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, 2024 will be available on SEDAR at
www.sedar.com, and on High Arctic’s website at www.haes.ca. All
amounts are denominated in Canadian dollars (“CAD”), unless
otherwise indicated.
Mike Maguire, Interim Chief Executive Officer commented:
“With 2024 complete High Arctic has effectively
been reset and is now a Canadian focused platform characterized by
minimal debt, investment holdings, and an established and viable
high margin rental business.
Our rental business footprint, while still small
in scale, was bolstered by the Delta Acquisition completed in late
2023, an acquisition that is indicative of the type and structure
of accretive investments High Arctic looks to pursue going
forward.
The Board of Directors is currently undergoing a
process to recruit and appoint a new Chief Executive Officer to
augment and lead High Arctic’s vision and strategic plan which is
to grow its equipment rentals business and position itself to
benefit from upstream energy service activity levels in the western
Canadian oil and gas industry.”
In the following discussion, the three months
ended December 31, 2024 may be referred to as the
“Quarter” or “Q4 2024”, and
similarly the year ended December 31, 2023 may be referred to as
“YTD 2023”. The comparative three months ended
December 31, 2023 may be referred to as “Q4 2023”
and similarly the year ended December 31, 2022 may be referred to
as “YTD 2022”. References to other quarters may be
presented as “QX 20XX” with X
being the quarter/year to which the commentary relates.
2024 Highlights
- Successful integration of Delta
Rental Services.
- Completed the reorganization of
High Arctic including the return of $37.8 million to
shareholders.
- Maintained operational excellence
and safety as evidenced by the continuation of recordable incident
free work.
- Exited Q4 with net positive working
capital of $2.7 million, including $3.1 million of cash.
2025 Strategic Objectives
With the corporate restructuring and spinoff of
the PNG business complete, the Corporation’s 2025 strategic
objectives include:
- Relentless focus on safety
excellence and quality service delivery;
- Grow the core businesses through
selective and opportunistic investments;
- Actively manage direct operating
costs and general and administrative costs;
- Steward capital to preserve balance
sheet strength and financial flexibility; and
- Execute on accretive acquisitions
in Canada to drive shareholder value and optimize available tax
loss carry-forwards.
2024 Strategic Objectives
At the beginning of 2024, High Arctic
established a set of strategic priorities. Our priorities and
highlights of objectives met include:
- Continued relentless focus on
safety excellence and quality service delivery.
- High Arctic’s Canadian business
completed 2024 without any recordable incidents, contributing to
the Corporation’s second calendar year running with a zero Total
Recordable Incident Frequency Rate (“TRIF”) rate.
- High Arctic extended its recordable
incident free activity in PNG, with 7 years and 353 days of
continuous recordable incident free work conducted to the date of
the spin-out, representing over 4 million work hours.
- The creation of appropriate capital
and corporate structures for the current businesses, providing the
opportunity to consider transactions which would create value for
the Corporation’s shareholders.
- The Arrangement was overwhelmingly supported by shareholders
and resulted in separate public companies each focused upon their
area of expertise.
- A return of significant capital and spin out of the PNG
Business to shareholders.
- The Arrangement resulted in
separate public companies while also delivering a tax efficient
return of capital totaling $37.8 million to shareholders.
- The Corporation retained its
position on the main TSX (TSX: HWO); with High Arctic Overseas
Holdings Corp. being listed on the TSX Venture Exchange (TSXV:
HOH).
- Grow the core businesses through selective and opportunistic
investments.
- The Corporation focused on the very
successful integration and rebranding of its rentals business in
2024, following its acquisition and amalgamation of the Delta
Acquisition at the end of 2023.
- The middle of the year was
dedicated to the business of the Arrangement and the resulting
transitionary work, however later in the year, the Corporation
commenced the examination of selective investment opportunities,
with this work continuing into 2025.
- Capital stewardship that preserves balance sheet strength and
financial flexibility.
- The Delta acquisition has provided
incremental free cash flow and operational synergies.
- The Corporation currently maintains
low debt levels and associated leverage ratios.
