Business
High Arctic Signs 3 Year contract in Papua New Guinea
High Arctic Signs 3 Year contract in Papua New Guinea
About this update from High Arctic Energy Services Inc
[{"type":"text","content":"\n\n\n\n Nov. 30, 2010 (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\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. 29 /CNW/ - High Arctic Energy Services Inc. (TSX:\n HWO) ("High Arctic" or the "Corporation") is pleased to announce that\n it has signed a long term contract extension for Rig 102. Rig 102 is a\n heliportable hydraulic workover unit that has been in Papua New Guinea\n since 2008. The new contract runs until May 14, 2014, subject to a 90\n day termination right in favour of the customer. The rig will undergo a\n substantial upgrade with the cost shared between High Arctic and its\n customer. High Arctic's share of the upgrade project is estimated at\n US$2.2 million. The plan is have the rig ready to begin operations in\n May, 2011.\n\n\nCommenting on the new contract, Kevin Doran, Regional Manager for\n Australia/Asia Pacific, said, "The extension of this contract is an\n important step in expanding our commitment in Papua New Guinea. We have\n the team in place to deliver a successful upgrade on time and on budget\n and I am confident that our customer will be pleased with the enhanced\n capability of the rig. The next important step is the renewal of our\n primary drilling contracts that expire at the end of the year."\n\n\nForward-Looking Statements\n\n\nThis news relea...