Welcome to our dedicated page for Civeo Cda news (Ticker: CVEO), a resource for investors and traders seeking the latest updates and insights on Civeo Cda stock.
Civeo Corporation reports recurring developments tied to workforce accommodations and hospitality services for natural resource and infrastructure-related workforces in Australia and Canada. The company provides lodging, food service, housekeeping, facility management, laundry, water and wastewater treatment, power generation, communications, security and logistics at owned and customer-owned lodges, villages and accommodation facilities.
CVEO news commonly covers quarterly results, Australian village and integrated services activity, Canadian oil sands occupancy and margin trends, cost actions, capital allocation through share repurchases, revolving credit facility amendments and board or shareholder-governance matters. Updates also reference demand from oil, metallurgical coal, liquefied natural gas, iron ore and North American infrastructure markets.
Civeo Corporation (CVEO) announced its compliance with NYSE listing standards as of December 2, 2020. The company previously received a notice on March 27, 2020, indicating it had fallen below the minimum average closing price of $1.00 per share for 30 consecutive trading days. Civeo's average closing price for the 30 days ending November 30, 2020, exceeded $1.00, allowing for the removal of the non-compliance indicator. Civeo operates 28 lodges and villages, primarily in Canada and Australia, offering accommodation and hospitality services to workers in natural resource sectors.
Civeo Corporation (NYSE: CVEO) has announced a 1-for-12 reverse share split, effective at 5:00 p.m. ET on November 19, 2020. This decision, authorized by shareholders in 2020, reduces the outstanding shares from 170,582,021 to 14,215,168, and adjusts the total authorized shares from 550 million to 46 million. The conversion price for outstanding Class A Series 1 preferred shares will increase to $39.60 from $3.30. Civeo's shares will start trading on a split-adjusted basis on November 20, 2020. No fractional shares will be issued in this process.
Civeo Corporation (NYSE: CVEO) reported Q3 2020 results with revenues of $142.9 million and net income of $6.5 million. Operating cash flow reached $35.4 million, while Adjusted EBITDA was $36.0 million. Notably, the company completed an amendment to its credit agreement, extending total debt maturity by 18 months to May 30, 2023, and reducing the leverage ratio to 2.16x. Civeo's Australian segment showed strong performance, with revenues of $64.7 million, up 30% year-over-year, driven by increased activity in metallurgical coal. The company also renewed four contracts in Australia worth A$135 million.
Civeo Corporation (NYSE:CVEO) has announced its third quarter 2020 earnings conference call scheduled for October 28 at 10 a.m. Central Time. The company will release its financial and operational results before the market opens on the same day. Interested participants can join the call by dialing 866-548-4713 or 323-794-2093 internationally, and a replay will be available until November 4. Civeo is a leader in hospitality services, operating 28 lodges and villages across Canada, Australia, and the U.S.