C.A.T. Oil Benefits from Strong Demand for Its New High-Class Conventional Drilling Rigs

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
sites.

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.

www.catoilag.com

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