HORIZON NORTH LOGISTICS INC. ANNOUNCES RECENTLY SIGNED CAMP RENTAL AND
CATERING AGREEMENTS FOR 2011
CALGARY, Nov. 15 /CNW/ - TSX Symbol: HNL
Horizon North Logistics Inc. ("Horizon") announced today it has recently entered into several camp rental and catering services contracts for 2011. In total, these agreements represent 377,000 bed rental days and $65.0 million of contracted revenue for 2011.
The contracted commitments associated with the BlackSand facilities, north of Fort McMurray, Alberta, now amount to 1,250 rooms per day through 2011, up from the previous contracted commitment of 500 rooms per day for 2011. In conjunction with this increase, the average rate at the BlackSand facilities will increase by 6%.
Horizon has also been awarded a number of other contracts representing a combined, minimum commitment of 103,000 bed rental days in 2011. These contracts are primarily for larger style camp configurations with between 100 and 300 beds in each camp.
Bob German, President and Chief Executive Officer of Horizon noted, "These contract commitments are stemming primarily from oil sands projects in Alberta and are evidence of Horizon's expanding capabilities. Continued acceleration of oil sands projects as well as mining and infrastructure development should result in continued high activity levels for our major service lines for the foreseeable future".
For further information: Bob German, President and Chief Executive Officer or Scott Matson, Vice President Finance and Chief Financial Officer, 1600, 505 - 3rd Street S.W., Calgary, Alberta T2P 3E6; Telephone: (403) 517 - 4654, Fax: (403) 517 - 4678; website: www.horizonnorth.ca
Share this article