The two and a half year contracts valued at EUR55m is expected to increase the company’s 2010 order book of EUR12m to a total volume of EUR239m. This is in addition to EUR75m in orders that the company has secured for 2011 and 2012, bringing the total order book volume to EUR314m until the end of 2012.
The contract with Lukoil is in line with the company’s strategy of enhancing long-term revenues and earnings by increasing the portion of multi-year contracts in its overall order book. With contract and tender offers completed for the first half of the fiscal year 2010, one fourth of C.A.T. oil’s hydraulic fracturing operating capacity has been locked up in multi-year service arrangements.
Manfred Kastner, CEO of C.A.T. oil, 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.”