One-Page Deal Sheet
High Arctic to Purchase Portable Rig in PNG
High Arctic Energy Services Interoil Corporation
Announced Date
April 09,2014
Close Date
July 28,2014
Transaction Type
Property
Enterprise Value (EV)($MM)
52
Location
Region
Austral-Asia
Country
Papua New Guinea
Transaction Details: Subscribe to see
High Arctic Energy Services Inc. has announced that it has signed a new Drilling Services Agreement with InterOil Corporation for one heli-portable drilling rig in Papua New Guinea.
High Arctic has agreed to provide one drilling rig and a 100 person camp for a firm contract term of two years with an extension option available to InterOil for one additional year. The two year term commences once the rig has been mobilised and is ready to commence drilling operations. The contract is projected to deliver annualized revenue of approximately US$30 million during the drilling operations. The…
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