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31.08.2012

C.A.T. oil successfully drives growth and profitability in H1 2012

C.A.T. oil AG, one of the leading providers of oil and gas field services in Russia and Kazakhstan, today announced its results for the first half of 2012. C.A.T. oil realized strong revenue and EBITDA growth which was primarily stimulated by strong demand for its services, the increased per job revenue and operational efficiency. In addition, the Group has almost completed the set up of its third core service line of high class conventional drilling and to date has eight out of nine drilling rigs in operation. Based on the successful performance in the first six months of the year, C.A.T. oil remains optimistic.

Consequent to the latest additions, the order book for full year 2012 totaled EUR 307 million as of 30 August 2012, and C.A.T. oil expects to exceed prior-year’s performance.

Manfred Kastner, CEO of C.A.T. oil, commented: ”We have successfully capitalized on the positive economic environment and our strong market position to further drive growth. Due to strong demand and a high share of large and complex jobs we were able to push our revenues by about 17% and to increase EBITDA by one fourth compared to the first six months of 2011. At the same time we remained fully dedicated to further set up high class conventional drilling. All of our rigs have successfully been marketed and during the second quarter we took four more rigs into operations. Going forward, C.A.T. oil will operate with a very well diversified portfolio and provide even more services out of one hand. This makes us an even more valuable and reliable partner for our customers.

Although the economic and financial crisis in the euro zone continues and impacts confidence in certain regions, dynamics in our markets are intact. We won additional tenders and are confident that we will be granted additional orders during the third and fourth quarter. We are therefore confident to outperform both, revenues and EBITDA of the prior year.”

 

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