- Exited 2024 with a working capital
ratio of 1.6:1
- Building up the Canadian business
with acquisitions that allow the Corporation to optimize its
available tax loss carry-forwards.
- The Delta acquisition creates a blueprint for accretive
acquisitions that position the Corporation to improve its ability
to utilize its significant tax loss carry-forwards.
- The Corporation, under the stewardship of the Board, continues
its strategic review of potential acquisition targets with strong
underlying intrinsic value and that will be accretive for
shareholders.
RESULTS OVERVIEWThe following is a summary of
select financial information of the Corporation:
|
|
Three months ended Dec 31, |
|
Year ended Dec 31, |
|
|
(thousands of Canadian Dollars, except per share amounts) |
2024 |
|
2023 |
|
2024 |
|
2023 |
|
|
Operating results from continuing operations: |
|
|
|
|
| Revenue – continuing
operations |
2,443 |
|
1,037 |
|
10,470 |
|
3,384 |
|
| Net loss - continuing
operations |
(715 |
) |
219 |
|
(2,117 |
) |
(989 |
) |
|
Per share (basic & diluted) |
(0.06 |
) |
0.02 |
|
(0.17 |
) |
(0.08 |
) |
| Oilfield services operating
margin - continuing operations |
1,143 |
|
664 |
|
5,207 |
|
2,058 |
|
|
Oilfield services operating margin as a % of revenue |
46.8 |
% |
64.0 |
% |
49.7 |
% |
60.8 |
% |
| EBITDA - continuing
operations |
178 |
|
(918 |
) |
(527 |
) |
(2,311 |
) |
| Adjusted EBITDA - continuing
operations |
133 |
|
(672 |
) |
795 |
|
(2,703 |
) |
|
Operating loss - continuing operations |
(533 |
) |
(1,408 |
) |
(2,965 |
) |
(5,163 |
) |
|
Cash flow from continuing operations: |
|
|
|
|
| Cash flow from (used in)
continuing operating activities |
226 |
|
(874 |
) |
184 |
|
(515 |
) |
|
Per share (basic & diluted) |
0.02 |
|
(0.07 |
) |
0.01 |
|
(0.04 |
) |
| Funds flow from (used in)
continuing operating activities |
530 |
|
(335 |
) |
484 |
|
(1,292 |
) |
|
Per share (basic & diluted) |
0.04 |
|
(0.03 |
) |
0.04 |
|
(0.11 |
) |
| 2024 return of capital / 2023
dividends |
- |
|
- |
|
37,842 |
|
2,190 |
|
|
|
|
As at December 31 |
|
|
(thousands of Canadian Dollars, except per share amounts) |
|
2024 |
|
2023 |
|
2022 |
|
|
Financial position: |
|
|
|
|
|
|
|
| Working capital |
|
2,692 |
|
62,985 |
|
59,461 |
|
| Cash and cash equivalents |
|
3,123 |
|
50,331 |
|
19,559 |
|
| Total assets |
|
30,867 |
|
123,137 |
|
133,957 |
|
| Long-term debt |
|
3,178 |
|
3,352 |
|
4,028 |
|
| Shareholders’ equity |
|
21,105 |
|
99,332 |
|
115,231 |
|
|
Per share (basic) |
|
1.70 |
|
8.09 |
|
9.47 |
|
| Common
shares outstanding |
|
12,448,166 |
|
12,280,568 |
|
12,172,958 |
|
Fourth Quarter 2024 Summary
- Revenue from continuing operations
increased 136% to $2,443 in the quarter compared to $1,037 in Q4
2023. The increase in revenue is primarily attributable to the
Delta Acquisition in late Q4 2023.
- Oilfield services operating margin
from continuing operations was $1,143 in the current year quarter
compared to $664 in the prior year quarter, an increase of $479 or
72%, driven by the Delta Acquisition as noted above.
- EBITDA from continuing operations
was $178 in the current year quarter compared to EBITDA loss of
$918 in the prior year quarter. EBITDA from continuing operations
benefitted from the acquisition of Delta Rental Services Ltd.
