[10-Q] Civeo Corp Quarterly Earnings Report

Rhea-AI Filing Summary

Civeo Corporation (CVEO) filed its Q3 2025 10‑Q, reporting revenue of $170.5 million versus $176.3 million a year ago. Operating income improved to $7.0 million, and net loss narrowed to $0.5 million (basic and diluted $(0.04) per share) from a $5.1 million loss in Q3 2024. Pretax income of $3.6 million was offset by $4.0 million of income tax expense.

Australia led results with revenue of $124.5 million and segment gross margin of 26.9%, aided by the Qantac assets acquired on May 6, 2025, which contributed $8.4 million in revenue. Canada revenue declined to $46.0 million on lower billed rooms, though gross margin rose to 22.5% on cost reductions.

Year‑to‑date, revenue was $477.2 million with a net loss of $13.6 million. Long‑term debt increased to $187.9 million (from $43.3 million at year‑end) tied to the Qantac purchase and repurchases, while cash ended at $12.0 million. The company repurchased $26.2 million of shares in Q3 (1.051 million at $24.93) and $48.7 million year‑to‑date, and suspended quarterly dividends in April 2025 to prioritize buybacks. Shares outstanding were 11,515,223 as of October 24, 2025. 2025 capex is expected at $20–$25 million.

Insights

Sell-side equity analyst

Australia strength offset Canada softness; buybacks lift EPS base.

Q3 mix: Revenue slipped to $170.5M, but operating income improved to $7.0M as Australia expanded, including Qantac’s $8.4M contribution. Canada volumes fell (billed rooms down 20%), yet gross margin rose to 22.5% on cost actions.

Balance sheet/capital return: Long‑term debt rose to $187.9M from $43.3M, linked to the ~$68M Qantac cash outlay and accelerated repurchases. Q3 buybacks totaled $26.2M (1.051M shares at $24.93); dividends were suspended in April 2025.

What to track: Canada occupancy trends and commodity‑linked activity, realization of Qantac synergies in Australia, and leverage within credit covenants. Management guides 2025 capex to $20–$25M; subsequent filings may detail trajectory.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2025

OR

☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
			For the transition period from _________________________ to _________________________

Commission file number: 001-36246

Civeo Corporation

(Exact name of registrant as specified in its charter)

British Columbia, Canada			98-1253716
(State or other jurisdiction of			(I.R.S. Employer
incorporation or organization)			Identification No.)
Three Allen Center, 333 Clay Street, Suite 4400,			77002
Houston, Texas			(Zip Code)
(Address of principal executive offices)

(713) 510-2400

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class			Trading Symbol			Name of Each Exchange on Which Registered
Common Shares, no par value			CVEO			New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes  ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "accelerated filer," "large accelerated filer," "smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer

☐

Accelerated Filer

☒

Emerging Growth Company

☐

Non-Accelerated Filer

☐

Smaller Reporting Company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐ No ☒

The Registrant had 11,515,223 common shares outstanding as of October 24, 2025.

CIVEO CORPORATION

INDEX

			Page No.
Part I -- FINANCIAL INFORMATION
Item 1. Financial Statements:
Consolidated Financial Statements
Unaudited Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2025 and 2024			4
Unaudited Consolidated Statements of Comprehensive Income (Loss) for the Three and Nine Months Ended September 30, 2025 and 2024			5
Consolidated Balance Sheets – as of September 30, 2025 (unaudited) and December 31, 2024			6
Unaudited Consolidated Statements of Changes in Shareholders’ Equity for the Three and Nine Months Ended September 30, 2025 and 2024			7
Unaudited Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2025 and 2024			8
Notes to Unaudited Consolidated Financial Statements			9
Cautionary Statement Regarding Forward-Looking Statements			22
Item 2.   Management’s Discussion and Analysis of Financial Condition and Results of Operations			22
Item 3.   Quantitative and Qualitative Disclosures About Market Risk			37
Item 4.   Controls and Procedures			37
Part II -- OTHER INFORMATION
Item 1.     Legal Proceedings			38
Item 1A.  Risk Factors			38
Item 2.  Unregistered Sales of Equity Securities and Use of Proceeds			38
Item 5.     Other Information			38
Item 6.     Exhibits			39
(a) Index of Exhibits			39
Signature Page			40

3

PART I -- FINANCIAL INFORMATION

ITEM 1. Financial Statements

CIVEO CORPORATION

UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS

(In Thousands, Except Per Share Amounts)

			Three Months Ended September 30,												Nine Months Ended September 30,
			2025						2024						2025						2024
Revenue			$	170,491					$	176,338					$	477,229					$	531,171
Costs and expenses:
Service and other costs			126,704						138,542						362,850						409,821
Selling, general and administrative expenses			18,107						19,635						56,762						55,708
Depreciation and amortization expense			20,012						17,440						54,092						51,269
Impairment expense			—						—						—						7,823
(Gain) loss on sale of McClelland Lake Lodge assets, net			—						171						—						(5,817)
Other operating (income) expense			(1,298)						506						(725)						992
			163,525						176,294						472,979						519,796
Operating income			6,966						44						4,250						11,375
Interest expense			(3,422)						(1,725)						(7,740)						(6,288)
Interest income			28						50						129						147
Other income			10						204						476						967
Income (loss) before income taxes			3,582						(1,427)						(2,885)						6,201
Income tax expense			(4,038)						(3,862)						(10,732)						(9,199)
Net loss			(456)						(5,289)						(13,617)						(2,998)
Less: Net loss attributable to noncontrolling interest			(1)						(198)						(6)						(1,001)
Net loss attributable to Civeo Corporation			$	(455)					$	(5,091)					$	(13,611)					$	(1,997)
Per Share Data (see Note 7)
Basic net loss per share attributable to Civeo Corporation common shareholders			$	(0.04)					$	(0.36)					$	(1.04)					$	(0.14)
Diluted net loss per share attributable to Civeo Corporation common shareholders			$	(0.04)					$	(0.36)					$	(1.04)					$	(0.14)
Weighted average number of common shares outstanding:
Basic			12,395						14,293						13,053						14,488
Diluted			12,395						14,293						13,053						14,488
Dividends per common share			$	0.00					$	0.25					$	0.25					$	0.75

The accompanying notes are an integral part of these financial statements.

4

CIVEO CORPORATION

UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(In Thousands)

			Three Months Ended September 30,												Nine Months Ended September 30,
			2025						2024						2025						2024
Net loss			$	(456)					$	(5,289)					$	(13,617)					$	(2,998)
Other comprehensive income (loss), net of taxes:
Foreign currency translation adjustment, net of zero taxes			(764)						7,238						11,264						(1,372)
Total other comprehensive income (loss), net of taxes			(764)						7,238						11,264						(1,372)
Comprehensive income (loss)			(1,220)						1,949						(2,353)						(4,370)
Less: Comprehensive loss attributable to noncontrolling interest			(1)						(172)						(5)						(1,071)
Comprehensive income (loss) attributable to Civeo Corporation			$	(1,219)					$	2,121					$	(2,348)					$	(3,299)

The accompanying notes are an integral part of these financial statements.

5

CIVEO CORPORATION

CONSOLIDATED BALANCE SHEETS

(In Thousands, Excluding Share Amounts)

			September 30, 2025						December 31, 2024
			(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents			$	12,003					$	5,204
Accounts receivable, net			105,001						89,038
Inventories			5,807						7,537
Prepaid expenses			14,642						7,464
Other current assets			2,677						1,210
Total current assets			140,130						110,453
Property, plant and equipment, net			251,309						204,897
Goodwill			7,428						7,001
Other intangible assets, net			70,748						66,502
Operating lease right-of-use assets			13,456						9,401
Other noncurrent assets			7,996						6,818
Total assets			$	491,067					$	405,072
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable			$	43,942					$	39,971
Accrued liabilities			33,681						34,933
Income taxes payable			126						10,853
Deferred revenue			2,670						2,501
Other current liabilities			5,106						4,388
Total current liabilities			85,525						92,646
Long-term debt			187,937						43,299
Deferred income taxes			4,337						3,558
Operating lease liabilities			10,087						6,655
Other noncurrent liabilities			20,635						21,916
Total liabilities			308,521						168,074
Shareholders’ Equity:
Common shares (no par value; 46,000,000 shares authorized, 12,083,218 shares and 14,067,721 shares issued, respectively, and 11,645,223 shares and 13,653,647 shares outstanding, respectively)			—						—
Additional paid-in capital			1,634,083						1,631,823
Accumulated deficit			(1,047,425)						(980,720)
Common shares held in treasury at cost, 437,995 and 414,074 shares, respectively			(10,775)						(10,130)
Accumulated other comprehensive loss			(393,337)						(404,600)
Total Civeo Corporation shareholders’ equity			182,546						236,373
Noncontrolling interest			—						625
Total shareholders’ equity			182,546						236,998
Total liabilities and shareholders’ equity			$	491,067					$	405,072

The accompanying notes are an integral part of these financial statements.

6

CIVEO CORPORATION

UNAUDITED CONSOLIDATED STATEMENTS OF

CHANGES IN SHAREHOLDERS’ EQUITY

(In Thousands)

									Attributable to Civeo
									Common Shares
									Par Value						Additional Paid-in Capital						Accumulated Deficit						Treasury Shares						Accumulated Other Comprehensive Income (Loss)						Noncontrolling Interest						Total Shareholders’ Equity
Balance, June 30, 2024									$	—					$	1,630,130					$	(933,346)					$	(10,130)					$	(389,229)					$	1,963					$	299,388
Net loss									—						—						(5,091)						—						—						(198)						(5,289)
Currency translation adjustment									—						—						—						—						7,212						26						7,238
Dividends paid									—						—						(3,616)						—						—						(6)						(3,622)
Common shares repurchased									—						—						(14,208)						—						—						—						(14,208)
Excise tax on common shares repurchased									—						—						(284)						—						—						—						(284)
Share-based compensation									—						721						—						—						—						—						721
Balance, September 30, 2024									$	—					$	1,630,851					$	(956,545)					$	(10,130)					$	(382,017)					$	1,785					$	283,944
Balance, June 30, 2025									$	—					$	1,633,022					$	(1,020,236)					$	(10,775)					$	(392,573)					$	—					$	209,438
Net loss									—						—						(455)						—						—						(1)						(456)
Currency translation adjustment									—						—						—						—						(764)						—						(764)
Dividends paid									—						—						—						—						—						1						1
Common shares repurchased									—						—						(26,210)						—						—						—						(26,210)
Excise tax on common shares repurchased									—						—						(524)						—						—						—						(524)
Share-based compensation									—						1,061						—						—						—						—						1,061
Balance, September 30, 2025									$	—					$	1,634,083					$	(1,047,425)					$	(10,775)					$	(393,337)					$	—					$	182,546
Balance, December 31, 2023									$	—					$	1,628,972					$	(919,023)					$	(9,063)					$	(380,715)					$	2,867					$	323,038
Net loss									—						—						(1,997)						—						—						(1,001)						(2,998)
Currency translation adjustment									—						—						—						—						(1,302)						(70)						(1,372)
Dividends paid									—						—						(10,984)						—						—						(11)						(10,995)
Common shares repurchased									—						—						(24,060)						—						—						—						(24,060)
Excise tax on common shares repurchased									—						—						(481)						—						—						—						(481)
Share-based compensation									—						1,879						—						(1,067)						—						—						812
Balance, September 30, 2024									$	—					$	1,630,851					$	(956,545)					$	(10,130)					$	(382,017)					$	1,785					$	283,944
Balance, December 31, 2024									$	—					$	1,631,823					$	(980,720)					$	(10,130)					$	(404,600)					$	625					$	236,998
Net loss									—						—						(13,611)						—						—						(6)						(13,617)
Currency translation adjustment									—						—						—						—						11,263						1						11,264
Dividends paid									—						—						(3,437)						—						—						(620)						(4,057)
Common shares repurchased									—						—						(48,684)						—						—						—						(48,684)
Excise tax on common shares repurchased									—						—						(973)						—						—						—						(973)
Share-based compensation									—						2,260						—						(645)						—						—						1,615
Balance, September 30, 2025									$	—					$	1,634,083					$	(1,047,425)					$	(10,775)					$	(393,337)					$	—					$	182,546

									Common Shares (in thousands)
Balance, December 31, 2024									13,654
Share-based compensation									79
Common shares repurchased									(2,088)
Balance, September 30, 2025									11,645

The accompanying notes are an integral part of these financial statements.

