Business
High Arctic Announces 2024 Fourth Quarter and Year End Financial and Operating Results
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAI...
About this update from High Arctic Energy Services Inc
[{"type":"text","content":"High Arctic Announces 2024 Fourth Quarter and Year End Financial and Operating Results\n\n\n\n\n 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\n \n\n\n CALGARY, Alberta, March 31, 2025 (GLOBE NEWSWIRE) -- High Arctic Energy Services Inc. (TSX: HWO) (the “Corporation” or “High Arctic”) released its’ fourth quarter and year-end results today. The audited consolidated financial statements, management discussion & analysis (“MD&A”), and annual information form for the year ended December 31, 2024 will be available on SEDAR at www.sedar.com, and on High Arctic’s website at www.haes.ca. All amounts are denominated in Canadian dollars (“CAD”), unless otherwise indicated.\n \n\n Mike Maguire, Interim Chief Executive Officer commented:\n \n\n\n “With 2024 complete High Arctic has effectively been reset and is now a Canadian focused platform characterized by minimal debt, investment holdings, and an established and viable high margin rental business.\n \n\n\n\n Our rental business footprint, while still small in scale, was bolstered by the Delta Acquisition completed in late 2023, an acquisition that is indicative of the type and structure of accretive investments High Arctic looks to pursue going forward.\n \n\n\n\n The Board of Directors is currently undergoing a process to recruit and appoint a new Chief Executive Officer to augment and lead High Arctic’s vision and strategic plan which is to grow its equipment rentals business and position itself to benefit from upstream energy service activity levels in the western Canadian oil and gas industry.”\n \n\n\n In the following discussion, the three months ended December 31, 2024 may be referred to as the “\n \n Quarter\n \n ” or “\n \n Q4 2024\n \n ”, and similarly the year ended December 31, 2023 may be referred to as “\n \n YTD 2023\n \n ”. The comparative three months ended December 31, 2023 may be referred to as “\n \n Q4 2023”\n \n and similarly the year ended December 31, 2022 may be referred to as “\n \n YTD 2022\n \n ”. References to other quarters may be presented as “\n ...