(“Delta”) or (the “Delta Acquisition”) in late
2023.
- Operating loss from continuing
operations of $553 in the quarter compared to $1,408 in Q4 2023.
The decrease in operating loss is attributable to higher oilfield
services operating margin and reduced general and administrative
costs, offset in part, by an increase in depreciation and
amortization expenses. The improvements in operating loss from
continuing operations is directly related to the Delta
Acquisition.
- Net loss from continuing operations
was $715 in Q4 2024 compared to net income from continuing
operations of $219 in Q4 2023. Net loss from continuing operations
was impacted by the same items impacting operating loss (as above)
with a substantial contribution from the Delta Acquisition combined
with reduced interest income, net higher non-cash accretion on
contingent payments and notes receivable, fair value related
adjustments, reduced income from equity accounted investment in
Team Snubbing, and the positive change in foreign exchanges loss in
Q4 2023 to gain in Q4 2024.
Annual 2024 Summary:
- Revenue from continuing operations
increased 209% to $10,470 compared to revenue of $3,384 achieved in
2023. Consistent with the summary of the fourth quarter results,
the increase in revenue is primarily attributable to the Delta
Acquisition in late Q4 2023.
- Oilfield services operating margin
from continuing operations was $5,207 in the current year quarter
compared to $2,058 in the prior year quarter, an increase of $3,149
or 153%, driven by the Delta Acquisition as noted above.
- EBITDA loss from continuing
operations was $527 in the current year compared to EBITDA loss of
$2,311 in the prior year. EBITDA from continuing operations
benefitted from the Delta Acquisition.
- Operating loss from continuing
operations improved to $2,965 in the year compared to $5,163 in
2023. The decrease in operating loss is attributable to higher
oilfield services operating margin, offset in part, by an increase
in depreciation and amortization expenses. The improvements in
operating loss from continuing operations was directly related to
the Delta Acquisition.
- Net loss from continuing operations
was $2,117 compared to $989 in FY 2023. The net loss, despite an
improvement of $2,198 in operating income, is primarily due to the
2023 $615 gain on sale of the nitrogen business, a 2023 $915
deferred income tax recovery, $729 lower interest income from cash
on guaranteed investment certificates (“GICs”) and term deposits in
2024 with the July 2024 distributed return of capital to
shareholders, $1,493 lower equity investment income from Team
Snubbing, and the net impact of higher non-cash accretion related
expenses.
- Production Service’s 42% equity
investment share of Team Snubbing Services Inc. net loss was $690
for the year ended December 31, 2024, compared to net income of
$803 in the comparative period in 2023. Weak international
operating results in 2024 combined with costs incurred to
restructure the international business in Alaska dragged down Team
Snubbing’s results while the Canadian business performed in line
with 2023.
- Cash from operating activities from
continuing operations was $184 for the year, an improvement of $699
as compared to the prior year use of $515, driven by strong
operational performance from the Delta Acquisition, partially
offset by the significant additional general and administrative
expenses incurred in 2024 due to the Arrangement.
Rental services segment
|
|
Three months ended Dec 31, |
|
Years ended Dec 31, |
|
|
(thousands of Canadian Dollars, unless otherwise noted) |
2024 |
|
2023 |
|
2024 |
|
2023 |
|
| Revenue – continuing
operations |
2,443 |
|
1,037 |
|
10,470 |
|
3,384 |
|
|
Oilfield services expense – continuing operations |
(1,300 |
) |
(373 |
) |
(5,263 |
) |
(1,326 |
) |
|
Oilfield services operating margin(1) |
1,143 |
|
664 |
|
5,207 |
|
2,508 |
|
|
Operating margin (%) |
46.8 |
% |
64.0 |
% |
49.7 |
% |
60.8 |
% |
The Rental Services segment consists of High
Arctic’s oilfield rental equipment in Canada, centred upon pressure
control equipment and equipment supporting the high-pressure
stimulation of oil and gas wells in the WCSB.
