High Arctic Energy Services Inc. (HWO) Q2 2023 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning, ladies and gentlemen. Welcome to the High Arctic Energy Services 2023 Q2 Results Conference Call. I would now like to turn the meeting over to High Arctic's Chief Executive Officer, Mike McGuire. Please go ahead, Mr. McGuire. Thank you, Louise, and good morning to everyone. Thanks for joining us. Welcome to High Arctic's second quarter conference call. Today, I'll be providing an update on the press release we issued yesterday, August 3rd, including discussion of our financial performance for the second quarter of 2023. After our formal comments, we'll open the call to answer any questions that you may have. Before we begin, though, I'd like to remind you that certain information presented today may include forward-looking statements. Such statements reflect High Arctic's current expectations, estimates, projections and assumptions. These forward-looking statements are not guarantees of future performance, and they are subject to certain risks which could cause actual performance and financial results to vary materially from those contemplated in the forward-looking statements. For additional information on these risks, please take a look at our management's discussion and analysis and the 2022 Annual Information Form available on our website or on CDAR+. Look under the heading Risk Factors. Starting with operations in PNG, and during the quarter, Rig 103 had a strong operational performance across the full quarter. This represents the first full quarter of drilling activity for the corporation since the suspension of operations in the first quarter of 2020. High Arctic anticipates Rig 103 will operate consistently through the term of the contract, which runs through to July 2025. As well as the full quarter of drilling operations with Rig 103, we've se...