EANS-News: C.A.T. oil benefits from strong demand for its new high-class conventional drilling rigs

Geschrieben am 04-04-2012

Corporate news transmitted by euro adhoc. The issuer/originator is solely
responsible for the content of this announcement.

Company Information

Subtitle: • New orders for conventional drilling enable to get 80% of
the new capacity contracted for 2012 • Seven out of nine conventional
drilling rigs already successfully marketed • Additional orders
expected due to ongoing strong demand • Total order book volume
increases to EUR 284 million for 2012

Vienna, April 4 2012 (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 further progress in
marketing its newly established high-class conventional drilling
service. The Company received additional conventional drilling orders
worth EUR 17 million by its long-standing customer Gazprom Neft.
Thus, at the end of Q1 seven out of the nine new drillings rigs were
successfully marketed. Thanks to these additional orders, C.A.T.
oil´s 2012 order book, which comprises of orders for fracturing,
sidetrack drilling and conventional drilling, has improved to EUR 284
million (based on a rouble-to-euro exchange rate of 40). Compared to
the same period last year this represents an increase of 28% and
reflects the continuing strong demand for oil field services in
Russia and Kazakhstan.

Manfred Kastner, CEO of C.A.T. oil AG, said: "Our decision to make
significant investments in organic growth and set up conventional
drilling as a third core business line has been clearly rewarded. We
see strong demand for these services and have successfully marketed
our new rigs for 2012. By the end of March we obtained service orders
for 80% of our new rigs. We continue to market our remaining two rigs
in full swing and are confident that we win additional orders in the
near future."

The nine new rigs are part of the Company´s 2011-12 EUR 150 million
investment program to accelerate organic growth and diversify the
service offering. During 2011 C.A.T. oil set up conventional drilling
as a third core service line by adding state-of-the-art North
American rigs to its operating capacity.

The first rig was put into operations in July 2011 and the remaining
ones were successively delivered to Russia and adapted for operations
during H2 2011. In Q1 2012, C.A.T. oil had three new rigs in
operations. Following the business set up, which led to ramp-up costs
in 2011, C.A.T. oil expects to fully pick up pace in the conventional
drilling business in the second half of 2012. The new service is
expected to make first contributions to earnings to the current
financial year.

Conventional drilling operations for the latest Gazprom Neft orders
focus on the regions of Orenburg and Yamal-Nenets and are expected to
begin in May and June once the rigs have been mobilized to the well

During the 2012 tender campaign C.A.T. oil has also been able to
secure first orders for 2013. Thus, orders received for fiscal years
2012 and 2013 in all three service areas amount to a total volume of
EUR 323 million.

On April 30, 2012 C.A.T. oil will publish its results for Fiscal Year
2011 and provide an outlook for Fiscal Year 2012.


Press contact:
FTI Consulting
Carolin Amann
Phone: +49 (0)69 92037-132
Email: carolin.amann@fticonsulting.com

Thomas M. Krammer
Phone: +49 (0)69 92037-183
Email: thomas.krammer@fticonsulting.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 250 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, well work-over,
cementing and seismic services. Due to the recent 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

The Company has its headquarters in Vienna. From January to December
2011, the Company employed an average of 2,360 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
Kärtner Ring 11-13
A-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


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