Civeo Corporation (NYSE: CVEO) Q2 2026, $115M convert and buyback
Rhea-AI Filing Summary
Civeo Corporation reported second-quarter 2026 revenue of $180.0 million, up from $162.7 million a year earlier, with a net loss of $2.5 million, or $0.23 per diluted share, versus a $3.3 million loss, or $0.25 per share, in 2025. Adjusted EBITDA was $23.8 million, slightly below $25.0 million a year ago, as growth in integrated services and a stronger Australian dollar were offset by Canadian contract start-up costs and softer Australian owned-village occupancy.
The Australian segment generated Q2 2026 revenue of $125.4 million and Adjusted EBITDA of $22.6 million, while Canada produced revenue of $54.6 million and Adjusted EBITDA of $6.0 million. Revenues increased 11% in Australia and 9% in Canada, driven by expanded integrated services activity, higher Canadian occupancy and foreign-exchange tailwinds.
As of June 30, 2026, Civeo had $82.2 million of liquidity, total debt of $208.6 million, net debt of $190.9 million and a net leverage ratio of 2.1x. In July, it issued $115.0 million of 4.50% convertible senior notes due 2031 with a $40.51 conversion price and concurrently repurchased 660,297 shares for approximately $22.3 million, using remaining proceeds to repay revolver borrowings. The company reaffirmed full-year 2026 guidance for revenue of $675–$700 million, Adjusted EBITDA of $85–$90 million and capital expenditures of $25–$30 million.
Positive
- None.
Negative
- None.
Filing Explained
The July convertible-notes transaction had closed: Civeo repurchased 660,297 shares, with about 111,000 completing the prior 20% authorization and about 549,000 applied to the new 10% authorization, leaving that authorization approximately 50% complete.
8-K Event Classification
3 items: 2.02, 7.01, 9.01
3 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 7.01
Regulation FD Disclosure
Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Q2 2026 Revenue: $180.0 million
Q2 2026 Net Loss: $2.5 million
Q2 2026 Adjusted EBITDA: $23.8 million
+5 more
8 metrics
Q2 2026 Revenue
$180.0 million
Consolidated revenues for the quarter ended June 30, 2026
Q2 2026 Net Loss
$2.5 million
Net loss attributable to Civeo Corporation in Q2 2026
Q2 2026 Adjusted EBITDA
$23.8 million
Adjusted EBITDA for the quarter ended June 30, 2026
Australian Segment Revenue Q2 2026
$125.4 million
Revenues from the Australian segment in the second quarter of 2026
Canadian Segment Revenue Q2 2026
$54.6 million
Revenues from the Canadian segment in the second quarter of 2026
Net Debt
$190.9 million
Net debt as of June 30, 2026
Net Leverage Ratio
2.1x
Net debt divided by bank-adjusted EBITDA as of June 30, 2026
Convertible Senior Notes
$115.0 million at 4.50%
Aggregate principal amount of convertible senior notes due 2031 issued in July 2026
Key Terms
Adjusted EBITDA, net leverage ratio, convertible senior notes, take-or-pay contracts, +1 more
5 terms
Adjusted EBITDA financial
"Civeo produced operating cash flow of $11.6 million and Adjusted EBITDA of $23.8 million."
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
net leverage ratio financial
"bringing Civeo's reported net leverage ratio to 2.1x as of June 30, 2026."
The net leverage ratio measures how much debt a company has compared to its available assets or earnings, after accounting for its cash and liquid assets. It helps investors understand how heavily a company relies on borrowed money to finance its operations and growth. A higher ratio indicates greater financial risk, while a lower ratio suggests a more cautious approach to borrowing.
convertible senior notes financial
"issued $115.0 million aggregate principal amount of 4.50% convertible senior notes due 2031"
Convertible senior notes are a type of loan that a company issues to investors, which can be turned into company shares later on. They are called "senior" because they are paid back before other debts if the company runs into trouble. This allows investors to earn interest like a loan but also have the chance to own part of the company if its value rises.
take-or-pay contracts financial
"Multi-year take-or-pay contracts with minimum nightly room commitments"
A take-or-pay contract is an agreement where a buyer promises to either take a set minimum of goods or services from a seller or still pay an agreed fee even if they don’t take delivery. Think of it like reserving a theater box: you pay whether you use all the seats or not. For investors, these contracts create predictable revenue for sellers but also signal potential liability if buyers stop needing the product, affecting cash flow and credit risk.
Final Investment Decision financial
"projects with respect to which we have been awarded contracts, which may cause those customers to terminate or postpone contracts"
A final investment decision is the point at which a person or organization chooses to move forward with a particular project or purchase after reviewing all the necessary information and options. It is like deciding to buy a house after considering all the costs, benefits, and alternatives. This decision is important because it determines whether and when the investment will be made, impacting future financial plans and outcomes.
Earnings Snapshot
Revenue: $180.0 million · Guidance included
quarter ended June 30, 2026
Revenue
$180.0 million
up from $162.7 million in the second quarter of 2025
Net loss attributable to Civeo Corporation
$2.5 million
improved from a $3.3 million net loss in the second quarter of 2025
Diluted net loss per share
$0.23
compared with a diluted net loss per share of $0.25 a year earlier
Adjusted EBITDA
$23.8 million
slightly below $25.0 million in the second quarter of 2025
Guidance
For full-year 2026, Civeo expects revenue of $675–$700 million, Adjusted EBITDA of $85–$90 million, EBITDA of $79.3–$84.3 million, capital expenditures of $25–$30 million and a net loss between $15.2 million and $11.2 million.
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
How did Civeo (CVEO) perform in the second quarter of 2026?
Civeo reported Q2 2026 revenue of $180.0 million and a net loss of $2.5 million, or $0.23 per diluted share. Revenue rose from $162.7 million in Q2 2025, while the net loss improved from $3.3 million, though Adjusted EBITDA slipped to $23.8 million from $25.0 million.
How did Civeo’s Australia and Canada segments perform in Q2 2026?
In Q2 2026, Australia generated $125.4 million of revenue and $22.6 million of Adjusted EBITDA, while Canada produced $54.6 million of revenue and $6.0 million of Adjusted EBITDA. Segment revenues grew 11% in Australia and 9% in Canada, reflecting stronger integrated services activity and higher Canadian occupancy.
What are the key terms of Civeo (CVEO)’s $115 million convertible senior notes?
Civeo issued $115.0 million of 4.50% convertible senior notes due 2031. The notes mature on August 1, 2031, bear a 4.50% fixed coupon and have an initial conversion price of $40.51 per share, a 20% premium to the July 1, 2026 closing share price.
What is Civeo’s leverage and liquidity position as of June 30, 2026?
As of June 30, 2026, Civeo had $82.2 million of total liquidity, total debt of $208.6 million and net debt of $190.9 million. Its reported net leverage ratio was 2.1x, calculated as net debt divided by bank-adjusted EBITDA for the trailing twelve months.
What 2026 guidance did Civeo (CVEO) maintain with this 8-K filing?
For full-year 2026, Civeo maintained guidance for revenue of $675–$700 million and Adjusted EBITDA of $85–$90 million. It also kept capital expenditure guidance at $25–$30 million and an EBITDA range of $79.3–$84.3 million, implying a full-year net loss between $15.2 million and $11.2 million.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
__________________
FORM 8-K
CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED): July 30, 2026
____________________
(Exact name of registrant as specified in its charter)
(State or other jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification No.) | ||||||||||||
| (Address and zip code of principal executive offices) | ||||||||||||||
Registrant’s telephone number, including area code: (713 ) 510-2400
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class | Trading Symbol(s) | Name of Each Exchange on Which Registered | ||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging growth 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. ☐
Item 2.02. Results of Operations and Financial Condition.
On July 30, 2026, Civeo Corporation (“Civeo”) issued a press release announcing its financial condition and results of operations as of and for the quarter ended June 30, 2026. A copy of the press release is furnished as Exhibit 99.1 to this report on Form 8-K, and is incorporated herein by reference.
The information contained in this report and Exhibit 99.1 hereto shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, and shall not be deemed incorporated by reference into any filings made by Civeo under the Securities Act of 1933, as amended (the "Securities Act"), or the Exchange Act, except as may be expressly set forth by specific reference in such filing.
