High Arctic Confirms Rig Order to Increase Its Rig Fleet by 54 per cent.RED DEER, Alberta Red Deer is a city in central Alberta, Canada. It is located near the midpoint of the Calgary-Edmonton Corridor, and is Alberta's third most populous city - after Calgary and Edmonton. -- High Arctic High Arctic Noun the regions of Canada, esp. the northern islands, within the Arctic Circle Energy Services Trust (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension :HWO HWO Hazardous Waste Operations .UN) (the "Trust") today confirmed that production and delivery of its new 250K Combination Drilling, Workover and Snubbing (CDWS CDWS Course Development & Web Services (University of Central Florida, Orlando, Florida) CDWS Civil Defense Warning System CDWS Common Defense Weapon System (US Navy crew served weapon) ) rigs are proceeding on schedule. The rigs are being built by EDM/Sense, a leading designer and manufacturer of drilling and oilfield services equipment based in Norway. The confirmation follows a recent fact-finding trip to Norway by Jed Wood, the Trust's President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . EDM/Sense is currently constructing five new 250K CDWS rigs, with completed delivery set for March 2006. After determining that production is on schedule, the Trust exercised its option to purchase an additional 10 rigs, with delivery scheduled between July 2006 and May 2007. "We are excited by the progress that has been made on the next five 250K CDWS rigs. Our strong relationship with EDM/Sense solidifies our position in the production line and increases our control in the design, construction, and fabrication fabrication (fab´rikā´sh  n),n the construction or making of a restoration. process," said Mr. Wood. "High Arctic can maintain a competitive advantage by ensuring these rigs are built and in the field earning revenue on or ahead of schedule. This order also allows us to move this leading-edge technology further ahead and advance us one step closer to our goal of becoming a leading global underbalanced service provider." EDM/Sense designs and manufactures the main working components of the rigs (main hoisting components, PLC operating system, hydraulic components, rack and pinion rack and pinion Mechanical device consisting of a bar of rectangular cross section (the rack), having teeth on one side that mesh with teeth on a small gear (the pinion). If the pinion rotates about a fixed axis, the rack will move in a straight path. drive system, and operating tower).The Trust will conduct the final assembly and the commissioning of the rigs in Canada. When completed, the 15 new rigs will increase the Trust's rig fleet to 43, from 28, representing a 54 per cent increase. About High Arctic The Trust, through its subsidiaries, is a global provider of underbalanced well construction services, including drilling, completion, work over operations and integrated project management. High Arctic's new under balanced drilling technology and equipment is recognized for its ability to improve oil and gas production capabilities and is expected to develop greater acceptance in international markets. Based in Red Deer Red Deer, city, Canada Red Deer, city (1991 pop. 58,134), S central Alta., Canada, on the Red Deer River. It developed as a trade and service center for a region of dairying and mixed farming. , High Arctic has domestic operations in Alberta, British Columbia and the Northwest Territories. International operations are currently active in the Middle East and former Soviet Republics. Forward-Looking Statements This press release may contain forward-looking statements relating to expected future events and financial and operating results of the Trust that involve risks and uncertainties. Actual results may differ materially from management expectations as projected in such forward-looking statements for a variety of reasons, including market and general economic conditions and the risks and uncertainties detailed in the Trust's prospectus filed with the Canadian securities regulatory authorities. Due to the potential impact of these factors, the Trust disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless required by applicable law. High Arctic Energy Services Trust (TSX:HWO.UN) |
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