Calgary, Alberta – April 29, 2025 — High Arctic Overseas Holdings Corp. (TSXV: HOH) has released its financial and operating results for the fourth quarter and year ended December 31, 2024. The company highlighted strong liquidity, a successful spin-out, and preparations to participate in the next phase of resource development in Papua New Guinea (PNG).

Financial Results

• Q4 2024 revenue: USD $2.4 million, down from $12.5 million in Q4 2023 due to reduced drilling activity.
• Net income: $1.8 million in Q4 2024, compared to $1.9 million in the same period last year.
• Adjusted EBITDA: loss of $0.5 million versus a $2.9 million gain in Q4 2023.
• Full-year 2024 revenue: $24.1 million, down 45% from $43.4 million in 2023.
• Full-year net income: $2.9 million, compared to a net loss of $8.6 million in 2023. The prior year’s results included significant impairments.
• Liquidity: working capital of $20.6 million, including $14.9 million in cash and no debt at year-end.

Operational Highlights

• Rig 103 operated until mid-2024 before being suspended and cold-stacked; Rigs 115 and 116 remain preserved for future use.
• Manpower and rental services continued with stable demand, contributing to positive margins.
• Operating margin improved to 37.7% in 2024 from 33.2% in 2023, reflecting a greater contribution from rentals and lower material costs.
• The spin-out from High Arctic Energy Services Inc. was completed in August 2024, establishing High Arctic Overseas as a standalone TSXV-listed company.

Strategic Outlook
CEO Mike Maguire noted confidence in PNG’s long-term outlook, citing environmental approvals for Papua LNG and renewed momentum around the P’nyang gas project. Both developments are expected to drive drilling demand later this decade.

“High Arctic is now well placed to participate meaningfully in future drilling activity,” Maguire said. “Our experience, preserved heli-portable rigs, and established manpower and rental operations position us to support the major LNG and infrastructure projects expected in Papua New Guinea.”

In 2025, activity is expected to remain subdued, with rentals and manpower forming the core of revenue. The company continues to engage with its principal customer on future drilling plans and is actively pursuing opportunities in both resource and infrastructure projects across PNG.