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RED DEER, AB, Feb. 18 /CNW/ - High Arctic Energy Services Inc. (TSX:
HWO) ("High Arctic" or the "Corporation") is pleased to announce that
it has signed several important contracts in Papua New Guinea. The
Corporation announced on December 20, 2010 that it had signed a Letter
of Intent to extend the Rig 104 contract and the drilling support
services contract for 3 years to December 17, 2013. The final
contracts are consistent with the details previously announced and are
effective from December 18, 2010.
Rig 104 is a heli-portable drilling unit that was a new build deployed
into Papua New Guinea during 2008. The rig is owned by High Arctic's
customer and managed by High Arctic under an operating lease. It is
expected that the rig will continue to be deployed on the drilling
program of the customer.
High Arctic recently announced a new three year contract for Rig 102.
That contract runs until May 14, 2014 and will recommence operations
following a substantial upgrade. The main upgrades have now been
completed in Houston and the new components are being transported to
Papua New Guinea. The plan is still to have that rig ready to begin
operations in May, 2011.
This news release may contain forward-looking statements relating to
expected future events and financial and operating results of the
Corporation 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 market
and general economic conditions and the risks and uncertainties
detailed in both the Corporation's Management Discussion and Analysis
for the year ended December 31, 2009 and in the Annual Information Form
for the year ended December 31, 2009 found on SEDAR (www.sedar.com). Due to the potential impact of these factors, the Corporation
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 Corporation, through its subsidiaries, is a global provider of
specialized oilfield equipment and services, including drilling,
completion and workover operations. Based in Red Deer, Alberta, High
Arctic has domestic operations throughout Western Canada.
International operations are currently active in Papua New Guinea.
SOURCE High Arctic Energy Services Inc.
For further information:
Chief Financial Officer