CALGARY, Canada – March 11, 2021 – High Arctic Energy Services Inc. (TSX: HWO) (the “Corporation” or “High Arctic”) released its fourth quarter and year-end results today. The audited consolidated financial statements, management discussion & analysis (“MD&A), and annual information form for the year ended December 31, 2020 will be available on SEDAR at www.sedar.com, and on High Arctic’s website at www.haes.ca. Non-IFRS measures, such as EBITDA, Adjusted EBITDA, Adjusted Net Earnings (Loss), and working capital are included in this News Release. See Non-IFRS Measures section, below. All amounts are denominated in Canadian dollars (“CAD”), unless otherwise indicated.
Mike Maguire, Chief Executive Officer commented:
“The positive market outlook for oil and gas was confirmed in the rising utilization of our services in Canada through the quarter. The continuing momentum in oil and gas price appreciation through the start of 2021 creates an expectation that utilization will continue to improve. The prompt action we took in March 2020 to restructure our management and markedly reduce expenditures has ensured that we are financially positioned to take advantage of this increased demand. The PNG parliament enacted into legislation the key elements of the Papua LNG Gas Agreement and signed a Fiscal Stability Agreement with the project partners that cleared the path forward for the Papua LNG project in the near future. I believe that our continual focus on high quality safe and effective operations has protected the health of our employees and maintained our stellar reputation for quality service. This, combined with our well maintained equipment, has primed us to leverage work opportunities as they arise.”
For the full copy of the release click the link below.