Excellence in Safety and Service

November 2020 Investor Presentation

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• Corporate Profile | Energy Services

• Vision | Strategic Priorities

• Business Outlook

• Geographic Markets | Service Capability❑ Papua New Guinea (“PNG”)❑ Canada

❑ United States

• Financial Overview

2

Excellence in Safety and Service

Readers are cautioned that this Presentation contains certain forward-looking

information and should refer to the disclaimer on slide #17.

Presentation Outline

Shares Outstanding (November 18, 2020): 48.8 million

Share Price (November 18, 2020): $1.22

Market Cap (November 18, 2020): $59.5 million

Shareholders equity per share (September 30, 2020): $3.89

Working Capital (September 30, 2020):1,2,3

$40.6 million

12 months trailing adjusted EBITDA (September 30, 2020):3

$10.9 million

Undrawn debt facility $35.0 million

TSX : HWOShareholder Composition

Cyrus Capital

45%

Insiders

4%

Public

51%

3

1. Includes $33.2 million in cash

2. Includes $10 million drawn from debt facility

3. See Non IFRS Measures at end of presentation

Corporate Profile | Energy Services

Excellence in Safety and Service

Vision

With a relentless focus on quality, be recognized as a trusted provider of energy services.

Strategic Priorities

❑ Safety excellence and focus on quality

❑ Reinforce existing markets through top-tier customer market share

❑ Cost control & position to reactivate and grow

❑ Capital stewardship to drive shareholder value, including share buybacks

4

Excellence in Safety and Service

Vision | Strategic Priorities

Business Outlook

Drilling Services in PNG are primarily driven by

LNG fundamentals. While currently inactive,

High Arctic’s hi-tech heli-portable drilling rig fleet is contracted and

poised for quick customer reactivation.

Production Services in Canada has sustained high industry market

share. Service rig activity is expected to rise as customers bring oil

production back online and prioritize well

abandonments.

Ancillary Services

through rentals in Canada and PNG as well as PNG’s only workover rig, is well positioned to benefit from growth in

export potential and customer focus on

existing production.

Geographically and Operationally Diversified Energy Services Company

5

Quality Underpins

Everything we do

At High Arctic, it is quality, as

measured by our safe work

statistics and customer

satisfaction, that drives our

business forward.

P N G

C A N ADA

• 2 Years LTI Free across Canada on 29 Sept 2020

• Lloydminster Rig 80, 12 Years Total Recordable Incident Free

• Cold Lake 7.5 Years Total Recordable Incident Free

• HAES Rental Services LTI Free since 2016

6

• Winner – IADC –AC Safety Statistics Award 2015, 2017,

2018, 2019

• 4 Years TRI Free across PNG Operations on 24 Aug 2020

• 2.4 Million Recordable Incident Free Man Hours

It is our Mission to:

“Create superior value for investors through the delivery of dependable and innovative energy services consistent with

the best interests of employees, customers and community”.

Geographic Markets |

Service Capability

High Arctic Energy Services is

a tier one drilling and service

rig provider to the leading

exploration and production

companies in Papua New

Guinea (PNG) and Canada

P N G

C A N ADA

• Own and operate Canada’s largest fleet of stand alone

and rig-assist snubbing units - original niche market

• Leading tier 1 production services rig provider – working

for large Canadian E&P’s and international supermajors

• Independent Rental services and Nitrogen pumping

• Cornerstone contracts in Western Canada's thermal wells

• Solid platform established for growth

Total Assets

PNG $128.6 m

Canada $120.2 m

7

L N G

O i l + N a t u r a l

G a s

US $1.6 m

• Dominant market position for contract drilling, well

completion and rental services in PNG

• Provides services in PNG to super majors and regional

energy companies under long-term contracts

• PNG’s enviable position as a low cost provider of LNG to

Asia reduces exposure to lower world energy prices

Dec. 31, 2019Sep 30, 2020

$95.2 m

$126.5 m

$3.5 m

Overview – One of the world’s great emerging markets • Part of the British Commonwealth with a parliamentary democracy

Papua New Guinea

Oil and Gas Activities – Long History, with New Growth• After early years of “Turner Valley-type” exploration, PNG found its Leduc

– World class wells

• Drilling for decades and High Arctic is the dominant provider

• Remote mountainous jungle locations require specialized logistics skills &

experience

• World Record Natural Gas Exploration Well Flow Rate – Antelope Field

Macro Drivers for Growth• Low cost source of LNG to Asian markets

• Recent discovery at Muruk opens new development areas near PNG-LNG

infrastructure

• Large 2019 seismic program completed - long term onshore exploration program

• ExxonMobil, Total, OilSearch and partners announced expansion with three new

LNG trains to develop Elk-Antelope and the P’nyang fields.

