Schoeller-Bleckmann Oilfield Equipment completed the acquisition of Praxis Completion Technology for $22m.

Schoeller-Bleckmann Oilfield Equipment, a manufacturer of non magnetic steels for the oilfield service, completed the acquisition of Praxis Technology, a provider of innovative completions products and services with a specialist expertize in the artificial lift (ESP) industry, for $22m. “In our Strategy 2030, we have set ourselves the clear goals of maintaining our market-leading position in our core business and continuing to invest in research and development as well as in bolt-on acquisitions. At the same time, we are expanding our presence in the Middle East, which is an important market for our industry. The future applications of Praxis Completion Technology's products for carbon capture and storage offer exciting opportunities to participate in this growing market and will help reduce global carbon emissions,” Gerald Grohmann, SBO CEO.