CALGARY – High Arctic Energy Services Inc. (TSX:HWO) is increasing its dividend by 20 per cent.
The Calgary-based oilfield services company announced Monday that the new monthly payout will be 1.5 cents per share or 18 cents per annum.
The higher dividend will be paid April 14 to shareholders of record at the close of business on March 31.
Based on High Arctic’s closing stock price of $3.82 on Monday, up two cents, the issue would produce an annual yield of 4.7 per cent.
“The increase in the dividend rewards our shareholders for the strong financial results of 2013 and reflects our expectations for a solid 2014,” board chairman Michael Binnion said Monday.
High Arctic provides specialized oilfield equipment and services for drilling, completion and workover operations in Western Canada and in Papua New Guinea.