Press release from CNW Group
High Arctic expands customer base in PNG with new contract awards
Wednesday, July 17, 2013
High Arctic expands customer base in PNG with new contract awards13:06 EDT Wednesday, July 17, 2013
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RED DEER, AB, July 17, 2013 /CNW/ - High Arctic Energy Services Inc. (TSX: HWO) ("High Arctic" or the "Company") is pleased to announce that it has signed contracts with a major Canadian global upstream oil & gas company to provide equipment and services to their primary staging area in southern forelands of Papua New Guinea ("PNG"). This staging area provides both ship and helicopter borne logistics and materials support to their drilling activities in the area. High Arctic will provide the customer with an additional 1,065 Dura-Base® mats, a 160 ton crawler crane and other specialized rolling stock along with operating personnel. The contract is for a minimum term of one year with options to extend further.
Kevin Doran, Vice President International Operations for High Arctic, commented; "We currently have approximately 1,500 Dura-Base® mats under contract to this major PNG operator and these additional new contracts are a significant step in expanding our relationship. The contracts for our services are an acknowledgement of our reputation as an experienced service provider in PNG. We are pleased to see our client base continuing to grow and expand."
With this new contract, High Arctic now has over 9,000 Dura-Base® mats deployed with six of the largest operators in PNG. The Company has plans to expand its PNG mat business to over 10,000 mats by the end of 2013 and is currently in discussions with the manufacturer regarding opportunities to bring this successful business line into new countries.
This news release may contain forward-looking statements relating to expected future events and anticipated financial and operating results of the Company that involve risks and uncertainties. Actual results may differ materially from management expectations, as projected in such forward-looking statements, for a variety of reasons, including, but not limited to, market and general economic conditions, and the risks and uncertainties detailed in both the Company's Management Discussion and Analysis for the year ended December 31, 2012 and the Annual Information Form for the year ended December 31, 2012 found on SEDAR (www.sedar.com). Due to the potential impact of these factors, the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless required by applicable law.
About High Arctic
The Company is a global provider of specialized oilfield equipment and services for drilling, completion and work over operations. Based in Red Deer, Alberta, High Arctic has operations throughout Western Canada and in Papua New Guinea. The Company's most recent investor presentation can be found at www.haes.ca.
SOURCE: High Arctic Energy Services Inc.
For further information:
Chief Financial Officer
Phone: 403-508-7836 ext 103