Item 7.01 Regulation FD Disclosure.
On July 30, 2026, Civeo posted an investor presentation to its website at www.civeo.com. A copy of the investor presentation is furnished as Exhibit 99.2 to this report on Form 8-K, and is incorporated herein by reference.
The information contained in this report and Exhibit 99.2 hereto shall not be deemed to be “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section, and shall not be deemed incorporated by reference into any filings made by Civeo under the Securities Act or the Exchange Act, except as may be expressly set forth by specific reference in such filing.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
Exhibit Number | Description of Document | ||||
99.1 | Press Release dated July 30, 2026 | ||||
| 99.2 | Investor Presentation dated July 30, 2026 | ||||
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) | ||||
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 hereunto duly authorized.
Dated: July 30, 2026
CIVEO CORPORATION
By: /s/ E. Collin Gerry ,
Name: E. Collin Gerry
Title: Senior Vice President, Chief Financial Officer and Treasurer
Civeo Reports Second Quarter 2026 Results
Highlights:
•Reported revenues of $180.0 million, net loss of $2.5 million and Adjusted EBITDA of $23.8 million;
•Consolidated revenues increased 11%, driven by integrated services growth in both Australia and Canada, higher occupancy in Canada and the strengthening of the Australian dollar;
•Subsequent to quarter-end, issued $115.0 million of 4.50% convertible senior notes due 2031, securing long-term, fixed-rate capital that lowers the Company's near-term cost of capital and positions Civeo to invest in a growing pipeline of North American infrastructure opportunities; and
•Concurrent with the convertible notes offering, repurchased 660,297 common shares for approximately $22.3 million, completing the Company’s previously authorized 20% share repurchase program and commencing execution under its additional 10% authorization.
HOUSTON, July 30, 2026 (BUSINESS WIRE) -- Civeo Corporation (NYSE:CVEO) today reported financial and operating results for the second quarter ended June 30, 2026.
Bradley J. Dodson, Civeo's President and Chief Executive Officer, said, "We delivered a solid second quarter with 11% year-over-year revenue growth. In Australia, we benefited from the stronger Australian dollar, revenue growth in our integrated services platform and contributions from our recently acquired villages. In Canada, higher occupancy and our new integrated services contract in Ontario helped drive year-over-year revenue growth, while start-up costs associated with the new contract negatively impacted Adjusted EBITDA.”
Mr. Dodson continued, “In July, we took a significant step to better position Civeo to capitalize on a rapidly expanding set of North American growth opportunities, including LNG, Canadian energy infrastructure, and power and data center development. By issuing $115.0 million of 4.50% convertible senior notes due 2031, we replaced higher-cost, floating-rate borrowings with five-year, fixed-rate, unsecured capital while enhancing our financial flexibility to capitalize on these opportunities. Because we intend to satisfy the principal amount of the notes in cash and repurchased approximately 660,000 common shares concurrent with the offering, the transaction is not expected to result in common shareholder dilution unless Civeo common shares increase in value above approximately $53 per share.”
Mr. Dodson concluded, “Looking ahead, we expect our operations in Canada to deliver approximately 20% year-over-year revenue growth in the back half of 2026, driven by continued execution in our base business and growing success in our integrated services pursuits. In Australia, our business is executing well despite macro-driven headwinds that are likely to persist through year-end, and we remain optimistic about a recovery in 2027 and beyond. Supported by our enhanced financial flexibility and growing pipeline of North American infrastructure opportunities, we believe Civeo is well positioned for long-term growth and value creation as we continue to operate safely and efficiently, manage costs prudently and allocate capital to high-return opportunities in a prudent and disciplined manner.”
Second Quarter 2026 Results
In the second quarter of 2026, Civeo generated revenues of $180.0 million and reported a net loss of $2.5 million, or $0.23 per diluted share. During the second quarter of 2026, Civeo produced operating cash flow of $11.6 million and Adjusted EBITDA of $23.8 million.
By comparison, in the second quarter of 2025, Civeo generated revenues of $162.7 million and reported a net loss of $3.3 million, or $0.25 per diluted share. During the second quarter of 2025, Civeo produced negative operating cash flow of $2.3 million and Adjusted EBITDA of $25.0 million.
The modest year-over-year decrease in Adjusted EBITDA reflected several factors. In Canada, billed rooms in the core region declined modestly due to the timing of turnaround demand, and the Company incurred start-up costs associated with a new integrated services contract. In Australia, owned-village occupancy was hampered by customers’ cautious response to geopolitical uncertainty surrounding diesel prices and availability, despite relatively strong underlying commodity prices. These headwinds were partially offset by stronger year-over-year performance in the Company’s Canadian LNG-related rooms, contributions from the recently acquired villages in Australia and the favorable impact of a stronger Australian dollar.
Business Segment Results
Australia
During the second quarter of 2026, the Australian segment generated revenues of $125.4 million, operating income of $13.6 million and Adjusted EBITDA of $22.6 million, compared to revenues of $112.7 million, operating income of $13.2 million and Adjusted EBITDA of $22.3 million in the second quarter of 2025. Results for the second quarter of 2026 include the impact of a strengthened Australian dollar relative to the U.S. dollar, which positively impacted revenues and Adjusted EBITDA by $12.2 million and $2.2 million, respectively.
The Australian segment reported an 11% increase in revenues and a 1% increase in Adjusted EBITDA. The year-over-year increase in revenues was primarily driven by increased integrated services activity and the strengthening of the Australian dollar.
Canada
During the second quarter of 2026, the Canadian segment generated revenues of $54.6 million, an operating loss of $1.7 million and Adjusted EBITDA of $6.0 million, compared to revenues of $50.0 million, an operating loss of $2.5 million and Adjusted EBITDA of $6.9 million in the second quarter of 2025.
The Canadian segment reported a 9% increase in revenues driven by higher occupancy and the new integrated services contract in Ontario. Adjusted EBITDA decreased, primarily reflecting start-up costs associated with the new integrated services contract.
Financial Condition and Capital Allocation
As of June 30, 2026, Civeo had total liquidity of approximately $82.2 million. Civeo's total debt at June 30, 2026 was $208.6 million, a $3.7 million decrease from March 31, 2026. Civeo's net debt at June 30, 2026 was $190.9 million, a $7.9 million decrease since March 31, 2026, bringing Civeo's reported net leverage ratio to 2.1x as of June 30, 2026.
During the second quarter of 2026, Civeo invested $3.7 million in capital expenditures compared to $4.5 million invested during the second quarter of 2025. Capital expenditures in both periods were primarily related to maintenance spending on the Company’s lodges and villages.
In July 2026, the Company issued $115.0 million aggregate principal amount of 4.50% convertible senior notes due 2031, including the full exercise of the initial purchasers' option to purchase an additional $15.0 million of notes. The offering closed on July 7, 2026. The notes bear interest at a fixed rate of 4.50% per annum, mature on August 1, 2031, and have an initial conversion price of approximately $40.51 per share, representing a 20% premium to the closing price of Civeo's common shares on July 1, 2026. Concurrent with the offering, Civeo repurchased 660,297 of its common shares for approximately $22.3 million. Approximately 111,000 of these shares completed the 20% share repurchase authorization approved by the Board of Directors in April 2025. Upon completion of that authorization, the Company began executing on its previously announced authorization to repurchase up to an additional 10% of its outstanding common shares. The remaining approximately 549,000 shares were applied to the new authorization, bringing it to approximately 50% complete. The Company used the net proceeds from the offering to fund the concurrent share repurchase and repay borrowings under its revolving credit facility, restoring undrawn capacity and further enhancing its financial flexibility.
Full Year 2026 Guidance
For the full year of 2026, Civeo is maintaining its previously provided revenue and Adjusted EBITDA guidance of $675 million to $700 million and $85 million to $90 million, respectively.
The Company is maintaining its full year 2026 capital expenditure guidance range of $25 million to $30 million.
Conference Call
Civeo will host a conference call to discuss its second quarter 2026 financial results today at 9:30 a.m. Eastern time. This call is being webcast and can be accessed at Civeo's website at www.civeo.com. Participants may also join the conference call by dialing (877) 423-9813 in the United States or (201) 689-8573 internationally and asking for the Civeo call or using the conference ID 13761993#. A replay will be available after the call by dialing (844) 512-2921 in the United States or (412) 317-6671 internationally and using the conference ID 13761993#.