7

CIVEO CORPORATION

UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In Thousands)

			Nine Months Ended September 30,
			2025						2024
Cash flows from operating activities:
Net loss			$	(13,617)					$	(2,998)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization			54,092						51,269
Impairment charges			—						7,823
Deferred income tax benefit			(3,349)						(6,487)
Non-cash compensation charge			2,260						1,879
Gains on disposals of assets			(1,343)						(6,134)
Provision for credit losses, net of recoveries			175						15
Other, net			1,214						1,886
Changes in operating assets and liabilities:
Accounts receivable			(11,411)						35,771
Inventories			2,041						(1,690)
Accounts payable and accrued liabilities			(824)						(13,586)
Taxes payable			(13,905)						9,681
Other current and noncurrent assets and liabilities, net			(12,261)						(3,415)
Net cash flows provided by operating activities			3,072						74,014
Cash flows from investing activities:
Capital expenditures			(15,380)						(18,405)
Payments related to acquisitions			(72,002)						—
Proceeds from dispositions of property, plant and equipment			1,433						10,700
Other, net			—						183
Net cash flows used in investing activities			(85,949)						(7,522)
Cash flows from financing activities:
Revolving credit borrowings			303,418						233,613
Revolving credit repayments			(162,621)						(242,859)
Debt issuance costs			(423)						(2,976)
Dividends paid			(3,437)						(10,984)
Repurchases of common shares			(48,684)						(24,060)
Taxes paid on vested shares			(645)						(1,067)
Net cash flows provided by (used in) financing activities			87,608						(48,333)
Effect of exchange rate changes on cash			2,068						(3,572)
Net change in cash and cash equivalents			6,799						14,587
Cash and cash equivalents, beginning of period			5,204						3,323
Cash and cash equivalents, end of period			$	12,003					$	17,910

The accompanying notes are an integral part of these financial statements.

8

CIVEO CORPORATION

NOTES TO UNAUDITED CONSOLIDATED

FINANCIAL STATEMENTS

1.DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION

Description of the Business

We provide hospitality services to remote workforces in Australia and Canada, including catering and food service, lodging, housekeeping and maintenance at accommodation facilities that we or our customers own. We provide services that support the day-to-day operations of these facilities, such as laundry, facility management and maintenance, water and wastewater treatment, power generation, communication systems, security and logistics. We also manage development activities for workforce accommodation facilities, including site selection, permitting, engineering and design and manufacturing and site construction management, along with providing hospitality services once the facility is constructed. We primarily operate in some of the world’s most active metallurgical (met) coal, oil, liquefied natural gas (LNG) and iron ore producing regions, and our customers include mining companies, major and independent oil companies, engineering companies and oilfield and mining service companies. We operate in two principal reportable business segments – Australia and Canada.

Basis of Presentation

Unless otherwise stated or the context otherwise indicates: (i) all references in these consolidated financial statements to “Civeo,” “us,” “our” or “we” refer to Civeo Corporation and its consolidated subsidiaries; and (ii) all references in this report to “dollars” or “$” are to United States (U.S.) dollars. Certain reclassifications have been made to the prior year financial statements for them to conform with the 2025 presentation.

The accompanying unaudited consolidated financial statements of Civeo have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the SEC) pertaining to interim financial information. Certain information in footnote disclosures normally included in financial statements prepared in accordance with U.S. Generally Accepted Accounting Principles (GAAP) has been condensed or omitted pursuant to those rules and regulations. The unaudited consolidated financial statements included in this report reflect all the adjustments, consisting of normal recurring adjustments, which Civeo considers necessary for a fair presentation of the results of operations for the interim periods covered and for the financial condition of Civeo at the date of the interim balance sheet. Results for the interim periods are not necessarily indicative of results for the full year.

The preparation of consolidated financial statements in conformity with GAAP requires the use of estimates and assumptions by management in determining the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. If the underlying estimates and assumptions upon which the financial statements are based change in future periods, actual amounts may differ from those included in the accompanying consolidated financial statements.

The unaudited consolidated financial statements included in this report should be read in conjunction with our audited consolidated financial statements and accompanying notes included in our Annual Report on Form 10-K for the year ended December 31, 2024.

9

CIVEO CORPORATION

NOTES TO UNAUDITED CONSOLIDATED

FINANCIAL STATEMENTS

(Continued)

2.REVENUE

The following table disaggregates our revenue by our two reportable segments (Australia and Canada) into major categories for the periods indicated (in thousands):

			Three Months Ended September 30,												Nine Months Ended September 30,
			2025						2024						2025						2024
Australia
Accommodation revenues			$	58,405					$	51,370					$	157,910					$	147,391
Food service and other services revenues			66,055						65,252						182,868						169,576
Total Australia revenues			124,460						116,622						340,778						316,967
Canada
Accommodation revenues			$	38,684					$	48,747					$	114,710					$	180,793
Mobile facility rental revenues			393						123						1,046						1,473
Food service and other services revenues			6,954						8,866						20,695						22,157
Total Canada revenues			46,031						57,736						136,451						204,423
Other
Other revenues			$	—					$	1,980					$	—					$	9,781
Total other revenues			—						1,980						—						9,781
Total revenues			$	170,491					$	176,338					$	477,229					$	531,171

Our payment terms vary by the type and location of our customer and the services offered. The time between invoicing and when our performance obligations are satisfied is not significant. Payment terms are generally within 30 days and in most cases do not extend beyond 60 days. We do not have significant financing components or significant payment terms.

As of September 30, 2025, for contracts that are greater than one year, the table below discloses the estimated revenues related to performance obligations that are unsatisfied (or partially unsatisfied) and when we expect to recognize the revenue. The table only includes revenue expected to be recognized from contracts where the quantity of service is certain (in thousands):

			For the years ending December 31,
			2025						2026						2027						Thereafter						Total
Revenue expected to be recognized as of September 30, 2025			$	58,353					$	187,293					$	143,995					$	278,574					$	668,215

We applied the practical expedient and do not disclose consideration for remaining performance obligations with an original expected duration of one year or less. In addition, we do not estimate revenues expected to be recognized related to unsatisfied performance obligations for contracts without minimum room commitments. The table above represents only a portion of our expected future consolidated revenues and it is not necessarily indicative of the expected trend in total revenues.

3.IMPAIRMENT CHARGES

No impairment expense was recorded during the first, second or third quarters of 2025.

The following summarizes pre-tax impairment charges recorded during 2024, which are included in Impairment expense in our consolidated statements of operations (in thousands): 

10

CIVEO CORPORATION

NOTES TO UNAUDITED CONSOLIDATED

FINANCIAL STATEMENTS

(Continued)

									Australia						U.S.						Total
Quarter ended March 31, 2024
Long-lived assets									$	5,749					$	2,074					$	7,823
Total									$	5,749					$	2,074					$	7,823

Quarter ended March 31, 2024. During the first quarter of 2024, we recorded impairment expense of $5.7 million related to various undeveloped land positions and related permitting costs in Australia. At March 31, 2024, we identified an impairment trigger related to certain of these properties due to the denial of development permit applications in Australia. Accordingly, the assets were written down to their estimated fair value of $0.6 million.

In addition, during the first quarter of 2024, we recorded impairment expense of $2.1 million, related to land located in the U.S. The land was written down to its estimated fair value (less costs to sell) of $3.8 million.

4.FAIR VALUE MEASUREMENTS

Our financial instruments consist of cash and cash equivalents, receivables, payables and debt instruments. We believe that the carrying values of these instruments on the accompanying consolidated balance sheets approximate their fair values.

As of September 30, 2025 and December 31, 2024, we believe the carrying value of our floating-rate debt outstanding under our revolving credit facilities approximates fair value because the terms include short-term interest rates and exclude penalties for prepayment. We estimated the fair value of our floating-rate revolving credit facilities using significant other observable inputs, representative of a Level 2 fair value measurement, including terms and credit spreads for these loans.

During the second quarter of 2025, we acquired accommodation assets, land and customer contracts and recorded them at fair value. Determining the fair value of assets acquired and liabilities assumed required the exercise of judgment, which included the use of a multi-period excess earnings income approach to determine the fair value of the customer relationships. Specifically, the fair value of the customer relationships was determined by calculating the present value of expected cash flows by applying a discount rate that represents the estimated rate that market participants would require for such intangible assets. The expected cash flows and related discount rate are significant unobservable inputs categorized within Level 3 of the fair value hierarchy. The cash flows employed in the valuation are based on our best estimates of future sales, earnings and cash flows after considering factors such as general market conditions, expected future customer orders, contracts with suppliers, labor costs, changes in working capital, long-term business plans and recent operating performance.

During the first quarter of 2024, we wrote down certain long-lived assets to fair value. Our estimate of the fair value of undeveloped land positions in Australia that were impaired was based on appraisals from third parties.

5.DETAILS OF SELECTED BALANCE SHEET ACCOUNTS

Additional information regarding selected balance sheet accounts at September 30, 2025 and December 31, 2024 is presented below (in thousands):

			September 30, 2025						December 31, 2024
Accounts receivable, net:
Trade			$	85,248					$	72,819
Unbilled revenue			16,445						12,883
Other			3,702						3,544
Total accounts receivable			105,395						89,246
Allowance for credit losses			(394)						(208)
Total accounts receivable, net			$	105,001					$	89,038

11

CIVEO CORPORATION

NOTES TO UNAUDITED CONSOLIDATED

FINANCIAL STATEMENTS

(Continued)

			September 30, 2025						December 31, 2024
Inventories:
Finished goods, including purchased food, housekeeping and retail inventory			$	4,194					$	6,134
Raw materials			1,613						1,403
Total inventories			$	5,807					$	7,537

			Estimated Useful Life (in years)																		September 30, 2025						December 31, 2024
Property, plant and equipment, net:
Land																					$	29,039					$	24,052
Accommodations assets			3						—						15						1,389,717						1,272,515
Buildings and leasehold improvements			7						—						20						13,550						12,386
Machinery and equipment			4						—						7						14,918						13,624
Office furniture and equipment			3						—						7						66,819						65,830
Vehicles			3						—						5						8,187						8,775
Construction in progress																					2,485						6,835
Total property, plant and equipment																					1,524,715						1,404,017
Accumulated depreciation																					(1,273,406)						(1,199,120)
Total property, plant and equipment, net																					$	251,309					$	204,897

			September 30, 2025						December 31, 2024
Accrued liabilities:
Accrued compensation			$	27,114					$	29,209
Accrued taxes, other than income taxes			3,797						3,327
Other			2,770						2,397
Total accrued liabilities			$	33,681					$	34,933

			September 30, 2025						December 31, 2024
Contract assets:
Current contract assets (1)			$	1,376					$	—
Noncurrent contract assets (1)			2,148						—
Total contract assets			$	3,524					$	—
Contract liabilities (Deferred revenue):
Current contract liabilities (2)			$	2,670					$	2,501
Noncurrent contract liabilities (2)			3,506						5,098
Total contract liabilities (Deferred revenue)			$	6,176					$	7,599

(1)Current contract assets and Noncurrent contract assets are included in "Other current assets" and "Other noncurrent assets," respectively, in our unaudited consolidated balance sheets.

(2)Current contract liabilities and Noncurrent contract liabilities are included in "Deferred revenue" and "Other noncurrent liabilities," respectively, in our unaudited consolidated balance sheets.

Contract assets consists of upfront incentives offered as consideration for entering into multi-year contracts. These incentives are refundable to us if the customer cancels the contract prior to the end of the contracted terms. The contract assets are amortized as a reduction of revenue over the contract term as the related services are provided. The increase in contract

12

CIVEO CORPORATION

NOTES TO UNAUDITED CONSOLIDATED

FINANCIAL STATEMENTS

(Continued)

assets from December 31, 2024 to September 30, 2025 was due to incentives offered to a customer in Australia during the first quarter of 2025 to enter into a six-year integrated services contract.

Deferred revenue typically consists of upfront payments received before we satisfy the associated performance obligation. The decrease in deferred revenue from December 31, 2024 to September 30, 2025 was due to revenue recognized over the contracted terms related to advance payments received from a customer for village enhancements in Australia.

6.ASSET ACQUISITION

On May 6, 2025, we acquired the assets of Qantac Pty Ltd (Qantac), located in Queensland, Australia (the Qantac Acquisition) for total consideration of A$105 million (or approximately US$68 million) in cash. The Qantac Acquisition included four villages, with 1,368 rooms in Australia’s Bowen Basin and the associated accommodation assets, land and customer contracts. As a result of the Qantac Acquisition, we expanded our existing accommodations business into the Blackwater region of the Bowen Basin, which was not previously served by our existing villages. The Qantac Acquisition was funded with cash on hand and borrowings under the Amended Credit Agreement (as defined in Note 8). Qantac’s operations are reported as new village locations in our Australia reportable business segment.

