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Market Cap £123.0m
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Black Diamond and Nova Scotia’s Mi’kmaq Communities, in Partnership, Receive Letter of Award for $720 Million Workforce Lodge

Thu 1st October, 2020 12:00pm
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* Letter of Award from Pieridae Energy’s Goldboro LNG Project in Nova Scotia

* Nova Scotia’s 13 Mi’kmaq communities own 51%, and Black Diamond owns
49%, of the Partnership
* Black Diamond will supply and rent the workforce lodge, which will house up
to 5,000 workers
CALGARY, Alberta, Oct. 01, 2020 (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 it and Wskijnu’k Mtmo’taqnuow Agency Ltd (“WMA”) a
corporate body wholly owned by the 13 Mi’kmaw communities in Nova Scotia,
working together in partnership, have received a letter of award from the
proponents of the Goldboro LNG Facility confirming that the Partnership has
been selected to exclusively negotiate the contract providing for the
construction of a lodge and associated amenities during the four year
construction phase of the Goldboro LNG Facility proposed for Guysborough
County, Nova Scotia. The estimated value of the contract is $720 million.

The Partnership, named Mi’kmaq of Nova Scotia Black Diamond Limited
Partnership, is owned 51% by WMA. The Mi’kmaq will be responsible for the
lodge’s hospitality services. Black Diamond, which owns 49% of the
Partnership, will be responsible for the supply and rental of the lodge which
will house up to 5,000 workers.

The contract is expected to begin on or before June 30, 2021, the anticipated
date for a final investment decision (“FID”) by Calgary-based Pieridae
Energy Limited, which owns the right to develop the multi-billion dollar
Goldboro LNG Facility. Pieridae Energy is a public corporation the shares of
which trade on the TSX (PEA.TO). The letter of award from Pieridae Energy
remains subject to a positive FID and/or approval of funding for pre-FID work
and contemplates that the Partnership will enter into definitive service
orders as specific requirements are fully defined.

Significant economic opportunities

“We are excited about what this Project means to the Mi’kmaw communities
of Nova Scotia and the benefits it will bring to all of Atlantic Canada,”
said Chief PJ Prosper, Regional Chief Nova Scotia and Newfoundland and Chief
Tma Francis, Paqtnkek First Nation. “A key component of reconciliation in
Canada is the ability to have meaningful involvement in projects happening
within our territories. We desire responsible development and environmental
stewardship that reflect a Mi’kmaq voice and our agreement with Pieridae is
an example of how companies can respect our Mi’kmaw Rights and Title, and
also provide an opportunity for Mi’kmaq participation in development on our
lands. The project and the workforce lodge will provide significant economic
opportunities for all our Mi’kmaq communities. With our communities as the
majority owner in this partnership, we are well-positioned to deliver
employment and skills development for Mi’kmaq members and subcontracts for
Mi’kmaw businesses.”

Added Trevor Haynes Black Diamond’s Chairman and CEO, “Black Diamond,
driven by its strong core values, is committed to engaging fairly and in
partnership with the Mi’kmaq communities. Working together over the past
four years, we have been impressed by the Mi’kmaq leadership and alignment
with the value-creating opportunities that the Goldboro project offers for the
Mi’kmaq, for Guysborough County, and for Canada as a whole. Black Diamond is
pleased to be working with the Pieridae Energy team on this transformational
project.”

Pieridae Energy CEO Alfred Sorensen said, “Signing the Benefits Agreement
with the Assembly of Mi’kmaq Chiefs in early 2019 was the first step in
helping to ensure the Mi’kmaq participate in the opportunities that stem
from the construction of our Goldboro LNG Facility. This award for the
Mi’kmaq and Black Diamond to work together on a $720 million, 5,000-bed
workforce lodge at the LNG site is a clear demonstration the Benefits
Agreement is real, and that there will be more opportunities to come.”

This Partnership represents a significant inclusion of Mi’kmaq people. It
will help build capacity and industry experience as the Partnership provides
for Mi’kmaq oversight and management in the Project. Additionally, the
Partnership includes significant opportunities for Mi’kmaq employment and
procurement that will be expected to be met by all sub-contractors.