About Civeo
Civeo Corporation is a leading provider of hospitality services with prominent market positions in the Australian natural resource regions and the Canadian oil sands. Civeo offers comprehensive solutions for lodging hundreds or thousands of workers with its long-term and temporary accommodations and provides food services, housekeeping, facility management, laundry, water and wastewater treatment, power generation, communications systems, security and logistics services. Civeo currently owns and operates a total of 26 lodges and villages in Australia and North America with an aggregate of approximately 26,300 rooms. In addition, Civeo operates and provides hospitality services at 22 customer-owned locations with approximately 18,300 rooms. Civeo is publicly traded under the symbol CVEO on the New York Stock Exchange. For more information, please visit Civeo's website at www.civeo.com
Forward Looking Statements
This news release contains forward-looking statements within the meaning of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934. Forward-looking statements are those that do not state historical facts
and are, therefore, inherently subject to risks and uncertainties. The forward-looking statements herein, including
the statements regarding Civeo’s future plans and outlook, strategic priorities, guidance, current trends,
expectations with respect to Adjusted EBITDA, capital expenditures, future revenues, share repurchases, free cash flow generation, cost reductions, integration of the Australian asset acquisition, future infrastructure-related opportunities and liquidity needs, are based on then-current expectations and entail various risks and uncertainties that could cause actual results to differ materially from those expressed or implied by these forward-looking statements. Such risks and uncertainties include, among other things, risks associated with the general nature of the accommodations industry, risks associated with the level of supply and demand for oil, coal, iron ore and other minerals, including the level of activity, spending and developments in the Canadian oil sands, the level of demand for coal and other natural resources from, and investments and opportunities in, Australia, and fluctuations or sharp declines in the current and future prices of coal, iron ore, oil, natural gas and other minerals, risks associated with failure by our customers to reach positive final investment decisions on, or otherwise not complete, projects with respect to which we have been awarded contracts, which may cause those customers to terminate or postpone contracts, risks associated with currency exchange rates, risks associated with inflation and volatility in the banking sector, risks associated with the company’s ability to integrate any future acquisitions, risks associated with labor shortages, risks associated with the development of new projects, including whether such projects will continue in the future, risks associated with the trading price of the company’s common shares, availability and cost of capital, risks associated with general global economic conditions, geopolitical events, inflation, global weather conditions, natural disasters, including wildfires, global health concerns, and security threats and changes to government and environmental regulations, including climate change, and other factors discussed in the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” sections of Civeo’s most recent annual report on Form 10-K and other reports the company may file from time to time with the U.S. Securities and Exchange Commission. Each forward-looking statement contained herein speaks only as of the date of this release. Except as required by law, Civeo expressly disclaims any intention or obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise.
Non-GAAP Financial Information
EBITDA, Adjusted EBITDA, net debt, bank-adjusted EBITDA and net leverage ratio are non-GAAP
financial measures. See “Non-GAAP Reconciliation” below for definitions and additional information concerning
non-GAAP financial measures, including a reconciliation of the non-GAAP financial information presented in this
press release to the most directly comparable financial information presented in accordance with GAAP. Non-GAAP
financial information supplements and should be read together with, and is not an alternative or substitute for, the
Company’s financial results reported in accordance with GAAP. Because non-GAAP financial information is not
standardized, it may not be possible to compare these financial measures with other companies’ non-GAAP
financial measures.
- Financial Schedules Follow -
CIVEO CORPORATION
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Revenues | $ | 180,017 | $ | 162,694 | $ | 352,684 | $ | 306,738 | |||||||||||||||
| Costs and expenses: | |||||||||||||||||||||||
| Cost of sales and services | 138,611 | 121,531 | 271,117 | 236,146 | |||||||||||||||||||
| Selling, general and administrative expenses | 20,406 | 20,470 | 40,474 | 38,655 | |||||||||||||||||||
| Depreciation and amortization expense | 16,327 | 17,827 | 33,635 | 34,080 | |||||||||||||||||||
| Other operating (income) expense | (419) | 66 | (757) | 573 | |||||||||||||||||||
| 174,925 | 159,894 | 344,469 | 309,454 | ||||||||||||||||||||
| Operating income (loss) | 5,092 | 2,800 | 8,215 | (2,716) | |||||||||||||||||||
| Interest expense | (4,256) | (2,699) | (8,018) | (4,318) | |||||||||||||||||||
| Interest income | 52 | 75 | 90 | 101 | |||||||||||||||||||
| Other income | 120 | 119 | 59 | 466 | |||||||||||||||||||
| Income (loss) before income taxes | 1,008 | 295 | 346 | (6,467) | |||||||||||||||||||
| Income tax expense | (3,525) | (3,606) | (6,666) | (6,694) | |||||||||||||||||||
| Net loss | (2,517) | (3,311) | (6,320) | (13,161) | |||||||||||||||||||
| Less: Net loss attributable to noncontrolling interest | 4 | 3 | 9 | (5) | |||||||||||||||||||
| Net loss attributable to Civeo Corporation | $ | (2,521) | $ | (3,314) | $ | (6,329) | $ | (13,156) | |||||||||||||||
| Net loss per share attributable to Civeo Corporation common shareholders: | |||||||||||||||||||||||
| Basic | $ | (0.23) | $ | (0.25) | $ | (0.57) | $ | (0.98) | |||||||||||||||
| Diluted | $ | (0.23) | $ | (0.25) | $ | (0.57) | $ | (0.98) | |||||||||||||||
| Weighted average number of common shares outstanding: | |||||||||||||||||||||||
| Basic | 10,930 | 13,177 | 11,025 | 13,387 | |||||||||||||||||||
| Diluted | 10,930 | 13,177 | 11,025 | 13,387 | |||||||||||||||||||
CIVEO CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
| June 30, 2026 | December 31, 2025 | ||||||||||
| (UNAUDITED) | |||||||||||
| Current assets: | |||||||||||
| Cash and cash equivalents | $ | 20,605 | $ | 14,439 | |||||||
| Accounts receivable, net | 109,487 | 90,470 | |||||||||
| Inventories | 6,633 | 6,218 | |||||||||
| Prepaid expenses and other current assets | 25,123 | 20,086 | |||||||||
| Total current assets | 161,848 | 131,213 | |||||||||
| Property, plant and equipment, net | 223,030 | 244,517 | |||||||||
| Goodwill, net | 7,807 | 7,541 | |||||||||
| Other intangible assets, net | 65,728 | 70,410 | |||||||||
| Operating lease right-of-use assets | 16,554 | 14,485 | |||||||||
| Other noncurrent assets | 12,888 | 9,245 | |||||||||
| Total assets | $ | 487,855 | $ | 477,411 | |||||||
| Current liabilities: | |||||||||||
| Accounts payable | $ | 42,127 | $ | 44,282 | |||||||
| Accrued liabilities | 32,328 | 30,837 | |||||||||
| Income taxes payable | 38 | 153 | |||||||||
| Deferred revenue | 4,058 | 2,903 | |||||||||
| Other current liabilities | 7,238 | 6,761 | |||||||||
| Total current liabilities | 85,789 | 84,936 | |||||||||