The Qantac Acquisition was accounted for as an asset acquisition based on the principles described in ASC 805, which provides a screen to determine when a set of transferred assets is not a business. The screen requires that when substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or a group of similarly identifiable assets, the set of transferred assets is not a business. Under the accounting for asset acquisitions, the acquisition is recorded using a cost accumulation and allocation model under which the cost of such acquisition is allocated on a relative fair value basis to the assets acquired and liabilities assumed. Acquisition-related transaction costs are capitalized as a component of the cost of the assets acquired. Goodwill is not recognized in an asset acquisition, and any difference between consideration transferred and the fair value of the net assets acquired is allocated to the certain identifiable assets acquired based on their relative fair values.

The purchase price was allocated to the net assets as follows (in thousands):

Consideration:
Cash			$	68,189
Direct transaction costs			4,601
Total costs of the asset acquisition			$	72,790

Other current assets			$	184
Property, plant and equipment			70,575
Intangible assets			5,999
Total assets acquired			76,758
Accounts payable and accrued liabilities			67
Deferred income taxes			3,901
Total liabilities assumed			3,968
Net assets acquired			$	72,790

7.EARNINGS PER SHARE

We calculate our basic earnings per share by dividing net income (loss) attributable to Civeo Corporation by the weighted average number of common shares outstanding. For diluted earnings per share, the basic shares outstanding are adjusted by adding all potentially dilutive securities.

13

CIVEO CORPORATION

NOTES TO UNAUDITED CONSOLIDATED

FINANCIAL STATEMENTS

(Continued)

The calculation of basic and diluted earnings per share attributable to Civeo common shareholders is presented below for the periods indicated (in thousands, except per share amounts):

			Three Months Ended September 30,												Nine Months Ended September 30,
			2025						2024						2025						2024
Numerator:
Basic net loss attributable to Civeo Corporation			$	(455)					$	(5,091)					$	(13,611)					$	(1,997)
Diluted net loss attributable to Civeo Corporation			$	(455)					$	(5,091)					$	(13,611)					$	(1,997)
Denominator:
Weighted average shares outstanding - basic			12,395						14,293						13,053						14,488
Dilutive shares - share-based awards			—						—						—						—
Weighted average shares outstanding - diluted			12,395						14,293						13,053						14,488
Basic net loss per share attributable to Civeo Corporation common shareholders (1)			$	(0.04)					$	(0.36)					$	(1.04)					$	(0.14)
Diluted net loss per share attributable to Civeo Corporation common shareholders (1)			$	(0.04)					$	(0.36)					$	(1.04)					$	(0.14)

(1)Computations may reflect rounding adjustments.

Share-based awards that have been excluded from the calculation of weighted-average common shares outstanding because the effect is anti-dilutive totaled 0.1 million shares and 0.2 million shares, respectively, for the three months ended September 30, 2025 and 2024. Share-based awards that have been excluded from the calculation of weighted-average common shares outstanding because the effect is anti-dilutive totaled 0.1 million shares and 0.2 million shares, respectively, for the nine months ended September 30, 2025 and 2024.

14

CIVEO CORPORATION

NOTES TO UNAUDITED CONSOLIDATED

FINANCIAL STATEMENTS

(Continued)

8.DEBT

As of September 30, 2025 and December 31, 2024, long-term debt consisted of the following (in thousands):

			September 30, 2025						December 31, 2024
U.S. revolving credit facility; weighted average interest rate of 9.1% for the nine month period ended September 30, 2025			$	—					$	—
Canadian revolving credit facility; weighted average interest rate of 5.9% for the nine month period ended September 30, 2025			138,632						43,299
Australian revolving credit facility; weighted average interest rate of 6.6% for the nine month period ended September 30, 2025			49,305						—
Total debt			$	187,937					$	43,299

Credit Agreement

On March 24, 2025, we amended our Syndicated Facility Agreement (as amended to date, the Amended Credit Agreement), to increase the Australian revolving commitments by $20.0 million to an aggregate amount of $55.0 million.

As of September 30, 2025, the Amended Credit Agreement provided for a $265.0 million revolving credit facility scheduled to mature on August 8, 2028, allocated as follows: (A) a $10.0 million senior secured revolving credit facility in favor of certain of our U.S. subsidiaries, as borrowers (the U.S. Facility); (B) a $200.0 million senior secured revolving credit facility in favor of Civeo and certain of our U.S. subsidiaries, as borrowers (the Canadian Facility); and (C) a $55.0 million senior secured revolving credit facility in favor of one of our Australian subsidiaries, as borrower.

U.S. dollar amounts outstanding under the facilities provided by the Amended Credit Agreement bear interest at a variable rate equal to Adjusted Term Secured Overnight Financing Rate (SOFR), which is equal to Term SOFR plus a 10 basis point adjustment, plus a margin of 2.50% to 3.75%, or a base rate plus a margin of 1.50% to 2.75%, in each case based on a ratio of our total net debt to Consolidated EBITDA (as defined in the Amended Credit Agreement). Canadian dollar amounts outstanding bear interest at a variable rate equal to Adjusted Term Canadian Overnight Repo Rate Average (CORRA), which is equal to the Term CORRA plus a 29.547 basis point adjustment for one month terms or a 32.138 basis point adjustment for three month terms, plus a margin of 2.50% to 3.75%, or a Canadian Prime rate plus a margin of 1.50% to 2.75%, in each case based on a ratio of our total net debt to Consolidated EBITDA (as defined in the Amended Credit Agreement). Australian dollar amounts outstanding under the Amended Credit Agreement bear interest at a variable rate equal to the Bank Bill Swap Bid Rate plus a margin of 2.50% to 3.75%, based on a ratio of our total net debt to Consolidated EBITDA (as defined in the Amended Credit Agreement).

The Amended Credit Agreement contains customary affirmative and negative covenants that, among other things, limit or restrict: (i) indebtedness, liens and fundamental changes; (ii) asset sales; (iii) specified acquisitions; (iv) certain restrictive agreements; (v) transactions with affiliates; and (vi) investments and other restricted payments, including dividends and other distributions. In addition, we must maintain a minimum interest coverage ratio, defined as the ratio of consolidated EBITDA to consolidated interest expense, of at least 3.00 to 1.00 and a maximum net leverage ratio, defined as the ratio of total net debt to Consolidated EBITDA, of no greater than 3.00 to 1.00. Following a qualified offering of indebtedness, we will be required to maintain a maximum leverage ratio of no greater than 3.50 to 1.00 and a maximum senior secured ratio no greater than 2.00 to 1.00. Each of the factors considered in the calculations of these ratios are defined in the Amended Credit Agreement. EBITDA and consolidated interest, as defined, exclude goodwill and asset impairments, debt discount amortization, amortization of intangibles and other non-cash charges. We were in compliance with our covenants as of September 30, 2025.

Borrowings under the Amended Credit Agreement are secured by a pledge of substantially all of our assets and the assets of our subsidiaries subject to customary exceptions. The obligations under the Amended Credit Agreement are guaranteed by our significant subsidiaries. As of September 30, 2025, we had six lenders that were parties to the Amended Credit Agreement, with total revolving commitments ranging from $35.0 million to $60.0 million. As of September 30, 2025, we had outstanding letters of credit of zero under the U.S. facility, zero under the Australian facility and $0.9 million under the Canadian facility. We also had outstanding bank guarantees of A$1.5 million under the Australian facility.

15

CIVEO CORPORATION

NOTES TO UNAUDITED CONSOLIDATED

FINANCIAL STATEMENTS

(Continued)

9.INCOME TAXES

Our operations are conducted through various subsidiaries in a number of countries throughout the world. We have provided for income taxes based upon the tax laws and rates in the countries in which operations are conducted and income is earned.

We operate in three jurisdictions, Australia, Canada and the U.S., where statutory tax rates range from 15% to 30%. Our effective tax rate will vary from period to period based on changes in earnings mix between these different jurisdictions. On January 1, 2024, the Organization for Economic Cooperation and Development Pillar Two rules became effective and established a minimum 15% tax rate on certain multinational enterprises. The Pillar Two rules have been implemented in Australia and Canada, with the U.S. still uncertain to date. The applicable tax law changes with respect to Pillar Two were considered for the jurisdictions in which we operate, and the rules did not have a materially adverse impact on our financial results.

We compute our quarterly taxes under the effective tax rate method by applying an anticipated annual effective rate to our year-to-date income, except for significant unusual or extraordinary transactions. Income taxes for any significant and unusual or extraordinary transactions are computed and recorded in the period in which the specific transaction occurs. As of September 30, 2025 and 2024, Canada and the U.S. were considered loss jurisdictions for tax accounting purposes and were removed from the annual effective tax rate computation for purposes of computing the interim tax provision.

Our income tax expense for the three months ended September 30, 2025 totaled $4.0 million, or 112.7% of pretax income, compared to income tax expense of $3.9 million, or (270.6)% of pretax loss, for the three months ended September 30, 2024. Our effective tax rate for the three months ended September 30, 2025 and 2024 was impacted by Canada and the U.S. being considered loss jurisdictions that were removed from the annual effective tax rate computation for purposes of computing the interim tax provision.

Our income tax expense for the nine months ended September 30, 2025 totaled $10.7 million, or (372.0)% of pretax loss, compared to income tax expense of $9.2 million, or 148.3% of pretax income, for the nine months ended September 30, 2024. Our effective tax rate for the nine months ended September 30, 2025 and 2024 was impacted by Canada and the U.S. being considered loss jurisdictions that were removed from the annual effective tax rate computation for purposes of computing the interim tax provision.

10.COMMITMENTS AND CONTINGENCIES

We are a party to various pending or threatened claims, lawsuits and administrative proceedings seeking damages or other remedies concerning our commercial operations, products, employees and other matters, including warranty and product liability claims as a result of our products or operations. Although we can give no assurance about the outcome of pending legal and administrative proceedings and the effect such outcomes may have on us, management believes that any ultimate liability resulting from the outcome of such proceedings, to the extent not otherwise provided for or covered by insurance, will not have a material adverse effect on our consolidated financial position, results of operations or liquidity. 

11.ACCUMULATED OTHER COMPREHENSIVE LOSS

Our accumulated other comprehensive loss decreased $11.3 million from $404.6 million at December 31, 2024 to $393.3 million at September 30, 2025, as a result of foreign currency exchange rate fluctuations. Changes in other comprehensive loss during the nine months of 2025 were primarily driven by the Australian dollar and Canadian dollar increasing in value compared to the U.S. dollar. Excluding intercompany balances, our Canadian dollar and Australian dollar functional currency net assets totaled approximately C$23 million and A$248 million, respectively, at September 30, 2025. 

16

CIVEO CORPORATION

NOTES TO UNAUDITED CONSOLIDATED

FINANCIAL STATEMENTS

(Continued)

12. SHARE REPURCHASE PROGRAMS AND DIVIDENDS

Share Repurchase Programs

In September 2024, our Board of Directors (Board) authorized a common share repurchase program (the Share Repurchase Program) to repurchase up to 5.0% of our total common shares which were issued and outstanding at that date, or approximately 0.7 million common shares over a twelve month period. In March 2025, our Board authorized an increase to the Share Repurchase Program to repurchase up to 10.0% of our total common shares which are issued and outstanding at that date, or approximately 1.4 million common shares, and in April 2025, our Board authorized a further increase to repurchase up to 20.0% of our total common shares which are issued and outstanding at that date, or approximately 2.7 million common shares.

The repurchase authorization allows repurchases from time to time through a variety of methods, including but not limited to open market repurchases, pursuant to a Rule 10b5-1 compliant plan, or privately negotiated transactions. We have funded, and intend to continue to fund, repurchases through cash on hand, cash from debt incurrences and cash generated from operations. Any common shares repurchased are cancelled in the periods they are acquired and the payment is accounted for as an increase to accumulated deficit in our Unaudited Consolidated Statements of Changes in Shareholders’ Equity in the period the payment is made.

The following table summarizes our common share repurchases for the periods presented (in thousands, except per share data):

			Three Months Ended September 30,												Nine Months Ended September 30,
			2025						2024						2025						2024
Dollar-value of shares repurchased			$	26,210					$	14,208					$	48,684					$	24,060
Shares repurchased			1,051.0						514.8						2,087.5						922.0
Average price paid per share			$	24.93					$	27.59					$	23.30					$	26.08

Dividends

Our Board declared the following quarterly dividends for the nine months ended September 30, 2025 and 2024. The dividends are eligible dividends pursuant to the Income Tax Act (Canada). In April 2025, our Board suspended quarterly dividends on our common shares to prioritize returning capital to our shareholders through ongoing share repurchases.

