High Arctic announces separation of North American and Papua New Guinea businesses through proposed plan of arrangement

High Arctic Energy Services Inc. has announced its intention to separate its North American and Papua New Guinea businesses through a proposed plan of arrangement. The arrangement will result in the formation of a new publicly traded company named High Arctic Overseas Holdings Corp. to take ownership of the Papua New Guinea business, while the North American business will continue under the name High Arctic. Each company will have its own management, operational teams, and a separate board of directors.