High Arctic Announces Renewal of Key Canadian Contract NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAW
CALGARY, Alberta, April 11, 2022 (GLOBE NEWSWIRE) -- High Arctic Energy Services Inc. (TSX: HWO) "High Arctic" or the "Corporation” is pleased to announce that it has agreed to terms with a key customer to renew a significant contract in Canada. The contract is for the provision of well servicing rigs and ancillary equipment managed out of the Corporation’s Cold Lake, Alberta facility. Key features of the contract renewal include an approximate 20% increase to the base hourly rig rate, increases to ancillary equipment and service pricing, provision for fuel price adjustments, and alignment of other parameters to current market conditions. Further, the contract’s term has been extended to late 2025.