| Long-term debt | 208,595 | 182,842 | |||||||||
| Deferred income taxes | 1,760 | 3,318 | |||||||||
| Operating lease liabilities | 12,909 | 11,142 | |||||||||
| Other noncurrent liabilities | 19,393 | 20,789 | |||||||||
| Total liabilities | 328,446 | 303,027 | |||||||||
| Shareholders' equity: | |||||||||||
| Common shares | — | — | |||||||||
| Additional paid-in capital | 1,635,733 | 1,634,883 | |||||||||
| Accumulated deficit | (1,079,880) | (1,058,911) | |||||||||
| Treasury stock | (11,112) | (10,775) | |||||||||
| Accumulated other comprehensive loss | (385,332) | (390,813) | |||||||||
| Total Civeo Corporation shareholders' equity | 159,409 | 174,384 | |||||||||
| Noncontrolling interest | — | — | |||||||||
| Total shareholders' equity | 159,409 | 174,384 | |||||||||
| Total liabilities and shareholders' equity | $ | 487,855 | $ | 477,411 | |||||||
CIVEO CORPORATION
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
| Six Months Ended June 30, | |||||||||||
| 2026 | 2025 | ||||||||||
| Cash flows from operating activities: | |||||||||||
| Net loss | $ | (6,320) | $ | (13,161) | |||||||
| Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | |||||||||||
| Depreciation and amortization | 33,635 | 34,080 | |||||||||
| Deferred income tax benefit | (1,706) | (1,868) | |||||||||
| Non-cash compensation charge | 850 | 1,199 | |||||||||
| Gains on disposals of assets | (351) | (261) | |||||||||
| Provision for credit losses, net of recoveries | 796 | (9) | |||||||||
| Other, net | 1,402 | 581 | |||||||||
| Changes in operating assets and liabilities: | |||||||||||
| Accounts receivable | (18,728) | (10,313) | |||||||||
| Inventories | (355) | 2,049 | |||||||||
| Accounts payable and accrued liabilities | (170) | (1,718) | |||||||||
| Taxes payable | (3,342) | (13,089) | |||||||||
| Other current and noncurrent assets and liabilities, net | (3,815) | (8,248) | |||||||||
| Net cash flows provided by (used in) operating activities | 1,896 | (10,758) | |||||||||
| Cash flows from investing activities: | |||||||||||
| Capital expenditures | (7,846) | (9,769) | |||||||||
| Acquisitions and related payments | — | (64,948) | |||||||||
| Proceeds from dispositions of property, plant and equipment | 1,215 | 273 | |||||||||
| Other, net | — | — | |||||||||
| Net cash flows used in investing activities | (6,631) | (74,444) | |||||||||
| Cash flows from financing activities: | |||||||||||
| Revolving credit borrowings (repayments), net | 29,580 | 119,223 | |||||||||
| Debt issuance costs | (3,434) | (423) | |||||||||
| Dividends paid | — | (3,437) | |||||||||
| Repurchases of common shares | (14,353) | (22,474) | |||||||||
| Taxes paid on vested shares | (337) | (645) | |||||||||
| Net cash flows provided by financing activities | 11,456 | 92,244 | |||||||||
| Effect of exchange rate changes on cash | (555) | 2,392 | |||||||||
| Net change in cash and cash equivalents | 6,166 | 9,434 | |||||||||
| Cash and cash equivalents, beginning of period | 14,439 | 5,204 | |||||||||
| Cash and cash equivalents, end of period | $ | 20,605 | $ | 14,638 | |||||||
CIVEO CORPORATION
SEGMENT DATA
(in thousands)
(unaudited)
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Revenues | |||||||||||||||||||||||
| Australia | $ | 125,446 | $ | 112,672 | $ | 248,464 | $ | 216,318 | |||||||||||||||
| Canada | 54,571 | 50,022 | 104,220 | 90,420 | |||||||||||||||||||
| Other | — | — | — | — | |||||||||||||||||||
| Total revenues | $ | 180,017 | $ | 162,694 | $ | 352,684 | $ | 306,738 | |||||||||||||||
| EBITDA (1) | |||||||||||||||||||||||
| Australia | $ | 22,510 | $ | 22,215 | $ | 44,336 | $ | 41,210 | |||||||||||||||
| Canada | 5,861 | 6,380 | 9,554 | 4,566 | |||||||||||||||||||
| Corporate, other and eliminations | (6,836) | (7,852) | (11,990) | (13,941) | |||||||||||||||||||
| Total EBITDA | $ | 21,535 | $ | 20,743 | $ | 41,900 | $ | 31,835 | |||||||||||||||
| Adjusted EBITDA (1) | |||||||||||||||||||||||
| Australia | $ | 22,572 | $ | 22,266 | $ | 44,369 | $ | 41,306 | |||||||||||||||
| Canada | 5,983 | 6,869 | 11,138 | 6,082 | |||||||||||||||||||
| Corporate, other and eliminations | (4,774) | (4,127) | (9,197) | (9,725) | |||||||||||||||||||
| Total adjusted EBITDA | $ | 23,781 | $ | 25,008 | $ | 46,310 | $ | 37,663 | |||||||||||||||
| Operating income (loss) | |||||||||||||||||||||||
| Australia | $ | 13,628 | $ | 13,176 | $ | 26,316 | $ | 24,370 | |||||||||||||||
| Canada | (1,669) | (2,498) | (6,058) | (13,086) | |||||||||||||||||||
| Corporate, other and eliminations | (6,867) | (7,878) | (12,043) | (14,000) | |||||||||||||||||||
| Total operating income (loss) | $ | 5,092 | $ | 2,800 | $ | 8,215 | $ | (2,716) | |||||||||||||||
| (1) Please see Non-GAAP Reconciliation Schedule. | |||||||||||||||||||||||
CIVEO CORPORATION
SUPPLEMENTAL QUARTERLY SEGMENT AND OPERATING DATA
(U.S. dollars in thousands, except for room counts and average daily rates)
(unaudited)
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Supplemental Operating Data - Australian Segment | |||||||||||||||||||||||
| Revenues | |||||||||||||||||||||||
| Accommodation and associated services revenue (1) | $ | 57,373 | $ | 52,682 | $ | 113,179 | $ | 99,505 | |||||||||||||||
| Integrated services and other services revenue (3) | 68,073 | 59,990 | 135,285 | 116,813 | |||||||||||||||||||
| Total Australian revenues | $ | 125,446 | $ | 112,672 | $ | 248,464 | $ | 216,318 | |||||||||||||||
| Costs | |||||||||||||||||||||||
| Accommodation and associated services cost | $ | 28,933 | $ | 25,890 | $ | 56,990 | $ | 48,961 | |||||||||||||||
| Integrated services and other services cost | 60,996 | 53,163 | 121,545 | 103,814 | |||||||||||||||||||
| Indirect other cost | 4,185 | 3,424 | 8,047 | 6,422 | |||||||||||||||||||
| Total Australian cost of sales and services | $ | 94,114 | $ | 82,477 | $ | 186,582 | $ | 159,197 | |||||||||||||||
| Average daily rates (4) | $ | 85 | $ | 76 | $ | 84 | $ | 76 | |||||||||||||||
| Billed rooms (5) | 674,506 | 690,506 | 1,350,008 | 1,316,142 | |||||||||||||||||||
| Australian dollar to U.S. dollar | $ | 0.710 | $ | 0.641 | $ | 0.703 | $ | 0.634 | |||||||||||||||
| Supplemental Operating Data - Canadian Segment | |||||||||||||||||||||||
| Revenues | |||||||||||||||||||||||
| Accommodation and associated services revenue (1) | $ | 44,082 | $ | 42,590 | $ | 87,216 | $ | 76,026 | |||||||||||||||
| Mobile facility rental and associated services revenue (2) | 367 | 434 | 1,405 | 653 | |||||||||||||||||||
| Integrated services and other services revenue (3) | 10,122 | 6,998 | 15,599 | 13,741 | |||||||||||||||||||
| Total Canadian revenues | $ | 54,571 | $ | 50,022 | $ | 104,220 | $ | 90,420 | |||||||||||||||
| Costs | |||||||||||||||||||||||
| Accommodation and associated services cost | $ | 31,416 | $ | 30,618 | $ | 63,540 | $ | 59,483 | |||||||||||||||
| Mobile facility rental and associated services cost | 348 | 135 | 1,027 | 135 | |||||||||||||||||||
| Integrated services and other services cost | 10,578 | 6,237 | 15,655 | 12,710 | |||||||||||||||||||
| Indirect other cost | 1,916 | 2,047 | 4,063 | 4,354 | |||||||||||||||||||
| Total Canadian cost of sales and services | $ | 44,258 | $ | 39,037 | $ | 84,285 | $ | 76,682 | |||||||||||||||
| Average daily rates (4) | $ | 96 | $ | 94 | $ | 97 | $ | 94 | |||||||||||||||
| Billed rooms (5) | 458,020 | 449,970 | 891,610 | 808,667 | |||||||||||||||||||
| Canadian dollar to U.S. dollar | $ | 0.723 | $ | 0.723 | $ | 0.726 | $ | 0.710 | |||||||||||||||
(1)Includes revenues related to village and 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 service and other services, including laundry, facilities management and water and wastewater treatment services, for the periods presented.
