Business
High Arctic Agrees to Sell Underutilized Drilling Equipment
/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FA...
About this update from High Arctic Energy Services Inc
[{"type":"text","content":"\n\n\n\n/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN\n\n\nTHE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY\n\n\nCONSTITUTE A VIOLATION OF U.S. SECURITIES LAW/\n\n\nRED DEER, AB, May 30 /CNW/ - High Arctic Energy Services Inc. (TSX: HWO)\n(the "Company" or "High Arctic") today announced that it has signed an\nagreement to sell one of its RAPAD Rigs for $11.0 million. The RAPAD Rig is\nlocated in Canada and was not being actively operated due to the shutdown of\nthe domestic drilling division in 2007. Accordingly, the sale is not expected\nto impact the operating earnings of the Company. The sale is part of the\npreviously announced plan to sell underutilized assets and use the proceeds to\nreduce debt.\n\n\nThe sale is conditional on the satisfactory completion of certain\nmodifications to the rig and is expected to close by June 15, 2008.\n\n\nAbout High Arctic\n\n\nThe Corporation, through its subsidiaries, is a global provider of\nspecialized oilfield equipment and services, including drilling, completion\nand workover operations. Based in Red Deer, High Arctic has domestic\noperations in Alberta, British Columbia and the Northwest Territories.\nInternational operations are currently active in Mexico, the Middle East,\nNorthern Africa and Asia.\n\n\nThe TSX has not reviewed and does not accept responsibility for the\n\n\nadequacy or accuracy of this news release.\n\n\n%SEDAR: 00025582E\n\n\n","length":1547,"tagName":"div"}]