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BRIEF-High Arctic provides update on Papua New Guinea activities
July 11, 2017 / 2:57 AM / 5 months ago

BRIEF-High Arctic provides update on Papua New Guinea activities

July 10 (Reuters) - High Arctic Energy Services Inc :

* High Arctic provides update on Papua New Guinea activities

* Announce that it has entered into formal and exclusive negotiations to exchange an equal share of its owned rigs

* As part of proposed arrangements, High Arctic to operate rigs under minimum 3 year exclusive call rig services agreement

* Agreement will include 2-way option clauses to allow or require High Arctic to increase its interest in proposed joint co over time

* First year rates under new rig services contract are likely to be about 20% to 23% less than under previous contract Source text for Eikon: Further company coverage:

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