CALGARY, Alberta, Aug. 28, 2026 — High Arctic Overseas Holdings Corp. (TSXV: HOH) (“High Arctic” or the “Corporation”)
has released its second quarter financial and operating results. The unaudited condensed interim consolidated financial
statements (the “Financial Statements”) and management’s discussion & analysis (“MD&A”) for the quarter ended June 30,
2026, 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 second quarter of 2026 financial and operating results
and outlook:
“This quarter’s results reflect the low activity levels in PNG. However, we have reached the inflection point and have
expectations for improved performance in the second half of 2026 and optimism for continued momentum through
- Crews are being increasingly deployed through Q3 to prepare and deploy drilling Rig 103 to drill the first of four
confirmed wells, possibly followed by further wells which may include the first exploration well in PNG since Covid. With
the Papua-LNG project progressing through the development forum towards a Final Investment Decision this year, we
anticipate that other drilling activity including more exploration wells will follow in the coming years.
Recent investment in our Equipment Rentals division will contribute to meaningful earnings improvement through the
deployment of a refurbished 100-bed camp on a multi-year contract as well as an assortment of other assets now
preparing for service on key customer projects. We continue to expand our Fire Services business, executing
contracts with new customers in the mining, processing and commercial properties sectors. We are also responding to
many requests to quote Atlas Copco Power Technique products in PNG following a recent joint marketing push. All of
this contributes meaningfully to realising the objectives of our diversification strategy.
I believe that High Arctic is about to start to realise a return on the investment we have made in maintaining an active
presence and fostering the capability of our people in PNG through Covid and the lean years that have followed.”
2026 Second Quarter Highlights
- Readiness activities commenced during the quarter to remobilize and reactivate Rig103 in Q3 2026;
- Contract received for a multi-year hire of a 100-man camp facility with deployment expected in Q3 2026;
- Continued Fire Services division growth across extractive industry sites and now actively expanding into major urban
facilities; - Invested in our equipment and personnel in preparation for projects that commence in early Q3, resulting in an operating
margin reduction from 21.5% to (1.7%) on 6% softer revenue compared to Q2 2025; and - Exit Q2 with a strong working capital position of $15.7 million to support the continued ramp up of new activities and
other strategic objectives.
In the above results discussion, the three months ended June 30, 2026 may be referred to as the “quarter” or “Q2 2026” and
the comparative three months ended June 30, 2025 may be referred to as “Q2 2025”. References to other quarters may be
presented as “QX 20XX” with X/XX being the quarter/year to which the commentary relates.