The following is a summary of the High Arctic Energy Services Inc. (HGHAF) Q4 2023 Earnings Call Transcript:

Financial Performance:

• High Arctic reported Q4 revenues of $18.1 million and a net income of $2.75 million with adjusted EBITDA of $3.2 million.

• The profitability was driven by full utilization of drilling services and asset rentals in both PNG and Canada.

• The acquisition of Delta Rental Services for $6.4 million in 2023 contributed profitably with valuable properties and equipment incorporated in the assets.

Business Progress:

• Rig 103 in PNG presented strong operational performance, marking the third successful quarter since operations resumed in 2020.

• Merger with Delta Rental Services improved Canadian revenues and contributed positively to cash flow.

• High Arctic aims to train tens of thousands of workers required for PNG projects and other large scale ventures via its subsidiary, PNG Industry Manpower Solutions.

• Plans are underway for a reorganization, including the spinoff of the PNG business to shareholders as a Canadian publicly listed company.

• The company has seen significant growth in its investment in Team Snubbing, leading to the expansion of its operations to Alaska and globally. High Arctic expects Team Snubbing to consistently contribute to earnings and dividends.

• High Arctic anticipates PNG to reduce discretionary costs substantially in the second half of the year, and more announcements regarding reorganization and return of capital are expected.

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