Brief: Bauer Ends Deep Drilling Technology Joint Venture With Schlumberger

Bauer AG

03/08/2020 08:29

Aug 3 (Reuters) - BAUER AG  B5AG.DE :
    * ENDS DEEP DRILLING TECHNOLOGY JOINT VENTURE WITH
SCHLUMBERGER
    * TWO COMPANIES AGREED TO DISCONTINUE THEIR JOINT BUSINESS
DUE TO
PERSISTENTLY HIGH OVERCAPACITY IN OIL DRILLING BUSINESS
HEIGHTENED BY LOW PRICE OF OIL
    * DUE TO TERMINATION OF JOINT VENTURE, BAUER GROUP HAS
ALREADY
TAKEN OVER ALL SHARES IN BOTH COMPANIES
    * IMPLEMENTATION OF ALL FURTHER REQUIRED STEPS IS PLANNED BY
END
OF AUGUST 2020 AT LATEST
    * PARTIES HAVE AGREED NOT TO DISCLOSE FURTHER DETAILS
    * NO SIGNIFICANT OVERALL EFFECTS ON GROUP RESULTS DUE TO
FULL
CONSOLIDATION

Source text for Eikon:  ID:nEQbJy58ka 
Further company coverage:  B5AG.DE 

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