Black Diamond Group Limited Announces Notice to Proceed on Coastal GasLink Project and Announces Additional Contract Award
CALGARY, Alberta, Jan. 28, 2019 (GLOBE NEWSWIRE) -- Black Diamond Group Limited (TSX: BDI) (“Black Diamond Group” or the “Company”), a leading provider of modular space solutions and workforce accommodations, is pleased to announce the Company’s Workforce Solutions business unit has received a notice to proceed on a previously announced 908-bed turnkey camp contract. As detailed in a July 16, 2018 press release, the $42.5 million camp contract has a term of 27 months and, through the Company’s partnership with the West Moberly First Nations, will provide remote workforce accommodations for the construction of the Coastal GasLink Pipeline Project. Following receipt of the notice to proceed, all conditions related to the conditional contract award have been satisfied and work is anticipated to begin in Q1/2019.
Separate from the Coastal GasLink Project, the Company has also been awarded a 304-bed rental contract in Kitimat to support initial infrastructure build out in the region. The assets are being installed throughout the first quarter and the rental contract has a minimum 12-month term with an option to extend.
The Company’s Workforce Solutions business continues to see opportunities to increase asset utilization across our markets. As one of the largest owners of modular, private-washroom dormitories in Western Canada, we believe the Company is well positioned to satisfy increased demand throughout our operating regions.
About Black Diamond Group
Black Diamond Group rents and sells space rental solutions and modular workforce accommodations to business customers in Canada, the United States and Australia. The Company also provides specialized field rentals to the oil and gas industries of Canada and the United States. In addition, Black Diamond Group provides turnkey lodging services, as well as a host of related services that include transportation, installation, dismantling, repairs, maintenance and ancillary field equipment rentals. From twenty-two locations, the Company serves multiple sectors including oil and gas, mining, power, construction, engineering, military, government and education.
Black Diamond Group has two core business units: Workforce Solutions and Modular Space Solutions. Learn more at www.blackdiamondgroup.com.
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Certain information in this news release contains forward-looking statements including the timing of pipeline construction and associated revenue, the potential contribution from the contract, the terms of the contracts and future business prospects and opportunities. With respect to the forward-looking statements contained in this news release, Black Diamond has made assumptions, regarding among other things: the level of demand for workforce accommodation in the regions mentioned, and that counterparties to contracts will perform the contracts as written. Although Black Diamond believes that the expectations reflected in the forward-looking statements contained in this news release, and the assumptions on which such forward-looking statements are made, are reasonable, there can be no assurance that such expectations or assumptions will prove to be correct. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond Black Diamond's control including, without limitation, the impact of general economic conditions, industry conditions, fluctuation of commodity prices, environmental risks, industry competition, availability of qualified personnel and Management, stock market volatility and timely and cost effective access to sufficient capital from internal and external sources. As a consequence, actual results may differ materially from those anticipated in the forward-looking statements. Readers are cautioned that the forgoing list of factors is not exhaustive. Additional information on these and other factors that could affect Black Diamond's operations and financial results are included in Black Diamond's most recent annual information form and other reports on file with Canadian securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com) and at Black Diamond's website (www.blackdiamondgroup.com). Furthermore, the forward-looking statements contained in this news release are made as at the date of this news release and Black Diamond does not undertake any obligation to update publicly or to revise any of the forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.