Calgary, Canada – March 12, 2020 – High Arctic Energy Services Inc. (TSX: HWO) (the “Corporation” or “High Arctic”). The audited consolidated financial statements, management discussion & analysis (“MD&A), and annual information form for the year ended December 31, 2019 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), Operating margin % 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.
RECENT GLOBAL DEVELOPMENTS
First quarter 2020 global events have significantly impacted the global economy and weakened High Arctic’s near-term outlook. The spread of the COVID-19 virus around the world in combination with OPEC’s inability to contain global oil supply during early March 2020 has significantly undermined commodity prices, customer cash flows and investor confidence. Further, the influence of these recent developments and the impact to our customers’ capital spending budgets, as well as their ability to pay for work completed on a timely basis is currently unknown and may have a significant impact on High Arctic’s financial operating results.
For the full copy of the release click the link below.