High Arctic earnings post third quarter rise

High Arctic Energy Services (TSX:HWO) posted net earnings of $3 million in the third quarter.

High Arctic Energy Services (TSX:HWO) posted net earnings of $3 million in the third quarter.

The Red Deer-based company, which provides specialized oilfield equipment and services in Western Canada and Papua New Guinea, had the same earnings last year during the July-to-September period.

High Arctic’s revenues in the third quarter of 2011 were $29.3 million, up slightly from last year. Net earnings per share were unchanged, at seven cents.

“The third quarter was another solid quarter for High Arctic, particularly in the Canadian division,” said Bruce Thiessen, the company’s CEO, in a release. “Canadian revenue was up 21 per cent from the third quarter of 2010, partially due to pent up demand following an unusually wet second quarter.”

The resulting $2 million jump in revenue from Canada was offset in large part by a $1.7 million decline in revenue from High Arctic’s operations in Papua New Guinea.

Thiessen expressed optimism that the Canadian division would continue to perform well.

“We expect to see continued strong activity through the fourth quarter and the first quarter of 2012, as drilling in the liquids rich gas plays continues to drive demand for our high pressure well completion services.”