8

L N G

PNG Development: Building a Country

Oil export platform

PNG LNG: Completed 2014 • ExxonMobil is the operator

• 9.0 tcf of natural gas and 200+ million bbls of associated liquids over 30 years

• 1.0 bcf/d Capacity – 2 trains

• Double Capacity to 2 bcf/d with addition of 3 Trains in 2025/6

• Hides is primary source gas field

Elk-Antelope:

• Ownership: TOTAL, ExxonMobil and OilSearch

• Proven gas reserve of 5.2 tcf

• Discovered by InterOil – acquired by ExxonMobil 2016

• Significant surrounding unexplored acreage

OilSearch: • Average 4 to 6 exploration wells/yr

• Operate all of the discovered Oil Fields

• Muruk gas discovery – confirmation of very good quality reservoir

leading to potential appraisal program

• Focusing investment in PNG to support 10 year growth platform

NATURAL GAS + OIL PRODUCTION

9

Western Corridor:

• Significant number of gas discoveries

• Potential to aggregate and develop

Oil export platform

bbl = US barrel; bcf = billion cubic feet; tcf = trillion cubic feet.

Papua New Guinea

10

L N G

High Arctic has drilled 70 wells in PNG since 2007

300+ loads to locate a Heli Rig on location

Rigs 101 / 103 / 104 Customer owned – HAES operated Rigs 115 / 116 HAES owned

0

2

4

6

8

10

12

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

WE

lls D

rille

d

Annual Well Count

Rig 101 Rig 103 Rig 104 Rig 115 Rig 116

Worksite Matting • Inventory exceeding 5,000 rental mats in PNG

• Game changing productivity improvement in tropical

rainfall environment

PNG, more than drilling

Camp Services • Own and manage two 103 bed Heli-portable camps

• Operate and manage two 93 bed + two 34 bed Heli- portable

camps

• Smaller “Pioneer” – first deployment camps

11

L N G

Other Rental Equipment • Cranes (ranging from 30 ton to 160 ton)

• Rig moving trucks and other rolling stock

• Forklifts

• River pumps

• Generators & lighting towers

• Assorted Oilfield Equipment and tubulars

CANADA

Quality Equipment September 30, 2020

Geographical Footprint

• Facilities strategically located to cover major basins in WCSB

• Exposure to heavy oil, light oil and natural gas basins

OUR CUSTOMERS

Majority of Canada revenue derived from contracted arrangements

Providing production, completion and abandonment services

Total Marketed

Service Rigs 49

Snubbing 8

Nitrogen Pumpers 7

Nitrogen Bulkers 4

Rental Equipment 1,050

Montney

Duvernay

Cardium

Whitecourt

Acheson

Lloydminster

Cold Lake

Cold Lake Oil Sands

GEOGRAPHICAL FOOTPRINT

Grande Prairie

12

O i l + N a t u r a l G a s

Well Servicing market is primarily based on the number of wells in production

High quality asset base, superior utilization and top tier safety and performance

Operate one of the largest fleets of service rigs in WCSB

Large multi-year contracts with investment grade customers

In Q3 2020 market share of industry hours normalized while increasing our utilization

Utilization figures based on number of registered rigs

Source: CAODC

INDUSTRY LEADING UTILIZATION

13O i l + N a t u r a l G a s

Utilization figures based on number of registered rigs

Source: CAODC

INCREASING MARKET SHARE

CANADA | Service Rigs

0%

10%

20%

30%

40%

50%

60%

70%

Q1-18 Q2-18 Q3-18 Q4-18 Q1-19 Q2-19 Q3-19 Q4-19 Q1-20 Q2-20 Q3-20

Concord Total Market Utilization

9.6%

12.5%10.4% 10.6%

9.1%

12.5%10.9% 10.7% 10.8%

26.3%

13.4%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

Q1-18 Q2-18 Q3-18 Q4-18 Q1-19 Q2-19 Q3-19 Q4-19 Q1-20 Q2-20 Q3-20

CWC Precision Drilling Concord Savanna Rockwell (Ensign) Eagle (WES)

