EANS-News: C.A.T. oil Supervisory Board extends contracts of entire Management Board
19.12.2013 – 15:26
-------------------------------------------------------------------------------- Corporate news transmitted by euro adhoc. The issuer/originator is solely responsible for the content of this announcement. -------------------------------------------------------------------------------- Subtitle: Manfred Kastner, Ronald Harder, Anna Brinkmann and Leonid Mirzoyan re-confirmed as Members of the Management Board of C.A.T. oil AG Appointments extended until end of fiscal year 2018 Supervisory Board acknowledges the boards commitment to the Company's strategy aiming at sustainable and profitable business growth Board of Directors (Appointments and Changes) Vienna, 19 December 2013 (euro adhoc) - The Supervisory Board of C.A.T. oil AG (O2C, ISIN: AT0000A00Y78),one of the leading providers of oil and gas field services in Russia and Kazakhstan, has extended the contracts of the entire Management Board of the Company until the end of fiscal year 2018. Manfred Kastner will continue to act as Chairman of the Board and Chief Executive Officer, Ronald Harder as Vice Chairman of the Board and Chief Financial Officer. Anna Brinkmann will act as Chief Operating Officer in the future and Leonid Mirzoyan will continue as Chief Corporate Finance Officer. The Supervisory Board thereby confirms the dedicated and successful work of all four individuals over the past years. With the latest appointment the Supervisory Board ensures continuity in the senior management team and the Company's successful implementation of its strategy which is aimed at profitable growth. Dr. Gerhard Strate, Chairman of the Supervisory Board, commented: "We are delighted about the extension of the contracts with the Management Board of C.A.T. oil. With this step the Supervisory Board secures the managerial expertise and in-depth industry know-how of Manfred Kastner, Ronald Harder, Anna Brinkmann and Leonid Mirzoyan in order to continue C.A.T. oil's success story. We are looking forward to continue working together with the entire Management Board, especially as it begins another major investment cycle and opens another chapter of C.A.T. oil's development with the roll-out of the 2014-16 investment program of EUR 390 million." 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, TNK-BP 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