- August 12, 2022
- Posted by: Bastion team
- Category: World News
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 LAW
CALGARY, Alberta, Aug. 11, 2022 (GLOBE NEWSWIRE) — High Arctic Energy Services Inc. (TSX: HWO) (the “Corporation” or “High Arctic”) released its’ second quarter results today.
Mike Maguire, Chief Executive Officer commented:
“The sale of our Canadian well servicing business provided a compelling opportunity to monetize a substantive part of our business rooted in a competitive market with lower operating margins. The transaction with Team Snubbing creates a contractor of scale with a high margin bespoke offering capable of generating profits in the Canadian energy services sector and positioned for growth internationally.
As a result, High Arctic can focus on the growth opportunities we expect to see materialize in PNG. The announcements this year of key developments in both the Papua LNG project and for the PNG-LNG joint venture’s P’nyang gas field has the country primed for multi-year sustained development and exploration activity. These projects will stimulate drilling and other substantive work activity that requires high quality PNG focused and experienced contractors. High Arctic has a history of success in PNG and is well placed to be a key service provider to each project.
High Arctic retains high quality businesses in Canada. The…