Business
High Arctic Mobilizes Workover Rig to Papua New Guinea
/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, March 27 /CNW/ - High Arctic Energy Services Inc.\n(TSX: HWO) (the "Company" or "High Arctic") today announced that its wholly\nowned subsidiary, High Arctic Energy Services PNG Limited, has been awarded a\nHydraulic Workover Services Contract ("the Contract") with a subsidiary of Oil\nSearch Limited (ASX:OSH) ("OSL") for one of its Hydraulic Workover Rigs ("Rig\n102") in Papua New Guinea.\n\n\nThe initial term of the contract is one year, with two further one-year\nextension options. Revenues for the contract, including extensions, are\nestimated to be in excess of US$45-million. Rig 102 is currently being\nmobilized from Dubai to Papua New Guinea.\n\n\nPresident and CEO, Jed Wood, said "this latest contract award is\nconsistent with High Arctic's restructuring committee's mandate to re-deploy\nunderutilized assets into core operating areas. The Company's focus is to take\nadvantage of asset re-deployment that increases the Company's operating\nefficiencies. We are confident that this new contract with OSL is another\npositive step in achieving our mandate, through the application of High\nArctic's workover expertise and fit-for-purpose equipment".\n\n\nForward-Looking Statements\n\n\nThis news release may contain forward-looking statements relating to\nexpected future events and financial and operating results of the Company that\ninvolve risks and uncertainties. Actual results may differ materially from\nmanagement expectations as projected in such forward-looking statements for a\nvariety of reasons, including market and general economic conditions and the\nrisks and uncertainties detailed in the Company's Management Discussion and\nAnalysis for the year ended December 31, 2007 found on SEDAR (www.sedar.com)\nand in the Company's Annual Information Form for the year ended December 31,\n2007 that will be filed on SEDAR. Due to the potential impact of these\nfactors, the Company disclaims any intention or obligation to update or revise\nany forward-looking statements, whether as a result of new information, future\nevents or otherwise, unless requir...