High Arctic has 20% jump in dividend

High Arctic Energy Services Inc. (TSX: HWO) has announced a 20 per cent increase in its monthly dividend, to 1.5 cents per share, effective April 14.

High Arctic Energy Services Inc. (TSX: HWO) has announced a 20 per cent increase in its monthly dividend, to 1.5 cents per share, effective April 14.

“The increase in the dividend rewards our shareholders for the strong financial results of 2013 and reflects our expectations for a solid 2014,” said Michael Binnion, chairman of the Red Deer-based company’s board of directors.

High Arctic released its 2013 financial results last Friday. These showed a four per cent increase in revenues, to $152.7 million from $146.2 million in 2012.

Net earnings were $24.6 million, down 15 per cent from $28.8 million the previous year; and earnings per basic share slipped to 51 cents from 62 cents.

For the final quarter of 2013, the company’s revenues were up slightly from the same three-month period in 2012, to $38.7 million from $38.6 million.

Net earnings rose eight per cent to $6.4 million from $5.9 million, while earnings per share were 13 cent, unchanged from the three months ended Dec. 31, 2012.

“High Arctic posted another strong performance in 2013, led by our continued growth on PNG (Papua New Guinea),” said Dennis Sykora, High Arctic’s CEO, in a release.

“We are excited by the opportunities ahead in PNG with the country’s first LNG (liquefied natural gas) facility scheduled to come on stream this year.”

The release noted that High Arctic’s growth in revenue during 2013 was driven by increased activity in Papua New Guinea, mainly due to a second active drilling rig there operating for a longer period, and having a larger fleet of rental equipment.

High Arctic provides specialized oilfield equipment and services. It has operations throughout Western Canada and in Papua New Guinea.

Just Posted

Alberta hiring more paramedics and buying new ambulances, none for Red Deer

Red Deer Mayor Tara Veer is not concerned the provincial government didn’t… Continue reading

‘My nightmare began again’: Close call as bus carrying Humboldt crash survivor rear-ended

CALGARY — A terrifying ordeal for Humboldt Broncos survivor Ryan Straschnitzki this… Continue reading

Halifax airport operations normalize after Boeing 747 runway overshoot

HALIFAX — The Halifax Stanfield International Airport has resumed normal operations a… Continue reading

Bentley family left without a home grateful for community support

Central Albertans are coming together to support a Bentley family left homeless… Continue reading

Red Deer RCMP ready for new mandatory alcohol screening law

Red Deer RCMP are ready to enforce a new law intended to… Continue reading

WATCH: Red Deer and District Kennel Club Dog Show at Westerner Park

The Red Deer and District Kennel Club is holding a dog show… Continue reading

Brothers, 20, face second-degree murder charge in death of teen: police

MISSISSAUGA, Ont. — Police west of Toronto say two brothers have been… Continue reading

A young mayor, his friend, and a fatal attraction to opioids

MOUNT CARBON, Pa. — Janel Firestone found her son — the 24-year-old,… Continue reading

GM fights to retain key tax credit amid plant closing plans

WASHINGTON — General Motors is fighting to retain a valuable tax credit… Continue reading

TTC union asks provincial government to step in on transition to Presto

TORONTO — The union representing transit workers in Canada’s most populous city… Continue reading

Small pot growers find roadblocks on path to microcultivation licences

Yan Boissonneault’s daughter was turning blue. Without warning, his baby had stopped… Continue reading

No winning ticket for Friday night’s $60 million Lotto Max jackpot

TORONTO — There was no winning ticket for the $60 million jackpot… Continue reading

In Hollywood of Mississippi, voter fraud like a movie script

CANTON, Miss. — In a town that calls itself the Hollywood of… Continue reading

Trump picks Army chief of staff as next top military adviser

WASHINGTON — President Donald Trump announced Saturday that he’s picked a battle-hardened… Continue reading

Most Read