C.A.T. Extends ST Drilling Contracts with Russian Oil Majors
C.A.T. oil AG has extended its existing sidetrack drilling contracts with several core customers of the Company such as Gazprom Neft, TNK-BP and Rosneft. The additional orders increase the 2009 order book by approximately EUR 14 million or 6.5% to EUR 228 million, assuming an average EUR/RUR exchange rate of 44.5.
As a result, sidetrack drilling remains C.A.T. oil's fastest growing business line, with a 43% YoY growth in job count in 2009. The extended contracts are a further step towards the Company's target to increase its market position in sidetrack drilling services to more than 20%.
Manfred Kastner, CEO of C.A.T. oil AG, said, "Despite the still challenging conditions in the sidetrack drilling market, C.A.T. oil has proven again its ability to expand its operations against the general market trend. The extension of the sidetrack drilling contracts with our core customers demonstrates our strong relationship to our customers who appreciate our superior Integrated Project Management services. This fuels our confidence to attain the Company's strategic goal of becoming Russia's number one sidetrack drilling service provider by market share."
Over the past few years C.A.T. oil has significantly expanded its sidetrack drilling capacities from two rigs in 2006 to ten in 2007 and 14 by the end of 2008. Sidetrack drilling has been growth driver number one in 2008 and sidetrack drilling job counts went up by 165.7% YoY, making C.A.T. oil the fastest growing company in this business in Russia.
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