EANS-News: C.A.T. oil AG
C.A.T. oil AG extends sidetrack drilling contracts
with core customers
Vienna (euro adhoc) -
- Increase of 2009 order book volume by approx. EUR 14 million to EUR 228 million - Sidetrack drilling remains C.A.T. oils fastest growing business
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Company Information
Utl.: - Increase of 2009 order book volume by approx. EUR 14 million to EUR 228 million - Sidetrack drilling remains C.A.T. oils fastest growing business
September 28, 2009 - C.A.T. oil AG (O2C, ISIN: AT0000A00Y78), one of the leading providers of oil and gasfield services in Russia and Kazakhstan, has extended its existing sidetrack drilling contracts with several core customers of the Company such as Gazprom Neft, TNK-BP and Rosneft. The additional orders increase the 2009 order book by approximately EUR 14 million or 6.5% to EUR 228 million, assuming an average EUR/RUR exchange rate of 44.5.
As a result, sidetrack drilling remains C.A.T. oil´s fastest growing business line, with a 43% YoY growth in job count in 2009. The extended contracts are a further step towards the Company´s target to increase its market position in sidetrack drilling services to more than 20%.
Manfred Kastner, CEO of C.A.T. oil AG, said: "Despite the still challenging conditions in the sidetrack drilling market, C.A.T. oil has proven again its ability to expand its operations against the general market trend. The extension of the sidetrack drilling contracts with our core customers demonstrates our strong relationship to our customers who appreciate our superior Integrated Project Management services. This fuels our confidence to attain the Company´s strategic goal of becoming Russia´s number one sidetrack drilling service provider by market share."
Over the past few years C.A.T. oil has significantly expanded its sidetrack drilling capacities from two rigs in 2006 to ten in 2007 and 14 by the end of 2008. Sidetrack drilling has been growth driver number one in 2008 and sidetrack drilling job counts went up by 165.7% YoY, making C.A.T. oil the fastest growing company in this business in Russia.
www.catoilag.com
Press contact: Financial Dynamics GmbH
Carolin Amann Lucie Kimmich Tel.: +49 (0)69 92037-132 Tel.: +49 (0)69 92037-183 Email: carolin.amann@fd.com Email: lucie.kimmich@fd.com
About C.A.T. oil AG:
C.A.T. oil AG is one of the leading providers of oil and gas field services in Russia and Kazakhstan and is listed at the Frankfurt Stock Exchange (SDAX). C.A.T. oil offers a wide spectrum of services to increase the lifecycle of an oil field or to make abandoned oil fields accessible. The Company´s growth is driven by three significant factors: Existing oil fields need to be stimulated due to shrinking oil and gas resources in order to optimize capacities. Simultaneously, idle wells are reactivated or made accessible through new methods in order to deploy wells to their maximum. Additionally C.A.T. oil offers seismic services which help to identify new oil and gas sources.
Since its foundation in 1991 in Celle, Germany, C.A.T. oil has built up a leading hydraulic fracturing services business with a current market share of almost 30% in Russia and Kazakhstan. Following its IPO in 2006 the company has invested more than EUR 200 million in additional services and capacities: sidetrack drilling has become the Company´s second core business with a market share of approx. 18% in Russia. Apart from the services mentioned above, C.A.T.oil´s diversified service portfolio includes coiled tubing, formation evaluation services, well work-over, cementing and seismic services. Due to the recent expansion investments C.A.T. oil´s fleets and rigs are state-of-the-art and therefore allow for time-efficient and effective deployment. C.A.T. oil´s customer base includes the leading Russian and Kazakh oil and gas producers amongst them Gazprom, KazMunaiGaz, LUKOIL, Rosneft and TNK-BP. With all of them C.A.T. oil has a long-standing relationship and has been a reliable service provider since its market entrance in the early nineties.
The Company has its headquarters in Vienna and employed an average of 3,104 people in the first half of 2009, most of whom are based in Russia and Kazakhstan.
Further inquiry note:
Lucie Kimmich
Tel.: +49 (69) 920 37-183
E-Mail: lucie.kimmich@fd.com
Branche: Oil & Gas - Upstream activities
ISIN: AT0000A00Y78
WKN: A0IKWU
Index: SDAX, Classic All Share, Prime All Share
Börsen: Frankfurt / regulated dealing/prime standard