Brief: High Arctic provides update on Papua New Guinea activities

High Arctic Energy Services

11/07/2017 03:50

July 10 (Reuters) - High Arctic Energy Services Inc 
 HWO.TO : 
    * High Arctic provides update on Papua New Guinea activities 
    * Announce that it has entered into formal and exclusive 
negotiations to exchange an equal share of its owned rigs 
    * As part of proposed arrangements, High Arctic to operate 
rigs under minimum 3 year exclusive call rig services agreement 
    * Agreement will include 2-way option clauses to allow or 
require High Arctic to increase its interest in proposed joint 
co over time 
    * First year rates under new rig services contract are 
likely to be about 20% to 23% less than under previous contract 
 
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