Business
High Arctic Reports consistent year over year EBITDA
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About this update from High Arctic Energy Services Inc
[{"type":"text","content":"\n\n\n/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN\n THE UNITED STATES.  ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY\n CONSTITUTE A VIOLATION OF U.S. SECURITIES LAW/\n\n\nRED DEER, AB, Nov. 14, 2013 /CNW/ - High Arctic Energy Services Inc.\n (TSX: HWO) (\"High Arctic\" or the \"Corporation\") today announced its\n operating and financial results for the quarter ended September 30,\n 2013.\n\n\nHighlights\n\n\nDuring the first nine months of 2013 the Corporation's efforts resulted\n in the following achievements:\n\n\n\nThe Corporation completed its negotiations for the extensions of\n contracts that cover the drilling operations for Rigs 103 and 104 in\n PNG and the drilling support services related to the supply of\n personnel and rental equipment to support the related drilling.  The\n extensions are effective July 1, 2013 for a three year term to June 30,\n 2016.\n\n\nHigh Arctic entered into a contract with a major Canadian global\n upstream oil and gas company to provide equipment and services to their\n primary staging area in the southern forelands of PNG for a minimum of\n one year.\n\n\nRevenues from rentals were $20.2 million for the nine months ended\n September 30, 2013, a 37% increase from the $14.5 million received for\n the same period in 2012.  By year end, the Corporation will have over\n 10,000 Dura-Base® mats in PNG, virtually all under contract.\n\n\nRevenues increased by 6% to $114.0 million for the first nine months of\n 2013 as compared to the nine months ended September 30, 2012.\n\n\nAdjusted EBITDA stayed consistent for the first nine months of 2013 as\n compared to the same period in 2012 at $29.0 million (2012 - $29.6\n million) and was $9.8 million for the three months ended September 30,\n 2013 as compared to $10.1 million for the same period in 2012 and would\n have been higher if not for a fire which occurred on the UB250K unit.\n\n\nHigh Arctic increased its monthly dividend to $0.0125 per share in\n March, 2013. The annual dividend could total approximately $7.5\n million, which represents an annualized rate of 21% of funds provided\n from operations during the trailing twelve months ended September 30,\n 2013.\n\n\n\nCommenting on the results, Dennis Sykora, High Arctic's Chief Executive\n Officer, stated:\n\n\n\"Our diversified services offeri...