Latest news with #Civeo
Yahoo
8 hours ago
- Business
- Yahoo
Civeo Announces a 4-Year Contract Renewal in the Australian Bowen Basin with expected revenues of approximately A$250 million
HOUSTON & SYDNEY, June 09, 2025--(BUSINESS WIRE)--Civeo Corporation (NYSE: CVEO) today announced that it was awarded a four-year contract renewal with a leading metallurgical coal producer to provide rooms and hospitality services from the Company's existing Coppabella, Moranbah and Nebo villages in the Australian Bowen Basin. The contract renewal is expected to generate approximately A$250 million in total revenues from 2025 to 2029. This contract renewal was contemplated in Civeo's latest full year 2025 revenue and Adjusted EBITDA guidance. "We appreciate our customer's continued trust in Civeo's operations and look forward to continuing to build on our longstanding relationship throughout this contract term and beyond. Our ability to provide room supply surety at a large scale with a consistent service offering at a competitive price to the customer's multiple mining locations is unmatched in the marketplace. This contract renewal during a period of softness in the met coal markets is a testament to the strength of our value proposition throughout the commodity cycle," said Bradley J. Dodson, President and Chief Executive Officer. About Civeo Civeo Corporation is a leading provider of hospitality services with prominent market positions in the Australian natural resource regions and the Canadian oil sands. Civeo offers comprehensive solutions for lodging hundreds or thousands of workers with its long-term and temporary accommodations and provides food services, housekeeping, facility management, laundry, water and wastewater treatment, power generation, communications systems, security and logistics services. Civeo currently owns and operates a total of 28 lodges and villages in Australia and North America with an aggregate of approximately 27,500 rooms. In addition, Civeo operates and provides hospitality services at 24 customer-owned locations with more than 19,000 rooms. Civeo is publicly traded under the symbol CVEO on the New York Stock Exchange. For more information, please visit Civeo's website at Forward Looking Statements Statements included in this release regarding this contract award, the expected benefits and contracted revenue visibility and other statements that are not historical facts, are forward-looking statements (including within the meaning of Section 21E of the Securities Exchange Act of 1934 and Section 27A of the Securities Act of 1933). Forward-looking statements include words or phrases such as "anticipate," "believe," "contemplate," "estimate," "expect," "intend," "plan," "project," "could," "may," "might," "should," "will" and words and phrases of similar import. The forward-looking statements included herein are based on current expectations and entail various risks and uncertainties that could cause actual results to differ materially from those expressed or implied by these forward-looking statements. Risks and uncertainties with respect to forward-looking statements included herein include, among other things, risks associated with the ability of Civeo to implement its plans, forecasts and other expectations with respect to this contract, risks associated with the general nature of the accommodations industry (including lower than expected room requirements), risks associated with the level of supply and demand for oil, coal, natural gas, iron ore and other minerals, including the level of demand for coal and other natural resources from Australia, and fluctuations in the current and future prices of oil, coal, natural gas, iron ore and other minerals, risks associated with currency exchange rates, risks associated with the development of new projects, including whether such projects will continue in the future, and other factors discussed in the "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Risk Factors" sections of Civeo's annual report on Form 10-K for the year ended December 31, 2024 and other reports Civeo may file from time to time with the U.S. Securities and Exchange Commission. Each forward-looking statement contained in this release speaks only as of the date of this release. Except as required by law, Civeo expressly disclaims any intention or obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise. View source version on Contacts Regan NielsenCiveo CorporationVice President, Corporate Development & Investor Relations713-510-2400
Business Wire
8 hours ago
- Business
- Business Wire
Civeo Announces a 4-Year Contract Renewal in the Australian Bowen Basin with expected revenues of approximately A$250 million
HOUSTON & SYDNEY--(BUSINESS WIRE)--Civeo Corporation (NYSE: CVEO) today announced that it was awarded a four-year contract renewal with a leading metallurgical coal producer to provide rooms and hospitality services from the Company's existing Coppabella, Moranbah and Nebo villages in the Australian Bowen Basin. The contract renewal is expected to generate approximately A$250 million in total revenues from 2025 to 2029. This contract renewal was contemplated in Civeo's latest full year 2025 revenue and Adjusted EBITDA guidance. 'We appreciate our customer's continued trust in Civeo's operations and look forward to continuing to build on our longstanding relationship throughout this contract term and beyond. Our ability to provide room supply surety at a large scale with a consistent service offering at a competitive price to the customer's multiple mining locations is unmatched in the marketplace. This contract renewal during a period of softness in the met coal markets is a testament to the strength of our value proposition throughout the commodity cycle,' said Bradley J. Dodson, President and Chief Executive Officer. About Civeo Civeo Corporation is a leading provider of hospitality services with prominent market positions in the Australian natural resource regions and the Canadian oil sands. Civeo offers comprehensive solutions for lodging hundreds or thousands of workers with its long-term and temporary accommodations and provides food services, housekeeping, facility management, laundry, water and wastewater treatment, power generation, communications systems, security and logistics services. Civeo currently owns and operates a total of 28 lodges and villages in Australia and North America with an aggregate of approximately 27,500 rooms. In addition, Civeo operates and provides hospitality services at 24 customer-owned locations with more than 19,000 rooms. Civeo is publicly traded under the symbol CVEO on the New York Stock Exchange. For more information, please visit Civeo's website at Forward Looking Statements Statements