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 significant progress in its 2014 tendering campaign: As of 26 February 2014, the Company’s total order book for 2014-16 hit an all-time high of EUR 754 million (based on a rouble-to-euro exchange rate of 47). This represents an increase of 42% compared to EUR 530 million during the same period last year. For 2014, C.A.T. oil’s order book stands at EUR 408 million, up 4% from EUR 392 million a year ago despite the weakened Russian rouble, in which the majority of the Company’s service orders are denominated. The currency has devalued more than 15% yoy relative to the euro since February 2013. The effect of the rouble devaluation therefore overshadows a 22% yoy increase in the order book in rouble terms and the ongoing strong business expansion.
Manfred Kastner, CEO of C.A.T. oil, commented: “We not only achieved a record high order book volume but also secured service orders beyond a 12-months period that now represent 46% of the total order book compared to 26% a year ago. Our success in the 2014 tendering campaign is thus additionally underscored by a material improvement in the mid-term revenue visibility.”
The tendering campaign is still continuing and will be completed in the upcoming weeks.
Manfred Kastner added. “Thus far, we have successfully marketed 100% of our fracking, 90% of our sidetracking and two-thirds of our drilling capacities for 2014. We are confident to receive additional tender awards in the upcoming weeks.”
The existing rigs which have not been awarded new tenders so far continue to operate under extensions to last year’s contracts and therefore stay fully utilized.
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