Business
High Arctic Announces New Contract in Papua New Guinea
Jun. 13, 2011 (Canada NewsWire Group) -- /NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FO...
About this update from High Arctic Energy Services Inc
[{"type":"text","content":"\n\n\n Jun. 13, 2011 (Canada NewsWire Group) -- \n\n#ReleaseContent TABLE\n{\n BORDER-COLLAPSE: collapse\n}\nTR.cnwUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px solid\n}\n#ReleaseContent TABLE.cnwBorderedTable TD\n{\n BORDER-RIGHT: black 1px solid;\n PADDING-RIGHT: 2px;\n BORDER-TOP: black 1px solid;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n BORDER-LEFT: black 1px solid;\n PADDING-TOP: 2px;\n BORDER-BOTTOM: black 1px solid;\n BORDER-COLLAPSE: collapse\n}\n#ReleaseContent TABLE TD\n{\n PADDING-RIGHT: 2px;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n PADDING-TOP: 2px\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\nRED DEER, AB, June 13 /CNW/ - High Arctic Energy Services Inc. (TSX: HWO) ("High Arctic" or the "Corporation") is pleased to report the following positive developments in Papua New Guinea.\nHigh Arctic has been awarded its largest contract to date to supply rig matting and related support services for the drilling program of a major operator in Papua New Guinea, this is in addition to recent contract awards by other operators with work programs in PNG. The Corporation has been developing the matting business through the use of "Dura-base" mats which are very well suited for the wet and boggy conditions prevalent in the country. The contract is for a firm 18 month term which will commence after High Arctic purchases the mats from the manufacturer in the USA and delivers them to the field. It expects to have the mats on rental by November 1, 2011. The monthly revenue from this new contract once fully operational is expected to be approximately $400,000, or $7.2 million over the 18 month term. This latest contract further advances the goals of expanding our customer base in Papua New Guinea, expanding our supply of mats and confirming our position as the premier mat supply company in PNG.\nCommenting on t...