included in this release regarding this contract award, the expected benefits and contracted revenue visibility and other statements that are not historical facts, are forward-looking statements (including within the meaning of Section 21E of the Securities Exchange Act of 1934 and Section 27A of the Securities Act of 1933). Forward-looking statements include words or phrases such as "anticipate," "believe," "contemplate," "estimate," "expect," "intend," "plan," "project," "could," "may," "might," "should," "will" and words and phrases of similar import. The forward-looking statements included herein are based on current expectations and entail various risks and uncertainties that could cause actual results to differ materially from those expressed or implied by these forward-looking statements. Risks and uncertainties with respect to forward-looking statements included herein include, among other things, risks associated with the ability of Civeo to implement its plans, forecasts and other expectations with respect to this contract, risks associated with the general nature of the accommodations industry (including lower than expected room requirements), risks associated with the level of supply and demand for oil, coal, natural gas, iron ore and other minerals, including the level of demand for coal and other natural resources from Australia, and fluctuations in the current and future prices of oil, coal, natural gas, iron ore and other minerals, risks associated with currency exchange rates, risks associated with the development of new projects, including whether such projects will continue in the future, and other factors discussed in the "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Risk Factors" sections of Civeo's annual report on Form 10-K for the year ended December 31, 2024 and other reports Civeo may file from time to time with the U.S. Securities and Exchange Commission. Each forward-looking statement contained in this release speaks only as of the date of this release. Except as required by law, Civeo expressly disclaims any intention or obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise.
Business Wire
21-05-2025
- Business
- Business Wire
Civeo Announces a 3-Year Integrated Services Contract Award in Australian Bowen Basin
HOUSTON & SYDNEY--(BUSINESS WIRE)--Civeo Corporation (NYSE: CVEO) today announced that it was awarded a three-year contract with a leading metallurgical coal producer to provide integrated services at two villages in the Australian Bowen Basin. This contract marks the first integrated services contract the Company has been awarded in Queensland. This producer is currently one of Civeo's largest customers at Civeo-owned villages. Services under the contract will commence in June 2025. The new contract incorporates onsite village catering, cleaning and maintenance services. It is anticipated the three-year contract will generate approximately A$64 million in revenues over the 2025-2028 contract period. This contract award was included in Civeo's latest full year 2025 revenue and Adjusted EBITDA guidance. 'This contract award reaffirms the strength of Civeo's customer relationships and the high quality of our hospitality services. We are excited to be awarded our first integrated services contract in Queensland while expanding our relationship with this key customer. We have been providing accommodations to this customer at our Civeo-owned villages for over a decade, and we appreciate their continued trust in Civeo's operations. We look forward to capitalizing on further opportunities to grow our integrated services business across Australia,' said Bradley J. Dodson, President and Chief Executive Officer. About Civeo Civeo Corporation is a leading provider of hospitality services with prominent market positions in the Australian natural resource regions and the Canadian oil sands. Civeo offers comprehensive solutions for lodging hundreds or thousands of workers with its long-term and temporary accommodations and provides food services, housekeeping, facility management, laundry, water and wastewater treatment, power generation, communications systems, security and logistics services. Civeo currently owns and operates a total of 28 lodges and villages in Australia and North America with an aggregate of approximately 27,500 rooms. In addition, Civeo operates and provides hospitality services at 24 customer-owned locations with more than 19,000 rooms. Civeo is publicly traded under the symbol CVEO on the New York Stock Exchange. For more information, please visit Civeo's website at Forward Looking Statements Statements included in this release regarding this contract award, the expected benefits and contracted revenue visibility and other statements that are not historical facts, are forward-looking statements (including within the meaning of Section 21E of the Securities Exchange Act of 1934 and Section 27A of the Securities Act of 1933). Forward-looking statements include words or phrases such as "anticipate," "believe," "contemplate," "estimate," "expect," "intend," "plan," "project," "could," "may," "might," "should," "will" and words and phrases of similar import. The forward-looking statements included herein are based on current expectations and entail various risks and uncertainties that could cause actual results to differ materially from those expressed or implied by these forward-looking statements. Risks and uncertainties with respect to forward-looking statements included herein include, among other things, risks associated with the ability of Civeo to implement its plans, forecasts and other expectations with respect to this contract, risks associated with the general nature of the accommodations industry (including lower than expected room requirements), risks associated with the level of supply and demand for oil, coal, natural gas, iron ore and other minerals, including the level of demand for coal and other natural resources from Australia, and fluctuations in the current and future prices of oil, coal, natural gas, iron ore and other minerals, risks associated with currency exchange rates, risks associated with the development of new projects, including whether such projects will continue in the future, and other factors discussed in the "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Risk Factors" sections of Civeo's annual report on Form 10-K for the year ended December 31, 2024 and other reports Civeo may file from time to time with the U.S. Securities and Exchange Commission. Each forward-looking statement contained in this release speaks only as of the date of this release. Except as required by law, Civeo expressly disclaims any intention or obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise.
