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High Arctic Energy Services Inc. (T:HWO)

Business Focus: Oil Related Services

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Sector:  Energy Industry:  Oil Related Services and Equipment
See Regulatory Filings on SEDAR
Company Contact
Address: 500-700 2 St SW
Tel: N/A
IR: See website
Key People
Michael Rupert Binnion
Executive Chairman of the Board
J. Cameron Bailey
Chief Executive Officer, Director
James Hodgson
Chief Financial Officer
Michael Joseph Maguire
Vice President - International Operations
Shannon Jean Matthyssen
Corporate Secretary, Corporate Controller
Daniel Benoit Beaulieu
Chief Operating Officer, Canada
Business Overview
High Arctic Energy Services Inc. is a Canada-based company, which focuses on providing contract drilling, completion services, equipment rental and other oilfield services to the oil and gas industry. The Company operates through providing oilfield services to customers in Canada and Papua New Guinea (PNG) segment. In PNG, the product line consists of contract drilling services, workover services and equipment rental including rig mats, cranes and oilfield related equipment. In Canada, the product line consists primarily of snubbing services and the supply of Cryogenic Liquid Nitrogen Pumping Services and equipment rentals. The Company holds distribution rights for the rental of Dura-Base mats within PNG. It provides drilling support equipment in PNG, such as camps, forklifts and trucks, on a daily rental basis and drilling support personnel on a daily rental rate basis. Its snubbing services are provided using the Stand Alone Snubbing System units and Rig Assist units.
Financial Overview
For the six months ended 30 June 2019, High Arctic Energy Services, Inc. revenues decreased 8% to C$93.1M. Net loss totaled C$5M vs. income of C$6.2M. Revenues reflect Drilling Services segment decrease of 16% to C$39.3M, Ancillary Services segment decrease of 21% to C$11.6M, Papua New-Guinea segment decrease of 32% to C$37.6M. Net loss reflects Depreciation increase of 8% to C$13.8M (expense).
Employees: 695 as of Dec 31, 2018
Reporting Currency: Canadian Dollars
Enterprise value: $85.63M as of Jun 30, 2019
Annual revenue (TTM): $195.60M as of Jun 30, 2019
EBITDA (TTM): $31.80M as of Jun 30, 2019
Net annual income (TTM): $0.20M as of Jun 30, 2019
Free cash flow (TTM): $7.40M as of Jun 30, 2019
Net Debt Last Fiscal Year: N/A
Shares outstanding: 49,760,218 as of Jul 24, 2019
TTM: Trailing Twelve Months
EBITDA: Earnings Before Interest, Taxes, Depreciation, & Amortization