Black Diamond Group Announces $16 Million Australian Contract
CALGARY, Alberta, Feb. 16, 2021 (GLOBE NEWSWIRE) -- Black Diamond Group Limited (“Black Diamond", the "Company" or "we"), (TSX:BDI), a leading provider of space rental and workforce accommodation solutions, today announced that its Workforce Solutions segment has been awarded a contract with approximate total value of $16 million over 26 months in Australia. The contract will support a sizable infrastructure project in central Queensland and includes full turn-key remote accommodations for 250 workers as well as a complement of space rental equipment to service site office requirements.
“Following this contract, substantially all of the Company’s accommodation assets in Australia will be fully utilized, adding to the steady growth and profitability of Black Diamond’s Australian operations,” said Trevor Haynes, CEO of Black Diamond.
Most of the rental equipment related to the contract will be sourced from existing assets with approximate new capital of roughly $500,000 funded through the Company’s existing 2021 capital plan. Rental revenue contribution throughout the term of the contract is expected to be approximately $2.5 million with remaining revenue realized through ancillary, non-rental services including transportation, installation, and catering.
About Black Diamond Group
Black Diamond is a specialty rentals and industrial services Company with two operating business units - Modular Space Solutions (MSS) and Workforce Solutions (WFS). We operate in Canada, the United States, and Australia. MSS through its principal brands, BOXX Modular, Britco, Vanguard, Schiavi, and MPA, owns a large rental fleet of modular buildings of various types and sizes. Its network of local branches rent, sell, service, and provide ancillary products and services to a diverse customer base in the construction, industrial, education, financial, and government sectors. WFS through its principal brands, Black Diamond Camps and Black Diamond Energy Services, owns a large rental fleet of modular accommodation assets of all types and sizes and a fleet of liquid and solid containment assets. Its regional operating terminals rent, sell, service, and provide ancillary products and services including turn-key operated camps to a wide array of customers in the resource, infrastructure, construction, disaster recovery, and education sectors. The WFS business unit also includes the Company’s wholly owned subsidiary, LodgeLink, which operates a digital marketplace for business-to-business crew accommodation, travel, and logistics in North America.
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Cautionary Note Regarding Forward-Looking Statements
Certain information set forth in this news release contains forward-looking statements. 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 assurances that such expectations or assumptions will prove to be correct. Readers are cautioned that assumptions used in the preparation of such statements may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties and other factors, many of which are beyond the control of Black Diamond. These risks include, but are not limited to: the impact of general economic conditions, industry conditions, fluctuation of commodity prices, the impact of the COVID-19 pandemic, the Company's ability to attract new customers, failure of counterparties to perform on contracts, industry competition, availability of qualified personnel and management, timely and cost effective access to sufficient capital from internal and external sources, political conditions, dependence on suppliers and stock market volatility. The risks outlined above should not be construed as exhaustive. Additional information on these and other factors that could affect Black Diamond's operations and financial results are included in Black Diamond's annual information form for the year ended December 31, 2019 and other reports on file with the Canadian Securities Regulatory Authorities which can be accessed on SEDAR. Readers are cautioned not to place undue reliance on these forward-looking statements. 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 or revise any of the forward-looking statements, except as may be required by applicable securities laws.