Date Declared

Record Date

Payment Date

Per Share Amount

January 31, 2025

February 24, 2025

March 17, 2025

$0.25

July 30, 2024

August 26, 2024

September 16, 2024

$0.25

April 26, 2024

May 27, 2024

June 17, 2024

$0.25

February 2, 2024

February 26, 2024

March 18, 2024

$0.25

13.SHARE-BASED COMPENSATION

Certain key employees and non-employee directors participate in the Amended and Restated 2014 Equity Participation Plan of Civeo Corporation (the Civeo Plan). The Civeo Plan authorizes our Board and the Compensation Committee of our Board to approve and grant awards of options, awards of restricted shares, performance share awards, phantom share units and dividend equivalents, awards of deferred shares, and share payments to our employees and non-employee directors. Approximately 3.0 million Civeo common shares are authorized to be issued under the Civeo Plan.

Outstanding Awards 

Phantom Share Units. On March 3, 2025, we granted 171,723 phantom share units under the Civeo Plan, which vest in three equal annual installments beginning on March 3, 2026. We also granted 57,432 phantom share units under the Canadian Long-Term Incentive Plan, which vest in three equal annual installments beginning on March 3, 2026. Phantom share units are settled in cash upon vesting.

17

CIVEO CORPORATION

NOTES TO UNAUDITED CONSOLIDATED

FINANCIAL STATEMENTS

(Continued)

During the three months ended September 30, 2025 and 2024, we recognized compensation expense associated with phantom share units totaling $1.5 million and $2.1 million, respectively. During the nine months ended September 30, 2025 and 2024, we recognized compensation expense associated with phantom share units totaling $4.8 million and $5.1 million, respectively. At September 30, 2025, unrecognized compensation cost related to phantom share units was $7.9 million, as remeasured at September 30, 2025, which is expected to be recognized over a weighted average period of 1.9 years.

Performance Share Awards. On March 3, 2025, we granted 189,124 performance share awards under the Civeo Plan, which cliff vest after three years subject to attainment of applicable performance criteria. These awards will be earned in amounts between 0% and 200% of the participant’s target performance share award, based on the payout percentage associated with Civeo’s relative total shareholder return rank among a peer group of other companies and the payout percentage associated with Civeo's three-year growth in EBITDA over the performance period relative to a preset 2027 EBITDA target. The portion of the performance share awards tied to the 2027 EBITDA target includes a performance-based vesting requirement. We evaluate the probability of achieving the performance criteria throughout the performance period and will adjust share-based compensation expense based on the number of shares expected to vest based on our estimate of the most probable performance outcome. No share-based compensation expense is recognized if the performance criteria are not probable of being achieved.

During the three months ended September 30, 2025 and 2024, we recognized compensation expense associated with performance share awards totaling $0.8 million and $0.5 million, respectively. During the nine months ended September 30, 2025 and 2024, we recognized compensation expense associated with performance share awards totaling $1.5 million and $1.1 million, respectively. No performance share awards vested during the three months ended September 30, 2025 and 2024. The total fair value of performance share awards that vested during the nine months ended September 30, 2025 and 2024 was $1.7 million and $2.8 million, respectively. At September 30, 2025, unrecognized compensation cost related to performance share awards was $3.3 million, which is expected to be recognized over a weighted average period of 2.1 years. 

Restricted Share Awards / Restricted Share Units / Deferred Share Awards. On May 14, 2025, we granted 50,215 restricted share and deferred share awards to our non-employee directors, which vest in their entirety in May 2026.

Compensation expense associated with restricted share awards, restricted share units and deferred share awards recognized in the three months ended September 30, 2025 and 2024 totaled $0.3 million and $0.3 million, respectively. Compensation expense associated with restricted share awards, restricted share units and deferred share awards recognized in the nine months ended September 30, 2025 and 2024 totaled $0.8 million and $0.8 million, respectively. The total fair value of restricted share awards, restricted share units and deferred share awards that vested during the three months ended September 30, 2025 and 2024 was zero. The total fair value of restricted share awards, restricted share units and deferred share awards that vested during the nine months ended September 30, 2025 and 2024 was $0.9 million and $1.2 million, respectively.

At September 30, 2025, unrecognized compensation cost related to restricted share awards, restricted share units and deferred share awards was $0.6 million, which is expected to be recognized over a weighted average period of 0.6 years.

18

CIVEO CORPORATION

NOTES TO UNAUDITED CONSOLIDATED

FINANCIAL STATEMENTS

(Continued)

14.SEGMENT AND RELATED INFORMATION

We report segment information based on the “management” approach. The management approach designates the internal reporting used by management for making decisions and assessing performance as the source of our reportable segments. Our Chief Executive Officer is the chief operation decision maker. We have identified two reportable segments, Australia and Canada, which represent our strategic focus on hospitality services and workforce accommodations.

Prior to the fourth quarter of 2024, we presented segment operating income (loss) to include an allocation of corporate overhead expenses. To better align segment operating income (loss) to the profitability measure used by our chief operating decision maker, we have excluded this allocation. Prior periods have been updated to be consistent with the presentation for the three and nine months ended September 30, 2025.

Financial information by business segment for each of the three and nine months ended September 30, 2025 and 2024 is summarized in the following table (in thousands):

Three Months Ended September 30, 2025			Australia						Canada						Corporate, other and eliminations						Total
Revenues			$	124,460					$	46,031					$	—					$	170,491
Cost of sales and services			91,024						35,660						20						126,704
Revenues less cost of sales and services			33,436						10,371						(20)						43,787
Selling, general and administrative expenses (1)			7,205						3,746						7,156						18,107
Depreciation and amortization expense			9,929						10,057						26						20,012
Other operating expense (income) (2)			(363)						(1,072)						137						(1,298)
Operating income (loss)			16,665						(2,360)						(7,339)						6,966
Reconciliation to income (loss) before income taxes
Other loss (3)																					(3,384)
Income before income taxes																					$	3,582
Capital expenditures			$	4,786					$	825					$	—					$	5,611
Total assets			$	278,736					$	198,884					$	13,447					$	491,067

19

CIVEO CORPORATION

NOTES TO UNAUDITED CONSOLIDATED

FINANCIAL STATEMENTS

(Continued)

Three Months Ended September 30, 2024			Australia						Canada						Corporate, other and eliminations						Total
Revenues			$	116,622					$	57,736					$	1,980					$	176,338
Cost of sales and services			87,067						50,052						1,423						138,542
Revenues less cost of sales and services			29,555						7,684						557						37,796
Selling, general and administrative expenses (1)			7,158						4,717						7,760						19,635
Depreciation and amortization expense			8,086						9,264						90						17,440
Other operating expense (income) (2)			(7)						179						505						677
Operating income (loss)			14,318						(6,476)						(7,798)						44
Reconciliation to income (loss) before income taxes
Other loss (3)																					(1,471)
Loss before income taxes																					$	(1,427)
Capital expenditures			$	3,889					$	3,558					$	29					$	7,476
Total assets			$	218,733					$	244,458					$	14,445					$	477,636

Nine Months Ended September 30, 2025			Australia						Canada						Corporate, other and eliminations						Total
Revenues			$	340,778					$	136,451					$	—					$	477,229
Cost of sales and services			250,221						112,342						287						362,850
Revenues less cost of sales and services			90,557						24,109						(287)						114,379
Selling, general and administrative expenses (1)			20,329						12,175						24,258						56,762
Depreciation and amortization expense			26,783						27,228						81						54,092
Other operating expense (income) (2)			(432)						(990)						697						(725)
Operating income (loss)			43,877						(14,304)						(25,323)						4,250
Reconciliation to income (loss) before income taxes
Other loss (3)																					(7,135)
Loss before income taxes																					$	(2,885)
Capital expenditures			$	10,182					$	5,198					$	—					$	15,380
Total assets			$	278,736					$	198,884					$	13,447					$	491,067

20

CIVEO CORPORATION

NOTES TO UNAUDITED CONSOLIDATED

FINANCIAL STATEMENTS

(Continued)

Nine Months Ended September 30, 2024			Australia						Canada						Corporate, other and eliminations						Total
Revenues			$	316,967					$	204,423					$	9,781					$	531,171
Cost of sales and services			234,217						166,158						9,446						409,821
Revenues less cost of sales and services			82,750						38,265						335						121,350
Selling, general and administrative expenses (1)			18,426						14,053						23,229						55,708
Depreciation and amortization expense			23,018						27,912						339						51,269
Other operating expense (income) (2)			5,844						(5,783)						2,937						2,998
Operating income (loss)			35,462						2,083						(26,170)						11,375
Reconciliation to income (loss) before income taxes
Other loss (3)																					(5,174)
Income before income taxes																					$	6,201
Capital expenditures			$	12,059					$	6,300					$	46					$	18,405
Total assets			$	218,733					$	244,458					$	14,445					$	477,636

(1)Corporate, other and eliminations selling, general and administrative expenses includes corporate information technology (IT) expenses managed on a worldwide basis that are not allocated to individual segments in Australia and Canada. During the three months ended September 30, 2025 and 2024, we recognized IT expenses at corporate not allocated of $1.8 million and $2.3 million, respectively. During the nine months ended September 30, 2025 and 2024, we recognized IT expenses at corporate not allocated of $5.8 million and $6.8 million, respectively.

(2)Other operating expense (income) for each reportable segment primarily includes other operating income and expenses for the three and nine months ended September 30, 2025 and 2024. Canada includes (Gain) loss on sale of McClelland Lake Lodge assets, net for the three and nine months ended September 30, 2024. In addition, other operating expense (income) includes impairment expense in Canada and the U.S. for the nine months ended September 30, 2024.

(3)Other income (loss) is primarily related to interest expense, interest income and other income.

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Cautionary Statement Regarding Forward-Looking Statements

This Quarterly Report on Form 10-Q contains certain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 (the Exchange Act). The Private Securities Litigation Reform Act of 1995 provides safe harbor provisions for forward-looking information. The forward-looking statements can be identified by the use of forward-looking terminology including “may,” “expect,” “anticipate,” “estimate,” “continue,” “believe” or other similar words. The forward-looking statements in this report include, but are not limited to, the statements in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” relating to our expectations about the macroeconomic environment and industry conditions, including the volatility in the price of and demand for commodities, as well as our expectations about capital expenditures in 2025, beliefs with respect to liquidity needs and expectations with respect to growth strategies and opportunities, share repurchases and dividends and benefits of the Qantac Acquisition. Actual results could differ materially from those projected in the forward-looking statements as a result of a number of important factors. For a discussion of known material factors that could affect our results, refer to “Risk Factors” in this quarterly report and "Risk Factors," “Cautionary Statement Regarding Forward-Looking Statements,” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in our Annual Report on Form 10-K for the year ended December 31, 2024 and our subsequent SEC filings. Should one or more of these risks or uncertainties materialize, or should the assumptions prove incorrect, actual results may differ materially from those expected, estimated or projected. Our management believes these forward-looking statements are reasonable. However, you should not place undue reliance on these forward-looking statements, which are based only on our current expectations and are not guarantees of future performance. All subsequent written and oral forward-looking statements attributable to us or to persons acting on our behalf are expressly qualified in their entirety by the foregoing. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to publicly update or revise any of them in light of new information, future events or otherwise, except to the extent required by applicable law.

In addition, in certain places in this quarterly report, we may refer to reports published by third parties that purport to describe trends or developments in the natural resources industry. We do so for the convenience of our shareholders and in an effort to provide information available in the market that will assist our investors in a better understanding of the market environment in which we operate. However, we specifically disclaim any responsibility for the accuracy and completeness of such information and undertake no obligation to update such information.

ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

You should read the following discussion and analysis together with our consolidated financial statements and the notes to those statements included elsewhere in this Quarterly Report on Form 10-Q.

Overview and Macroeconomic Environment 

Demand for our hospitality services is driven primarily by ongoing operations of existing natural resource projects in Australia and Canada. Historically, initial demand for our hospitality services has been driven by our customers’ capital spending programs related to the construction and development of natural resource projects and associated infrastructure. Long-term demand for our services has been driven by natural resource production, maintenance, operation and expansion of those facilities. In general, industry capital spending programs are based on the outlook for commodity prices, production costs, economic growth, perceived political risk, global commodity supply/demand, reserve replacement requirements, estimates of resource production, annual maintenance requirements and the expectations of our customers' shareholders. As a result, demand for our hospitality services is sensitive to expected commodity prices, principally related to met (metallurgical) coal, oil, iron ore and liquefied natural gas (LNG), and the resultant impact of these commodity price expectations on our customers' spending. Other factors that can affect our business and financial results include the general global economic environment, including inflationary pressures, supply chain disruptions and labor shortages, the impact of global tariff changes and other changes to trade policies, volatility affecting the banking system and financial markets, availability of capital to the natural resource industry and regulatory changes in Australia, Canada and other markets, including governmental measures introduced to mitigate climate change.

