EANS-News: C.A.T. oil AG
C.A.T. oil´s 2011 order book peaks at EUR 222 million
Vienna (euro adhoc) -
- Top 5 customers placed sidetrack drilling and hydraulic fracturing orders worth EUR 222 million for 2011 - Outstanding track record and proven service quality acknowledged by customers
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Company Information
Subtitle: - Top 5 customers placed sidetrack drilling and hydraulic fracturing orders worth EUR 222 million for 2011 - Outstanding track record and proven service quality acknowledged by customers
January 20, 2011 - C.A.T. oil AG (O2C, ISIN: AT0000A00Y78), one of the leading providers of oil and gasfield services in Russia and Kazakhstan, has successfully accomplished the 2011 tendering campaign: as of 20 January 2011, the company´s order book reached EUR 222 million (based on a rouble-to-euro exchange rate of 40). In the past fiscal year C.A.T. oil had already been able to secure assignments for 2012, thereby bringing the total volume of orders to EUR 259 million for 2011 and 2012.
Manfred Kastner, CEO of C.A.T. oil, said: "We are very proud of the tender period for 2011 and have set a good basis with an order book volume of EUR 222 million. Our outstanding track record and proven service quality, as well as the economic recovery and increase in demand for oil and gasfield services served as main drivers for this success and reflect that our customers acknowledge C.A.T. oil as reliable supplier."
In 2011 and 2012 C.A.T. oil will invest EUR 150 million to expand its sidetrack drilling activities and to establish conventional drilling as a third business. Two newly purchased sidetrack drilling rigs are currently being mobilized to Rosneft´s well sites in the Yugansk area and will be put into operations next month. The addition of these two new rigs constitutes an increase of approximately 13% in C.A.T. oil´s sidetrack drilling operations and pushes the capacity to a total of 17 rigs.
As part of the establishment of the third core business conventional drilling, C.A.T. oil has ordered nine conventional drilling rigs to offer high-class onshore drilling services. One third of the equipment is scheduled to be delivered to Russia in the second half of 2011 and thus represent additional upside potential for growth.
"In total, our successfully realized tendering campaign sets the stage for additional growth. Historically we have been able to book in advance approximately 80% of each year´s annual sales. Implementing conventional drilling in our portfolio will also position us for additional growth," Manfred Kastner said.
C.A.T. oil will publish its results for Fiscal Year 2010 on April 28, 2011.
www.catoilag.com
Press contact: FD
Carolin Amann Tel.: +49 (0)69 92037-132 Email: carolin.amann@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 on 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 unexploited oil fields accessible. The Company´s growth is driven by the following 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 will establish conventional drilling as third core service which allows to activate completely unexploited 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 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. In November 2010, the Company introduced a comprehensive investment program with a volume of EUR 150 million which will mainly be used to set up conventional drilling as part of the Company´s service portfolio. Furthermore, C.A.T. oil offers 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. C.A.T. oil has a long-standing relationship with these customers 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 2,427 people on 30 September 2010, most of whom are based in Russia and Kazakhstan.
end of announcement euro adhoc
Further inquiry note:
Lucie Maucher
Tel.: +49 (69) 920 37-183
E-Mail: lucie.maucher@fd.com
Branche: Oil & Gas - Upstream activities
ISIN: AT0000A00Y78
WKN: A0JKWU
Index: SDAX, Classic All Share, Prime All Share
Börsen: Frankfurt / regulated dealing/prime standard