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.

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