News.com.au
08-05-2025
- Business
- News.com.au
Massive $105m deal for humble mining dongas
A massive deal has been approved for a foreign firm to buy four mining donga villages with more than 1,300 bedrooms – coming in over $78,000 a room. New York Stock Exchange listed Civeo Corporation, whose annual revenue last year was over a billion Aussie dollars, has confirmed its purchase of four villages in Queensland's Bowen Basin off a private seller. Big Aus bank slashes rates weeks before RBA decision Civeo Corp CEO Bradley Dodson said the deal was approved 'earlier than expected'. The $105m deal equates to just over two years of projected revenue that the Bowen Basin deal was expected to bring in for the US-based firm. Mr Dodson said it would 'add annualised revenue and EBITDA of approximately $50m and $27m, or approximately US$32m and US$17m, respectively' to Civeo Corporation's numbers. In a statement to NYSE, the firm said the purchase gives the firm 'unmatched presence and capabilities' in what it said was 'the world's premier metallurgical coal basin'. The deal includes ongoing contracts with new and existing metallurgical coal producers under take-or-pay contracts – which means the firm will get paid whether companies use the dongas fully or not. Un-beer-lievable: SEQ costlier than Melbourne for housing, food, grog The firm already has a strong Queensland presence with Coppabella Village between Moranbah and Nebo, Dysart Village, Middlemount Village, Moranbah Village, and Nebo Village; two in New South Wales – Boggabri Village and Narrabri Village; and one in Western Australia – Karratha Village. All up before this deal, Civeo owned and operated 28 lodges and villages across Australia and North America with about 27,500 rooms, and also provides hospitality services at 22 customer-owned locations with over 18,000 rooms. Civeo Corporation operates in the hospitality services zones within the resource sector, accommodating hundreds or thousands of workers in long-term and temporary accommodation, providing food, housekeeping, facility management, laundry, water and wastewater treatment, power generation, communications, security and logistics. Mr Dodson said 'we have updated Civeo's 2025 guidance to reflect the expected revenue and Adjusted EBITDA contributions from these newly acquired villages and look forward to deepening our relationships with our customers in the Bowen Basin.'
National Post
30-04-2025
- Business
- National Post
Civeo Reports First Quarter 2025 Results
Article content Article content Reported revenues of $144.0 million, net loss of $9.8 million and Adjusted EBITDA of $12.7 million; Returned $6.8 million of capital to shareholders in the quarter through share repurchases and the quarterly dividend; Announced updates to its capital allocation framework, including the increase of Civeo's share repurchase authorization from 10% to 20% of shares outstanding and the suspension of its quarterly cash dividend; and Continued progress toward completing the previously announced acquisition of four villages in the Australian Bowen Basin, with the transaction expected to close in the second quarter of 2025. Article content HOUSTON — Civeo Corporation (NYSE:CVEO) today reported financial and operating results for the first quarter ended March 31, 2025. Article content 'Our first quarter results were consistent with our expectations; we continued to deliver topline growth in Australia supported by our recent integrated services contract award, and our operations in Canada continued to be impacted by macroeconomic headwinds that intensified in the first quarter,' said Bradley J. Dodson, Civeo's President and Chief Executive Officer. 'In Australia, we continue to benefit from strong occupancy levels and customer activity across our owned villages, and we are pleased to be expanding our presence in the region to further capitalize on these favorable market dynamics. In Canada, we are taking decisive action to improve results, including by executing our previously announced plan to streamline Civeo's cost structure. We will continue to take steps to reduce costs in the second and third quarters and remain focused on strategic initiatives to diversify our exposure from oil sands activity and increase the resilience of our business model.' Article content Mr. Dodson added, 'One of Civeo's greatest attributes is its ability to generate positive free cash flow in various macroeconomic environments, as demonstrated by the positive free cash flow the Company has generated every year since its spin-off in 2014. Going forward, we are confident in Civeo's ability to continue generating annual free cash flow through the cycle, driven by the same underlying principles that drove performance in our first decade: strong operational discipline coupled with minimal capital requirements to maintain the business. In addition, approximately two-thirds of our global revenue is generated from Asset Light: Catering and Facility management, as detailed in our supplemental disclosure. We do not believe the Company's current valuation accurately reflects these attractive characteristics, and as such the Board of Directors has decided to rebalance our capital return mix to prioritize share repurchases as the sole vehicle for returning capital to shareholders. We are confident the updated capital allocation framework announced today will facilitate value creation while maintaining