HOUSTON (September 17, 2010) – Sutherland Asbill & Brennan LLP is advising Schoeller-Bleckmann Oilfield Equipment AG (SBO) in its acquisition of 100% of Drilling Systems International Ltd. SBO will acquire all associated patents and intellectual property rights.
The transaction, announced September 13, 2010, is expected to close October 1, 2010. Both companies have agreed not to disclose the purchase price.
The Sutherland team is led by Energy and Environmental Partner Benjamin G. Clark in Houston and includes Energy and Environmental Partner Daniella Landers in Houston; Intellectual Property Partner Peter G. Pappas in Atlanta; Litigation Partner Lisa Combs Jern in Atlanta; Tax Partner Alice Murtos in Atlanta; Tax Partner David A. Roby, Jr. in Washington, D.C.; Energy and Environmental Associates Michael W. Barton and Christopher M. Hayes in Houston; Intellectual Property Associate Elizabeth Ann Lester in Atlanta; Litigation Associate Abigail J. Politzer in Atlanta; and Tax Associate Joanna G. Myers in Washington, D.C.
SUTHERLAND ASBILL & BRENNAN LLP
Sutherland Asbill & Brennan LLP is a law firm with global reach known for solving challenging business problems and resolving sophisticated legal issues for many of the world’s largest companies. Founded in 1924, the firm handles matters throughout the United States and worldwide. Seven major practice areas—corporate, energy and environmental, financial services, intellectual property, litigation, real estate, and tax—provide the framework for an extensive range of focus areas, allowing Sutherland attorneys to serve a diverse client base that ranges from small and medium-sized start-up businesses to a significant number of Fortune 100 companies.
Target & Acquirer name, nation, business description:
Acquirer: Schoeller-Bleckmann Oilfield Equipment AG (SBO), Ternitz, Austria, is the global market leader for high-precision components for the oil service industry. The business focus is on non-magnetic drillstring components for directional drilling. Additionally, the group manufactures drilling motors and drilling tools and offers to its customers full-scale repair and maintenance services.
Target: Drilling Systems International Ltd. (DSI), Dubai, delivers specialized downhole circulation tools which steer the flow direction of drilling muds in the drill string. The company’s flagship product is the PBL tool, which forms part of the drill string. The PBL tool delivers value to customers through considerable time and cost savings, as the system is highly reliable and easy to operate.
Date Deal Announced: September 13, 2010
Date of Completion (if applicable): Expected October 1, 2010
Deal status: Pending
Which party firm advised: Schoeller-Bleckmann Oilfield Equipment AG
Advisory role: Legal counsel
Deal Description or comments (if necessary):
Sutherland Asbill & Brennan LLP is advising Schoeller-Bleckmann Oilfield Equipment AG in its acquisition of 100% of Drilling Systems International Ltd.
Value (if disclosed): Undisclosed