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High Arctic Energy Services Inc. (T:HWO)

Business Focus: Oil Related Services

Sector:  Energy Industry:  Oil Related Services and Equipment
Company Contact
Address: Calgary Place I
Suite 2350, 330 - 5th Ave SW
Tel: N/A
IR: See website
Key People
Michael Joseph Maguire
Chief Executive Officer
Lonn P. Bate
Interim Chief Financial Officer
Donald Pack
Executive Vice President, North American - Operations
Stephen P. Lambert
Chief Quality and Risk Officer
Samue Ward
Vice President - Operations of PNG
Business Overview
High Arctic Energy Services Inc. is a Canada-based energy services provider. The Company's segments include Drilling Services and Ancillary Services. The Drilling Services segment consists of its drilling services in Papua New Guinea (PNG), including the provision of personnel to assist its customer's drilling-related operations within the country. The Ancillary Services segment consists of the Company's oilfield rental equipment in Canada and PNG, as well as its Canadian nitrogen services. In western Canada, it provides nitrogen services and pressure control equipment on a rental basis to exploration and production companies. In Papua New Guinea, it provides drilling and specialized well completion services and supplies rental equipment, including rig matting, camps, material handling and drilling support equipment.
Financial Overview
For the nine months ended 30 September 2023, High Arctic Energy Services, Inc. revenues decreased 33% to C$43.8M. Net loss before extraordinary items decreased 42% to C$15.6M. Revenues reflect Production Services segment decrease from C$5M to C$0K, Canada segment decrease of 49% to C$3.1M. Lower net loss reflects Depreciation and amortization decrease of 59% to C$5.9M (expense).
Employees: 112 as of Dec 31, 2022
Reporting Currency: Canadian Dollars
Enterprise value: $41.15M as of Sep 30, 2023
Annual revenue (TTM): $56.92M as of Sep 30, 2023
EBITDA (TTM): $3.27M as of Sep 30, 2023
Net annual income (TTM): -$24.68M as of Sep 30, 2023
Free cash flow (TTM): -$1.38M as of Sep 30, 2023
Net Debt Last Fiscal Year: N/A
Shares outstanding: 48,673,568 as of Sep 30, 2023
TTM: Trailing Twelve Months
EBITDA: Earnings Before Interest, Taxes, Depreciation, & Amortization