(4)Average daily rate is based on billed rooms and accommodation revenue in our owned villages and lodges.
(5)Billed rooms represents total billed days for owned assets for the periods presented.
CIVEO CORPORATION
SUPPLEMENTAL OPERATIONS BY SERVICE TYPE BY REGION DATA
(U.S. dollars in thousands)
(unaudited)
The following table sets forth certain supplemental data for our Australia and Canada segment revenues attributable to the asset-light (“Catering and Facility Management”) portion of the Company’s business and the asset-intensive (“Accommodations and Infrastructure”) portion of the Company’s business. We provide Catering and Facility Management services to both customer-owned assets and Company-owned villages and lodges. When we provide Catering and Facility Management services to customer-owned assets, it is reflected in “Food and other services” in our Supplemental Quarterly Segment and Operating Data. However, when we provide those same services to customers at our owned villages and lodges, it is reflected in “Accommodation and other services”, which also includes the Accommodations and Infrastructure component of our owned villages and lodges. This is because we bill our customers in one combined rate for both Accommodations and Infrastructure services and Catering and Facility Management services at Company-owned villages and lodges.
The purpose of the disclosure below is to disaggregate the embedded Catering and Facility Management revenues from the “Accommodation and other services” revenues associated with our owned villages and lodges that is included in our Supplemental Quarterly Segment and Operating Data. To do so, we apply a margin that is equal to Civeo’s margin in similar services we provide to customer-owned assets to the cost of sales that are associated with Catering and Facility Management services within “Accommodation and other services” for our owned villages and lodges. This table provides investors a supplemental view of the services provided by the Company which could assist with their valuation analysis.
| Three months ended June 30, 2026 | Three months ended June 30, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Australia | Canada | Other | Total | Australia | Canada | Other | Total | |||||||||||||||||||||||||||||||||||||||||||
| Revenues | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Asset Light: Catering and Facility Management | $ | 92,869 | $ | 33,474 | $ | — | $ | 126,343 | $ | 82,633 | $ | 29,952 | $ | — | $ | 112,585 | ||||||||||||||||||||||||||||||||||
| Asset Intensive: Accommodations and Infrastructure | 32,577 | 21,097 | — | 53,674 | 30,039 | 20,070 | — | 50,109 | ||||||||||||||||||||||||||||||||||||||||||
| Total revenues | $ | 125,446 | $ | 54,571 | $ | — | $ | 180,017 | $ | 112,672 | $ | 50,022 | $ | — | $ | 162,694 | ||||||||||||||||||||||||||||||||||
| Six months ended June 30, 2026 | Six months ended June 30, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Australia | Canada | Other | Total | Australia | Canada | Other | Total | |||||||||||||||||||||||||||||||||||||||||||
| Revenues | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Asset Light: Catering and Facility Management | $ | 183,774 | $ | 61,968 | $ | — | $ | 245,742 | $ | 159,292 | $ | 55,601 | $ | — | $ | 214,893 | ||||||||||||||||||||||||||||||||||
| Asset Intensive: Accommodations and Infrastructure | 64,690 | 42,252 | — | 106,942 | 57,026 | 34,819 | — | 91,845 | ||||||||||||||||||||||||||||||||||||||||||
| Total revenues | $ | 248,464 | $ | 104,220 | $ | — | $ | 352,684 | $ | 216,318 | $ | 90,420 | $ | — | $ | 306,738 | ||||||||||||||||||||||||||||||||||
CIVEO CORPORATION
NON-GAAP RECONCILIATIONS
(in thousands)
(unaudited)
| Three Months Ended June 30, | Six Months Ended June 30, | Twelve Months Ended June 30, | |||||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | 2026 | |||||||||||||||||||||||||
| EBITDA (1) | $ | 21,535 | $ | 20,743 | $ | 41,900 | $ | 31,835 | $ | 87,486 | |||||||||||||||||||
| Adjusted EBITDA (1) | $ | 23,781 | $ | 25,008 | $ | 46,310 | $ | 37,663 | $ | 96,824 | |||||||||||||||||||
| Net Leverage Ratio (2) | 2.1x | ||||||||||||||||||||||||||||
(1)The term EBITDA is a non-GAAP financial measure that is defined as net income (loss) attributable to Civeo Corporation
plus interest, taxes, depreciation and amortization. The term Adjusted EBITDA is a non-GAAP financial measure that is
defined as EBITDA adjusted to exclude certain other unusual or non-operating items. EBITDA and Adjusted EBITDA are not measures of financial performance under generally accepted accounting principles and should not be considered in isolation from or as a substitute for net income or cash flow measures prepared in accordance with generally accepted accounting principles or as a measure of profitability or liquidity. Additionally, EBITDA and Adjusted EBITDA may not be comparable to other similarly titled measures of other companies. Civeo has included EBITDA and Adjusted EBITDA as supplemental disclosures because its management believes that EBITDA and Adjusted EBITDA provide useful information regarding its ability to service debt and to fund capital expenditures and provide investors a helpful measure for comparing Civeo's operating performance with the performance of other companies that have different financing and capital structures or tax rates. Civeo uses EBITDA and Adjusted EBITDA to compare and to monitor the performance of its business segments to other comparable public companies and as a benchmark for the award of incentive compensation under its annual incentive compensation plan.
The following table sets forth a reconciliation of EBITDA and Adjusted EBITDA to net income (loss) attributable to Civeo Corporation, which is the most directly comparable measure of financial performance calculated under generally accepted accounting principles (in thousands) (unaudited):
| Three Months Ended June 30, | Six Months Ended June 30, | Twelve Months Ended June 30, | |||||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | 2026 | |||||||||||||||||||||||||
| Net loss attributable to Civeo Corporation | $ | (2,521) | $ | (3,314) | $ | (6,329) | $ | (13,156) | $ | (13,244) | |||||||||||||||||||
| Income tax expense | 3,525 | 3,606 | 6,666 | 6,694 | 13,592 | ||||||||||||||||||||||||
| Depreciation and amortization | 16,327 | 17,827 | 33,635 | 34,080 | 72,173 | ||||||||||||||||||||||||
| Interest income | (52) | (75) | (90) | (101) | (153) | ||||||||||||||||||||||||
| Interest expense | 4,256 | 2,699 | 8,018 | 4,318 | 15,118 | ||||||||||||||||||||||||
| EBITDA | $ | 21,535 | $ | 20,743 | $ | 41,900 | $ | 31,835 | $ | 87,486 | |||||||||||||||||||
| Adjustments to EBITDA | |||||||||||||||||||||||||||||
| Resolution of a sales and occupancy tax matter (a) | 1,500 | — | 1,500 | — | 1,500 | ||||||||||||||||||||||||
| Cost saving initiatives (b) | 88 | 474 | 1,590 | 1,438 | 2,337 | ||||||||||||||||||||||||
| Share-based compensation (c) | 598 | 601 | 850 | 1,200 | 2,710 | ||||||||||||||||||||||||
| Shareholder activist costs | 60 | 3,190 | 470 | 3,190 | 2,791 | ||||||||||||||||||||||||
| Adjusted EBITDA | $ | 23,781 | $ | 25,008 | $ | 46,310 | $ | 37,663 | $ | 96,824 | |||||||||||||||||||
(a)Represents the non-recurring settlement of a sales and occupancy tax matter related to our former U.S. business, which was sold in 2023.
(b)Represents implementation costs (primarily severance costs and real estate expense rationalization) incurred as part of cost savings initiatives.
(c)Represents share-based compensation expense associated with performance share awards, restricted share awards, restricted share units and deferred share awards.
(2)The term net leverage ratio is a non-GAAP financial measure that is defined as net debt divided by bank-adjusted EBITDA.
