High Arctic sets $32M capital budget

High Arctic Energy Services Inc. (TSX: HWO) has announced a 2013 capital budget of $32 million. The Red Deer-based oilfield equipment and services provider said in a release on Friday that this total includes $21 million in growth capital, $7 million for capital maintenance and approximately $4 million for construction of a new facility in Grande Prairie. It added that $6 million represents capital expenditures that were committed during the company’s 2012 fiscal year but not completed by year-end.

High Arctic Energy Services Inc. (TSX: HWO) has announced a 2013 capital budget of $32 million.

The Red Deer-based oilfield equipment and services provider said in a release on Friday that this total includes $21 million in growth capital, $7 million for capital maintenance and approximately $4 million for construction of a new facility in Grande Prairie. It added that $6 million represents capital expenditures that were committed during the company’s 2012 fiscal year but not completed by year-end.

Most of the growth spending relates to High Arctic’s operations in Papua New Guinea. This includes investment in matting and other rental equipment, the purchase of support equipment like cranes, and the acquisition of specialized tools to increase operational efficiency.

High Arctic also said Friday that it expected consolidated revenue for the fourth quarter ended Dec. 31 to be between $37 million and $39 million — nearly identical to the same period of 2011. For the entire year, consolidated revenue is anticipated to range between $145 million and $147 million, which would be up significantly from 2011. The increase reflects investments made in Papua New Guinea, said the company.

High Arctic has domestic operations throughout Western Canada and international operations primarily in Papua New Guinea.

Just Posted

Split Supreme Court appears ready to allow Trump to end DACA

WASHINGTON — Sharply at odds with liberal justices, the Supreme Court’s conservative… Continue reading

Trump to face limits of his power in impeachment hearings

NEW YORK — For three years, Donald Trump has unapologetically defied the… Continue reading

Teen climate activist is leaving US, setting sail for Spain

HAMPTON, Va. — Swedish teen climate activist Greta Thunberg will leave North… Continue reading

City investigating after toddler in Toronto killed by falling air conditioner

TORONTO — The death of a two-year-old girl who was hit by… Continue reading

Families of victims testify at hearing for convicted killer Ugo Fredette

ST-JEROME, Que. — Friends and relatives of Ugo Fredette’s two victims addressed… Continue reading

Petition to ‘bring back Don Cherry’ goes viral after immigrant poppy rant

Cherry was fired from his co-hosting role for the Coach’s Corner segment on Nov. 11.

Your community calendar

Wednesday Pain 101 class — learn to take control of your chronic… Continue reading

Split Supreme Court appears ready to allow Trump to end DACA

WASHINGTON — Sharply at odds with liberal justices, the Supreme Court’s conservative… Continue reading

Trump to face limits of his power in impeachment hearings

NEW YORK — For three years, Donald Trump has unapologetically defied the… Continue reading

Teen climate activist is leaving US, setting sail for Spain

HAMPTON, Va. — Swedish teen climate activist Greta Thunberg will leave North… Continue reading

City investigating after toddler in Toronto killed by falling air conditioner

TORONTO — The death of a two-year-old girl who was hit by… Continue reading

Families of victims testify at hearing for convicted killer Ugo Fredette

ST-JEROME, Que. — Friends and relatives of Ugo Fredette’s two victims addressed… Continue reading

Parliament set to reconvene with Speaker election on Dec. 5

OTTAWA — Prime Minister Justin Trudeau will lay out priorities for his… Continue reading

Scheer seeks common ground, Moe leaves disappointed after meetings with Trudeau

OTTAWA — Conservative Leader Andrew Scheer and Saskatchewan Premier Scott Moe’s back-to-back… Continue reading

Most Read