third quarter of 2017 a non-cash-effective expense posting of 90 million euros in the financial result of the income statement,” it said.

$1 = 0.8519 euros Reporting by Francois Murphy; Editing by Michael Shields

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