Black Diamond Signs Long-Term Lease for Workforce Housing Facilities

Black Diamond, a provider of remote workforce housing in North America announced that Black Diamond Dene has acquired an operating camp lease and certain related infrastructure of a remote workforce housing lodge in the Horn River area of northeastern British Columbia.

Located at kilometre 90 on Komie Road, three hours north of Fort Nelson, B.C., the facility has been operated by a leading North American energy producer and managed by Black Diamond since 2008. The transaction closed on June 20, 2014 with an effective financial date of February 1, 2014. Black Diamond will operate the facility as an open camp. Three anchor tenants, that are active in exploration and production in the region, have been secured for the 425-room lodge with incremental contracted revenue expected to exceed $17 million through 2015.

“This is a unique opportunity for Black Diamond to service customers active in the Horn River Basin and satisfy the future housing demand we anticipate from increased B.C. natural gas exploration and production stemming from LNG export projects,” said Trevor Haynes, President and Chief Executive Officer for Black Diamond Group Limited.

[mappress]
Press Release, June 25, 2014; Image: Black DIamond