Largest fleet of snubbing equipment, over 50% of available market in WCSB

High quality asset base, superior design and top tier performance

Consolidated market with acquisition of top two competitors over past 2 years

Client base includes investment grade large global E&P Companies

Positioned well for rebound in natural gas well completions

14O i l + N a t u r a l G a s

CANADA | Snubbing Units

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

Q1-2019 Q2-2019 Q3-2019 Q4-2019 Q1-2020 Q2-2020 Q3-2020

SNUBBING UTILIZATION

United States | Service Rigs & Snubbing Units

Equipment Footprint

Positioned in US

Service Rigs 2

Snubbing 6

15

Greeley, CO

Bakken

Niobrara

• Established presence in 2018 with a smallacquisition

• Moved idle equipment from Canada to positionand gain experience in growth resource plays,the Niobrara and Bakken Basins

• Operation phased down with decline in drillingand shut-in oil production

• Positioned for a resumption once rates andsteady work programs meet target thresholds

Williston, ND

O i l + L i q u i d s

Financial Summary

2020 2019 2018

$ millions

(except per share amounts)9 Months

to Sep 30

12 Months

to Dec 31

12 Months

to Dec 31

Consolidated Revenue 74.2 185.5 203.3

Canada 44.3 90.1 90.7

US 3.0 11.0 2.7

International 26.9 84.4 109.9

Adjusted EBITDA (1) 7.3 19.4 51.6

Adjusted EBITDA (1)as % revenue 10% 10% 25%

Net Earnings (loss) per share (2) (0.29) (0.18) 0.22

Funds from Operations (2) 0.10 0.31 0.71

Dividends per share (3) 0.03 0.20 0.20

Long-term debt, incl current 10.0 - -

16

1. See Non IFRS Measures at end of presentation

2. Basic and diluted shares outstanding

3. Dividends were suspended in March 2020

17

While every effort is made to provide accurate and complete information, High Arctic Energy Services Inc. does not warrant that

the information in this presentation is free from errors or omissions or is suitable for its intended use. Subject to any terms implied

by law which cannot be excluded, High Arctic Energy Services Inc. accepts no responsibility for any loss, damage, cost or expense

(whether direct or indirect) incurred by you as a result of any error, omission or misrepresentation in information in this

presentation. All information in this presentation is subject to change without notice.

Readers are cautioned that this presentation contained certain forward-looking information which are subject to particular risks

associated with the energy services industry. High Arctic Energy Services Inc. believes there are reasonable grounds for the

expectations on which the statements are based. However actual outcomes could differ materially due to a range of factors

including general economic and business conditions, ability to raise capital and manage debt obligations, demand for and market

prices for the Corporation’s services, commodity prices (particularly oil and gas) and the impact that they have on industry activity,

initiatives to reduce cash outlays, continued safety performance excellence, marketing successfully to current and new customers

and realization of work, ongoing relationship with major customers, treatment under governmental regulatory regimes, other

government issues and approvals, political uncertainty and civil unrest, currency fluctuations, and the impact of COVID-19.

Adjusted EBITDA or (adjusted earnings before interest, tax, depreciation and amortization) and Working Capital (Current assets less

current liabilities) do not have standardized meanings prescribed by IFRS and are presented to provide a more meaningful

understanding of High Arctic Energy Services Inc.’s underlying financial performance. These non-IFRS financial measures are

derived from the financial statements, which have been subject to review by the Group’s auditor and are available on our website

www.haes.ca and are not intended to represent IFRS measures such as net earnings.

Disclaimer and notice of Forward Looking Statements

Contact UsMike Maguire, CEO

Ph: (587) 318-3826

Christopher Ames, VP Finance & CFO

Ph: (587) 318-2218

Analyst CoverageAltaCorp Capital Tim Monachello

Paradigm Capital Adam Gill

Website

www.haes.ca

Email:

info@haes.ca

Head Office

700 – 2nd Street SW, Suite 500

Calgary, AB Canada T2P 2W1

TSX : HWO

Board of DirectorsMichael Binnion, Board Chair Simon Batcup

Daniel Bordessa Joseph Oliver

Ember Shmitt Doug Strong

Senior ManagementMike Maguire, CEO Steve Lambert, CPO

Christopher Ames, CFO Don Pack, Exec VP