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High Arctic Reports 68% Increase in Second Quarter Adjusted EBITDA
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About this update from High Arctic Energy Services Inc
[{"type":"text","content":"\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\n\n\nCALGARY, Aug. 13, 2014 /CNW/ - High Arctic Energy Services Inc. (TSX: HWO) (\"High Arctic\" or the \"Corporation\") today announced its operating and financial results for the three and six months ended June 30, 2014.  \n\nHighlights\n\n\nAdjusted EBITDA(1)(2) increased by 68% for the three months ended June 30, 2014 to $11.1 million (Q2 2013 - $6.6 million).  For the six months then ended, adjusted EBITDA was $26.2 million; a 36% increase over the first half of 2013 ($19.2 million).  \nIn June, 2014, the appointments of a new CEO and President, International were announced; both individuals bring significant international drilling experience to High Arctic. \nIn April, 2014, High Arctic signed a two year drilling services contract with a large oil and gas operator in PNG that commences with the spud of a first well, which is expected to occur in early 2015.  In conjunction with the drilling commitment, the Corporation completed the acquisition of two heli-portable drilling rigs on July 28, 2014 (the \"Acquisition\"). \nThe Corporation closed its previously announced bought deal financing of $25.0 million resulting in the issuance of 5,051,000 common shares at $4.95 in July, 2014. \nHigh Arctic increased its monthly dividend to $0.015 per share in March, 2014, a 20% increase from the previous monthly dividend amounts.  The Corporation continues to maintain a strong balance sheet with a trailing annual payout ratio of 19%. \nCommenting on the second quarter, Tim Braun, High Arctic's Chief Executive Officer, stated: \"High Arctic holds a unique position in Papua New Guinea, which is one of the world's fastest growing energy economies.  As the Corporation's new CEO, I am excited about the growth this year at High Arctic and I believe it reflects the Corporation's strong market position.  I am confident the two new heli rigs will be an example of continued growth prospects for High Arctic in this market.  The strengthening of our Canadian division also made an important contribution to this exceptional quarter.  I am pleased the Corporation has this stable foundation on which to build.\"\n...