Commodity Prices

There is continued uncertainty around commodity price levels, driven by many factors including global recession fears that may result from inflationary pressures and higher interest rates, an economic slowdown in China and resultant economic stimulus by the Chinese government, the impact of changes to global tariff and trade policies, actions taken by Organization of

22

the Petroleum Exporting Countries Plus (OPEC+) to adjust oil production levels, geopolitical events such as the ongoing Russia/Ukraine and Middle East conflicts, United States (U.S.) oil production levels and regulatory implications on such prices. In particular, these items could cause our Canadian oil sands and pipeline customers to delay expansionary and maintenance spending and defer additional investments in their oil sands assets and in extreme cases reduce production.

Recent Commodity Prices.

Recent met coal, iron ore, West Texas Intermediate (WTI) crude, and Western Canadian Select (WCS) crude pricing trends are as follows:

						Average Price (1)
Quarter ended						Hard Coking Coal (Met Coal) (per tonne)						Iron Ore (per tonne)						WTI Crude (per bbl)						WCS Crude (per bbl)
Fourth Quarter through October 24, 2025						189.51						98.54						60.03						48.32
9/30/2025						183.06						96.97						65.06						52.48
6/30/2025						186.10						92.70						63.81						53.15
3/31/2025						185.13						97.25						71.47						58.27
12/31/2024						203.50						96.00						70.42						57.50
9/30/2024						210.74						94.54						75.29						59.97
6/30/2024						242.93						106.01						80.83						67.24
3/31/2024						307.68						118.54						77.01						59.48
12/31/2023						332.24						122.24						78.60						55.31
9/30/2023						260.12						111.04						82.50						66.20
6/30/2023						243.54						106.98						73.54						60.25

(1)Source: Hard coking prices are from IHS Markit, iron ore prices and WCS crude prices are from Bloomberg and WTI crude prices are from U.S. Energy Information Administration.

Met Coal. In Australia, 86% of our Australian owned rooms are located in the Bowen Basin of Queensland, Australia and primarily serve met coal mines in that region. Met coal pricing and production growth in the Bowen Basin region is predominantly influenced by the level of global steel production, which remained subdued with negative growth through the third quarter of 2025. China, Europe and Japan all experienced negative growth during January through August 2025, while India continues to see consistent positive growth over the same period. Global tariff changes, recession fears and associated business uncertainty are weighing on current and short-term global steel production.

Global steel production decreased by 1.6% for the nine months through September 2025 compared to the same period of 2024. As of October 24, 2025, met coal spot prices were $194.20 per tonne.

Met coal prices have remained between $168 and $198 per tonne for the nine months through September 2025, since dropping below $200 per tonne in late 2024. In the third quarter of 2025 met coal prices have consistently averaged between $172 and $190 per tonne. Lower met coal prices are the result of lower steel demand and production, high global met coal inventories and increasing met coal supply.

With the lower met coal price environment persisting into the third quarter of 2025, producers continued to re-evaluate their production levels and costs. In September 2025, several large and mid-tier producers in Queensland, Australia reported making production cuts and workforce reductions in response to pressure on operating margins. An improvement in met coal prices remains contingent on stronger demand, which would be supported by increased steel production, as well as tighter supply resulting from producer maintenance activity and production curtailments by higher cost suppliers. Such improvements in the supply and demand fundamentals for met coal may be impacted by ongoing geopolitical tensions associated with global tariffs and trade agreements, along with recent supply increases in the U.S.

Iron Ore. Iron ore prices increased to average $96.97 per tonne during the third quarter of 2025, which was driven by demand from steel producer restocking activity. Iron ore supply late in the third quarter of 2025 strengthened due to favorable weather conditions in Brazil and is expected to strengthen further with additional supply coming to the market in late 2025 and early 2026. Analysts expect prices to remain stable over the fourth quarter; however, any further upside in prices is likely to be limited given the strong production outlook.

23

WTI Crude. In an effort to retain and recapture global market share, OPEC+ began reversing previously implemented production cuts at the beginning of the second quarter of 2025 and accelerating into the third quarter of 2025, increasing production despite flattening global demand for oil. The combined impact of these factors reduced WTI prices, which are down approximately 13% year-to-date through the end of the third quarter of 2025. Forecasts currently have oil prices averaging $60.00 per barrel in the fourth quarter of 2025. In light of this macroeconomic backdrop, our Canadian oil sands customers are increasingly looking to reduce costs and headcounts.

WCS Crude. In Canada, WCS crude is the benchmark price for our oil sands customers. Pricing for WCS is driven by several factors, including the underlying price for WTI crude, the availability of transportation infrastructure (consisting of pipelines and crude by railcar), refinery blending requirements and governmental regulation. Historically, WCS has traded at a discount to WTI, creating a “WCS Differential,” due to transportation costs and export capacity limitations to move Canadian heavy oil production to refineries, primarily along the U.S. Gulf Coast. The WCS Differential has varied depending on the extent of transportation capacity availability.

WCS prices in the third quarter of 2025 averaged $52.48 per barrel compared to an average of $59.97 in the third quarter of 2024. The WCS Differential decreased from $13.49 per barrel at the end of the fourth quarter of 2024 to $11.98 at the end of the third quarter of 2025. Further, the U.S. administration has implemented and amended several new tariffs over the past several months, including a 10% tariff on Canadian energy imports to the U. S. Implementation of tariffs on oil from Canada could have an adverse impact on our Canadian customers profit margins, which may in turn reduce their spending on our accommodations and services.

Other

Qantac Acquisition. On May 6, 2025, we completed the Qantac Acquisition located in Queensland, Australia, which included four villages with 1,368 rooms in Australia’s Bowen Basin and the associated accommodation assets, land and customer contracts. See Note 6. Asset Acquisition to the notes to the unaudited consolidated financial statements included in Item 1 of this quarterly report for further discussion.

Inflationary Pressures. Since 2023, price increases resulting from pandemic-related inflation and supply chain concerns have, and are expected to continue to have, a negative impact on our labor and food costs, as well as consumable costs such as fuel. Lingering inflation from the pandemic has recently been exacerbated by changes to global tariffs and trade policies. We are managing inflation risk with negotiated service scope changes and contractual protections. Although inflation resulting from global tariffs implemented or threatened by the U.S. administration, and the resulting retaliations by its trading partners, did not materially impact our cost structure in the third quarter of 2025, concerns remain that inflationary pressures could return in the future.

Labor Shortages. In addition to the macro inflationary impacts on labor costs noted above, we continue to be impacted by increased staff costs as a result of hospitality labor shortages in Australia. Australia’s labor market remains historically tight, with unemployment holding around 4% and job mobility (movement of workers between different employers or businesses) at its lowest in 30 years. A persistent overhang of vacancies continues to constrain recruitment, while government stimulus has disproportionately driven job growth in healthcare, aged care, education and public services. Despite easing inflation, regulated labor costs remain high, with the Fair Work Commission decisions pushing wage increases well above Consumer Price Index changes, and statutory increases in superannuation, workers’ compensation and payroll tax are further inflating total labor costs. For hospitality, this combination of scarce labor supply, competition from government-funded sectors and rising employment costs creates sustained pressure on staffing productivity and availability.

LNG. Our Sitka Lodge supports the LNG Canada (LNGC) project and related pipeline projects (specifically, the Coastal GasLink Pipeline, the pipeline constructed to transport natural gas feedstock to LNGC). Construction activity of Phase 1 of the Kitimat LNG Facility has been completed and commercial operations commenced at the end of June 2025. The Coastal GasLink Pipeline was completed in 2024. As such, we expect continued lower occupancy at our Sitka Lodge in the near-term until subsequent phases of the LNGC project are approved and commence, or additional construction activity in the region, drive increased occupancy demand.

From a macroeconomic standpoint, LNG demand has continued to grow, reinforcing the need for the global LNG industry to expand access to natural gas. Evolving government energy policies around the world have amplified support for cleaner energy supply, creating more opportunities for natural gas and LNG. The conflicts between Russia/Ukraine and in the Middle East have further highlighted the need for secure natural gas supply globally, particularly in Europe. Accordingly, we expect additional investment in LNG supply will be needed to meet the resulting expected long-term LNG demand growth.

24

Foreign Currency Exchange Rates. Exchange rates between the U.S. dollar and each of the Australian dollar and the Canadian dollar influence our U.S. dollar reported financial results. Our business has historically derived the vast majority of its revenues and operating income (loss) in Australia and Canada. These revenues and profits/losses are translated into U.S. dollars for financial reporting purposes under U.S. Generally Accepted Accounting Principles. The following tables summarize the fluctuations in the exchange rates between the U.S. dollar and each of the Australian dollar and the Canadian dollar:

			Three Months Ended September 30,																								Nine Months Ended September 30,
			2025						2024						Change						Percentage						2025						2024						Change						Percentage
Average Australian dollar to U.S. dollar			$0.6541						$0.6700						($0.016)						(2.37)%						$0.6409						$0.6621						($0.021)						(3.20)%
Average Canadian dollar to U.S. dollar			$0.7260						$0.7334						($0.007)						(1.01)%						$0.7152						$0.7352						($0.020)						(2.72)%

			As of
			September 30, 2025						December 31, 2024						Change						Percentage
Australian dollar to U.S. dollar			$0.6574						$0.6196						$0.038						6.10%
Canadian dollar to U.S. dollar			$0.7183						$0.6950						$0.023						3.35%

These fluctuations of the Australian and Canadian dollars have had and will continue to have an impact on the translation of earnings generated from our Australian and Canadian subsidiaries and, therefore, our financial results.

Capital Expenditures. We continue to monitor the global economy, commodity prices, demand for met coal, crude oil, LNG and iron ore, inflation, trade policy and the resultant impact on the capital spending plans of our customers in order to plan our business activities. We currently expect that our 2025 capital expenditures will be in the range of approximately $20 million to $25 million, compared to 2024 capital expenditures of $26.1 million. We may adjust our capital expenditure plans in the future as we continue to monitor customer activity.

See “Liquidity and Capital Resources” below for further discussion of our 2025 capital expenditures.

25

Results of Operations 

Unless otherwise indicated, discussion of results for the three and nine months ended September 30, 2025, is based on a comparison to the corresponding period of 2024. 

Results of Operations – Three Months Ended September 30, 2025 Compared to Three Months Ended September 30, 2024

			Three Months Ended September 30,
			2025						2024						Change
			($ in thousands)
Revenues:
Australia			$	124,460					$	116,622					$	7,838
Canada			46,031						57,736						(11,705)
Other			—						1,980						(1,980)
Total revenues			170,491						176,338						(5,847)
Costs and expenses:
Cost of sales and services
Australia			91,024						87,067						3,957
Canada			35,660						50,052						(14,392)
Other			20						1,423						(1,403)
Total cost of sales and services			126,704						138,542						(11,838)
Selling, general and administrative expenses			18,107						19,635						(1,528)
Depreciation and amortization expense			20,012						17,440						2,572
Loss on sale of McClelland Lake Lodge assets, net			—						171						(171)
Other operating (income) expense			(1,298)						506						(1,804)
Total costs and expenses			163,525						176,294						(12,769)
Operating income			6,966						44						6,922
Interest expense, net			(3,394)						(1,675)						(1,719)
Other income			10						204						(194)
Income (loss) before income taxes			3,582						(1,427)						5,009
Income tax expense			(4,038)						(3,862)						(176)
Net loss			(456)						(5,289)						4,833
Less: Net loss attributable to noncontrolling interest			(1)						(198)						197
Net loss attributable to Civeo Corporation			$	(455)					$	(5,091)					$	4,636

We reported net loss attributable to Civeo for the quarter ended September 30, 2025 of $0.5 million, or $0.04 per diluted share. Net loss included $0.6 million of shareholder activist related costs and $0.2 million of cost saving initiatives in Canada.

We reported net loss attributable to Civeo for the quarter ended September 30, 2024 of $5.1 million, or $0.36 per diluted share.

Revenues. Consolidated revenues decreased $5.8 million, or 3%, in the third quarter of 2025 compared to the third quarter of 2024. This decrease was primarily driven by (i) lower billed rooms at our oil sands lodges in Canada as producers in the region remain focused on reducing operating costs, (ii) lower food service and other services revenue in Canada as client maintenance work was softer in the third quarter of 2025 and (iii) a weaker Australian dollar relative to the U.S. dollar in the third quarter of 2025 compared to the third quarter of 2024. These items were partially offset by an increase in Australia related to the Qantac Acquisition in the second quarter of 2025 and new business in our integrated services villages in Queensland. The assets from the Qantac Acquisition generated $8.4 million of revenues in the third quarter of 2025. See the discussion of segment results of operations below for further information.

