EANS-News: C.A.T. oil AG: 2010 order book already surpasses EUR 200 million
Vienna, January 27, 2010 (euro adhoc) -
Top 5 customers placed sidetrack drilling and hydraulic fracturing orders worth EUR 206 million for 2010 TNK-BP rolls over three-year contract for hydraulic fracturing services Participation in additional tenders throughout the current fiscal year
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Company Information
Subtitle: Top 5 customers placed sidetrack drilling and hydraulic fracturing orders worth EUR 206 million for 2010 TNK-BP rolls over three-year contract for hydraulic fracturing services Participation in additional tenders throughout the current fiscal year
C.A.T. oil AG (O2C, ISIN: AT0000A00Y78), one of the leading providers of oil and gasfield services in Russia and Kazakhstan, enters well prepared into Fiscal Year 2010: Throughout the fourth quarter the Company successfully participated in tenders for oil and gasfield services and received new orders worth EUR 206 million (based on a rouble-to-euro exchange rate of 43). The sidetrack drilling and hydraulic fracturing contracts were awarded by C.A.T. oil´s long-term customers Rosneft, TNK-BP, Gazprom, LUKoil and Kazmunaigaz which together represent the largest oil and gas producers in Russia and Kazakhstan.
Furthermore, C.A.T. oil´s core operating subsidiary CATOBNEFT was able to carry on its well-established business relationship with TNK-BP. Following the successful execution of a three-year contract for hydraulic fracturing services in 2009, TNK-BP awarded another three-year assignment to CATOBNEFT which includes a minimum of 1,500 hydraulic fracturing jobs. Beginning this year, the hydraulic fracturing jobs will be carried out in the Nizhnevartovsk area (West Siberia) until the end of Fiscal Year 2012.
"We are very proud of the results of the latest tender period. Unlike last year we are operating on the basis of a very solid order backlog at the beginning of 2010. Our customers are planning with increased production levels again and award assignments at an early point in time. Already at the end of January our order book has therefore exceeded EUR 200 million. The assignments and the three-year contract by TNK-BP demonstrate, that C.A.T. oil is very well established in its core markets and customers count on the knowhow of our crews and the quality of our services", Manfred Kastner CEO of C.A.T. oil said.
During the course of the first quarter and beyond C.A.T. oil will continue to participate in tenders for additional service job contracts. "Based on the latest order book status, we expect our core businesses, sidetrack drilling and hydraulic fracturing, to grow further during 2010. The cost cutting program exe-cuted in 2009 has laid the groundwork to deliver high-quality service at a com-petitive price level while at the same time increasing efficiency. C.A.T. oil is therefore well prepared for 2010 and the years beyond and we look forward to make best possible use of the latest positive signs in our core markets", Manfred Kastner said.
C.A.T. oil will publish its results for Fiscal Year 2009 on April 28, 2010.
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 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 aban-doned oil fields accessible. The Company´s growth is driven by three significant fac-tors: 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 ac-cessible 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 Com-pany´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 pro-ducers 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 3,024 people in the first nine months of 2009, most of whom are based in Russia and Kazakhstan. The Company´s 2009 order book amounted to EUR 228 million in September 2009.
end of announcement euro adhoc
Further inquiry note:
Carolin Amann
Tel.: +49(0) 69-92037132
E-Mail: Carolin.Amann@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