Binnion told The National newspaper this week that name of the new joint venture would be announced once negotiations were complete.
Globe News Wire reported that High Arctic has entered into formal and exclusive negotiations to exchange an equal share of rigs 102, 115 and 116 for an equal share of the rigs that it had previously managed for Oil Search (rigs 103, and 104).
High Arctic will provide the management of this joint company. As part of the proposed arrangements, High Arctic will operate the rigs under a minimum three-year exclusive call rig services agreement.
Binnions said that the rigs were mainly in the Highlands but were of modern design and were fully heliportable.
TSX-listed High Arctic's largest region of operation is in Papua New Guinea where it provides drilling and specialised well completion services and rents out rig matting, camps and drilling support equipment.