EANS-News: Order book 2014-16 hits all-time high of EUR 754 million
--------------------------------------------------------------------------------
Corporate news transmitted by euro adhoc. The issuer/originator is solely
responsible for the content of this announcement.
--------------------------------------------------------------------------------
Subtitle: Order book volume for 2014-16 exceeds previous years level by 42%
Material improvement in mid-term revenue visibility
Order book increased by 22% yoy in rouble terms and 4% yoy in euro terms to
EUR 408 million in 2014
CEO Manfred Kastner: We have successfully marketed 100% of our fracking, 90%
of our sidetracking and two-thirds of our drilling capacities for 2014. We are
confident to receive further tender awards in the upcoming weeks.
Company Information
Vienna, 27 February 2014 (euro adhoc) - C.A.T. oil AG (O2C, ISIN: AT0000A00Y78),
one of the leading providers of oil and gas field services in Russia and
Kazakhstan, has made significant progress in its 2014 tendering campaign: As of
26 February 2014, the Company's total order book for 2014-16 hit an all-time
high of EUR 754 million (based on a rouble-to-euro exchange rate of 47). This
represents an increase of 42% compared to EUR 530 million during the same period
last year. For 2014, C.A.T. oil's order book stands at EUR 408 million, up 4%
from EUR 392 million a year ago despite the weakened Russian rouble, in which
the majority of the Company's service orders are denominated. The currency has
devalued more than 15% yoy relative to the euro since February 2013. The effect
of the rouble devaluation therefore overshadows a 22% yoy increase in the order
book in rouble terms and the ongoing strong business expansion.
Manfred Kastner, CEO of C.A.T. oil, commented: "We not only achieved a record
high order book volume but also secured service orders beyond a 12-months period
that now represent 46% of the total order book compared to 26% a year ago. Our
success in the 2014 tendering campaign is thus additionally underscored by a
material improvement in the mid-term revenue visibility."
The tendering campaign is still continuing and will be completed in the upcoming
weeks.
Manfred Kastner added. "Thus far, we have successfully marketed 100% of our
fracking, 90% of our sidetracking and two-thirds of our drilling capacities for
2014. We are confident to receive additional tender awards in the upcoming
weeks."
The existing rigs which have not been awarded new tenders so far continue to
operate under extensions to last year's contracts and therefore stay fully
utilized.
www.catoilag.com
Press contact:
FTI Consulting
Thomas M. Krammer
Phone: +49 (0)69 92037-183
Email: thomas.krammer@fticonsulting.com
Steffi Fahjen
Phone: +49 (0)69 92037-115
Email: steffi.fahjen@fticonsulting.com
About C.A.T. oil AG:
C.A.T. oil AG is one of the leading independent oil and gas field service
contractors in Russia and Kazakhstan and is listed on the Frankfurt Stock
Exchange (SDAX). C.A.T. oil provides a range of high quality services, which
enable oil and gas producers to extend lifecycle of their fields or bring yet
unexploited oil and gas reserves to production.
Since its foundation in 1991 in Celle, Germany, C.A.T. oil has built up a
leading hydraulic fracturing service, a very effective method of well
stimulation by cracking rock formations with pressurized fluids, in Russia and
Kazakhstan. Following its IPO in 2006, the Company developed a second core
service of sidetrack drilling in 2006-08 and has established a strong presence
in Russia's sidetrack drilling market. Sidetrack drilling is a term used to
describe drilling of a new wellbore from the upper section of an existing well.
In 2011-12, the Company launched the next phase of its growth and
diversification strategy and set up high class drilling operations as a third
core service offering. High class drilling is the classical technology of
drilling vertical, inclined and horizontal wells for extraction of oil and gas.
In total, the Company has already invested more than EUR 400 million in growth
and diversification since its IPO in 2006.
Following the successful set up of high class drilling in 2011-12, C.A.T. oil
introduced its new segment reporting in 2013 clustering its activities in "Well
Services" (fracturing, cementing and completion operations) and "Drilling,
Sidetracking and IPM (Integrated Project Management)".
C.A.T. oil's customer base includes the leading Russian and Kazakh oil and gas
producers such as Gazprom, Rosneft, Lukoil and KazMunaiGaz. The Company has
long-standing relationships with these customers and has been a reliable service
provider since its market entrance in the early nineties.
C.A.T. oil has its headquarters in Vienna. The Company's 9M 2013 weighted
average headcount stood at 2,673 people, most of which are based in Russia and
Kazakhstan.
Further inquiry note:
Thomas Krammer
Tel: +49(0)69-92037-183
Email: thomas.krammer@fticonsulting.com
end of announcement euro adhoc
--------------------------------------------------------------------------------
company: C.A.T. oil AG
Kärntner Ring 11-13
A-1010 Wien
phone: +43(0) 1 535 23 20 - 0
FAX: +43(0) 1 535 23 20 - 20
mail: ir@catoilag.com
WWW: http://www.catoilag.com
sector: Oil & Gas - Upstream activities
ISIN: AT0000A00Y78
indexes: SDAX, Classic All Share, Prime All Share
stockmarkets: regulated dealing/prime standard: Frankfurt
language: English