A world class Workforce Lodge

The lodge will provide a healthy, safe and comfortable home away from home for
thousands of Goldboro construction workers. The facility will include bedrooms
with private bath, dining and recreation facilities inclusive of a gymnasium,
outdoor and indoor sports courts and fields, and even golf simulators.

A significant number of the modular structures will be sourced from Black
Diamond’s existing inventory in Canada, relocated and repurposed, maximizing
sustainability aspects of the project. Make ready work is expected to take
place in Atlantic Canada with the participation of Kent Homes, a division of
J.D. Irving, Limited of Saint John, NB. It is also expected that Kent Homes
will also manufacture new structures to complement those supplied from Black
Diamond’s inventory.

“The Goldboro LNG project requirements fit well within our skillset of
providing modular solutions for workforce accommodations,” said Brad Peters,
General Manager of Kent Homes. “We are pleased to be part of this
opportunity in partnership with the Mi’kmaw communities.”

Workers will be able to reserve their accommodations and travel through
LodgeLink, a digital platform which enables users to more efficiently book and
manage crew travel across North America. It is expected that local residents
in Guysborough County will be able to use LodgeLink to provide rooms or homes
to a portion of the Goldboro workforce.

Black Diamond expects to receive rental revenue from the lodge for the
duration of construction of the Goldboro project. The lodge and its operations
are expected to create about 750 full time jobs.

For Black Diamond, this letter of award is yet another positive result of its
geographic diversification strategy, under which it has become a leading
supplier of modular space solutions and workforce accommodations right across
Canada, as well as in the US and Australia.

Hospitality services to include catering and housekeeping

Hospitality services, including catering, housekeeping, janitorial and guest
services, will be provided by Mi’kma’ki Domiculture, a joint venture
between WMA and East Coast Catering Limited, a wholly owned subsidiary of
Compass Group Canada.

“Mi’kma’ki Domiculture has been supporting Nova Scotia’s offshore
workforce since 2015 and looks forward to extending our services to support
the Goldboro LNG construction workforce,” said Mike Deley, CEO of East Coast
Catering. “As a Mi’kmaq majority owned company our goal is to create a
home away from home and deliver an exceptional guest experience to all who
stay at the lodge. We are excited about the opportunities this will present
for Mi’kmaq employment and skills development, as well as being able to
offer economic opportunities for other supporting Mi’kmaq businesses.”

About the Goldboro LNG Project
The Goldboro Liquefied Natural Gas (LNG) facility will be Canada’s first
east coast LNG export facility. The Goldboro LNG facility consists of a
two-train LNG processing facility, storage tanks and marine works located at
the Goldboro Industrial Park in Guysborough County, Nova Scotia. Natural gas
will be transported to Goldboro using existing pipelines and exported by ship
to target markets in Europe, South America and Asia. The facility is
anticipated to produce approximately ten million metric tonnes of LNG per year
and have on-site storage capacity of 690,000 cubic metres of LNG.

Learn more at www.pieridaeenergy.com.

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, 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.

Learn more at www.blackdiamondgroup.com.

For investor inquiries, please contact Jason Zhang at 403-206-4739
or investor@blackdiamondgroup.com

To sign up for news alerts please go
to https://www.blackdiamondgroup.com/investor-centre/news-alerts-subscription/.

Cautionary Note Regarding Forward-Looking Statements
Certain information set forth in this news release contains forward-looking
statements including, but not limited to, the size and value of the award and
project, the conditions of the award, the timing and duration of the project,
the entering into of a definitive service order with respect to the award and
other parties involved in the project. With respect to the forward-looking
statements in the news release, Black Diamond has made assumptions regarding,
among other things: future commodity prices, that Black Diamond will continue
to conduct its operations in a manner consistent with past operations, that
counter-parties to contracts will perform the contracts as written and that
there will be no unforeseen material delays in contracted projects. 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.

(https://www.globenewswire.com/NewsRoom/AttachmentNg/659a5e3f-2817-453a-a50e-9b13d6d1bfdc)



GlobeNewswire, Inc. 2020
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