the Company's strong balance sheet. We remain confident in Civeo's strong long-term free cash flow profile and look forward to unlocking the Company's potential and driving value creation for shareholders as we move forward.' Article content First Quarter 2025 Results Article content In the first quarter of 2025, Civeo generated revenues of $144.0 million and reported a net loss of $9.8 million, or $0.72 per diluted share. Despite solid growth and performance in Australia, the impact of seasonality, intensifying headwinds and restructuring efforts in Canada resulted in negative operating cash flow of $8.4 million and positive Adjusted EBITDA of $12.7 million. By comparison, in the first quarter of 2024, Civeo generated revenues of $166.1 million and reported a net loss of $5.1 million, or $0.35 per diluted share. The Company's first quarter loss results included $7.8 million in costs associated with impairments on assets in Australia and the U.S. During the first quarter of 2024, Civeo produced operating cash flow of $6.0 million and Adjusted EBITDA of $17.8 million. Article content The year-over-year decrease in Adjusted EBITDA in the first quarter of 2025 was primarily driven by decreased billed rooms at the Canadian lodges due to customer spending reductions in the Canadian oil sands region and the loss of occupancy related to the Fort Hills project as a result of the sale of McClelland Lake Lodge. Article content Australia Article content During the first quarter of 2025, the Australian segment generated revenues of $103.6 million, operating income of $12.6 million and Adjusted EBITDA of $20.5 million, compared to revenues of $91.7 million, operating income of $7.3 million and Adjusted EBITDA of $20.3 million in the first quarter of 2024. Results for the first quarter of 2025 include the impact of a weakened Australian dollar relative to the U.S. dollar, which decreased revenues and Adjusted EBITDA by $4.9 million and $1.0 million, respectively. Furthermore, free cash flow in the first quarter of 2025 was burdened by Australian cash taxes not incurred in the first quarter of 2024. Operating income for the first quarter of 2024 included asset impairment charges of $5.7 million of the aforementioned total impairment of $7.8 million. Article content Revenue from the Australian segment increased 13% period-over-period and Adjusted EBITDA was relatively flat. The year-over-year revenue increase was primarily driven by an increase in integrated services activity related to the previously announced six-year A$1.4 billion contract. Article content On February 19, 2025, Civeo announced that it had entered into an agreement to acquire four villages and associated take-or-pay contracts in the Australian Bowen Basin. The Company continues to expect this acquisition to close in the second quarter of 2025, subject to regulatory approvals and customary closing conditions. Article content During the first quarter of 2025, the Canadian segment generated revenues of $40.4 million, an operating loss of $10.0 million and negative Adjusted EBITDA of $0.2 million, compared to revenues of $67.2 million, operating income of $1.7 million and Adjusted EBITDA of $5.7 million in the first quarter of 2024. Article content Lodge occupancy in the Canadian oil sands region remains challenged as customers continue to reduce capital and operational spending. In the first quarter of 2025, the Canadian segment experienced a 40% period-over-period decrease in revenues driven by lower billed rooms in the Canadian lodges as a result of these customer spending reductions and the loss of occupancy related to the Fort Hills project as a result of the sale of McClelland Lake Lodge. The Company expects customer spending in the region to remain constrained and is taking decisive action to manage these headwinds. Article content During the first quarter of 2025, the Company reduced its Canadian employee headcount by approximately 25% and recorded a restructuring charge of approximately $1.0 million, which has been added back to Adjusted EBITDA. In light of the deteriorating macroeconomic factors influencing the global oil market, the Company is implementing further cost cutting actions throughout 2025 including cold shutting two lodges. The Company currently expects to record approximately $1.0 million in restructuring charges in the second quarter of 2025. In addition, the Company has engaged a third-party consultant to assist in its efforts to streamline its North American cost structure. Article content As of March 31, 2025, Civeo had total liquidity of approximately $162.2 million. Civeo's total debt on March 31, 2025 was $87.4 million, a $44.1 million increase from December 31, 2024. Civeo's net debt on March 31, 2025 was $59.0 million, a $20.9 million increase since December 31, 2024. Article content Civeo reported a net leverage ratio of 0.8x as of March 31, 2025. In the first quarter of 2025, Civeo repurchased approximately 153,000 shares for approximately $3.3 million. Article content During the first quarter of 2025, Civeo invested $5.3 million in capital expenditures compared to $5.6 million invested during the first quarter of 2024. Capital expenditures in both periods were primarily related to maintenance spending on the Company's lodges and villages. Article content Updated Capital Allocation Framework Article content Civeo also announced changes to its capital allocation strategy to