Thank you for the comment. Good catch. Thankfully this is not core to the thesis, and was correctly accounted for in my valuations. For full clarity: the stake in Team Snubbing is valued at $7.7M, the company also has a convertible promissory note worth $3.4M.
I actually saw it in a VIC post last year. I initially decided to pass on it because there were no FIDs in place in the owned rigs in PNG. Figured I could wait until they announced the FIDs so I kept tabs on the company and pounced but once I saw the restructuring
"valuing High Arctic's 42% stake at $38.2M" - Are you talking about team snubbing ?
HWO's team snubbing is only $8 mil for the 42% ownership.
Hey Ansh,
Thank you for the comment. Good catch. Thankfully this is not core to the thesis, and was correctly accounted for in my valuations. For full clarity: the stake in Team Snubbing is valued at $7.7M, the company also has a convertible promissory note worth $3.4M.
Nice write-up, enjoyed reading it.
Thank you Jon. Appreciate the kind words. Keep up the great work at Capital Employed.
Here is the link for anyone interested: https://www.capitalemployed.com/
Check out Part 2 for an update on High Arctic:
https://open.substack.com/pub/breeleycapital/p/high-arctic-energy-services-2-a-catalyst?utm_source=direct&r=1rwn9i&utm_campaign=post&utm_medium=web
Great write up. We enjoyed part two as well.
Thank you for the kind words! They’re greatly appreciated
Loved ”A Tale of Two Pipelines” - really interesting situation that I haven’t seen anyone else talking about
Thanks man. Yeah, it’s a cool situation to watch.
How’d you first come across High Arctic?
I actually saw it in a VIC post last year. I initially decided to pass on it because there were no FIDs in place in the owned rigs in PNG. Figured I could wait until they announced the FIDs so I kept tabs on the company and pounced but once I saw the restructuring
Nice. VIC is a great starting place. Looking forward to seeing how it plays out! We’ll be in touch.