Civeo Corp SEC Filings

Civeo Corp (CVEO) reported that Andrew Fraser, President, Canada, exercised 6,657 Phantom Shares, each economically equivalent to one common share and payable in cash, which vested on August 19, 2026. This exercise corresponded to an acquisition of 6,657 common shares and a simultaneous disposition of 6,657 common shares to the issuer at $33.94 per share. Following the exercise, Fraser held 17,237 Phantom Shares directly.

American Century entities and the Stowers Institute reported significant passive ownership in Civeo Corporation common stock. American Century Investment Management, Inc., American Century Companies, Inc., and the Stowers Institute for Medical Research each reported beneficial ownership of 640,269 shares, representing 5.8% of the common stock, with sole voting and dispositive power and no shared power. American Century ETF Trust reported beneficial ownership of 615,126 shares, or 5.6%, also with sole voting and dispositive power.

The filing explains that various investment companies and institutional accounts advised by American Century Investment Management have rights to dividends and sale proceeds, but no single client holds more than 5% of the class. American Century Investment Management is a wholly owned subsidiary of American Century Companies, which is controlled by the Stowers Institute for Medical Research, and the parties agreed to a joint filing regarding this beneficial ownership.

Civeo Corporation reported higher activity but remained unprofitable for the quarter and six months ended June 30, 2026. Second‑quarter revenue was $180,017 (in thousands), up from $162,694, driven by new integrated services contracts in Queensland and Canada, contributions from the 2025 Qantac asset acquisition, and currency tailwinds in Australia. Australia generated $125,446 (in thousands) of revenue and Canada $54,571 (in thousands).

Despite improved operations, Civeo posted a second‑quarter net loss attributable to the company of $2,521 (in thousands), compared with a $3,314 loss, as higher interest expense and a $3.5 million tax charge offset operating gains. For the first half, revenue rose to $352,684 (in thousands) and net loss narrowed to $6,329 (in thousands). Operating cash flow turned positive at $1,896 (in thousands) versus an outflow a year earlier, while capital expenditures were $7,846 (in thousands). Long‑term debt increased to $208,595 (in thousands) and revolving credit capacity was expanded and extended to 2030. After quarter‑end, Civeo issued $115.0 million of 4.50% Convertible Senior Notes due 2031, using part of the proceeds to repurchase 660,297 common shares and the remainder to repay borrowings.

Civeo Corporation reported second-quarter 2026 revenue of $180.0 million, up from $162.7 million a year earlier, with a net loss of $2.5 million, or $0.23 per diluted share, versus a $3.3 million loss, or $0.25 per share, in 2025. Adjusted EBITDA was $23.8 million, slightly below $25.0 million a year ago, as growth in integrated services and a stronger Australian dollar were offset by Canadian contract start-up costs and softer Australian owned-village occupancy.

The Australian segment generated Q2 2026 revenue of $125.4 million and Adjusted EBITDA of $22.6 million, while Canada produced revenue of $54.6 million and Adjusted EBITDA of $6.0 million. Revenues increased 11% in Australia and 9% in Canada, driven by expanded integrated services activity, higher Canadian occupancy and foreign-exchange tailwinds.

As of June 30, 2026, Civeo had $82.2 million of liquidity, total debt of $208.6 million, net debt of $190.9 million and a net leverage ratio of 2.1x. In July, it issued $115.0 million of 4.50% convertible senior notes due 2031 with a $40.51 conversion price and concurrently repurchased 660,297 shares for approximately $22.3 million, using remaining proceeds to repay revolver borrowings. The company reaffirmed full-year 2026 guidance for revenue of $675–$700 million, Adjusted EBITDA of $85–$90 million and capital expenditures of $25–$30 million.

Civeo Corporation completed a private offering of $100,000,000 of 4.50% Convertible Senior Notes due 2031. The company received net proceeds of about $96.2 million, using roughly $22.3 million to repurchase 660,297 common shares and planning to apply the remainder to repay borrowings under its syndicated credit facility.

The notes bear 4.50% annual interest, payable semi-annually, and mature on August 1, 2031. They are convertible at an initial rate of 24.6840 common shares per $1,000 principal (about $40.51 per share), with a maximum of 2,962,080 shares issuable, or 3,406,392 shares if the initial purchasers’ option for an additional $15,000,000 of notes is fully exercised.

Civeo Corporation filed a current report describing two key developments. First, a Western Canada joint venture secured a six-year contract renewal for workforce accommodations and hospitality services, extending the relationship through June 30, 2032 and replacing agreements that would have expired in 2027. Second, Civeo announced the pricing of a private offering of $100.0 million aggregate principal amount of 4.50% convertible senior notes due 2031, with an additional $15.0 million option for initial purchasers. The company expects net proceeds of about $96.2 million (or $110.8 million if the option is fully exercised), plans to use approximately $22.3 million to repurchase 660,297 common shares in concurrent private transactions, and intends to apply the remaining proceeds to repay borrowings under its syndicated facility.

Civeo Corp received an updated ownership filing as Engine Capital and its affiliated funds amended their Schedule 13D. The group reports beneficial ownership of 686,315 common shares, or approximately 6.3% of Civeo’s 10,943,296 shares outstanding as of April 27, 2026. Engine Capital directly holds 580,117 shares (about 5.3%), while Engine Jet and Engine Lift hold 48,268 shares (0.4%) and 57,930 shares (0.5%), respectively. The filing explains that these shares were acquired using working capital, which can include margin loans, for aggregate purchase prices of about $13.7 million for Engine Capital, $1.14 million for Engine Jet, and $1.37 million for Engine Lift. Several related entities, along with managing partner Arnaud Ajdler, may be deemed to beneficially own the same 686,315 shares, though each expressly disclaims beneficial ownership beyond their direct holdings.

NAVARRE RICHARD A reported acquisition or exercise transactions in this Form 4 filing.

Civeo Corp director Richard A. Navarre received an equity grant of 1,232 common shares as part of his annual retainer for serving as Chairman of the Board. The award was made at no cash cost per share and is structured as restricted common shares.

According to the disclosure, these restricted shares vest on the earlier of one year from May 27, 2026 or the date of the next annual shareholders' meeting. Following this grant, Navarre directly holds a total of 71,559 Civeo common shares.

NAVARRE RICHARD A reported acquisition or exercise transactions in this Form 4 filing.

Civeo Corp director Richard A. Navarre received a grant of 3,624 Common Shares as a restricted share award. The award was granted at no cash cost per share and increases his direct holdings to 70,327 Common Shares. According to the award terms, these restricted shares vest on the earlier of one year from May 27, 2026 or the date of Civeo’s next annual shareholders' meeting.