CALGARY, Alberta, April 30, 2026 — High Arctic Overseas Holdings Corp. (TSXV: HOH) (“High Arctic” or the “Corporation”)
has released its fourth quarter and full year 2025 financial and operating results and announces it has agreed to terms for a
two-year drilling services contract renewal with its principal customer in Papua New Guinea (“PNG”). The audited consolidated
financial statements (the “Financial Statements”) and management’s discussion & analysis (“MD&A”) for the quarter and year
ended December 31, 2025, will be available on SEDAR+ at www.sedarplus.ca. All amounts are denominated in United States
Dollars (“USD”), unless otherwise indicated.
The common shares of the Corporation began trading on the TSXV on August 16, 2024 under the trading symbol HOH.
Mike Maguire, Chief Executive Officer, commented on the Corporation’s fourth quarter of 2025 financial and operating results
and outlook:
“High Arctic’s Q4 and 2025 results reflect reduced activity in PNG with additional expenditures related to our
diversification strategy. We continue to focus on expanding our customer base for equipment rental, building out the
new Fire Services business and exploring potential acquisitions. Our strong working capital and debt-free balance
sheet position us well for future opportunities.
The drilling services contract renewal demonstrates our customer’s faith in High Arctic as a dependable provider of
critical drilling services in PNG. I am pleased to continue a relationship that now extends back two decades. Together
we have forged a strong partnership that set the benchmark for safe and efficient operations in the remote and
logistically challenging PNG environment.
While the 2-year contract renewal does not contain a specific drilling commitment, it is a strong signal of an intention to
return to work soon. We believe that the Papua-LNG project has made significant steps towards a Final Investment
Decision this year. Papua-LNG is a significant drilling opportunity that we are competitively placed for. Further, we
expect the project to stimulate other drilling activity including exploration which is High Arctic’s core specialty.”
2025 Fourth Quarter Highlights

• Drilling rig 103 remains suspended and drilling rigs 115 and 116 remain cold-stacked;
• Fire Services activities ramped up during Q4 2025, leading to an increase in revenue which was offset by a reduction in
  manpower and rental services, providing an increase in income of 4% against Q3 2025. Compared to Q4 2024, there
  was a reduction in Manpower and Rentals services as a result of customer projects winding down;
• Operating margins reduced by 1.6% against Q3 2025 as rental equipment utilizations reduced and Fire Services still
  being in a ramp up phase. Compared to Q4 2024, margins reduced as a result of lower rental equipment utilizations;
• Costs associated with the execution of the diversification strategy, increasing insurance costs, temporary allocation of
  a property lease to operating costs, increases in working capital as new customers come onboard, combined with
  reduced revenue led to $921 of cash used in operations for Q4 2025 ($248 of cash generated in Q4 2024); and
• Strong working capital position of $18.7 million maintained.
  2025 Full Year Summary
• Revenue for 2025 was $8,922, a reduction of $15,153 or 63% compared to 2024
  ? During 2024, rig 103 operated for 5 months until it was placed in suspension, it remained suspended during 2025
  and drilling rigs 115 and 116 were cold-stacked over both periods; and
  ? Manpower services and equipment rentals slowed in the second half of 2025 as customer projects started to
  wind down, this was somewhat offset by the fire services division starting to ramp up in Q4 2025.
• Operating margins reduced from 2024 of 37.7% to 20.7% in 2025 largely as a result of:
  ? Reduced equipment rental utilizations which yield higher margins;
  ? Repairs & maintenance associated with preparing the rental fleet for new markets; and
  ? Establishment of the fire services division.
• Adjusted EBITDA for 2025 was a loss of $1,642, a substantive reduction compared to 2024 EBITDA of $4,290 as a
  result of decline in revenues and reduced operating margins, together with additional general and administrative costs
  associated with:
  ? Transition of corporate services previously performed by HWO;
  ? Establishment of the fire services division; and
  ? Professional fees related to strategy development and business expansion.
• Strong liquidity with a working capital balance of $18.7 million, which includes a cash balance of $11.9 million.
  In the above results discussion, the three months ended December 31, 2025 may be referred to as the “quarter” or “Q4 2025”
  and the comparative three months ended December 31, 2024 may be referred to as “Q4 2024”. References to other quarters
  may be presented as “QX 20XX” with X/XX being the quarter/year to which the commentary relates.
  Business Strategy
  Our business strategy focused on Papua New Guinea is underpinned by the following cornerstones:
• Leveraging our core PNG planning and logistics capability to diversify our service offerings;
• Deploying idle assets into profitable operations;
• Strengthening local content & participation in the PNG finance and investment communities;
• An established and efficient corporate structure; and
• Seeking opportunities to expand and root the business in the Australasian region.
  2026 Strategic Objectives
• Relentless focus on safety excellence and quality service delivery;
• Grow the Equipment Rentals and Fire Services business offerings;
• Pursue pathways to return idle drilling assets into service;
• Maximize potential participation in future major Papua New Guinea projects; and
• Pursue expansionary transactions that increase shareholder value.
  2024 Reorganization
  Since the Corporation and HAES-Cyprus were both wholly-owned by HWO, the transfer of all of the outstanding ordinary
  shares of HAES-Cyprus to the Corporation was deemed a common control transaction. The Corporation’s Financial
  Statements are presented under the continuity of interests basis. Financial and operational results contained within this Press
  Release present the historic financial position, results of operations and cash flows of HAES-Cyprus for all prior periods up to
  August 12, 2024, under HWO’s control. The financial position, results of operations and cash flows from April 1, 2024 (the date
  of incorporation of the Corporation) to August 12, 2024, include both HAES-Cyprus and the Corporation on a combined basis
  and from August 12, 2024, forward include the results of the Corporation on a consolidated basis upon completion of the
  Arrangement.
  For reporting purposes in the Financial Statements, the MD&A and this Press Release, it is assumed that the Corporation
  held the PNG business prior to August 12, 2024, and as such, information provided includes the financial and operating results
  for the three and twelve months ended December 31, 2025, including all comparative periods.