The increase in revenue for the three and twelve
month periods ended December 31, 2024, versus the comparable
periods in 2023 is a direct result of the contribution from the
Delta business that was acquired in late 2023. Specifically, Q4
2024 revenues increased by $1,406 or 136% compared to Q3 2023, with
annual 2024 revenues increasing by $7,086 or 209% when compared to
annual 2023. Operating margins of 46.8% and 49.7% for the three and
twelve months ended December 31, 2024, respectively, are
approximately 17 percent and 11 percent lower (on a gross basis)
than the comparable periods in 2023, respectively. The reduction in
operating margins is primarily a result of the Delta Acquisition,
as Delta utilizes a combination of owned and third-party rental
equipment in its operations, with third-party rental equipment
resulting in higher operating expenses.
Production Services segmentThe
Production Services segment operations consist of High Arctic’s
idled snubbing units in Colorado, U.S., and its equity investments
in the Seh’ Chene Partnership and Team Snubbing Services Inc. in
Canada. Though the Seh’ Chene Partnership has experienced limited
business activity since the 2022 Canadian sales transactions, the
partnership is still active and the Corporation together with its
partner will look to reposition its customer offerings and explore
other avenues for business activity.
Team Snubbing Services Inc.High Arctic accounts
for the results of its 42% equity interest in Team Snubbing using
the equity method of accounting, with Team Snubbing’s net earnings
recorded as income from equity investments in the respective
reporting period. As reported in the Corporation’s 2024 Financial
Statements (Note 12), Team Snubbing achieved gross revenues of
$26,064 for 2024 versus gross revenues of $21,252 for the
comparative period in 2023. This increase in revenues is primarily
a result of the consolidation of the results of Team Snubbing
International Inc. (“Team International”) for the first time
following Team Snubbing’s April 1, 2024, acquisition of control of
Team International.
Team International’s operations experienced
lower than anticipated activity levels in the Alaskan market in
both Q4 2024, and for the year 2024. In addition, during Q2 2024,
Team International incurred additional costs for restructuring
management and operational teams. The restructuring initiative
consolidated Team International’s workforce, “right sizing” it to
the needs of the overall customer base and aligning the service
delivery with Team Snubbing’s successful Canadian model. Team
Snubbing’s domestic Canadian operations experienced similar
activity levels in both Q4 2024 and year-to-date 2024, when
compared to the same periods of 2023.
High Arctic’s proportionate share of Team
Snubbing’s net loss for 2024 was $690 compared to an income
inclusion of $803 for the comparable period in 2023, representing a
decrease in income from equity investment of $1,493. This
year-over-year decline in income from equity investment realized in
2024 was primarily due to the results of Team International.
Liquidity and capital resources
|
|
Three months ended Dec 31, |
|
Years ended Dec 31, |
|
|
(thousands of Canadian Dollars) |
2024 |
|
2023 |
|
2024 |
|
2023 |
|
| Cash provided by (used in)
continued operations: |
|
|
|
|
|
Operating activities |
226 |
|
(874 |
) |
184 |
|
(515 |
) |
|
Investing activities |
(310 |
) |
(3,160 |
) |
(997 |
) |
25,638 |
|
|
Financing activities |
(430 |
) |
45 |
|
(38,659 |
) |
(2,967 |
) |
| Effect
of exchange rate changes on cash |
(469 |
) |
(745 |
) |
717 |
|
(720 |
) |
|
Increase (decrease) in cash from continuing operations |
(983 |
) |
(4,734 |
) |
(38,755 |
) |
21,436 |
|
|
(thousands of Canadian Dollars, unless otherwise noted) |
|
|
As at Dec 31, 2024 |
|
As at Dec 31, 2023 |
|
|
Current assets |
|
|
7,221 |
|
79,438 |
|
| Working capital(1) |
|
|
2,692 |
|
62,985 |
|
| Working capital ratio(1) |
|
|
1.6:1 |
|
4.8:1 |
|
| Cash and cash equivalents |
|
|
3,123 |
|
50,331 |
|
| Net
cash(1) |
|
|
(230 |
) |
46,804 |
|
Operating ActivitiesIn Q4 2024,
cash from operating activities from continuing operations was $226,
as compared with an outflow of $874 from operating activities from
continuing operations in Q4 2023. Funds from operating activities
from continuing operations totaled $530 in the quarter versus funds
used of $335 for Q4 2023 (see “Non-IFRS Measures”). In Q4 2024,
changes in non-cash operating working capital from continuing
operations totaled an outflow of $304 compared to an outflow of
$539 in Q4 2023.
