High Arctic Energy Services revenues and earnings spike in Q2

High Arctic Energy Services Inc. (TSX: HWO) posted a year-over-year spike in revenues and earnings for its second quarter.

High Arctic Energy Services Inc. (TSX: HWO) posted a year-over-year spike in revenues and earnings for its second quarter.

The Red Deer-based company, which provides drilling and specialized well completion services, reported on Wednesday that it earned $6.7 million for the three months ended June 30.

That was more than triple the $2.1 million it earned in the same period last year.

High Arctic’s revenues were up 21 per cent, to $39.8 million from $32.9 million; its adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) increased 68 per cent to $11.1 million from $6.6 million; and its earnings per basic share for the quarter were 13 cents, up from four cents.

The company said in a release that its operations in Papua New Guinea benefited from the commencement of liquefied natural gas shipments from that country to Japan.

“High Arctic holds a unique position in Papua New Guinea, which is one of the world’s fastest growing energy economies,” said Tim Braun, High Arctic’s CEO.

The release added that activity levels in Canada were also improved from a year ago, thanks to better weather conditions and stronger demand for High Arctic’s services.

“The strengthening of our Canadian division also made an important contribution to this exceptional quarter,” said Braun.

Just Posted

Growing drug-fuelled emergencies at Red Deer’s Buffalo transitional housing complex

City council approves two additional mental health staffers at complex

Climate change, receding glaciers increase landslide risk on B.C.’s Mount Meager

VANCOUVER — Climate change is causing glaciers atop Mount Meager in British… Continue reading

China, US discuss plans for trade talks

BEIJING — China’s economy czar and U.S. trade envoys discussed plans for… Continue reading

‘We’re going to have a deal very soon’: Staff briefed on possible ServiCom buyer

SYDNEY, N.S. — The sudden closure of a Cape Breton call centre… Continue reading

Equalization protests from Alberta likely pre-election talk: Quebec minister

OTTAWA — Quebec’s finance minister brushed off complaints from Alberta on Monday… Continue reading

Sebastian Giovinco, Jonathan Osorio and Adriana Leon up for top CONCACAF awards

Toronto FC’s Sebastian Giovinco and Jonathan Osorio are up for CONCACAF male… Continue reading

Huitema, Cornelius named 2018 Canadian Youth International Players of the Year

TORONTO — Canada Soccer has named striker Jordyn Huitema and defender Derek… Continue reading

Review: Too much Spider-Man? Not in the Spider-Verse

You might be forgiven for feeling superhero overload this holiday season. Had… Continue reading

‘Modern Family’s’ Sarah Hyland had second kidney transplant

LOS ANGELES — “Modern Family” star Sarah Hyland says she had a… Continue reading

Orlando SC acquires Canadian Tesho Akindele in trade with FC Dallas for cash

ORLANDO, Fla. — Canadian forward Tesho Akindele was traded to Orlando City… Continue reading

Koskinen notches third shutout, McDavid gets winner as Oilers blank Flames 1-0

EDMONTON — The Edmonton Oilers appear to have shored up their defence… Continue reading

Beyonce performs at pre-wedding party in India

Beyonce brought her star power to a pre-wedding party for the daughter… Continue reading

Kirk Douglas celebrates 102nd birthday

LOS ANGELES — Actor Kirk Douglas got to celebrate his 102nd birthday… Continue reading

Most Read