| Source: High Arctic Energy Services Inc.
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CALGARY, Alberta, March 23, 2020 (GLOBE NEWSWIRE) — High Arctic Energy Services Inc. (“High Arctic”) announces the appointment of Mike Maguire as Chief Executive Officer effective immediately. Mike Maguire was formerly the President of International for High Arctic. The appointment of Mike follows his success in restructuring and leading the International business through growth in 2015 and the contraction of PNG activity in 2018, establishing benchmarks for safe, effective and profitable delivery of service to top shelf customers.
Michael Binnion, Executive Chairman of the Board commented, “With the turn down in business throughout the organization, the Board decided to consolidate our top end management for efficiency and cost reduction. We want to reinforce our operational emphasis on our front-line workers who deliver our service and maintain our industry leading safety record. The Board thanks Cam Bailey for his service over the last two years. No one could have foreseen the disruptive market factors that have led to this global downturn. We are committed to preserving our balance sheet while supporting our customers who are also going through difficult adjustments to the current crisis.”
The Company has also appointed an Executive Committee of the Board of Directors, with Michael Binnion as Chairman. The committee will be comprised of Michael Binnion, Dan Bordessa and Doug Strong. The Company has implemented a 20% reduction in Board compensation effective April 1, 2020.
About High Arctic
High Arctic is a publicly traded company listed on the Toronto Stock Exchange under the symbol “HWO”. The Corporation’s principal focus is to provide drilling and specialized well completion services, equipment rentals and other services to the oil and gas industry.
High Arctic is a market leader providing drilling and specialized well completion services and supplies rig matting, camps and drilling support equipment on a rental basis in Papua New Guinea. The North American operations provides well servicing, well abandonment, snubbing and nitrogen services and equipment on a rental basis to a large number of oil and natural gas exploration and production companies operating in Western Canada and the United States.
For further information contact:
Chief Executive Officer
Vice President of Finance & Interim CFO