For the year ended 2024, cash from operating
activities from continuing operations was $184 as compared to a use
of cash of $515 of cash from operating activities from continuing
operations in 2023. Funds from operating activities from continuing
operations totaled $484 for the year ended 2024, versus a use of
funds of $1,292 for 2023.
Changes in cash from operating activities from
continuing operations and funds from operating activities from
continuing operations for both the three and twelve months ended
December 31, 2024, when compared to the same periods in 2023, were
largely the result of the positive impact on the business from the
Delta Acquisition. In addition, operating related cash flows in the
fourth quarter of 2024 benefitted from reduced G&A costs
associated with the Arrangement transaction which was completed in
the third quarter of 2024.
Investing ActivitiesDuring the
fourth quarter, the Corporation’s net cash used in investing
activities from continuing operations totaled $310 compared to
$3,160 for the prior year comparative quarter. For the year ended
2024, net cash used in investing activities from continuing
operations totaled $997 compared to an inflow of $25,638 in the
prior year. For the fourth quarter of 2024 and YTD 2024, the
majority of expenditures incurred related to sustaining and growth
capital for the Rental Services Segment combined with investments
in information technology and systems required to support the
Corporation upon completion of the Arrangement transaction. YTD
2023 investing activities were impacted by proceeds received on the
sale of assets (net of costs) of $29,569, offset in part by the
Delta Acquisition in Q4 2023 for $3,430.
Financing ActivitiesDuring the
fourth quarter, the Corporation’s net cash used in financing
activities from continuing operations was $430 compared to an
inflow of $45 in the prior year comparative quarter. For the year
ended 2024, net cash used in financing activities from continuing
operations was $38,659 compared to $2,967 in the prior year. Cash
flow from financing activities for the year ended 2024 was impacted
by a one-time $37,842 distribution to shareholders in accordance
with the completion of the Arrangement transaction. Excluding the
impact of the one-time distribution, cash flows related to finance
activities were impacted by the normal course receipts and payments
on the Corporation’s existing note receivables, lease liabilities
and long-term debt.
Working CapitalAs at December
31, 2024, the Corporation’s working capital balance was $2,692
compared to $62,985 as at December 31, 2023. The change in working
capital is largely due to the spinout of the Corporation’s PNG
business combined with the $37,842 return of capital distribution
paid during 2024, both of which were completed in connection with
the Arrangement transaction.
Long-term Debt
|
(thousands of Canadian Dollars) |
|
|
As at Dec 31, 2024 |
|
As at Dec 31, 2023 |
|
|
Current |
|
|
175 |
|
175 |
|
| Non
current |
|
|
3,178 |
|
3,352 |
|
|
Total |
|
|
3,353 |
|
3,527 |
|
The Corporation has mortgage financing secured
by lands and buildings owned by High Arctic located within Alberta,
Canada. The mortgage has a remaining initial term of under two
years with a fixed interest rate of 4.30% with payments occurring
monthly. The mortgage financing contains certain non-financial
covenants requiring lenders’ consent including changes to the
underlying business. As at December 31, 2024, the Corporation was
compliant with all covenants associated with the mortgage
financing.
2025 Earn-Out Shares issued pursuant to
the 2023 share purchase agreement with Delta Rental Services
Ltd.Subsequent to December 31, 2024, the Corporation
issued 248,793 shares as part of the settlement of the first-year
contingent consideration payable pursuant to the Acquisition of
Delta Rental Services Ltd.
