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]