Company Overview - High Arctic Overseas Holdings Corp. is a market leader in Papua New Guinea, providing drilling and specialized well completion services, manpower solutions, and rental equipment including rig matting, camps, material handling, and drilling support equipment [3]. Shareholder Meeting Results - The annual general and special meeting of shareholders was held on August 28, 2025, with 31 shareholders representing 7,139,376 common shares, approximately 57.35% of total votes [1]. - All matters presented at the meeting were approved by the shareholders [1]. Election of Directors - The number of directors was fixed at three, with nominees considered for election as directors [2]. - Detailed voting results for the election of directors are as follows: - Michael R. Binnion: 99.46% votes for (6,851,159), 0.54% votes withheld (37,276) [2]. - Michael J. (Mike) Maguire: 99.44% votes for (6,849,662), 0.56% votes withheld (38,773) [2]. - Bruce Apana: 99.47% votes for (6,852,234), 0.53% votes withheld (36,201) [2]. Auditor Appointment - KPMG LLP was appointed as auditors of the Corporation [2]. - The omnibus equity incentive plan of the Corporation was re-approved by the shareholders [2].

Core Viewpoint - High Arctic Overseas Holdings Corp. reported its second quarter 2025 financial results, highlighting a continued focus on diversification and strategic growth opportunities in Papua New Guinea (PNG) despite subdued drilling activities [2][21]. Financial Performance - Adjusted EBITDA loss for Q2 2025 was $184 thousand, showing a slight improvement from a loss of $202 thousand in Q1 2025 [6]. - Revenue for Q2 2025 was $2.368 million, a significant decrease from $7.629 million in Q2 2024 [9]. - Net loss for Q2 2025 was $522 thousand compared to a loss of $29 thousand in Q2 2024 [9]. - General & Administrative expenses decreased to $693 thousand in Q2 2025 from $916 thousand in Q1 2025 [6]. - Working capital at the end of Q2 2025 was over $20 million, reflecting disciplined cash flow management [6]. Operational Highlights - Drilling activities remained consistent with Q1 2025, with Rig 103 suspended and Rigs 115 and 116 cold stacked [6]. - The majority of Q2 2025 revenue was derived from equipment rental and skilled personnel services in PNG's oil and gas industry [15]. - The establishment of the High Arctic Fire Services division aims to diversify service offerings and tap into new markets within the extractive industries [3][22]. Strategic Objectives - The company aims to leverage its core capabilities in PNG to diversify service offerings and strengthen local participation in the finance and investment communities [10]. - Future growth is anticipated from increased inquiries for services and potential new projects in PNG, particularly in the natural resources sector [22][25]. - The company is strategically positioned to support upcoming large-scale projects, including the Papua-LNG project, expected to drive increased drilling activity [25][26]. Market Outlook - The outlook for the core business in PNG remains subdued for the remainder of 2025, with expectations of declining equipment rental and manpower activities as certain projects conclude [21]. - The company is optimistic about future revenue generation from its diversified service portfolio, particularly in fire services, which is expected to start contributing in Q3 2025 [22].

Group 1 - High Arctic Overseas Holdings Corp. has clarified the qualifications of its Chief Financial Officer, Matthew Cocks, who became a Chartered Accountant in 2010 but is not currently a member of the Institute of Chartered Accountants Australia & New Zealand [1] - The appointment of Mr. Cocks as CFO has been accepted by the TSX Venture Exchange [2] - High Arctic Overseas is a market leader in Papua New Guinea, providing drilling and specialized well completion services, manpower solutions, and rental equipment [3]

Company Overview - High Arctic Overseas Holdings Corp. has appointed Matthew Cocks as Chief Financial Officer effective June 24, 2025, pending TSX Venture Exchange approval [1] - The company specializes in drilling and specialized well completion services, manpower solutions, and rental equipment in Papua New Guinea [5] Leadership Background - Matthew Cocks joined the company in October 2023 as VP-Finance, focusing on financial leadership and strengthening finance and accounting processes [2] - Cocks has over 20 years of experience in financial leadership roles across various sectors, including resources, construction, manufacturing, and logistics [3] - The CEO, Mike Maguire, expressed confidence in Cocks' expertise, particularly in international markets and extractive industries, which will aid in diversifying and expanding the PNG business [4] Transition of Roles - Lonn Bate served as Interim CFO since the spin-out and will now concentrate on his role as CFO of High Arctic Energy Services Inc. [4]

Core Insights - High Arctic Overseas Holdings Corp. has reported its financial and operational results for the year ended December 31, 2024, highlighting a significant decrease in revenue and adjusted EBITDA due to low drilling activity and costs associated with the spin-out transaction [1][6][12] Financial Performance - For Q4 2024, revenue was $2,421 thousand, a decrease of $10,112 thousand or 81% compared to Q4 2023, which was $12,533 thousand [11][15] - Adjusted EBITDA for Q4 2024 was negative $482 thousand, a decrease of $3,418 thousand or 116% compared to Q4 2023, which was $2,936 thousand [11][15] - The net income for Q4 2024 was $1,806 thousand, compared to $1,907 thousand in Q4 2023 [11][15] - For the full year 2024, revenue totaled $24,075 thousand, a reduction of $19,305 thousand or 45% compared to 2023 [12][20] - The net income for 2024 was $2,857 thousand, compared to a net loss of $8,623 thousand in 2023 [12][20] Operational Highlights - The company has maintained a strong liquidity position with a working capital balance of $20.6 million, including a cash balance of $14.9 million and no debt [6][12] - Operating margins decreased from 32.2% in Q4 2023 to 28.6% in Q4 2024, attributed to reduced revenue-generating activities [6][11] - The company’s drilling rig 103 remained suspended, while rigs 115 and 116 were cold-stacked, although manpower services and rental services continued with other customers [6][12] Strategic Outlook - The company is positioned to participate in anticipated future drilling activity in Papua New Guinea (PNG), supported by recent LNG developments and environmental approvals for major projects [3][28] - The outlook for 2025 remains subdued, with expectations that equipment rental and manpower services will be the primary revenue-generating activities [26][27] - High Arctic continues to engage with principal customers for future drilling activity and is exploring business expansion opportunities in PNG [27][30]