OutlookAs a result of the
successful execution of the Arrangement and corporate
reorganization during 2024, High Arctic has transformed itself.
After a decade of significant cash flow generation and cash
dividends and distribution to shareholders in excess of $105
million, bold measures were taken to adjust for the decade ahead.
The 2024 Arrangement provided shareholders with a separate
investment holding and future flexibility through a new publicly
traded entity containing the former PNG business (TSXV: HOH) plus a
tax efficient cash distribution in the form of a $37.8 million
return of capital. It also provided shareholders with a continuing
investment in a refined, Canadian focused, and reset High Arctic
publicly traded entity.
High Arctic’s Canadian platform is characterized
by minimal debt and its continuing operations now consist of:
- A western Canadian high-margin
equipment rental business - centred on pressure control and well
stimulation;
- A minority 42% interest in Canada’s
largest oilfield snubbing services business, Team Snubbing;
and
- Two industrial properties, located
in Clairmont and Whitecourt, Alberta.
High Arctic anticipates that its Rental Services
segment will continue to generate funds flow from operations
commensurate with oil and gas well completion fundamentals in
western Canada. The rental business footprint, while still small in
scale, was bolstered by the 2023 Delta Acquisition. This
acquisition is indicative of the type and structure of accretive
investment High Arctic will look to pursue going forward. For 2025,
the Rental Services segment is expected to be at a stage whereby
operating cash flow covers Corporate segment costs and yields
modest funds for organic growth.
High Arctic is at the early stages of a new
chapter in its corporate history. The 2024 transformational
developments provide a clean platform to enable a new strategic
direction. The Board of Directors is currently undergoing a process
to recruit and appoint a new Chief Executive Officer to augment and
lead High Arctic’s vision and strategic plan. High Arctic’s current
intent is to grow its equipment rentals business and position
itself to benefit from upstream energy service activity levels in
the western Canadian oil and gas industry. Complementary new
service lines with high margin, low headcount and low fixed costs,
are also being considered.
In summary for 2025, the Corporation expects to
continue to execute on the initial phases of its strategic business
plan, with progress to date being evidenced by selective capital
expenditure investments in its rental business throughout 2024.
High Arctic continues to assess acquisition targets that are both
complimentary and new to existing customer offerings. Potential
benefits of an acquisition for High Arctic include enhancing the
scope and scale of its operations; the ability to provide a broader
customer service offering; and formalizing/augmenting the
leadership team for the Corporation.
Execution of the strategic plan remains
opportunistic and is ongoing. The timing and ability to execute on
certain underlying objectives, however, has become challenging due
to recent divisive global geopolitical developments and resulting
global economic uncertainties. These developments include changes
and potential changes in global trade policies and tariffs, threats
of additional or retaliatory tariffs, and policy shifts as a result
of new government leadership in many jurisdictions around the
world. The federal election in Canada, set for April 28, 2025, may
have a significant impact on long term investment in Canada’s
energy industry.
Western Canadian oil and gas activity levels,
despite volatility in underlying commodity prices, have benefited
from resurgent Canadian upstream activity to meet, and then
sustain, growing oil and natural gas export infrastructure
capacity. This includes tidewater access off the west coast of
Canada through the 2024 Trans Mountain pipeline expansion, expected
2025 LNG Canada pipeline commencement, and land pipeline expansion
to the United States through completed projects such as the Line 3
expansion.
NON - IFRS MEASURESThis press
release contains references to certain financial measures that do
not have a standardized meaning prescribed by International
Financial Reporting Standards (“IFRS”) and may not be comparable to
the same or similar measures used by other companies High Arctic
uses these financial measures to assess performance and believes
these measures provide useful supplemental information to
shareholders and investors. These financial measures are computed
on a consistent basis for each reporting period and include
Oilfield services operating margin, EBITDA (Earnings before
interest, tax, depreciation, and amortization), Adjusted EBITDA,
Operating loss, Funds flow from operating activities, Working
capital and Long-term financial liabilities. These do not have
standardized meanings.
