Black Diamond Announces Oilsands Accommodation Development
CALGARY, ALBERTA--(Marketwire - May 15, 2012) - Black Diamond Group Limited ("Black Diamond" or the "Company") (TSX:BDI), a leading provider of remote workforce accommodations, modular space solutions and oilfield services products in North America, is pleased to announce it has been awarded a contract for a 700-person lodge to support a major Canadian oilsands project.
It is anticipated this project will generate approximately $50 million in revenue over a 24-month period. The contract term has extension options for three to five additional years and includes transportation, installation, rental, daily operations and future dismantling.
The newly manufactured lodge will be comprised primarily of large private bedrooms with ensuite washrooms and will also feature Black Diamond's standard package of state-of-the-art recreation and premier dining facilities.
Construction of the project will begin in May, 2012 with early occupancy in mid-July and full completion slated for August, 2012.
This project falls within the Company's 2012 previously announced capex budget of $95 million.
About Black Diamond
Founded in 2003, Black Diamond Group Limited is one of North America's fastest growing remote lodging, modular building and energy services companies. With its corporate head office located in Calgary, Black Diamond Group provides world-class services to a full spectrum of industries including oil and gas, mining, power, construction, engineering, military, government and education.
Through its wholly-owned subsidiaries, Black Diamond Limited Partnership, BOXX Modular Inc. and through its 50% equity participation in the Black Diamond Dene Limited Partnership and Black Diamond West Moberly Limited Partnership, Black Diamond operates four complementary divisions in thirteen strategic locations across Canada and the USA.
Black Diamond Camps rents and sells remote workforce housing and provides associated services; Black Diamond Logistics provides turnkey lodging services, remote facility management and supply chain solutions; BOXX Modular specializes in renting and selling a broad range of modular work space solutions and Black Diamond Energy Services rents and sells a complement of oilfield equipment and services.
Certain information in this news release contains forward-looking statements including management's assessment of future plans and operations of Black Diamond. 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, fluctuation of exchange rates, environmental risks, industry competition, availability of qualified personnel and management, stock market volatility, 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 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.blackdiamondlimited.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.
President and Chief Executive Officer
(403) 264-9281 (FAX)
Black Diamond Group Inc.
Executive Vice President and Chief Financial Officer
(403) 264-9281 (FAX)