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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.

Calgary, Alberta – December 4, 2024 — High Arctic Overseas Holdings Corp. (TSXV: HOH) has announced the issuance of 675,000 incentive stock options to its directors and senior officers under the company’s Omnibus Incentive Plan.

Each option entitles the holder to purchase one common share of the Corporation at an exercise price of $1.60. The options have a five-year term and will vest over three years, with one third vesting annually. A special grant of 25,000 options to one senior officer will vest fully after one year.

The options were issued in accordance with the company’s Omnibus Incentive Plan, which is available on its SEDAR+ profile at www.sedarplus.ca.

High Arctic stated that the grants align management and director incentives with shareholder value creation, supporting long-term growth in its Papua New Guinea–focused energy services business.

Calgary, Alberta – November 29, 2024 — High Arctic Overseas Holdings Corp. (TSXV: HOH) has released its third quarter financial and operating results, marking its first quarterly report since completing the spin-out of its Papua New Guinea (PNG) operations from High Arctic Energy Services Inc.

Strategic Reorganisation
On August 12, 2024, the company completed a Plan of Arrangement that separated the North American and PNG businesses. High Arctic Overseas now operates the PNG business and trades on the TSX Venture Exchange under the symbol HOH. The reorganisation provided shareholders with ownership in both entities and positioned High Arctic Overseas as a standalone energy services company focused on PNG.

CEO Mike Maguire said the spin-out delivered on a key 2024 objective: “The Corporation is now well placed, with access to adequate working capital, ideal equipment for the PNG environment, and a dominant market position.” He added that LNG development momentum in PNG provides confidence in future opportunities.

Financial Results

• Q3 2024 revenue was USD $2.89 million, down 77% from $12.52 million in Q3 2023 due to reduced drilling.
• Adjusted EBITDA was a loss of $0.34 million, compared to a $2.92 million gain in Q3 2023.
• Net loss was $1.42 million, compared to a $11.95 million loss in Q3 2023, which included significant impairments.
• For the first nine months of 2024, revenue was $21.65 million, down 30% year-on-year; net income was $1.05 million versus a $10.53 million loss in 2023.
• Operating margins improved to 36.8% in Q3 2024 from 29.5% the year prior, supported by higher-margin rentals and reduced material costs.

High Arctic closed the quarter with $18.5 million in working capital, including $14.9 million in cash and no debt.

Operational Highlights

• Rig 103 remained suspended, with Rigs 115 and 116 preserved and cold-stacked.
• Manpower and rental services continued, providing stable activity and improved operating margins.
• Non-essential expenditures were curtailed to align with reduced drilling.

Outlook
While near-term drilling demand remains low, the company sees opportunities in equipment rentals, manpower services, and PNG’s upcoming large-scale LNG developments. With preserved heli-portable rigs and strong liquidity, High Arctic is positioning itself for future projects including Papua LNG and P’nyang, as well as broader infrastructure initiatives.