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Calgary, Alberta – August 28, 2025 — High Arctic Overseas Holdings Corp. (TSXV: HOH) has reported its financial and operating results for the second quarter ended June 30, 2025. The company highlighted disciplined cost management and continued diversification despite subdued drilling activity in Papua New Guinea (PNG).

Financial Performance
Revenue for the quarter was USD $2.37 million, down from $7.63 million in Q2 2024, reflecting the suspension of Rig 103 and the continued cold-stack of Rigs 115 and 116. The company recorded a net loss of $0.52 million, compared to a $0.03 million loss in the same quarter last year. Adjusted EBITDA showed a small loss of $0.18 million, an improvement over Q1’s $0.20 million loss.

For the first half of 2025, revenue totalled $4.88 million versus $18.76 million in H1 2024. The company reported a net loss of $1.75 million for the period, compared to income of $2.47 million last year.

Operational Highlights

• Drilling operations remained suspended through the quarter.
• Revenue was largely driven by manpower and equipment rentals, though volumes declined as a major customer wound down a project.
• General and administrative expenses fell to $0.69 million, from $0.92 million in Q1, reflecting the shift of corporate functions to Australia and cost reductions.
• High Arctic ended the quarter with strong liquidity, reporting $20 million in working capital and $13.8 million in cash.
  

Strategic Outlook
CEO Mike Maguire emphasised the company’s continued diversification strategy, including the launch of High Arctic Fire Services, a new division focused on fire prevention, detection, and suppression systems for PNG’s extractive industries. Initial revenues are expected in Q3 2025.

Looking forward, High Arctic anticipates subdued activity for the remainder of 2025, with manpower and rentals as primary revenue drivers. However, management highlighted increasing enquiries and preparations for a new cycle of major LNG projects in PNG, including Papua LNG and P’nyang. Both developments are expected to generate significant drilling demand later this decade.

“Our extensive experience in PNG positions us to support upcoming projects with safe, efficient services,” Maguire said. “We remain disciplined on costs while preparing to capture opportunities in LNG, mining, and infrastructure.”

Calgary, Alberta – July 5, 2025 — High Arctic Overseas Holdings Corp. (TSXV: HOH) has issued a clarification regarding the appointment of its Chief Financial Officer, Matthew Cocks.

The Corporation noted that while Mr. Cocks completed his professional qualifications and became a Chartered Accountant in 2010 through the Institute of Chartered Accountants Australia & New Zealand, he is not currently designated as a Chartered Accountant. He chose not to renew his membership with the Institute in 2020 and is not a current member. The company confirmed that Mr. Cocks does not intend to seek reinstatement at this time.

Despite the clarification, High Arctic emphasised that the appointment of Mr. Cocks as CFO was accepted by the TSX Venture Exchange.

The company reaffirmed its confidence in Mr. Cocks’ experience and capability to serve in the role, noting that he will continue to oversee the Corporation’s financial strategy and governance

Calgary, Alberta – June 23, 2025 — High Arctic Overseas Holdings Corp. (TSXV: HOH) has announced the appointment of Matthew Cocks as Chief Financial Officer, effective June 24, 2025, subject to TSX Venture Exchange approval.

Mr. Cocks joined the company in October 2023 as Vice President–Finance, overseeing the Papua New Guinea business and strengthening finance and accounting processes in preparation for the company’s spin-out from High Arctic Energy Services Inc.

With more than 20 years of experience in financial leadership roles, Mr. Cocks has worked extensively in both private and public companies across the resources, construction, manufacturing, and logistics sectors. His expertise spans financial stewardship, strategic planning, risk management, and international team development.

“Matt’s 20-plus years of wide-ranging financial management expertise in international markets and in services to the extractive industries will be invaluable to the Corporation as we look to diversify and expand our PNG business,” said Mike Maguire, Chief Executive Officer. He also expressed gratitude to Lonn Bate, who served as Interim CFO since the spin-out, and who will now continue his responsibilities as CFO of High Arctic Energy Services Inc.

Calgary, Alberta – June 17, 2025 — High Arctic Overseas Holdings Corp. (TSXV: HOH) announced that the TSX Venture Exchange has accepted its intention to launch a Normal Course Issuer Bid (NCIB). The program will run from June 20, 2025 to June 19, 2026, allowing the Corporation to repurchase up to 622,408 common shares, representing approximately 5% of outstanding shares.

Purchases will be made through ATB Capital Markets at prevailing market prices and cancelled upon acquisition. Funding will be drawn from the Corporation’s working capital. High Arctic noted it may adopt an automatic securities purchase plan with ATB Financial to allow repurchases during blackout periods, in line with Canadian securities laws. Outside restricted periods, the timing of purchases will be at management’s discretion.

The Board believes the current market price does not fully reflect the company’s value and that the NCIB represents an efficient use of funds, expected to benefit continuing shareholders by increasing their equity interest.

Calgary, Alberta – May 29, 2025 — High Arctic Overseas Holdings Corp. (TSXV: HOH) has released its first quarter financial and operating results for the period ended March 31, 2025. The company highlighted stable liquidity and disciplined cash management despite the suspension of drilling operations in Papua New Guinea (PNG).

Financial Performance
Revenue for Q1 2025 was USD $2.51 million, down from $11.13 million in Q1 2024, reflecting the suspension of Rig 103, which was operational during the prior year. The company recorded a net loss of $1.23 million, compared to net income of $2.50 million in Q1 2024. Adjusted EBITDA was a loss of $0.20 million, versus a gain of $3.53 million in the same period last year.

Operating margins declined to $0.71 million (28.4% of revenue), compared with $4.32 million (38.8%) in Q1 2024. Cash used in operating activities was $0.83 million, versus cash generated of $5.35 million a year earlier. The company ended the quarter with strong liquidity, reporting $20.2 million in working capital and $13.9 million in cash.

Operational Highlights

• Drilling Rig 103 remained suspended, with Rigs 115 and 116 cold-stacked but preserved for future deployment.
• Revenue was largely driven by manpower and equipment rental services, which maintained activity levels similar to Q4 2024.
• Rental activity expanded slightly into non-oil and gas sectors, marking progress in diversification.
• Disciplined cost management and reduced capital spending supported financial stability.
  
  

Strategic Outlook
High Arctic reaffirmed its business strategy centred on PNG, with objectives to:

• Maintain safety excellence and quality service delivery.
• Reduce general and administrative expenditures.
• Grow manpower services in PNG.
• Maximise participation in future major resource projects, including Papua LNG and P’nyang, both expected to drive drilling demand later this decade.
  
  

CEO Mike Maguire noted: “Our experience, combined with ideal drilling equipment for PNG’s environment, positions us well to play a strategic role in major projects anticipated in the second half of the decade.”

The company acknowledged near-term activity will remain subdued, but reported an increase in enquiries and tenders that could lead to future growth. With preserved rigs, a strong rental fleet, and proven manpower solutions, High Arctic is prepared to capitalise on the next phase of large-scale LNG and infrastructure development in Papua New Guinea.

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.