These financial measures should not be
considered as an alternative to, or more meaningful than, net
income (loss), cash from operating activities, current assets or
current liabilities, cash and/or other measures of financial
performance as determined in accordance with IFRS.
For additional information regarding non-IFRS
measures, including their use to management and investors and
reconciliations to measures recognized by IFRS, please refer to the
Corporation’s MD&A, which is available online at www.sedar.com
and through High Arctic’s website at www.haes.ca.
FORWARD-LOOKING STATEMENTSThis
press release contains forward-looking statements. When used in
this document, the words “may”, “would”, “could”, “will”, “intend”,
“plan”, “anticipate”, “believe”, “seek”, “propose”, “estimate”,
“expect”, and similar expressions are intended to identify
forward-looking statements. Such statements reflect the
Corporation’s current views with respect to future events and are
subject to certain risks, uncertainties, and assumptions. Many
factors could cause the Corporation’s actual results, performance,
or achievements to vary from those described in this press
release.
Should one or more of these risks or
uncertainties materialize, or should assumptions underlying
forward-looking statements prove incorrect, actual results may vary
materially from those described in this press release as intended,
planned, anticipated, believed, estimated or expected. Specific
forward-looking statements in this press release include, among
others, statements pertaining to the following: general economic
and business conditions, which will include, among other things,
the outlook for the energy industry inclusive of commodity prices,
producer activity levels and general energy supply and demand
fundamentals that may impact the energy industry as a whole; the
impact (if any) of geo-political events, changes in government,
changes to tariff’s or related trade policies and the potential
impact on the Corporation’s ability to execute its 2025 strategic
objectives; fluctuations in interest rates and commodity prices;
expectations regarding the Corporation’s ability to manage its
liquidity risk; raise capital and manage its debt finance
agreements; projections of market prices and costs; factors upon
which the Corporation will decide whether or not to undertake a
specific course of operational action or expansion; the
Corporation’s ongoing relationship with its major customers; the
Corporation’s ability to seek and execute accretive acquisitions
including the timing thereof and the potential operational and
financial benefits; the ability to recruit and retain executive
officers and other key personnel; management of general and
administrative costs; the maintenance of a strong balance sheet and
related financial flexibility; the performance of the Corporation’s
investment in Team Snubbing; operational and financial performance
of the Corporation’s Canadian rental equipment in 2025; scaling the
Canadian business, execution on one or more corporate transactions;
and estimated credit risks.
With respect to forward-looking statements
contained in this press release, the Corporation has made
assumptions regarding, among other things, its ability to: maintain
its ongoing relationship with major customers; successfully market
its services to current and new customers; devise methods for, and
achieve its primary objectives; source and obtain equipment from
suppliers; successfully manage, operate, and thrive in an
environment which is facing much uncertainty; remain competitive in
all its operations; attract and retain skilled employees; obtain
equity and debt financing on satisfactory terms and manage its
liquidity risk.
The Corporation’s actual results could differ
materially from those anticipated in these forward-looking
statements as a result of the risk factors set forth above and
elsewhere in this press release, along with the risk factors set
out in the most recent Annual Information Form filed on SEDAR+ at
www.sedarplus.ca.
The forward-looking statements contained in this
press release are expressly qualified in their entirety by this
cautionary statement. These statements are given only as of the
date of this press release. The Corporation does not assume any
obligation to update these forward-looking statements to reflect
new information, subsequent events or otherwise, except as required
by law.
About High Arctic Energy
ServicesHigh Arctic is an energy services provider. High
Arctic provides pressure control equipment and equipment supporting
the high-pressure stimulation of oil and gas wells and other
oilfield equipment on a rental basis to exploration and production
companies, from its bases in Whitecourt and Red Deer, Alberta.
For further information contact:
Lonn BateChief Financial Officer P:
587-318-2218P: +1 (800) 688 7143
High Arctic Energy Services Inc.Suite 2350, 330 – 5th Ave
SWCalgary, Alberta, Canada T2P 0L4website: www.haes.caEmail:
info@haes.ca
High Arctic Energy Servi... (TSX:HWO)
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