The National – Wednesday, June 15, 2011
HIGH Arctic Energy Service has been awarded its largest contract to date to supply rig matting and related support services for the drilling programme of a major operator in PNG.
This is in addition to recent contract awards by other operators with work programmes in the country.
The company has been developing the matting business through the use of “Dura-base” mats which are very well suited for the wet and boggy conditions prevalent in the country.
According to statement yesterday, the contract is for 18 months and will commence after High Arctic purchases the mats from the US and delivers by Nov 1.
The monthly revenue from this new contract once fully operational is expected to be approximately US$7.2 million over the 18-month period.
The latest contract has expanded the company’s customer base in PNG.