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Petro Welt Technologies AG

EANS-Adhoc: C.A.T. oil AG
C.A.T. oil approves the 2011-12 investment program of EUR 150 million for further growth and diversification

  ad-hoc disclosure pursuant to section 15 of the WpHG transmitted by euro
  adhoc with the aim of a Europe-wide distribution. The issuer is solely
  responsible for the content of this announcement.
New Products/Investment program
08.11.2010
Vienna, 8 November 2010 - C.A.T. oil AG (O2C, ISIN: AT0000A00Y78), an
independent oil and gas field service provider in Russia and 
Kazakhstan, today announced that the Company´s Supervisory Board has 
approved a major investment program which aims at further growth and 
diversification of  the Company´s business. C.A.T. oil´s 2011-12 
capital expenditure program will total EUR 150 million and consist of
two parts: The major portion of the investment will be used to build 
up a third core business of high-class onshore drilling services and 
a smaller portion of the investment will be diverted to reinforce the
Company´s existing businesses of sidetrack drilling and hydraulic 
fracturing. Given the long lead time to supply of the new operating 
capacity, the investments are expected to make material contribution 
to the Company´s earnings from 2012 onwards.
The bulk of investments in new onshore drilling business will be used
to purchase nine state-of-the-art North American mobile drilling rigs
in H2 2011. Approximately one third of the new drilling capacity will
be put into operations in H2 2011 and the rest at the beginning of 
2012. In addition, the investment program foresees the expansion of 
the sidetrack drilling capacity by two rigs to bring the Company´s 
total number of sidetrack drilling rigs to 17 in Q1 2011 from 15 rigs
at the moment.
C.A.T. oil plans to capitalize upon its existing sidetracking 
capabilities and infrastructure as well as its proven track record of
organic growth and diversification to penetrate safely a premium 
segment of the Russian high growth drilling market.
The Company will maintain its conservative financial policy and a 
strong equity base. The investments will be primarily financed from 
the Company´s operating cash flow as well as long-term debt. For this
reason, the Company has upgraded its committed but unutilized credit 
line with EUROBANK EFG to EUR 100 million from EUR 50 million and 
extended it until October 2015.
C.A.T. oil AG
Kaerntner Ring 11-13
A-1010 Vienna
Austria
Ticker symbol: O2C
ISIN: AT0000A00Y78
Common Code: 025162498
Listing: Official Market / Prime Standard, Frankfurt Stock Exchange
www.catoilag.com
End of Adhoc Release
Additional information:
Manfred Kastner, CEO of C.A.T. oil, commented: "Over the past four 
years we have successfully diversified into the high-margin sidetrack
drilling business which has become our number one growth driver. The 
expansion into high-end onshore drilling represents another strategic
step along our successful path of profitability and growth. With an 
estimated growth rate in excess of 10% per annum, the Russian onshore
drilling market offers us attractive opportunities. Based on the 
improved market conditions we feel that the time is right to take 
additional steps to prudently diversify our business. We will thus 
leverage our profound experience and our existing workforce to set up
conventional drilling as a third service offering of our Group. This 
will allow us to realise additional growth as we are able to offer 
attractive additional services to new clients and to cross-sell these
to existing accounts."
Following the implementation of the investment program, C.A.T. oil 
will be a service provider which will offer both, brownfield services
on existing wells, as well as greenfield services on completely 
unexploited oil sources. The addition of high-class drilling services
to the service portfolio will contribute to further diversify and 
round the Company´s revenue and earnings mix.
C.A.T. oil´s Supervisory Board has also approved the Company´s 
dividend policy. The dividend policy foresees the distribution of at 
least 20% of the Company´s consolidated net profit in a form of cash 
dividend to shareholders over the long-term earnings cycle. The 
dividend payout is dependent upon the Company´s earnings and cash 
flow constraints, investment and financing requirements and the 
environment in the oil field services market. It is intended that the
policy leaves the Company the necessary flexibility to maintain 
sufficient liquidity and an adequate capital structure. The full 
dividend policy will be available on the Company´s website.
www.catoilag.com
Press contact:
Financial Dynamics GmbH
Carolin Amann                   Lucie Maucher
Tel.: +49 (0)69 92037-132       Tel.: +49 (0)69 92037-183
Email:  carolin.amann@fd.com     Email:  lucie.maucher@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 activating 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
2,455 people on 30 June 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

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