accelerate the return of capital to investors and drive long-term shareholder value, while preserving financial flexibility given current macroeconomic and geopolitical uncertainties. The updated capital allocation framework reflects a thorough review conducted by the Company's Board and management team as well as extensive shareholder engagement. Article content The Board has authorized an increase to the Company's previously announced share repurchase program, increasing the authorization to allow for the repurchase of up to 20% of the Company's total shares (up from 10%). Civeo intends to use 100% of free cash flow to complete this authorization as soon as practicable. After the newly increased authorization is complete, the Company intends to utilize at least 75% of its free cash flow on an annual basis to continue repurchasing shares. The Company expects to primarily utilize open market purchases to execute its current share repurchase authorization; however, the Company continues to evaluate expedited methods of repurchasing shares, including but not limited to a tender offer, to augment its open market purchases. Article content In connection with these updates, the Board of Directors is also suspending the Company's cash dividend previously paid to shareholders on a quarterly basis. Article content Full Year 2025 Guidance Article content For the full year of 2025, Civeo is lowering its revenue and Adjusted EBITDA guidance ranges to $620 million to $650 million and $75 million to $85 million, respectively. The Company's previous 2025 revenue and Adjusted EBITDA guidance ranges were $630 million to $660 million of revenues and $80 million to $90 million of Adjusted EBITDA. Article content The Company is lowering its full year 2025 capital expenditure guidance to a range of $20 million to $25 million. The Company's previous 2025 capital expenditure guidance range was $25 million to $30 million. Article content This outlook excludes the impact of the Australian asset acquisition, which is expected to close by the end of the second quarter subject to regulatory approvals and customary closing conditions. Article content Conference Call Article content Civeo will host a conference call to discuss its first quarter 2025 financial results today at 8:30 a.m. Eastern time. This call is being webcast and can be accessed at Civeo's website at Participants may also join the conference call by dialing (877) 423-9813 in the United States or (201) 689-8573 internationally and asking for the Civeo call or using the conference ID 13753431#. A replay will be available after the call by dialing (844) 512-2921 in the United States or (412) 317-6671 internationally and using the conference ID 13753431#. Article content Civeo Corporation is a leading provider of hospitality services with prominent market positions in the Australian natural resource and Canadian oil sands regions. Civeo offers comprehensive solutions for lodging hundreds or thousands of workers with its long-term and temporary accommodations and provides food services, housekeeping, facility management, laundry, water and wastewater treatment, power generation, communications systems, security and logistics services. Civeo currently owns and operates a total of 24 lodges and villages in Australia and North America with an aggregate of approximately 26,000 rooms. In addition, Civeo operates and provides hospitality services at 22 customer-owned locations with more than 18,000 rooms. Civeo is publicly traded under the symbol CVEO on the New York Stock Exchange. For more information, please visit Civeo's website at Article content This news release contains forward-looking statements within the meaning of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are those that do not state historical facts and are, therefore, inherently subject to risks and uncertainties. The forward-looking statements herein, including the statements regarding Civeo's future plans and outlook, strategic priorities, guidance, current trends, expectations with respect to Adjusted EBITDA, capital expenditures, future revenues, share repurchases, free cash flow generation, cost reductions, closing of the Australian asset acquisition and liquidity needs, are based on then current expectations and entail various risks and uncertainties that could cause actual results to differ materially from those expressed or implied by these forward-looking statements. Such risks and uncertainties include, among other things, risks associated with the general nature of the accommodations industry, risks associated with the level of supply and demand for oil, coal, iron ore and other minerals, including the level of activity, spending and developments in the Canadian oil sands, the level of demand for coal and other natural resources from, and investments and opportunities in, Australia, and fluctuations or sharp declines in the current and future prices of oil, natural gas, coal, iron ore and other minerals, risks associated with failure by our customers to reach positive final investment decisions on, or otherwise not complete, projects with respect to which we have been awarded contracts, which may cause those customers to terminate or postpone contracts, risks associated with currency exchange rates, risks associated with inflation and volatility in the banking sector, risks associated with the company's ability to integrate any future acquisitions, risks