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CALGARY, Alberta, Aug. 02, 2022 (GLOBE NEWSWIRE) — High Arctic Energy Services Inc. HWO “High Arctic” or the “Corporation” is pleased to announce that it has entered into agreements with its key customer in Papua New Guinea (“PNG”) for a three-year contract extension that includes the customer’s 103 portable heli-drill rigs and High’s services from Arctic involved the provision of personnel, storage accommodation and rental equipment to support the drilling operations. The renewals are effective August 1, 2022 and include options to further extend the contracts on the same terms beyond July 31, 2025.
In late 2021, High Arctic’s lead PNG customer merged with one of the largest energy exploration and production companies operating in the Asia-Pacific region to create a regional champion of quality, size and scope. Both companies have a long history in PNG. The resulting company has significant interests in the two LNG projects, as well as operatorship of all producing PNG oil fields and several gas fields that feed the existing PNG LNG export facility.
Mike Maguire, CEO of High Arctic stated, “Since first arriving in Papua New Guinea in 2007, High Arctic has continuously worked with this key customer in the logistically challenging PNG environment. We are proud to have continued our strong symbiotic relationship that has supported their field operations through the challenges of Covid-19 and the recent change of ownership. We are pleased to be working closely with the new management team and proud to remain the drilling services company of choice in PNG.”
Key technical personnel have begun deployment and work to prepare the rig 103 and its…