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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