C.A.T. oil Secures Hydraulic Fracturing Tenders with LUKOIL
C.A.T. oil has been announced as the winner of two tenders, through its operating subsidiary CATKoneft, for hydraulic fracturing services in Western Siberia with one of its core customers LUKOIL.
Assuming a new average EUR/RUR exchange rate of 39, the total value of the pending contracts amounts to EUR 55 million over a two and a half year period and results in an increase of the Company's 2010 order book of EUR 12 million to a total volume of EUR 239 million. In addition, the long-term nature of C.A.T. oil's business model is underlined by EUR 75 million in orders already contracted for 2011 and 2012, bringing the total order book volume to EUR 314 million until the end of 2012.
Manfred Kastner, CEO of C.A.T. oil AG, said, "The new orders that we have received from LUKOIL confirm the reputation we hold and the expertise we have gained in hydraulic fracturing in the Russian market. It also demonstrates our strong customer relationships, which we will continue to deepen and expand. For the second half of 2010, we expect additional orders to come in through new tenders and successful extensions of the existing contracts."
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