High Arctic Wins Contract in Kuwaiti Desert
High Arctic Energy Services Trust has been awarded a much-anticipated five-year contract with Kuwait Oil Company (KOC), the country's national oil company, to provide services for workover operations.
Snubbing and hydraulic workover operations in various KOC fields are expected to begin in the second quarter of 2007. The contract was based on a bid submitted in August 2006 and its value is estimated at US$34 million over five years.
High Arctic will redeploy existing equipment from its Canadian operations into the region to meet the terms of the contract, and no new assets are expected to be required.
"This is a major hydraulic workover contract awarded by KOC and we are pleased that our bid efforts during the past months have been successful," said Jed Wood, President and Chief Executive Officer of High Arctic. "This contract will have minimal start-up expenses and it provides long-term revenue stability. We are advancing our international growth strategy while also increasing our equipment utilization."
High Arctic also announced that it has received a one-year extension on its contract with Margham Dubai Establishment to provide hydraulic workover operations at the Margham field in Dubai.
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- Weir Oil & Gas Secures KOC Wellhead Contract (Nov 07)
- Amec FW Clinches KOC's FEED Contract to Upgrade OGC in Kuwait (May 27)
Company: High Arctic Energy Services Trust more info
- High Arctic Executes Expression of Interest to Sell Optimal to Schlumberger (Apr 27)
- High Arctic Continues with Restructuring Efforts (Jun 11)
- High Arctic Settles Rig Purchase Obligation (Feb 01)
Company: Margham Dubai Establishment more info
- High Arctic Wins Contract in Kuwaiti Desert (Mar 26)