Aug. 23 (Bloomberg) -- Schoeller-Bleckmann Oilfield Equipment AG, a producer of gear to extract oil from hard-to-reach places, said it has “strong” third-quarter orders after reporting record profit and sales in the previous three months.
“The more that oil is depleted, the more difficult it will be to take out of the ground and the more our products will be needed,” Chief Executive Officer Gerald Grohmann said by phone. “Third-quarter bookings continued to be positive and strong.”
The Ternitz, Austria-based company makes directional-drilling equipment to extract crude on land and under water, and has benefited from growing demand in emerging economies, which the International Energy Agency expects to consume more oil than developed nations for the first time next year.
The IEA also sees world growth in oil use slowing in 2013 to 800,000 barrels a day from 900,000 this year, it said on Aug. 10, with European economies hurt by the region’s debt crisis.
“We don’t suffer from the euro crisis,” Grohmann said. “We rely on international oil and energy demand. The fundamentals of that industry are still intact.”
The company’s products are used by companies to extract gas from shale, where sales “have been growing in the last four to five years,” Grohmann said, declining to provide figures.
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