Net debt, bank-adjusted EBITDA and net leverage ratio are not financial measures under GAAP and should not be
considered in isolation from or as a substitute for total debt, net income (loss) or cash flow measures prepared in
accordance with GAAP or as a measure of profitability or liquidity. Additionally, net debt, bank-adjusted EBITDA and net
leverage ratio may not be comparable to other similarly titled measures of other companies. Civeo has included net debt,
bank-adjusted EBITDA and net leverage ratio as a supplemental disclosure because its management believes that this data
provides useful information regarding the level of the Company’s indebtedness and its ability to service debt. Additionally,
per Civeo’s credit agreement, the Company is required to maintain a net leverage ratio below 3.0x every quarter to remain in
compliance with the credit agreement.
The following table sets forth a reconciliation of net debt, bank-adjusted EBITDA and net leverage ratio to the most directly comparable measures of financial performance calculated under GAAP (in thousands) (unaudited):
| As of June 30, | ||||||||
| 2026 | ||||||||
| Total debt (including finance lease obligations) | $ | 211,545 | ||||||
| Less: Cash and cash equivalents | 20,605 | |||||||
| Net debt | $ | 190,940 | ||||||
Adjusted EBITDA for the twelve months ended June 30, 2026 (a) | $ | 96,824 | ||||||
| Adjustments to Adjusted EBITDA | ||||||||
| Interest income | 153 | |||||||
| Resolution of a sales and occupancy tax matter (b) | (1,500) | |||||||
| Cost saving initiatives (b) | (2,337) | |||||||
| Shareholder activist costs (b) | (2,791) | |||||||
| Bank-adjusted EBITDA | $ | 90,349 | ||||||
Net leverage ratio (c) | 2.1x | |||||||
(a) See footnote 1 above for reconciliation of Adjusted EBITDA to net loss attributable to Civeo Corporation. | ||||||||
(b) Adjustments to EBITDA not allowed to be adjusted by our credit facility. | ||||||||
(c) Calculated as net debt divided by bank-adjusted EBITDA. | ||||||||
CIVEO CORPORATION
NON-GAAP RECONCILIATIONS - GUIDANCE
(in millions)
(unaudited)
| Year Ending December 31, 2026 | |||||||||||
| EBITDA Range (1) | $ | 79.3 | $ | 84.3 | |||||||
| Adjusted EBITDA Range (1) | $ | 85.0 | $ | 90.0 | |||||||
(1)The following table sets forth a reconciliation of estimated EBITDA and Adjusted EBITDA to estimated net loss, which is the most directly comparable measure of financial performance calculated under generally accepted accounting principles (in millions) (unaudited):
| Year Ending December 31, 2026 | |||||||||||
| (estimated) | |||||||||||
| Net loss | $ | (15.2) | $ | (11.2) | |||||||
| Income tax expense | 14.0 | 15.0 | |||||||||
| Depreciation and amortization | 65.0 | 65.0 | |||||||||
| Interest expense | 15.5 | 15.5 | |||||||||
| EBITDA | $ | 79.3 | $ | 84.3 | |||||||
| Adjustments to EBITDA | |||||||||||
| Shareholder activist costs | 0.6 | 0.6 | |||||||||
| Cost saving initiatives | 1.6 | 1.6 | |||||||||
Resolution of a sales and occupancy tax matter | 1.5 | 1.5 | |||||||||
| Share-based compensation | 2.0 | 2.0 | |||||||||
| Adjusted EBITDA | $ | 85.0 | $ | 90.0 | |||||||
CONTACTS:
Regan Nielsen
Civeo Corporation
Vice President, Corporate Development & Investor Relations
713-510-2400
Investor Presentation July 2026
2 Forward-Looking Statements This Presentation (and any oral statements regarding the subject matter of this Presentation) contains 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, that are based on our management's beliefs and assumptions and on information currently available to management. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “potential,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. Forward-looking statements are those that do not state historical facts and are, therefore, inherently subject to risks and uncertainties. The forward-looking statements herein, including the statements regarding Civeo’s future plans and outlook, strategic priorities, guidance, current trends, expectations with respect to Adjusted EBITDA, capital expenditures, future revenues, share repurchases, Free Cash Flow generation, cost reductions, integration of the Australian asset acquisition, future infrastructure-related opportunities and liquidity needs, are based on then-current expectations and entail various risks and uncertainties that could cause actual results to differ materially from those expressed or implied by these forward-looking statements. Such risks and uncertainties include, among other things, risks associated with the general nature of the accommodations industry, risks associated with the level of supply and demand for oil, coal, iron ore and other minerals, including the level of activity, spending and developments in the Canadian oil sands, the level of demand for coal and other natural resources from, and investments and opportunities in, Australia, and fluctuations or sharp declines in the current and future prices of coal, iron ore, oil, natural gas and other minerals, risks associated with failure by our customers to reach positive final investment decisions on, or otherwise not complete, projects with respect to which we have been awarded contracts, which may cause those customers to terminate or postpone contracts, risks associated with currency exchange rates, risks associated with inflation and volatility in the banking sector, risks associated with the Company’s ability to integrate any future acquisitions, risks associated with labor shortages, risks associated with the development of new projects, including whether such projects will continue in the future, risks associated with the trading price of the Company’s common shares, availability and cost of capital, risks associated with general global economic conditions, geopolitical events, inflation, global weather conditions, natural disasters, including wildfires, global health concerns, and security threats and changes to government and environmental regulations, including climate change, and other factors discussed in the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” sections of Civeo’s most recent annual report on Form 10-K and other reports the Company may file from time to time with the U.S. Securities and Exchange Commission. Neither the Company nor any of its representatives gives any assurance that these expectations will be achieved on the time periods expected or at all. As such, recipients are cautioned not to put undue reliance on forward-looking statements. Each forward-looking statement contained herein speaks only as of the date of this Presentation. Except as required by law, Civeo expressly disclaims any intention or obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise. Non-GAAP Financial Information This Presentation includes certain financial measures not presented in accordance with generally accepted accounting principles in the United States (“GAAP”), which are used by management as a supplemental measure, have certain limitations, and should not be construed as alternatives to financial measures determined in accordance with GAAP. EBITDA, Adjusted EBITDA, Free Cash Flow, Net Debt, bank-adjusted EBITDA and Net Leverage Ratio are examples of non-GAAP financial measures used in this Presentation. See “Appendix C – Non-GAAP Reconciliations” below for definitions and additional information concerning non-GAAP financial measures, including a reconciliation of the non-GAAP financial information presented in this Presentation to the most directly comparable financial information presented in accordance with GAAP. Non-GAAP financial information supplements and should be read together with, and is not an alternative or substitute for, the Company’s financial results reported in accordance with GAAP. Because non-GAAP financial information is not standardized, it may not be possible to compare these financial measures with other companies’ non-GAAP financial measures.
