High Arctic among Alberta’s fastest growing businesses

A Red Deer energy company made Alberta Venture’s 2014 list of the 50 fastest-growing businesses in the province. High Arctic Energy Services Inc., which provides specialized oilfield equipment and services in Western Canada as well as Papua, New Guinea, was listed at No. 34 on the magazine’s 50 Top Growth Champions list.

A Red Deer energy company made Alberta Venture’s 2014 list of the 50 fastest-growing businesses in the province.

High Arctic Energy Services Inc., which provides specialized oilfield equipment and services in Western Canada as well as Papua, New Guinea, was listed at No. 34 on the magazine’s 50 Top Growth Champions list.

It’s the only local company to make a listing that was dominated by Calgary and Edmonton firms.

High Arctic made the local news last month when founder and former CEO Jed Wood sold off a big piece of the business — about 23 per cent of common shares. Wood said this didn’t reflect a lack of confidence in High Arctic, but meant he didn’t want to be so heavily invested in one public company.

“It’s still a really great, solid company,” said Wood — a sentiment obviously shared by Alberta Venture magazine, which ranked businesses according to their revenue, assets and employee growth over a three-year period.

Companies on the list grew their revenues by an average of 68 per cent, their assets by 72 per cent and their employee count by 53 per cent. Topping the list is Red Rock Camps of Calgary, which provides remote camps with an upscale feel.

High Arctic Energy Services, started in 1993, has undergone some changes and restructuring over the years, but has established itself as the dominant drilling contractor in Papua New Guinea, which has significant natural gas reserves and is developing a liquefied natural gas export industry.

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