Check out our latest podcast episode on the 2026/27 business ecosystem across Mexico, Central America, and the Caribbean. Watch now!
Sales & Support: +1 (800) 762-3361
Member Resources

Production

InterOil Enlists High Arctic for Drilling Services in Papua New Guinea

High Arctic Energy Services will provide drilling services to InterOil Corporation in Papua New Guinea, including a heli-portable drilling rig and an accommodation camp for 100 people

Released Tuesday, April 15, 2014

InterOil Enlists High Arctic for Drilling Services in Papua New Guinea

Researched by Industrial Info Resources Australia (Perth, Australia)--High Arctic Energy Services (HWO:TO) (Red Deer, Alberta) will provide drilling services to InterOil Corporation (NYSE:IOC) (Cairns, Australia) in Papua New Guinea, including a heli-portable drilling rig and an accommodation camp for 100 people.

The two-year contract includes an extension option for an additional year. The contract was announced on April 9.

High Arctic currently owns two heli-portable rigs, and offers support equipment, including crawler cranes, water pumps, vehicles, lighting towers, wheel loaders, forklifts, oilfield trucks, trailers and accommodation camps. High Arctic has experience working in Papua New Guinea and is a service provider to other remote areas worldwide.

The company recently committed to buy two four-year-old, heli-portable, AC self-erecting, 1500-HP triple-drilling rigs, plus associated ancillary equipment, and plans to upgrade both. The upgrades will be done at a yard in Port Moresby. The purchase and upgrades are estimated to cost $52 million.

The contract with InterOil will commence once the rig has been moved to the site. Planning is under way for the first well to be spudded in November. The second rig is expected to be available in 2015.

Finalization of the purchase agreement is expected in May and is subject to certain conditions. In June, the rigs will be transported to Papua New Guinea.

Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, three offices in North America and nine international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle™, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities.
/news/article.jsp false

Share This Article

Want More IIR News Intelligence?


Make us a Preferred Source on Google to see more of us when you search.

Add Us On Google

Please verify you are not a bot to enable forms.

What is 46 + 0?

Ask Us

Have a question for our staff?

Submit a question and one of our experts will be happy to assist you.

By submitting this form, you give Industrial Info permission to contact you by email in response to your inquiry.

A glowing computer chip is placed on a dark blue circuit board. Bright blue lines and nodes create a futuristic, technological ambiance.

Forecasts & Analytical Solutions

Where global project and asset data meets advanced analytics for smarter market sizing and forecasting.

Explore Our Solutions
Dimly lit data center with rows of towering black server racks, glowing blue lights, and a sleek, futuristic ambiance.

Industrial Project Opportunity Database and Project Leads

Get access to verified capital and maintenance project leads to power your growth.

Discover Our Database