Civeo Overview
4 $565M ENTERPRISE VALUE¹ $377M MARKET CAP1 2.1x NET LEVERAGE RATIO(2)(3) 26% OF SHARES OUTSTANDING REPURCHASED SINCE THE BEGINNING OF 2025¹ Civeo at a Glance Civeo (NYSE: CVEO) provides a full suite of hospitality services, including food services, housekeeping, lodging and maintenance at remote workforce accommodations facilities owned by Civeo or its customers in Australia and Canada 28% CANADA6 72% AUSTRALIA 19% CANADA6 81% AUSTRALIA $96.8M LTM REVENUE2 LTM ADJUSTED EBITDA(2)(4)(5) (1) As of July 27, 2026 (2) As of June 30, 2026 or the last twelve months as of June 30,2026, where appropriate (3)Net Leverage Ratio is a non-GAAP financial measure and is reconciled to the nearest GAAP financial measure in the Appendix C (4) Adjusted EBITDA is a non-GAAP financial measure and is reconciled to the nearest GAAP financial measure in the Appendix C (5) Negative Adjusted EBITDA contributions from Corporate, Other and Eliminations are allocated pro rata to Canada and Australia (6) Canada includes legacy U.S. business, the majority of which has been divested Generating recurring cash flow from a diverse asset mix and exposure to all phases of project lifecycles across a broad range of commodities Opportunistically deploying capital to buyback stock and support strategic initiatives while maintaining a healthy balance sheet Driving earnings growth in North America by capitalizing on infrastructure development CIVEO IS POSITIONED FOR ONGOING VALUE CREATION… $685M
5 Integrated Services (or “CIS”) • Fully integrated remote site services including catering and food service, lodging, housekeeping and maintenance • Offered at both owned and third- party accommodations • Services can be offered on an end- to-end basis or just a portion of our comprehensive offering Operating Two Scaled Platforms…. Owned Villages (or “COV” business) • Strategically located near long-lived, low-cost mines operated by large mining companies, regionally diversified across Australia • Multi-year take-or-pay contracts with minimum nightly room commitments • Portfolio creates network effect, with ability to serve multiple customer projects at multiple Civeo locations Owned Lodges & Mobile Camps • Leading market position in the Canadian oil sands • Scalable offering to support project lifecycle from initial exploration to long-term production • Fleet of approximately 2,700 readily deployable mobile camp rooms and another approximately 1,000 mobile camp rooms at lodges that can be redeployed anywhere in North America AUSTRALIA Civeo Lodge Properties Civeo Office Locations Mobile Camp Staging Sites Civeo Integrated Services Villages (CIS) Civeo Villages (COV) Civeo Integrated Services Villages (CIS) Civeo Office Locations NT QLD NSW VIC SAWA TSA ACT CANADA 0
6 (1) Source: Wall Street research and Wood Mackenzie (2) Source: Revenue and gross profit percentages are based on revenue and gross profit related to the applicable activity driver for the last twelve months ended June 30, 2026. Activity Drivers Diversified Across Commodity and Geographic Markets Civeo supports key projects in the Australian met coal and iron ore and Canadian oil sands and LNG markets 22% 59% 19% Revenue by Activity Driver2 23% 66% 11% Gross Profit by Activity Driver2 Civeo serves low-cost producers of a diverse mix of critical commodities in multiple geographic markets that are broadly exposed to global economic growth Oil1 Canadian oil and oil sands annual projected growth of 2.4% through 2027 set to outpace global annual production growth of 1.6% through the same period Steel-Related1 Global iron ore and Australian met coal supply projected to grow at 1.8% and 0.4% through 2030, respectively OtherPotential New Opportunity Drivers U.S. data centers and LNG projects in Canada and Alaska are emerging areas of opportunity currently being pursued
7 … Underpinned by Near-Term Operational Catalysts COV occupancy remains resilient but has softened in portions of the portfolio amid customer caution, while longer- term organic expansion and acquisition opportunities remain Strong sales pipeline and growth momentum as CIS business works toward A$500M revenue target by 2027 Exploring end-market diversification for CIS business across Australia Proposed Canadian nation- building infrastructure spending drives near-term mobile camp utilization upside Multiple Canadian and Alaska LNG projects advancing toward Final Investment Decision, expanding demand for mobile and lodge room deployment Strong continental U.S. bidding activity leveraging existing mobile camps and underutilized lodge rooms for data center development AUSTRALIA NORTH AMERICA
8 TOTAL ADDRESSABLE MARKET¹ ~35k – ~50k rooms U.S. POWER AND DATA CENTER INFRASTRUCTURE U.S. Data Centers: Several U.S. data center accommodations opportunities across the lower 48 states, more anticipated LNG (1) Management estimates Accelerating Infrastructure Investments Driving Opportunities for Civeo in North America North American projects with expected near-term final investment decisions (“FID”) CANADIAN NATION BUILDING Alaska LNG Project: LNG liquefaction, export facility and associated pipeline project; awaiting FID Prince Rupert Gas Transmission (PRGT): Natural gas pipeline for Ksi Lisims LNG project; awaiting FID Coastal GasLink Phase 2: Upgrading compression capabilities along Coastal GasLink pipeline associated with LNG Canada Phase 2; awaiting FID BC Hydro North Coast Transmission Line: 440 km transmission line from Prince George to Terrace, BC; awaiting FID Alberta Oil Pipeline: New Oil Sands Alliance between Alberta and Federal government sets path for new bitumen oil pipeline Oil Sands Alliance – Pathways: Carbon capture and sequestration infrastructure project; pending approval and FID CiveoSix: Signed limited partnership agreement with Six Nations of the Grand River Development Corporation to launch CiveoSix, which focuses on infrastructure and service opportunities in Eastern Canada
Our Businesses
10 TOTAL 26 OWNED VILLAGES & LODGES 22 OPERATED VILLAGES & LODGES 48 VILLAGES & LODGES ~26,300 OWNED ROOMS ~18,300 OPERATED ROOMS ~44,600 ROOMS ~4.5M OWNED-LOCATION BILLED ROOMS1 ~4.0M OPERATED BILLED ROOMS1 ~8.5M BILLED ROOMS1 (over 23,000 guests per day) Civeo Operations By the Numbers (1) Last twelve months as of June 30,2026 Recurring Revenues Primary and stable revenue driver (90%+) through ongoing Operations and Maintenance and Turnaround workforce demand Project Related Revenues Near-term growth catalyst driven by large-scale construction projects, providing meaningful value over defined project lifecycles.
11 Capitalizing on Strong and Growing Demand in Key Australian Markets Civeo is the largest third-party accommodations, infrastructure, and hospitality services provider in Australia Operations primarily centered around metallurgical coal and iron ore mines Diverse exposure to key resource industries (met coal, iron ore, gold, copper, lithium and LNG) Operates in Western Australia, Queensland and South Australia Primarily serves iron ore market Recently won contract to operate two villages for major met coal miner in Queensland ASSET LIGHT (INTEGRATED SERVICES) ASSET INTENSIVE (ACCOMMODATIONS AND INFRASTRUCTURE) Civeo Villages (COV) Civeo Integrated Services Villages (CIS) NT QLD NSW VIC SAWA TSA ACT Services provided at 21 customer-owned villages with ~17,000 rooms Recent six-year, A$1.4 billion contract to provide integrated services at 11 villages in Western Australia through 2030 In 2025, served 3.7 million billed rooms at customer-owned sites Operates primarily in Queensland and New South Wales Primarily serves met coal market Bowen Basin villages comprise 86% of Civeo-owned room capacity Owns and operates 12 Civeo-owned villages with ~10,000 rooms In 2025, served 2.8 million billed rooms at Civeo owned villages Recently closed acquisition of four villages with 1,368 rooms in Bowen Basin and associated contracts
12 Strong Platform for Continued Growth, Supported by Strategic Acquisitions AUSTRALIAN GROWTH STRATEGY Strong cash flow from owned-village business augmented by 2025 Bowen Basin village acquisition, funding capital returns and further growth Built critical mass in integrated services business organically after original 2019 acquisition (originally serving seven villages in Western Australia) Continuing geographic expansion into South Australia and Queensland, and eventually into non-natural resource markets 1 2 Civeo Villages Civeo Integrated Services Villages NT QLD SA NSW VIC TAS WA 2 2 2 1 New Civeo-Owned Villages