associated with labor shortages, risks associated with the development of new projects, including whether such projects will continue in the future, risks associated with the trading price of the company's common shares, availability and cost of capital, risks associated with general global economic conditions, geopolitical events, inflation, global weather conditions, natural disasters, including wildfires, global health concerns, and security threats and changes to government and environmental regulations, including climate change, and other factors discussed in the 'Management's Discussion and Analysis of Financial Condition and Results of Operations' and 'Risk Factors' sections of Civeo's most recent annual report on Form 10-K and other reports the company may file from time to time with the U.S. Securities and Exchange Commission. Each forward-looking statement contained herein speaks only as of the date of this release. Except as required by law, Civeo expressly disclaims any intention or obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise. Article content EBITDA, Adjusted EBITDA, free cash flow, net debt, bank-adjusted EBITDA and net leverage ratio are non-GAAP financial measures. See 'Non-GAAP Reconciliation' below for definitions and additional information concerning non-GAAP financial measures, including a reconciliation of the non-GAAP financial information presented in this press release to the most directly comparable financial information presented in accordance with GAAP. Non-GAAP financial information supplements and should be read together with, and is not an alternative or substitute for, the Company's financial results reported in accordance with GAAP. Because non-GAAP financial information is not standardized, it may not be possible to compare these financial measures with other companies' non-GAAP financial measures. Article content March 31, 2025 December 31, 2024 (UNAUDITED) Current assets: Cash and cash equivalents $ 28,372 $ 5,204 Accounts receivable, net 93,636 89,038 Inventories 5,736 7,537 Prepaid expenses and other current assets 6,695 8,674 Total current assets 134,439 110,453 Property, plant and equipment, net 195,617 204,897 Goodwill, net 7,051 7,001 Other intangible assets, net 65,288 66,502 Operating lease right-of-use assets 13,296 9,401 Other noncurrent assets 8,061 6,818 Total assets $ 423,752 $ 405,072 Current liabilities: Accounts payable $ 38,695 $ 39,971 Accrued liabilities 26,076 34,933 Income taxes payable 8,888 10,853 Deferred revenue 2,578 2,501 Other current liabilities 4,909 4,388 Total current liabilities 81,146 92,646 Long-term debt 87,367 43,299 Deferred income taxes 3,071 3,558 Operating lease liabilities 10,035 6,655 Other noncurrent liabilities 21,395 21,916 Total liabilities 203,014 168,074 Shareholders' equity: Common shares — — Additional paid-in capital 1,632,420 1,631,823 Accumulated deficit (997,400 ) (980,720 ) Treasury stock (10,775 ) (10,130 ) Accumulated other comprehensive loss (403,507 ) (404,600 ) Total Civeo Corporation shareholders' equity 220,738 236,373 Noncontrolling interest — 625 Total shareholders' equity 220,738 236,998 Total liabilities and shareholders' equity $ 423,752 $ 405,072 Article content CIVEO CORPORATION UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) Three Months Ended March 31, 2025 2024 Cash flows from operating activities: Net loss $ (9,850 ) $ (5,196 ) Adjustments to reconcile net loss to net cash provided by operating activities: Depreciation and amortization 16,253 16,770 Impairment charges — 7,823 Deferred income tax benefit (510 ) (2,265 ) Non-cash compensation charge 597 549 Gains on disposals of assets (155 ) (6,065 ) Provision for credit losses, net of recoveries (20 ) 4 Other, net (29 ) 722 Changes in operating assets and liabilities: Accounts receivable (4,156 ) 7,387 Inventories 1,841 (510 ) Accounts payable and accrued liabilities (9,835 ) (21,205 ) Taxes payable (2,059 ) 3,791 Other current and noncurrent assets and liabilities, net (522 ) 4,180 Net cash flows provided by (used in) operating activities (8,445 ) 5,985 Cash flows from investing activities: Capital expenditures (5,271 ) (5,613 ) Proceeds from dispositions of property, plant and equipment 167 6,778 Other, net — — Net cash flows provided by (used in) investing activities (5,104 ) 1,165 Cash flows from financing activities: Revolving credit borrowings (repayments), net 44,166 14,596 Debt issuance costs (125 ) — Dividends paid (3,437 ) (3,707 ) Repurchases of common shares (3,334 ) (3,208 ) Taxes paid on vested shares (645 ) (1,067 ) Net cash flows provided by financing activities 36,625 6,614 Effect of exchange rate changes on cash 92 (335 ) Net change in cash and cash equivalents 23,168 13,429 Cash and cash equivalents, beginning of period 5,204 3,323 Cash and cash equivalents, end of period $ 28,372 $ 16,752 Article content CIVEO CORPORATION SEGMENT DATA (in thousands) (unaudited) Three Months Ended March 31, 2025 2024 Revenues Australia $ 103,646 $ 91,737 Canada 40,398 67,160 Other — 7,223 Total revenues $ 144,044 $ 166,120 EBITDA (1) Australia $ 20,440 $ 14,522 Canada (1,255 ) 11,619 Corporate, other and eliminations (8,093 ) (10,636 ) Total EBITDA $ 11,092 $ 15,505 Adjusted EBITDA (1) Australia $ 20,485 $ 20,338 Canada (228 ) 5,683 Corporate, other and eliminations (7,602 ) (8,219 ) Total adjusted EBITDA $ 12,655 $ 17,802 Operating income (loss) Australia $ 12,639 $ 7,288 