Cost of Sales and Services. Our consolidated cost of sales and services decreased $11.8 million, or 9%, in the third quarter of 2025 compared to the third quarter of 2024. This decrease was primarily driven by (i) lower costs at various lodges in Canada due to reduced occupancy levels, (ii) reduced costs at various lodges and reduced indirect costs in Canada as a result of various cost reduction measures implemented in Canada in late 2024 and early 2025, (iii) reduced food service and other services costs in Canada as client maintenance work was softer in the third quarter of 2025 and (iv) a weaker Australian dollar relative to the U.S. dollar in the third quarter of 2025 compared to the third quarter of 2024. These items were partially offset by

26

an increase in Australia related to the Qantac Acquisition in the second quarter of 2025 and new business in our integrated services villages in Queensland and the associated overhead costs. See the discussion of segment results of operations below for further information.

Selling, General and Administrative Expenses. Selling, general and administrative (SG&A) expenses decreased $1.5 million, or 8%, in the third quarter of 2025 compared to the third quarter of 2024. This decrease was primarily due to lower incentive compensation cost of $0.6 million, lower office expenses of $0.5 million, lower share-based compensation of $0.4 million and a weaker Australian and Canadian dollar relative to the U.S. dollar in the third quarter of 2025 compared to the third quarter of 2024.

Depreciation and Amortization Expense. Depreciation and amortization expense increased $2.6 million, or 15%, in the third quarter of 2025 compared to the third quarter of 2024. The increase was primarily due to additional property, plant and equipment acquired through the Qantac Acquisition and shortening the lives on certain assets in Canada, partially offset by reduced depreciation expense resulting from impairments recorded in 2024 and a weaker Australian and Canadian dollar relative to the U.S. dollar in the third quarter of 2025 compared to the third quarter of 2024.

Operating Income. Consolidated operating income increased $6.9 million in the third quarter of 2025 compared to the third quarter of 2024, primarily driven by higher activity levels in Australia and gross margin expansion in Canada despite lower lodge occupancy resulting from cost cutting measures previously implemented. These items were partially offset by higher depreciation and amortization expense in the third quarter of 2025 compared to the third quarter of 2024.

Interest Expense, net. Net interest expense increased by $1.7 million, or 103%, in the third quarter of 2025 compared to the third quarter of 2024, primarily related to higher average debt levels, as a result of the Qantac Acquisition and increased share repurchases, partially offset by lower interest rates on credit facility borrowings during 2025 compared to 2024.

Income Tax Expense. Our income tax expense for the three months ended September 30, 2025 totaled $4.0 million, or 112.7% of pretax income, compared to an income tax expense of $3.9 million, or (270.6)% of pretax loss, for the three months ended September 30, 2024. Our effective tax rate for the three months ended September 30, 2025 and 2024 was impacted by Canada and the U.S. being considered loss jurisdictions that were removed from the annual effective tax rate computation for purposes of computing the interim tax provision.

Other Comprehensive Income (Loss). Other comprehensive income decreased $8.0 million in the third quarter of 2025 compared to the third quarter of 2024, primarily as a result of foreign currency translation adjustments due to changes in the Australian and Canadian dollar exchange rates compared to the U.S. dollar. The Australian dollar exchange rate compared to the U.S. dollar remained constant in the third quarter of 2025 compared to a 4% increase in the third quarter of 2024. The Canadian dollar exchange rate compared to the U.S. dollar decreased 2% in the third quarter of 2025 compared to a 1% increase in the third quarter of 2024.

27

Segment Results of Operations – Australian Segment

			Three Months Ended September 30,
			2025						2024						Change
Revenues ($ in thousands)
Accommodation revenue (1)			$	58,405					$	51,370					$	7,035
Food service and other services revenue (2)			66,055						65,252						803
Total revenues			$	124,460					$	116,622					$	7,838
Cost of sales and services ($ in thousands)
Accommodation cost			$	27,779					$	24,783					$	2,996
Food service and other services cost			59,469						58,787						682
Indirect other cost			3,776						3,497						279
Total cost of sales and services			$	91,024					$	87,067					$	3,957
Gross margin as a % of revenues			26.9		%				25.3		%				1.5		%
Average daily rate for owned villages (3)			$	77					$	79					$	(2)
Total billed rooms for owned villages (4)			762,974						647,358						115,616
Average Australian dollar to U.S. dollar			$	0.654					$	0.670					$	(0.016)

(1)Includes revenues related to village rooms and hospitality services for owned rooms for the periods presented.

(2)Includes revenues related to food services and other services, including facilities management for the periods presented.

(3)Average daily rate is based on billed rooms and accommodation revenue in the Company's owned villages.

(4)Billed rooms represent total billed days for owned assets for the periods presented.

Our Australian segment reported revenues in the third quarter of 2025 that were $7.8 million, or 7%, higher than the third quarter of 2024. The weakening of the average exchange rate for the Australian dollar relative to the U.S. dollar by 2.4% in the third quarter of 2025 compared to the third quarter of 2024 resulted in a $3.0 million period-over-period decrease in revenues. On a constant currency basis, the Australian segment experienced a 9.3% period-over-period increase in revenues. Excluding the impact of the weaker Australian exchange rate, the increase in the Australian segment was driven by the Qantac Acquisition in the second quarter of 2025 and new integrated services business in Queensland.

Our Australian segment cost of sales and services increased $4.0 million, or 5%, in the third quarter of 2025 compared to the third quarter of 2024. The weakening of the average exchange rate for the Australian dollar relative to the U.S. dollar by 2.4% in the third quarter of 2025 compared to the third quarter of 2024 resulted in a $2.2 million period-over-period decrease in cost of sales and services. Excluding the impact of the weaker Australian exchange rate, the increase in cost of sales and services in the Australian segment was largely driven by the Qantac Acquisition and new integrated services business in Queensland and the associated overhead costs.

Our Australian segment gross margin as a percentage of revenues increased to 26.9% in the third quarter of 2025 from 25.3% in the third quarter of 2024. This was primarily driven by increased relative contribution from our accommodation business associated with the Qantac Acquisition. Our accommodation business generates higher gross margins than our integrated services business which has a service-only business model.

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Segment Results of Operations – Canadian Segment

			Three Months Ended September 30,
			2025						2024						Change
Revenues ($ in thousands)
Accommodation revenue (1)			$	38,684					$	48,747					$	(10,063)
Mobile facility rental revenue (2)			393						123						270
Food service and other services revenue (3)			6,954						8,866						(1,912)
Total revenues			$	46,031					$	57,736					$	(11,705)
Cost of sales and services ($ in thousands)
Accommodation cost			$	27,107					$	38,762					$	(11,655)
Mobile facility rental cost			36						361						(325)
Food service and other services cost			6,547						8,385						(1,838)
Indirect other costs			1,970						2,544						(574)
Total cost of sales and services			$	35,660					$	50,052					$	(14,392)
Gross margin as a % of revenues			22.5		%				13.3		%				9.2		%
Average daily rate for owned lodges (4)			$	100					$	100					$	—
Total billed rooms for owned lodges (5)			382,660						483,767						(101,107)
Average Canadian dollar to U.S. dollar			$	0.726					$	0.733					$	(0.007)

(1)Includes revenues related to lodge 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 for the periods presented.

(4)Average daily rate is based on billed rooms and accommodation revenue in the Company's owned lodges.

(5)Billed rooms represents total billed days for owned assets for the periods presented.

Our Canadian segment reported revenues in the third quarter of 2025 that were $11.7 million, or 20%, lower than the third quarter of 2024. The decrease in the Canadian segment was driven by lower billed rooms at our oil sands lodges, down 20% year-over-year, as producers in the region remain focused on reducing operating costs and lower food service and other services revenue as client maintenance work in the third quarter of 2024 did not recur to the same extent in 2025.

Our Canadian segment cost of sales and services decreased $14.4 million, or 29%, in the third quarter of 2025 compared to the third quarter of 2024. The decrease in cost of sales and services in the Canadian segment was largely driven by (i) lower costs at various lodges due to reduced occupancy levels, (ii) reduced costs at various lodges and reduced indirect costs as a result of various cost reduction measures implemented in late 2024 and early 2025 and (iii) reduced food service and other services costs as client maintenance work in the third quarter of 2024 did not recur to the same extent in 2025.

Our Canadian segment gross margin as a percentage of revenues increased from 13.3% in the third quarter of 2024 to 22.5% in the third quarter of 2025. This was primarily driven by higher margins at our lodges as a result of various cost reduction measures implemented in late 2024 and early 2025.

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Results of Operations – Nine Months Ended September 30, 2025 Compared to Nine Months Ended September 30, 2024

			Nine Months Ended September 30,
			2025						2024						Change
			($ in thousands)
Revenues:
Australia			$	340,778					$	316,967					$	23,811
Canada			136,451						204,423						(67,972)
Other			—						9,781						(9,781)
Total revenues			477,229						531,171						(53,942)
Costs and expenses:
Cost of sales and services
Australia			250,221						234,217						16,004
Canada			112,342						166,158						(53,816)
Other			287						9,446						(9,159)
Total cost of sales and services			362,850						409,821						(46,971)
Selling, general and administrative expenses			56,762						55,708						1,054
Depreciation and amortization expense			54,092						51,269						2,823
Impairment expense			—						7,823						(7,823)
Gain on sale of McClelland Lake Lodge assets, net			—						(5,817)						5,817
Other operating (income) expense			(725)						992						(1,717)
Total costs and expenses			472,979						519,796						(46,817)
Operating income			4,250						11,375						(7,125)
Interest expense, net			(7,611)						(6,141)						(1,470)
Other income			476						967						(491)
Income (loss) before income taxes			(2,885)						6,201						(9,086)
Income tax expense			(10,732)						(9,199)						(1,533)
Net loss			(13,617)						(2,998)						(10,619)
Less: Net loss attributable to noncontrolling interest			(6)						(1,001)						995
Net loss attributable to Civeo Corporation			$	(13,611)					$	(1,997)					$	(11,614)

We reported net loss attributable to Civeo for the nine months ended September 30, 2025 of $13.6 million, or $1.04 per diluted share. Net loss included $3.8 million of shareholder activist related costs and $1.7 million of cost saving initiatives in Canada related to severance, two lodge closures and other real estate rationalization efforts.

We reported net loss attributable to Civeo for the nine months ended September 30, 2024 of $2.0 million, or $0.14 per diluted share. As further discussed below, net loss included $5.8 million of net gains associated with the sale of the McClelland Lake Lodge in Canada and a $7.8 million pre-tax loss resulting from the impairment of fixed assets included in Impairment expense.

Revenues. Consolidated revenues decreased $53.9 million, or 10%, in the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024. This decrease was primarily driven by (i) lower billed rooms at our oil sands lodges in Canada as producers in the region remain focused on reducing operating costs, (ii) reduced occupancy at our Sitka Lodge in Canada as the Kitimat LNG facility was completed and commenced operations in the second quarter of 2025, (iii) reduced food service and other services revenue in Canada as client maintenance work was softer in the third quarter of 2025 and (iv) a weaker Australia and Canadian dollar relative to the U.S. dollar in the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024. These items were partially offset by an increase in Australia related to the Qantac Acquisition in the second quarter of 2025 and new business in our integrated services villages in Western Australia and Queensland. The assets from the Qantac Acquisition generated $13.3 million of revenues in the nine months ended September 30, 2025. See the discussion of segment results of operations below for further information.

Cost of Sales and Services. Our consolidated cost of sales and services decreased $47.0 million, or 11%, in the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024. This decrease was primarily driven by (i) lower costs at various lodges in Canada due to reduced occupancy levels, (ii) reduced costs at various lodges and reduced indirect costs as a result of various cost reduction measures in Canada implemented in late 2024 and early 2025, (iii) lower

30

costs related to the reduced mobile asset activity in Canada from pipeline projects for which final costs were incurred in the first six months of 2024, (iv) reduced food service and other services costs in Canada as client maintenance work was softer in the third quarter of 2025 and (v) a weaker Australia and Canadian dollar relative to the U.S. dollar in the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024. These items were partially offset by an increase in Australia related to the Qantac Acquisition in the second quarter of 2025 and new business in our integrated services villages in Western Australia and Queensland and associated overhead costs. See the discussion of segment results of operations below for further information.

Selling, General and Administrative Expenses. SG&A expenses increased $1.1 million, or 2%, in the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024. This increase was primarily due to higher professional fees of $3.4 million due to shareholder activist related costs of $3.8 million in the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024, partially offset by lower travel and entertainment costs of $1.0 million, down 42% year-of-year, lower incentive compensation cost of $0.9 million and a weaker Australian and Canadian dollar relative to the U.S. dollar in the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024.

Depreciation and Amortization Expense. Depreciation and amortization expense increased $2.8 million, or 6%, in the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024. The increase was primarily due to additional property, plant and equipment acquired through the Qantac Acquisition and shortening the lives on certain assets in Canada, partially offset by a weaker Australian and Canadian dollar relative to the U.S. dollar in the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024 and reduced depreciation expense resulting from impairments recorded in 2024.

