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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 (NYSE:CVEO) has authorized a share repurchase program for up to 715,000 common shares, representing 5% of its outstanding shares. This initiative will be funded through cash on hand and operational cash flow. CEO Bradley J. Dodson expressed confidence in the company's future, citing this buyback as an opportunity to enhance shareholder value while maintaining a focus on debt reduction. The program aligns with Canadian securities regulations and reflects the board's commitment to returning capital to shareholders.
Civeo Corporation (NYSE:CVEO) reported its Q2 2021 financial results, with revenues of $154.2 million and a net loss of $0.5 million. Adjusted EBITDA was $32.2 million, and free cash flow stood at $13.7 million. The company reduced its total debt to $226.8 million from $238.1 million in the previous quarter. The Canadian segment showed significant improvement with revenues of $83.3 million, while the Australian segment faced challenges with a $2.7 million operating loss due to asset impairments. Full-year 2021 guidance remains unchanged for revenues between $555 million and $580 million.
Civeo Corporation (NYSE:CVEO) has announced its second quarter 2021 earnings conference call scheduled for July 30 at 10:00 a.m. CT. The call will discuss the financial results which will be released before the market opens on the same day. Interested participants can join by phone or webcast, with details provided. Civeo, a key player in hospitality for the Canadian oil sands and Australian resource regions, operates 28 lodges providing essential services to workers, supporting around 30,000 rooms. For more, visit www.civeo.com.
Civeo Corporation (NYSE:CVEO) has appointed Jay Grewal and Michael Montelongo to its Board of Directors, effective August 15, 2021. Grewal, previously CEO of Manitoba Hydro, will serve on the Audit and Finance Committees, while Montelongo, former CEO of GRC Advisory Services, will join the Compensation and Governance Committees. Their extensive leadership experience in the energy and service industries is expected to aid Civeo's growth strategy in the Canadian market and enhance its managed services and ESG initiatives.
Civeo Corporation (NYSE:CVEO) reported a Q1 2021 revenue of $125.4 million with a net loss of $10.0 million, translating to $0.70 per diluted share. Despite challenging macroeconomic factors, Civeo reduced total debt to $238.1 million and generated free cash flow of $16.1 million. The Canadian segment saw revenue drop due to reduced occupancy, while the Australian segment experienced a soft quarter attributed to labor sourcing issues. The company increased its full-year 2021 revenue and Adjusted EBITDA guidance to $555-$580 million and $90-$100 million, respectively.
Civeo Corporation (NYSE:CVEO) will hold its first quarter 2021 earnings conference call on April 30, 2021, at 10:00 a.m. CT. The financial and operational results will be announced before the market opens that day. Shareholders can join the call by dialing 800-263-0877 in the U.S. or 646-828-8143 internationally. A replay will be available until May 7, 2021. Civeo provides hospitality services mainly in the Canadian oil sands and Australian natural resources sectors, operating 28 lodges with around 30,000 rooms.
Civeo Corporation (NYSE:CVEO) reported its Q4 and full-year 2020 results, showing revenues of $133.4 million in Q4 with a net loss of $2.3 million. Full-year revenues reached $529.7 million, resulting in a net loss of $136.1 million. Operationally, the company generated $36.7 million in Q4 operating cash flow and $111 million for the year. Civeo improved its leverage ratio to 2.11x and renewed key contracts in Australia, contributing to expected 2021 revenues of $555-$565 million. Despite challenges in Canadian and U.S. segments, the Australian segment showed growth.
Civeo Corporation (NYSE:CVEO) will hold its fourth quarter and full year 2020 earnings conference call on February 26, 2021, at 10:00 a.m. Central Time. The financial and operational results will be disclosed before the market opens on the same day. Interested parties can join the call via phone or webcast through Civeo's Investor Relations website. A replay of the conference call will be available until March 5, 2021. Civeo is a leading provider of hospitality services in the Canadian oil sands and Australian natural resource sectors, operating 28 lodges with approximately 30,000 rooms.
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.