Canada (10,029 ) 1,705 Corporate, other and eliminations (8,126 ) (10,774 ) Total operating income (loss) $ (5,516 ) $ (1,781 ) (1) Please see Non-GAAP Reconciliation Schedule. Article content CIVEO CORPORATION SUPPLEMENTAL QUARTERLY SEGMENT AND OPERATING DATA (U.S. dollars in thousands, except for room counts and average daily rates) (unaudited) Three Months Ended March 31, 2025 2024 Supplemental Operating Data – Australian Segment Revenues Accommodation revenue (1) $ 46,823 $ 47,107 Food and other services revenue (3) 56,823 44,630 Total Australian revenues $ 103,646 $ 91,737 Costs Accommodation cost $ 23,071 $ 22,594 Food and other services cost 50,651 40,904 Indirect other cost 2,998 2,615 Total Australian cost of sales and services $ 76,720 $ 66,113 Average daily rates (4) $ 75 $ 77 Billed rooms (5) 625,636 613,936 Australian dollar to U.S. dollar $ 0.628 $ 0.657 Supplemental Operating Data – Canadian Segment Revenues Accommodation revenue (1) $ 33,436 $ 59,787 Mobile facility rental revenue (2) 219 994 Food and other services revenue (3) 6,743 6,379 Total Canadian revenues $ 40,398 $ 67,160 Costs Accommodation cost $ 28,865 $ 45,720 Mobile facility rental cost — 2,651 Food and other services cost 6,473 6,140 Indirect other cost 2,307 2,746 Total Canadian cost of sales and services $ 37,645 $ 57,257 Average daily rates (4) $ 93 $ 98 Billed rooms (5) 358,697 610,032 Canadian dollar to U.S. dollar $ 0.697 $ 0.741 Article content (1) Includes revenues related to lodge and village rooms and hospitality services for owned rooms for the periods presented. (2) Includes revenues related to mobile assets for the periods presented. (3) Includes revenues related to food services, laundry and water and wastewater treatment services, and facilities management for the periods presented. (4) Average daily rate is based on billed rooms and accommodation revenue. (5) Billed rooms represents total billed days for owned assets for the periods presented. Article content The following table sets forth certain supplemental data for our Australia and Canada segment revenues attributable to the asset-light ('Catering and Facility Management') portion of the Company's business and the asset-intensive ('Accommodations and Infrastructure') portion of the Company's business. We provide Catering and Facility Management services to both customer-owned assets and Company-owned villages and lodges. When we provide Catering and Facility Management services to customer-owned assets, it is reflected in 'Food and other services' in our Supplemental Quarterly Segment and Operating Data. However, when we provide those same services to customers at our owned villages and lodges, it is reflected in 'Accommodation and other services', which also includes the Accommodations and Infrastructure component of our owned villages and lodges. This is because we bill our customers in one combined rate for both Accommodations and Infrastructure services and Catering and Facility Management services at Company-owned villages and lodges. Article content The purpose of the disclosure below is to disaggregate the embedded Catering and Facility Management revenues from the 'Accommodation and other services' revenues associated with our owned villages and lodges that is included in our Supplemental Quarterly Segment and Operating Data. To do so, we apply a margin that is equal to Civeo's margin in similar services we provide to customer-owned assets to the cost of sales that are associated with Catering and Facility Management services within 'Accommodation and other services' for our owned villages and lodges. This table provides investors a supplemental view of the services provided by the Company which could assist with their valuation analysis. Article content (1) The term EBITDA is a non-GAAP financial measure that is defined as net income (loss) attributable to Civeo Corporation plus interest, taxes, depreciation and amortization. The term Adjusted EBITDA is a non-GAAP financial measure that is defined as EBITDA adjusted to exclude certain other unusual or non-operating items. EBITDA and Adjusted EBITDA are not measures of financial performance under generally accepted accounting principles and should not be considered in isolation from or as a substitute for net income or cash flow measures prepared in accordance with generally accepted accounting principles or as a measure of profitability or liquidity. Additionally, EBITDA and Adjusted EBITDA may not be comparable to other similarly titled measures of other companies. Civeo has included EBITDA and Adjusted EBITDA as supplemental disclosures because its management believes that EBITDA and Adjusted EBITDA provide useful information regarding its ability to service debt and to fund capital expenditures and provide investors a helpful measure for comparing Civeo's operating performance with the performance of other companies that have different financing and capital structures or tax rates. Civeo uses EBITDA and Adjusted EBITDA to compare and to monitor the performance of its business segments to other comparable public companies and as a benchmark for the award of incentive compensation under its annual incentive compensation plan. The following table sets forth a reconciliation of EBITDA and Adjusted EBITDA to net income (loss) attributable to Civeo Corporation, which is the most directly comparable measure of financial performance calculated under