Impairment Expense. We recorded pre-tax impairment expense of $7.8 million in the nine months ended September 30, 2024 associated with long-lived assets in Australia and the U.S. See Note 3 - Impairment Charges to the notes to the unaudited consolidated financial statements included in Item 1 of this quarterly report for further discussion.

Gain on Sale of McClelland Lake Lodge Assets, net. We recorded $5.8 million in the nine months ended September 30, 2024 related to net gains associated with the sale of the McClelland Lake Lodge.

Operating Income. Consolidated operating income decreased $7.1 million, or 63%, in the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024, primarily due to lower lodge occupancy in Canada, higher depreciation and amortization expense and higher SG&A expense during the 2025 period compared to the 2024 period. In addition, the nine months ended September 30, 2024 included a net gain on sale of McClelland Lake Lodge assets. These items were partially offset by higher activity levels in Australia in the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024 and impairment expenses recorded in the nine months ended September 30, 2024.

Interest Expense, net. Net interest expense increased by $1.5 million, or 24%, in the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024, primarily related to higher average debt levels, partially offset by lower interest rates on credit facility borrowings during the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024.

Income Tax Expense. Our income tax expense for the nine months ended September 30, 2025 totaled $10.7 million, or (372.0)% of pretax loss, compared to an income tax expense of $9.2 million, or 148.3% of pretax income, for the nine months ended September 30, 2024. Our effective tax rate for the nine months ended September 30, 2025 and 2024 was impacted by Canada and the U.S. being considered loss jurisdictions that were removed from the annual effective tax rate computation for purposes of computing the interim tax provision.

Other Comprehensive Income (Loss). Other comprehensive income increased $12.6 million in the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024, primarily as a result of foreign currency translation adjustments due to changes in the Australian and Canadian dollar exchange rates compared to the U.S. dollar. The Australian dollar exchange rate compared to the U.S. dollar increased 6% in the of nine months ended September 30, 2025 compared to a 2% increase in the nine months ended September 30, 2024. The Canadian dollar exchange rate compared to the U.S. dollar increased 3% in the nine months ended September 30, 2025 compared to a 2% decrease in the nine months ended September 30, 2024.

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Segment Results of Operations – Australian Segment

			Nine Months Ended September 30,
			2025						2024						Change
Revenues ($ in thousands)
Accommodation revenue (1)			$	157,910					$	147,391					$	10,519
Food service and other services revenue (2)			182,868						169,576						13,292
Total revenues			$	340,778					$	316,967					$	23,811
Cost of sales and services ($ in thousands)
Accommodation cost			$	76,740					$	70,990					$	5,750
Food service and other services cost			163,283						154,218						9,065
Indirect other cost			10,198						9,009						1,189
Total cost of sales and services			$	250,221					$	234,217					$	16,004
Gross margin as a % of revenues			26.6		%				26.1		%				0.5		%
Average daily rate for owned villages (3)			$	76					$	78					$	(2)
Total billed rooms for owned villages (4)			2,079,116						1,886,647						192,469
Average Australian dollar to U.S. dollar			$	0.641					$	0.662					$	(0.021)

(1)Includes revenues related to village rooms and hospitality services for owned rooms for the periods presented.

(2)Includes revenues related to food services and other services, including facilities management for the periods presented.

(3)Average daily rate is based on billed rooms and accommodation revenue in the Company's owned villages.

(4)Billed rooms represent total billed days for owned assets for the periods presented.

Our Australian segment reported revenues in the nine months ended September 30, 2025 that were $23.8 million, or 8%, higher than the nine months ended September 30, 2024. The weakening of the average exchange rate for the Australian dollar relative to the U.S. dollar by 3.2% in the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024 resulted in a $11.1 million period-over-period decrease in revenues. On a constant currency basis, the Australian segment experienced a 11% period-over-period increase in revenues. Excluding the impact of the weaker Australian exchange rate, the increase in the Australian segment was driven by the Qantac Acquisition in the second quarter of 2025 and new business in our integrated services villages in Western Australia and Queensland.

Our Australian segment cost of sales and services increased $16.0 million, or 7%, in the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024. The weakening of the average exchange rate for the Australian dollar relative to the U.S. dollar by 3.2% in the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024 resulted in a $8.1 million period-over-period decrease in cost of sales and services. Excluding the impact of the weaker Australian exchange rate, the increase in cost of sales and services in the Australian segment was largely driven by the Qantac Acquisition and new business in our integrated services villages in Western Australia and Queensland and the associated overhead costs.

Our Australian segment gross margin as a percentage of revenues slightly increased to 26.6% in the nine months ended September 30, 2025 from 26.1% in the nine months ended September 30, 2024. This was primarily driven by improved profitability across our integrated services villages in the nine months ended September 30, 2025.

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Segment Results of Operations – Canadian Segment

			Nine Months Ended September 30,
			2025						2024						Change
Revenues ($ in thousands)
Accommodation revenue (1)			$	114,710					$	180,793					$	(66,083)
Mobile facility rental revenue (2)			1,046						1,473						(427)
Food service and other services revenue (3)			20,695						22,157						(1,462)
Total revenues			$	136,451					$	204,423					$	(67,972)
Cost of sales and services ($ in thousands)
Accommodation cost			$	86,590					$	132,679					$	(46,089)
Mobile facility rental cost			171						4,413						(4,242)
Food service and other services cost			19,257						20,839						(1,582)
Indirect other costs			6,324						8,227						(1,903)
Total cost of sales and services			$	112,342					$	166,158					$	(53,816)
Gross margin as a % of revenues			17.7		%				18.7		%				(1.0)		%
Average daily rate for owned lodges (4)			$	96					$	97					$	(1)
Total billed rooms for owned lodges (5)			1,191,327						1,846,163						(654,836)
Average Canadian dollar to U.S. dollar			$	0.715					$	0.735					$	(0.020)

(1)Includes revenues related to lodge 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 for the periods presented.

(4)Average daily rate is based on billed rooms and accommodation revenue in the Company's owned lodges.

(5)Billed rooms represents total billed days for owned assets for the periods presented.

Our Canadian segment reported revenues in the nine months ended September 30, 2025 that were $68.0 million, or 33%, lower than the nine months ended September 30, 2024. The weakening of the average exchange rate for the Canadian dollar relative to the U.S. dollar by 2.7% in the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024 resulted in a $3.6 million period-over-period decrease in revenues. Excluding the impact of the weaker Canadian exchange rate, the decrease in the Canadian segment was driven by (i) lower billed rooms at our oil sands lodges as producers in the region remain focused on reducing operating costs, (ii) reduced occupancy at our Sitka Lodge as the Kitimat LNG facility was completed and commenced operations in the second quarter of 2025 and (iii) reduced food service and other services revenue as client maintenance work in the third quarter of 2024 did not recur to the same extent in 2025.

Our Canadian segment cost of sales and services decreased $53.8 million, or 32%, in the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024. The weakening of the average exchange rate for the Canadian dollar relative to the U.S. dollar by 2.7% in the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024 resulted in a $3.2 million period-over-period decrease in cost of sales and services. Excluding the impact of the weaker Canadian exchange rate, the decrease in cost of sales and services in the Canadian segment was largely driven by (i) lower costs at various lodges due to reduced occupancy levels, (ii) reduced costs at various lodges and reduced indirect costs as a result of various cost reduction measures implemented in late 2024 and early 2025, (iii) lower costs related to the reduced mobile asset activity from pipeline projects for which final costs were incurred in the first six months of 2024 and (iv) reduced food service and other services costs as client maintenance work in the third quarter of 2024 did not recur to the same extent in 2025.

Our Canadian segment gross margin as a percentage of revenues decreased from 18.7% in the nine months ended September 30, 2024 to 17.7% in the nine months ended September 30, 2025. This was primarily driven by reduced efficiencies at our lodges with lower occupancy levels, partially offset by various cost reduction measures impacting lodges and indirect costs.

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Liquidity and Capital Resources

Our primary liquidity needs are to fund capital expenditures, which in the past have included expanding and improving our hospitality services, developing new lodges and villages and purchasing or leasing land, to repurchase common shares, to pay dividends and for general working capital needs. In addition, capital has been used to repay debt and fund strategic business acquisitions. Historically, our primary sources of funds have been available cash, cash flow from operations, borrowings under our Amended Credit Agreement and proceeds from equity issuances. In the future, we may seek to access the debt and equity capital markets from time to time to raise additional capital, increase liquidity, fund acquisitions or refinance debt.

The following table summarizes our consolidated liquidity position as of September 30, 2025 and December 31, 2024 (in thousands):

			September 30, 2025						December 31, 2024
Lender commitments			$	265,000					$	245,000
Reduction in availability (1)			(18,037)						(3,635)
Borrowings against revolving credit capacity			(187,937)						(43,299)
Outstanding letters of credit			(852)						(1,100)
Unused availability			58,174						196,966
Cash and cash equivalents			12,003						5,204
Total available liquidity			$	70,177					$	202,170

(1)As of September 30, 2025 and December 31, 2024, $18.0 million and $3.6 million, respectively, of our borrowing capacity under the Amended Credit Agreement could not be utilized in order to maintain compliance with the maximum leverage ratio financial covenant in the Amended Credit Agreement.

Cash totaling $3.1 million was provided by operations during the nine months ended September 30, 2025, compared to $74.0 million provided by operations during the nine months ended September 30, 2024. Net cash used in working capital was $36.4 million during the nine months ended September 30, 2025 compared to net cash provided by working capital of $26.8 million during the nine months ended September 30, 2024. The year-over-year increase in cash used in working capital in 2025 compared to 2024 is largely due to higher cash taxes paid in Australia in 2025 compared to 2024 and the collection of receivables in Canada related to the completion of mobile asset pipeline projects during the nine months ended September 30, 2024 that did not recur in 2025. These items were partially offset by a decrease in cash used for accounts payable and accrued liabilities during the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024.

Cash was used in investing activities during the nine months ended September 30, 2025 in the amount of $85.9 million, compared to cash used in investing activities during the nine months ended September 30, 2024 in the amount of $7.5 million. The increase in cash used in investing activities was primarily due to the Qantac Acquisition and lower proceeds from the sale of property, plant and equipment, partially offset by lower capital expenditures. We received net proceeds from the sale of property, plant and equipment of $1.4 million during the nine months ended September 30, 2025 related to accommodation assets in Canada compared to $10.7 million during the nine months ended September 30, 2024 related to the sale of our McClelland Lake Lodge accommodation assets in Canada and the sale of our Louisiana land in the U.S. Capital expenditures totaled $15.4 million and $18.4 million during the nine months ended September 30, 2025 and 2024, respectively. Capital expenditures in both periods were primarily related to maintenance. In addition, our 2024 capital expenditures included approximately $2.9 million related to customer-funded infrastructure upgrades in Australia.

We expect our capital expenditures for 2025 to be in the range of $20 million to $25 million, which excludes any unannounced and uncommitted projects, the spending for which is contingent on obtaining customer contracts or commitments or attractive risk-adjusted economics. Whether planned expenditures will actually be spent in 2025 depends on industry conditions, project approvals and schedules, customer room commitments and project and construction timing. We expect to fund these capital expenditures with available cash, cash flow from operations and revolving credit borrowings under our Amended Credit Agreement. The foregoing capital expenditure forecast does not include any funds for strategic acquisitions, which we could pursue should the transaction economics be attractive enough to us compared to the current capital allocation priorities of returning capital to shareholders. We continue to monitor the global economy, commodity prices, demand for met coal, crude oil, LNG and iron ore, inflation and the resultant impact on the capital spending plans of our customers in order to plan our business activities, and we may adjust our capital expenditure plans in the future.

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Net cash of $87.6 million was provided by financing activities during the nine months ended September 30, 2025 primarily due to net borrowings under our revolving credit facilities of $140.8 million to primarily fund the Qantac Acquisition and share repurchases, partially offset by repurchases of our common shares of $48.7 million, dividend payments of $3.4 million, payments to settle tax obligations on vested shares under our share-based compensation plans of $0.6 million and debt issuance costs of $0.4 million. Net cash of $48.3 million was used in financing activities during the nine months ended September 30, 2024 primarily for repurchases of our common shares of $24.1 million, dividend payments of $11.0 million, net repayments under our revolving credit facilities of $9.2 million, debt issuance costs of $3.0 million and payments to settle tax obligations on vested shares under our share-based compensation plans of $1.1 million.

