WELL completion services company High Arctic Energy Services has signed two contracts for mats and rolling stock in Papua New Guinea, to support the drilling operations of rigs 115 and 116.

High Arctic said the combined annual revenue from these new contracts would range from between US$4 million to over US$7 million on an annualised basis, depending on the total number of mats deployed.

The matting contract is for the provision of a minimum of 2,000 mats on a firm two year term with the first 1,000 commencing once Rig 115 has been mobilised – a process High Arctic said was already underway.

The mats will be drawn from High Arctic’s existing inventory in PNG.

The Rolling Stock contract is for the provision of cranes and tele-handlers on a firm two year term and will commence with the arrival of equipment into PNG.

The rolling stock will be new equipment designed to handle the requirements of Rigs 115 and 116, High Arctic said.