CAT oil grabs more Russian assignments

Oil and gas exploration equipment producer CAT oil AG has managed to raise its order volume in Russia.The Viennese firm, which is listed on the Frankfurt Stock Exchange (FWB), announced it received assignments from Russian oil and gas firms worth 222 million Euros as of today (Thurs), up by eight per cent year on year.”This year will be a good one with more demand for oil and more jobs,” CAT oil official Herbert Doile said.Executive board chief Manfred Kastner described the higher amount of orders as a “starting point for additional growth”.The firm suffered a 17.4 per cent turnover decline from 276.2 million Euros in 2008 to 228.1 million Euros the next year.CAT oil recently presented plans to invest an overall 150 million Euros into on- and offshore drilling operations this year and in 2012.