High Arctic Overseas to Resume Drilling Operations in Papua New Guinea
High Arctic Overseas Announces Intention to Recommence Drilling Activity in Papua New Guinea
Image: Benzinga
High Arctic Overseas Holdings Corp. has announced plans to restart drilling activities in Papua New Guinea, following a contract renewal with its principal customer. Drilling Rig 103 will be reactivated, with operations expected to begin in Q4 2026, impacting local workforce and stakeholders significantly.
- 01High Arctic Overseas received notice to recommence drilling services in Papua New Guinea, effective July 2026.
- 02The drilling services contract was renewed for two years, with an option for extension beyond April 30, 2028.
- 03Drilling Rig 103 will undergo reactivation and re-commissioning works to ensure operational readiness.
- 04The first well is expected to be drilled in Q4 2026, with plans for four approved wells and potential for more.
- 05The recommencement of drilling is anticipated to positively impact the local workforce developed over 20 years.
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High Arctic Overseas Holdings Corp., based in Calgary, Alberta, has announced its intention to recommence drilling activities in Papua New Guinea (PNG) following a recent contract renewal with its principal customer. The company received formal notice to mobilize personnel and equipment for the reactivation of Drilling Rig 103, set to begin in July 2026. The renewed drilling services contract, effective May 1, 2026, spans two years with an option for extension beyond April 30, 2028. CEO Mike Maguire expressed optimism about returning to drilling after a suspension, highlighting plans for reactivation and re-commissioning to ensure Rig 103 meets operational standards. The initial drilling of the first well is scheduled for Q4 2026, with a campaign that includes four approved wells and the possibility of additional unapproved wells. This development is expected to significantly benefit the local workforce, which has accumulated over 4.7 million incident-free work hours in PNG's challenging environment.
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The recommencement of drilling activities will provide job security and opportunities for the local workforce in Papua New Guinea.
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