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Analyst Trevor Reynolds: “BDI made headway on the diversification of revenue in 2020 through organic MSS growth and acquisitions. Proforma the Vanguard acquisition revenue contribution from energy decreased to 16 per cent (from 31 per cent) while the education market increased to 29 per cent (from 7 per cent). Enhanced industry diversification over the past few years has driven a reclassification of BDI to an Industrial from an O&G Service Company. BDI continues to trade at a discount to the peer group and offers several meaningful potential catalysts aside from improved WFS activity in 2021 including continued growth of LodgeLink, and FID (June 2021) on the Goldboro LNG project.”