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Gazprom Neft secures fracturing technology in C.A.T. oil deal

24th June 2014

C.A.T oil AG has signed a framework agreement with Gazprom Neft on drilling and hydraulic fracturing services

Gazprom Neft secures fracturing technology in C.A.T. oil deal
The new drilling and fracturing capacities will be successively deployed in the field from September to December 2014 and are part of C.A.T. oil’s growth strategy

The agreement guarantees full utilisation of four new drilling rigs and one new fracturing fleet until end of 2016 and foresees the conclusion of respective service agreements between the operating subsidiaries of Gazprom Neft and C.A.T. oil.

The deal was signed on 17 June 2014.

The new drilling and fracturing capacities will be successively deployed in the field from September to December 2014 and are part of C.A.T. oil’s growth strategy. In November 2013, C.A.T. oil announced its 2014-16 investment programme of USD 531m aimed at expanding its operating capacities by around 33 per cent for fracturing, 55 per cent for sidetracking and 170 per cent for drilling by the end of 2016 compared to the end of 2013.

For 2014, C.A.T. oil has ordered six drilling rigs, four sidetracking rigs and one fracturing fleet. Execution of the programme and manufacturing of the ordered new capacities is fully on schedule.

“We appreciate the framework agreement signed with Gazprom Neft, one of our longest-standing customers,” said Manfred Kastner, CEO of C.A.T. oil. “The agreement provides planning security and improves our mid-term revenue visibility. At the same time it demonstrates the industry’s accelerating demand for technologically advanced services and the interest to secure capacities over a longer period of time. Industry trends remain encouraging and we continue to experience a supportive operating environment laying the basis for a successful 2014.”

 

 

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