viewBlack Diamond Group

Black Diamond wins two camp contracts valued at $27 mln; shares climb


Black Diamond (TSE:BDI), a provider of remote lodging, modular building and energy services, said it has won two camp contracts valued at $27 million to start this month. Shares gained.

The Calgary, Alberta-based company said in a statement today that its Nehiyawak Aboriginal limited partnership has obtained a 703 bed, 9-month guaranteed man-day camp contract for an unidentified integrated Canadian oil company in the Conklin region south of Fort McMurray, Alberta.

The facility will house workers for the customer's oil sands operations in the SAGD region of northern Alberta and is expected to generate approximately $20 million of revenue.

Black Diamond said its Dene Aboriginal limited partnership has also been awarded a 131 bed, 15-month guaranteed man-day camp contract for a Canadian oil and gas company in north-eastern British Columbia. This contract is expected to generate approximately $7 million of revenue.

The company said it will provide full turnkey services at both facilities, including operations, maintenance, catering, janitorial and housekeeping management.

Both facilities will be comprised of existing fleet assets.

"We continue to see a reasonable level of industry activity in western Canada," Black Diamond’s chief executive officer Trevor Haynes said in the statement. "These contracts illustrate both the strength of our business and our Aboriginal partnerships."

Shares shot up 8.9 percent to C$18.03 at 1:10 p.m. in Toronto. The stock has lost 40 percent so far this year.

Quick facts: Black Diamond Group

Price: 1.4 CAD

Market: TSX
Market Cap: $77.83 m

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