Skip to main content

High Arctic Reports 2019 Third Quarter Results

Written by Customer Service on . Posted in Public Companies.

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.  ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAWCALGARY, Alberta, Nov. 07, 2019 (GLOBE NEWSWIRE) — High Arctic Energy Services Inc. (TSX: HWO) – “High Arctic” or the “Corporation” is pleased to announce its 2019 third quarter results.
Mr. J. Cameron Bailey, High Arctic’s CEO stated: “I’m very proud of the tremendous team we have at High Arctic and the dedication to providing an outstanding quality service with world class safety performance both in North America and Papua New Guinea.Market conditions in Canada continue to be very challenging, with the average land rig count in the third quarter 37% below last year.  By focusing on cross-selling each of our service lines, and increasing penetration in the United States, we were able to increase Production Services revenue by 9%. We expect High Arctic to continue to benefit from relatively consistent Well Servicing activity in the fourth quarter, notwithstanding average rig count in Canada remains significantly below levels experienced in 2018.In PNG, the expected ramp up of drilling activities in the fourth quarter of 2019 is now pushed into the new year as Operators finalize the gas agreements with the government of PNG expected later in 2019. The expiry of Rig 116 take-or-pay contract in November of 2018 weighs heavily on year over year comparative financial results.  Rigs 115 and 116 are available for immediate reactivation.We made the difficult decision to reduce our support workforce by 10% over the quarter to adjust to more competitive market conditions and have focused on managing our capital expenditures which have been restricted to required repairs and maintenance in order to preserve strong financial position and operate within our cashflow.I want to thank all of our employees for their efforts and devotion to deliver top quality operations, logistics and safety. For this reason, High Arctic has been able to work for some of the world’s top oil and gas companies, increase market share and maintain high equipment utilization rates in tough market conditions.”Highlights

Disclaimer & Cookie Notice

Welcome to GOLDEA services for Professionals

Before you continue, please confirm the following:

Professional advisers only

I am a professional adviser and would like to visit the GOLDEA CAPITAL for Professionals website.

Cookie Notice

We use cookies to improve your experience on our website

Information we collect about your use of Goldea Capital website

Goldea Capital website collects personal data about visitors to its website.

When someone visits our websites, we use a third party service, Google Analytics, to collect standard internet log information (such as IP address and type of browser they’re using) and details of visitor behavior patterns. We do this to allow us to keep track of the number of visitors to the various parts of the sites and understand how our website is used. We do not make any attempt to find out the identities or nature of those visiting our websites. We won’t share your information with any other organizations for marketing, market research or commercial purposes and we don’t pass on your details to other websites.

Use of cookies
Cookies are small text files that are placed on your computer or other device by websites that you visit. They are widely used to make websites work, or work more efficiently, as well as to provide information to the owners of the site.