High Arctic Energy (TSE:HWO) has released an update.
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High Arctic Energy Services Inc. has unveiled its Q1 2024 financial results, announcing a strategic reorganization to split its North American and Papua New Guinea operations into separate entities and a shareholder return of capital of up to $0.76 per share. The reorganization will create a new publicly traded company, SpinCo, to manage the PNG business, while High Arctic retains its Canadian assets, bolstered by the recent Delta Rental Services acquisition. The company reports a net income of $3.5 million, an Adjusted EBITDA of $4.5 million, and a strong cash position, with shareholders to vote on these proposals in an upcoming meeting.
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