The following table summarizes the changes in debt outstanding during the nine months ended September 30, 2025 (in thousands): 

Balance at December 31, 2024																					$	43,299
Borrowings under revolving credit facilities																					303,418
Repayments of borrowings under revolving credit facilities																					(162,621)
Translation																					3,841
Balance at September 30, 2025																					$	187,937

We believe that cash on hand and cash flow from operations will be sufficient to meet our anticipated liquidity needs for the next 12 months. If our plans or assumptions change, including as a result of changes in our customers' capital spending or changes in the price of and demand for natural resources, or are inaccurate, or if we make acquisitions, we may need to raise additional capital. Selectively pursuing strategic organic and inorganic growth opportunities that fit with our current capital allocation priorities of returning capital to shareholders has been, and our management believes will continue to be, an element of our long-term business strategy. The timing, size or success of any growth opportunities and the associated potential capital commitments are unpredictable and uncertain. We may seek to fund all or part of any such efforts with proceeds from debt and/or equity issuances or may issue equity directly to the sellers. Our ability to obtain capital for additional projects to implement our growth strategy over the longer term will depend on our future operating performance, financial condition and, more broadly, on the availability of equity and debt financing. Capital availability will be affected by prevailing conditions in our industry, the global economy, the global financial markets and other factors, many of which are beyond our control. In addition, any additional debt service requirements we take on could be based on higher interest rates and shorter maturities and could impose a significant burden on our results of operations and financial condition, and the issuance of additional equity securities could result in significant dilution to shareholders.

In September 2024, our Board authorized a common share repurchase program (the Share Repurchase Program) to repurchase up to 5.0% of our total common shares which are issued and outstanding at that date, or 0.7 million common shares, over a twelve month period. In March 2025, our Board authorized an increase to the Share Repurchase Program to repurchase up to 10.0% of our total common shares which are issued and outstanding at that date, and in April 2025, our Board authorized a further increase to repurchase up to 20% of our total common shares which are issued and outstanding at that date, or approximately 2.7 million common shares (the 2025 Share Repurchase Program). The 2025 Share Repurchase Program does not expire. In addition, our Board declared quarterly dividends of $0.25 per common share to shareholders in the first quarter of 2025. These dividends were eligible dividends pursuant to the Income Tax Act (Canada). See Dividends below and Note 12 – Share Repurchase Programs and Dividends to the notes to the unaudited consolidated financial statements included in Item 1 of this quarterly report for further discussion.

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Credit Agreement

On March 24, 2025, we amended our Syndicated Facility Agreement (as amended to date, the Amended Credit Agreement) to increase the Australian revolving commitments by $20.0 million to an aggregate amount of $55.0 million.

As of September 30, 2025, the Amended Credit Agreement provided for a $265.0 million revolving credit facility scheduled to mature on August 8, 2028, allocated as follows: (A) a $10.0 million senior secured revolving credit facility in favor of certain of our U.S. subsidiaries, as borrowers; (B) a $200.0 million senior secured revolving credit facility in favor of Civeo and certain of our U.S. subsidiaries, as borrowers; and (C) a $55.0 million senior secured revolving credit facility in favor of one of our Australian subsidiaries, as borrower.

As of September 30, 2025, we had outstanding letters of credit of zero under the U.S. facility, zero under the Australian facility and $0.9 million under the Canadian facility. We also had outstanding bank guarantees of A$1.5 million under the Australian facility.

See Note 8 – Debt to the notes to the unaudited consolidated financial statements included in Item 1 of this quarterly report for further discussion.

Dividends

In April 2025, our Board suspended quarterly dividends on our common shares to prioritize returning capital to our shareholders through ongoing share repurchases. The declaration and amount of any potential future dividends will be at the discretion of our Board and will depend upon many factors, including our financial condition, results of operations, cash flows, prospects, industry conditions, capital requirements of our business, covenants associated with certain debt obligations, legal requirements, regulatory constraints, industry practice and other factors the Board deems relevant. In addition, our ability to pay cash dividends on common shares is limited by covenants in the Amended Credit Agreement. Future agreements may also limit our ability to pay dividends, and we may incur incremental taxes if we are required to repatriate foreign earnings to pay such dividends. If any dividends are declared in the future, the amount per share of our dividend payments may be changed, or dividends may again be suspended, without advance notice. The likelihood that dividends will be reduced or suspended is increased during periods of market weakness. There can be no assurance that we will pay any dividends in the future.

Critical Accounting Policies

For a discussion of the critical accounting policies and estimates that we use in the preparation of our consolidated financial statements, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the year ended December 31, 2024. These estimates require significant judgments, assumptions and estimates. We have discussed the development, selection and disclosure of these critical accounting policies and estimates with the audit committee of our Board. There have been no material changes to the judgments, assumptions and estimates upon which our critical accounting estimates are based. 

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ITEM 3. Quantitative and Qualitative Disclosures about Market Risk

Our principal market risks are our exposure to changes in interest rates and foreign currency exchange rates.

Interest Rate Risk

We have credit facilities that are subject to the risk of higher interest charges associated with increases in interest rates. As of September 30, 2025, we had $187.9 million of outstanding floating-rate obligations under our credit facilities. These floating-rate obligations expose us to the risk of increased interest expense in the event of increases in short-term interest rates. If floating interest rates increased by 100 basis points, our consolidated interest expense would increase by approximately $1.9 million annually, based on our floating-rate debt obligations and interest rates in effect as of September 30, 2025.

Foreign Currency Exchange Rate Risk

Our operations are conducted in various countries around the world, and we receive revenue and pay expenses from these operations in a number of different currencies. As such, our earnings are subject to movements in foreign currency exchange rates when transactions are denominated in currencies other than the U.S. dollar, which is our reporting currency, or the functional currency of our subsidiaries, which is not necessarily the U.S. dollar. Excluding intercompany balances, our Australian dollar and Canadian dollar functional currency net assets total approximately A$248 million and C$23 million, respectively, at September 30, 2025. We use a sensitivity analysis model to measure the impact of a 10% adverse movement of foreign currency exchange rates against the U.S. dollar. A hypothetical 10% adverse change in the value of the Australian dollar and Canadian dollar relative to the U.S. dollar as of September 30, 2025 would result in translation adjustments of approximately $25 million and $2 million, respectively, recorded in other comprehensive loss. Although we do not currently have any foreign exchange agreements outstanding, to reduce our exposure to fluctuations in currency exchange rates, we may enter into foreign exchange agreements with financial institutions in the future.

ITEM 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

As of the end of the period covered by this report, we carried out an evaluation, under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act). Our disclosure controls and procedures are designed to provide reasonable assurance that the information required to be disclosed by us in reports that we file under the Exchange Act is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure and is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the SEC. Based upon that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective as of September 30, 2025, at the reasonable assurance level.

Changes in Internal Control over Financial Reporting

During the three months ended September 30, 2025, there were no changes in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) of the Exchange Act) which have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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PART II -- OTHER INFORMATION

ITEM 1. Legal Proceedings

We are a party to various pending or threatened claims, lawsuits and administrative proceedings seeking damages or other remedies concerning our commercial operations, products, employees and other matters, including occasional claims by individuals alleging exposure to hazardous materials as a result of our products or operations. Some of these claims relate to matters occurring prior to our acquisition of businesses, and some relate to businesses we have sold. In certain cases, we are entitled to indemnification from the sellers of businesses, and in other cases, we have indemnified the buyers of businesses from us. Although we can give no assurance about the outcome of pending legal and administrative proceedings and the effect such outcomes may have on us, we believe that any ultimate liability resulting from the outcome of such proceedings, to the extent not otherwise provided for or covered by indemnity or insurance, will not have a material adverse effect on our consolidated financial position, results of operations or liquidity.

ITEM 1A. Risk Factors

In addition to information set forth in this Quarterly Report on Form 10-Q, including “Management’s Discussion and Analysis of Financial Condition and Results of Operations", you should carefully read and consider “Risk Factors” and “Management's Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the year ended December 31, 2024 and "Risk Factors" in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, which contain descriptions of significant factors that may cause our future operating results to differ materially from those currently expected.

ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds

The following table provides information about purchases of our common shares during the three months ended September 30, 2025.

			Total Number of Shares Purchased						Average Price Paid per Share						Total number of shares purchased as part of publicly announced plans or programs			Maximum number of shares that may be purchased under the plans or programs
July 1, 2025 - July 31, 2025			174,595			(1)			$	23.97					174,595			1,720,892
August 1, 2025 - August 31, 2025			107,750			(1)			$	23.24					107,750			1,613,142
September 1, 2025 - September 30, 2025			768,696			(1)			$	25.38					768,696			844,446
Total			1,051,041						$	24.93					1,051,041			844,446

(1)In April 2025, our Board authorized the repurchase of up to 20% of our total common shares which are issued and outstanding at that date, or approximately 2.7 million common shares (the 2025 Share Repurchase Program). Under the 2025 Share Repurchase Program, we may repurchase shares through a variety of methods, including but not limited to open market repurchases, pursuant to a Rule 10b5‑1 compliant plan, or privately negotiated transactions. The 2025 Share Repurchase Program does not expire. We repurchased an aggregate of 1,051,041 of our common shares outstanding for approximately $26.2 million under the 2025 Share Repurchase Program during the three months ended September 30, 2025.

ITEM 5. Other Information

None.

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ITEM 6. Exhibits

(a)INDEX OF EXHIBITS

Exhibit No.						Description
31.1*			—			Certification of Chief Executive Officer of Civeo Corporation pursuant to Rules 13a-14(a) or 15d-14(a) under the Securities Exchange Act of 1934.
31.2*			—			Certification of Chief Financial Officer of Civeo Corporation pursuant to Rules 13a-14(a) or 15d-14(a) under the Securities Exchange Act of 1934.
32.1**			—			Certification of Chief Executive Officer of Civeo Corporation pursuant to Rules 13a-14(b) or 15d-14(b) under the Securities Exchange Act of 1934 and 18 U.S.C. Section 1350.
32.2**			—			Certification of Chief Financial Officer of Civeo Corporation pursuant to Rules 13a-14(b) or 15d-14(b) under the Securities Exchange Act of 1934 and 18 U.S.C. Section 1350.
101.INS*			—			Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document
101.SCH*			—			Inline XBRL Taxonomy Extension Schema Document
101.CAL*			—			Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF*			—			Inline Taxonomy Extension Definition Linkbase Document
101.LAB*			—			Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE*			—			Inline XBRL Taxonomy Extension Presentation Linkbase Document
104			—			Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

*			Filed herewith.
**			Furnished herewith.
†			Management contracts and compensatory plans and arrangements.

PLEASE NOTE: Pursuant to the rules and regulations of the Securities and Exchange Commission, we have filed or incorporated by reference the agreements referenced above as exhibits to this Quarterly Report on Form 10-Q. The agreements have been filed to provide investors with information regarding their respective terms. The agreements are not intended to provide any other factual information about Civeo or its business or operations. In particular, the assertions embodied in any representations, warranties and covenants contained in the agreements may be subject to qualifications with respect to knowledge and materiality different from those applicable to investors and may be qualified by information in confidential disclosure schedules not included with the exhibits. These disclosure schedules may contain information that modifies, qualifies and creates exceptions to the representations, warranties and covenants set forth in the agreements. Moreover, certain representations, warranties and covenants in the agreements may have been used for the purpose of allocating risk between the parties, rather than establishing matters as facts. In addition, information concerning the subject matter of the representations, warranties and covenants may have changed after the date of the respective agreement, which subsequent information may or may not be fully reflected in our public disclosures. Accordingly, investors should not rely on the representations, warranties and covenants in the agreements as characterizations of the actual state of facts about Civeo or its business or operations on the date hereof.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

CIVEO CORPORATION

Date: October 31, 2025			By  /s/ E. Collin Gerry
			E. Collin Gerry
			Senior Vice President, Chief Financial Officer and Treasurer (Duly Authorized Officer and Principal Financial Officer)

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FAQ

How did Civeo (CVEO) perform in Q3 2025?

Revenue was $170.5 million; operating income was $7.0 million; net loss was $0.5 million or $(0.04) per share.

What drove segment results for CVEO in Q3 2025?

Australia revenue was $124.5 million with 26.9% gross margin; Canada revenue was $46.0 million with 22.5% gross margin.

What was the impact of the Qantac acquisition on CVEO?

Qantac added four villages (1,368 rooms) and contributed $8.4 million of revenue in Q3 2025; cash consideration was about $68.2 million.

How much stock did Civeo repurchase?

Q3 repurchases were $26.2 million (1.051 million shares at $24.93); year‑to‑date repurchases totaled $48.7 million.

What is Civeo’s debt and liquidity position?

Long‑term debt was $187.9 million; cash and cash equivalents were $12.0 million at September 30, 2025.

Did Civeo pay dividends in 2025?

The Board suspended quarterly dividends in April 2025 to prioritize share repurchases; a $0.25 dividend was paid in March 2025.

What capex does CVEO expect for 2025?

The company expects $20–$25 million of capital expenditures in 2025.