High Arctic Readies for Strategic Business Spin-Out

High Arctic Energy Services (TSE:HWO) has released an update.

High Arctic Energy Services Inc. has received the final court order for its plan to spin out its Papua New Guinea energy services business into a new entity, High Arctic Overseas Holdings Corp. Shareholders approved the move at the recent annual meeting, and the deal is expected to close by July 31, 2024, pending regulatory approvals. High Arctic provides specialized well completion and drilling services in Papua New Guinea and rents out oilfield equipment in Western Canada.

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