High Arctic Overseas Holdings Corp.
1.64
USD
-0.11
(-6.29%)
ISIN
CA42964K1012
CUSIP
42964K101
Return %
Stock
S&P 500
1Y
105.00
14.39
3Y
- -
81.42
5Y
- -
68.62
Capital Structure
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in mil. unless spec.Working Capital
USD
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in mil. unless spec.Growth Rates
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in mil. unless spec.Quarterly Revenue
USD
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in mil. unless spec.Quarterly Earnings Per Share
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in mil. unless spec.Quarterly Dividends Per Share
USD
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in mil. unless spec.Company Description
- CEO
- Michael Joseph Maguire
- Full Time Employees
- 108
- Sector
- Industrial services
- Industry
- Contract drilling
- Address
- 330 – 5th Avenue SW Calgary AB Canada T2P 0L4
- IPO Date
- Aug 19, 2024
- Website
- higharctic.com
- Similar Companies
- Business
- High Arctic Overseas Holdings Corp. (HOH.V) provides drilling and specialized well completion services, including contract drilling, workovers, and abandonments; equipment rental solutions such as rig matting, camps, material handling, and drilling support equipment; manpower solutions through PNG Industry Manpower Solutions (PIMS); fire protection services encompassing design, installation, inspection, maintenance, and certification; and asset integrity and maintenance management services to the extractive industries, with a primary focus on upstream oil and gas exploration and production companies. The company operates principally in Papua New Guinea, with equipment transportable by helicopter, truck, or marine vessel to support remote and challenging terrains, and maintains yards in Port Moresby (Napa Napa) and the Highlands (Kutubu); it serves major clients including Santos, ExxonMobil, TotalEnergies, Newmont, Oil Search, InterOil, Sasol, Repsol, and Eaglewood. Incorporated in Calgary, Alberta, Canada, on April 1, 2024, the company completed a corporate reorganization via a plan of arrangement on August 12, 2024, under which High Arctic Energy Services Inc. transferred its Papua New Guinea operations through wholly-owned subsidiary High Arctic Energy Services Cyprus Limited, resulting in HOH.V listing on the TSX Venture Exchange on August 16, 2024, with common shares distributed to former HWO shareholders at a ratio of one-quarter share per pre-arrangement HWO share. Recent operational developments include the suspension and cold-stacking of customer-owned Rig 103 following completion of drilling commitments in Q2 2024, leading to reduced revenue from drilling services and a shift toward sustained manpower and rental activities; amendments to customer contracts for spares inventory and equipment, reducing reported obligations by $2,573 and inventory provisions by $817 as of December 31, 2024; and no impairment recorded on the PNG operations cash-generating unit at year-end 2024 despite deferred drilling restarts and delays in projects like Papua LNG, contrasting with a $15,200 impairment in 2023. The company maintains two owned heli-portable drilling rigs (115 and 116) preserved for future deployment, supports PNG's natural resource developments including anticipated LNG expansions, and reports working capital of $20.6 million, including $14.9 million in cash, as of December 31, 2024.
Company News
High Arctic Announces 2026 Second Quarter Results
High Arctic Overseas Announces engagement as Authorised Distributor for Atlas Copco Power Technique products in Papua New Guinea