generally accepted accounting principles (in thousands) (unaudited): Article content Three Months Ended March 31, Twelve Months Ended March 31, 2025 2024 2025 Net loss attributable to Civeo Corporation $ (9,842 ) $ (5,133 ) $ (21,776 ) Income tax expense 3,088 1,551 14,029 Depreciation and amortization 16,253 16,770 67,521 Interest income (26 ) (43 ) (170 ) Interest expense 1,619 2,360 7,232 EBITDA $ 11,092 $ 15,505 $ 66,836 Adjustments to EBITDA Impairment of long-lived assets (a) — 7,823 3,758 Net (gain) loss on disposition of McClelland Lake Lodge assets (b) — (6,075 ) 331 Restructuring costs (c) 964 — 964 Share-based compensation (d) 599 549 2,901 Adjusted EBITDA $ 12,655 $ 17,802 $ 74,790 Article content (a) Relates to asset impairments in the first and fourth quarters of 2024. In the fourth quarter of 2024, we recorded a pre-tax loss related to the impairment of long-lived assets in our Canadian segment of $3.2 million and a pre-tax loss related to the impairment of long-lived assets in the U.S. of $0.5 million. In the first quarter of 2024, we recorded a pre-tax loss related to the impairment of long-lived assets in our Australian segment of $5.7 million and a pre-tax loss related to the impairment of long-lived assets in the U.S. of $2.1 million. (b) Relates to proceeds received and expenses incurred associated with the dismantlement and sale of the McClelland Lake Lodge. In the fourth, third and second quarters of 2024, we recorded expenses associated with the sale of our McClelland Lake Lodge of $0.1 million, $0.2 million and $0.1 million, respectively, which are included in (Gain) loss on sale of McClelland Lake Lodge assets, net on the unaudited statements of operations. In the first quarter of 2024, we recorded gains associated with the sale of the McClelland Lake Lodge of $6.1 million, which are included in (Gain) loss on sale of McClelland Lake Lodge assets, net on the unaudited statements of operations. (c) Represents restructuring cost initiatives in Canada related to severance and two lodge closures. (d) Represents share-based compensation expense associated with performance share awards, restricted share awards, restricted share units and deferred share awards. (2) The term Free Cash Flow is a non-GAAP financial measure that is defined as net cash flows provided by operating activities less capital expenditures plus proceeds from asset sales. Free Cash Flow is not a measure of financial performance under generally accepted accounting principles and should not be considered in isolation from or as a substitute for cash flow measures prepared in accordance with generally accepted accounting principles or as a measure of profitability or liquidity. Additionally, Free Cash Flow may not be comparable to other similarly titled measures of other companies. Civeo has included Free Cash Flow as a supplemental disclosure because its management believes that Free Cash Flow provides useful information regarding the cash flow generating ability of its business relative to its capital expenditure and debt service obligations. Civeo uses Free Cash Flow to compare and to understand, manage, make operating decisions and evaluate Civeo's business. The following table sets forth a reconciliation of Free Cash Flow to Net Cash Flows Provided by Operating Activities, which is the most directly comparable measure of financial performance calculated under generally accepted accounting principles (in thousands) (unaudited): Article content (3) The term net leverage ratio is a non-GAAP financial measure that is defined as net debt divided by bank-adjusted EBITDA. Net debt, bank-adjusted EBITDA and net leverage ratio are not financial measures under GAAP and should not be considered in isolation from or as a substitute for total debt, net income (loss) or cash flow measures prepared in accordance with GAAP or as a measure of profitability or liquidity. Additionally, net debt, bank-adjusted EBITDA and net leverage ratio may not be comparable to other similarly titled measures of other companies. Civeo has included net debt, bank-adjusted EBITDA and net leverage ratio as a supplemental disclosure because its management believes that this data provides useful information regarding the level of the Company's indebtedness and its ability to service debt. Additionally, per Civeo's credit agreement, the Company is required to maintain a net leverage ratio below 3.0x every quarter to remain in compliance with the credit agreement. The following table sets forth a reconciliation of net debt, bank-adjusted EBITDA and net leverage ratio to the most directly comparable measures of financial performance calculated under GAAP (in thousands) (unaudited): Article content (1) The following table sets forth a reconciliation of estimated EBITDA and Adjusted EBITDA to estimated net loss, which is the most directly comparable measure of financial performance calculated under generally accepted accounting principles (in millions) (unaudited): Article content Year Ending December 31, 2025 (estimated) Net loss $ (15.8 ) $ (7.8 ) Income tax expense 14.0 16.0 Depreciation and amortization 67.0 67.0 Interest expense 5.0 5.0 EBITDA $ 70.2 $ 80.2 Adjustments to EBITDA Canadian restructuring cost 2.0 2.0 Share-based compensation 2.8 2.8 Adjusted EBITDA $ 75.0 $ 85.0 Article content Article content Article content Article content Article content Contacts Article content Article content Article content