13 COMMENTARYNEW MET COAL SUPPLY IN THE SEABORNE MARKET BETWEEN 2023 – 2030 (MT) MAJOR AUSTRALIAN MET COAL PROJECTS BETWEEN 2023 – 2030 (MT) Source: FactSet, IEA, Wall Street research and Wood Mackenzie. Met coal pricing data as of July 27, 2026. Civeo Positioned in Premier Global Met Coal Market Set to Drive Growth Through 2030 • Civeo well positioned in premier met coal producing regions in the Bowen Basin and NSW, Australia, which accounts for ~50% of global seaborne met coal exports (excluding Mongolia) − Net new 22Mt of seaborne met coal capacity expected by 2030, largely driven by Australia − Major met coal projects driving capacity additions located in the Bowen Basin and NSW, overlapping with Civeo’s village footprint • Strong industry outlook for Australian met coal as development and steel capacity targets in key export markets (India, Japan, Korea) drive steel demand growth • Met coal prices above $220/tonne as of the date of this presentation provide a supportive backdrop, though inflationary headwinds driving a more cost- focused customer base (10) -- 10 20 30 Australia Indonesia China Russia United States Others -- 2 4 6 8 Olive Downs Curragh Maules Creek Maxwell Centurion Saraji Broadmeadow Peak Downs Kestrel Moranbah North Grosvenor Lake Lindsay Queensland (Bowen Basin) New South Wales
14 Broad Sector and Geographic Exposure in Canada Premier hospitality services, accommodations and infrastructure provider in Canadian oil sands region Serves full lifecycle of a customer’s project by providing: • Permanent lodges for long-term production and operations phases (i.e., operational oil sands) • Mobile and contract camps for initial, construction and exploratory phases (i.e., Coastal GasLink pipeline) • Strong customer relationships and contracts with the top oil sands producers ASSET LIGHT (INTEGRATED SERVICES) Services provided at 1 customer-owned lodge with ~1,000 rooms Recent four-year integrated services award in Ontario, producing 21,000 meals per day at 11 Ontario Correctional Facilities Served 0.2 million billed rooms in 2025 Owns and operates 14 Civeo-owned lodges with ~16,000 rooms In 2025, served 1.6M billed rooms at Civeo- owned lodges Owns and operates ~2,700¹ mobile camp rooms ~18,700 total rooms ~15,300 rooms serve oil sands industry, ~700 rooms serve natural gas development and ~2,700 mobile camp rooms serve both natural gas and infrastructure development projects ASSET INTENSIVE (ACCOMMODATIONS AND INFRASTRUCTURE) (1) In addition, Civeo has 1,100 mobile camp rooms that are currently deployed within our 16,000-room lodge footprint – which can be detached and deployed on mobile camp jobs Civeo Lodge Properties Civeo Office Locations Mobile Camp Staging Sites Civeo Integrated Services Villages (CIS)
15 Capitalizing on North American Infrastructure Development COMMENTARY • The Canadian federal government has renewed support for the country’s infrastructure, resulting in a more favorable regulatory environment and optimistic outlook for further build-out • Alaska LNG gaining momentum with recent commercial, construction, and supply milestones supporting progress toward FID and long-term project development • The market has recognized the long-term attractiveness and growth prospects of oil & gas production in Western Canada and LNG development on the west coast of Canada − Western Canada’s LNG industry is experiencing a revitalization, driven by increasing federal support and approval of major development projects (e.g., Ksi Lisims LNG) • The Oil Sands Alliance is advancing the C$16.5B+ Pathways CCS project under the July 2026 Canada–Alberta deal, linking carbon capture to a new West Coast oil pipeline • Every $1B invested in U.S. data centers supports approximately 4,500–5,000 total jobs during construction “To build the strongest economy in the G7, we must build infrastructure at a speed and scale not seen in generations. The Build Communities Strong Fund is the essential investment in nation-building, targeting the roads, hospitals, schools, and water systems that underpin local prosperity. By delivering this critical infrastructure to communities across the country, we are directly investing in our workers and businesses – and building Canada strong.” THE HON. FRANÇOIS-PHILIPPE CHAMPAGNE MINISTER OF FINANCE AND NATIONAL REVENUE | NOVEMBER 8, 2025 POSITIONED TO CAPTURE DEMAND FOR U.S. DATA CENTERS AND DRIVE EARNINGS GROWTH Selected commentary on federal support driving Canada’s evolving infrastructure landscape 147 178 224 292 371 450 513 606 0 200 400 600 2023 2030 Source: Capital Policy Analytics; Meta project disclosures; USC/Hamm Institute Source: Global Energy Perspective 2023, McKinsey Energy consumption, terawatt hours CANADA’S NATION-BUILDING INFRASTRUCTURE DEVELOPMENT BUILDING MOMENTUM
16 Serving Loyal, Blue-Chip Customer Base Large, long-term projects supported by multi-year contracts with large, well-capitalized clients Lodges & Villages • Permanent infrastructure supporting multi-year projects • Size range from 50 rooms to 5,000 rooms • Asset life matches customer demand: designed to serve long-term needs of clients throughout the project lifecycle • Located in areas of significant resource development to support multiple customers Contract Structure • “Take-or-pay” or exclusivity contract structure • May contain minimum occupancy requirement • Annual price escalation provisions in multi-year contracts cover increases in labor, food and consumables costs • Contracts can have termination provisions, where customers incur termination fees • “Services only” contracts at customer-owned locations based on a per-guest, per- day basis SUPPLIER OF HOSPITALITY AND INFRASTRUCTURE SERVICES TO MET COAL, OIL, IRON ORE, LNG AND OTHER RESOURCE DEVELOPMENTS IN AUSTRALIA AND CANADA Key Australian Customers CANADA: 28% OF LTM REVENUE AUSTRALIA: 72% OF LTM REVENUE Key North American Customers
Capital Allocation and Financial Results
18 Track Record of Returning Capital To Shareholders • Updated capital allocation framework in 2Q25 following review by Board and management team and engagement with shareholders • New strategy designed to accelerate the return of capital to investors and drive long-term shareholder value, while preserving financial flexibility • Focus on repurchases as primary vehicle for returns demonstrates confidence in future prospects, operational resilience, and ability to deliver long-term shareholder value HISTORICAL TRACK RECORD OF SHAREHOLDER RETURNS ($M) (1) Quarterly dividend suspended on 4/30/2025 as part of updated capital allocation framework CAPITAL ALLOCATION FRAMEWORK • July 2026 convertible issuance funded $22.3M of incremental repurchases, completing the 2025 authorization and 51% of the March 2026 authorization o The March 2026 authorization allows the Company to repurchase up to 10% of its shares outstanding (~1.1 million shares) • Civeo intends to utilize at least 75% of annual FCF to continue repurchasing shares while maintaining dry powder to pursue high- return growth opportunities $7.4 $14.4 $3.4 $- $11.6 $29.6 $53.6 $36.6 $19.0 $44.0 $57.0 $36.6 $20.60 $26.18 $23.19 $31.27 2023 2024 2025 2026 YTD Dividends¹ Share Repurchases Total Capital To Shareholders Average Buyback $/Share
19 Opportunistically Deploying Capital to Support Strategic Initiatives While Maintaining a Healthy Balance Sheet (1) Net Leverage Ratio equals Net Debt / bank-adjusted EBITDA. Net Debt and bank-adjusted EBITDA are non-GAAP financial measures and are reconciled to the nearest GAAP financial measure in Appendix C. Financing leases are included in the net debt calculation beginning in 1Q 2026. (2) 6/30/2026 pro forma is an illustrative view to show what net debt and leverage ratios would have been if the convertible debt was issued in the second quarter, all else equal. For simplicity, this pro forma uses the principal amount of $115M. HISTORICAL NET DEBT AND NET LEVERAGE RATIO • Prudently deploying capital to highest-return opportunities, sustaining investments in core assets and opportunistic, accretive inorganic growth • The increase in 2025 net debt1 is largely due to the ~$67M Australian acquisition in May 2025 and ~$57M of capital returned to shareholders in 2025 • Substantial opportunity to organically grow the Australia integrated services business to achieve revenue goal of A$500 million by 2027 (the “555 Plan”) with minimal capital investment • Maintaining a healthy balance sheet with ~$82.2 million in liquidity as of June 30, 2026 • Targeting net leverage ratio1 in the ~2.0x range to allow financial flexibility for value- enhancing opportunities $62 $40 $38 $154 $168 $191 $102 $115 - 0.5x 1.0x 1.5x 2.0x 2.5x $20 $40 $60 $80 $100 $120 $140 $160 $180 $200 $220 12/31/23 6/30/24 12/31/24 6/30/25 12/31/25 6/30/26 6/30/2026 Pro Forma² ($ M ill io ns ) Net Debt (Revolver)¹ Convertible Debt Total Leverage Ratio¹ Sr. Secured Leverage Ratio¹ $217
20 Key Terms Overview Principal amount $115.0M including the greenshoe Coupon / maturity 4.50% per annum, semi-annual | August 1, 2031 Conversion price $40.51 per share (20.0% premium to $33.76 close on 7/1/26) Settlement Cash, shares, or combination -- Civeo's election Non-call period 3 years (callable from 8/1/2029 if stock is at/above 130% of conv. price, ~$52.67) Concurrent buyback 660,297 shares repurchased (~$22.3M) — permanent dilution offset Immediate Use of remaining proceeds (after concurrent buyback) Repay revolving credit facility, restoring undrawn capacity Strategic Intent of Offering Increased financial flexibility to capitalize on organic and inorganic growth opportunities
21 1 Based on $33.76 closing share price on 7/1/26. Convertible Debt Issuance: Positioning Civeo for the Next Phase of Value Creation $115M of 5-year capital (including greenshoe) at a 4.50% fixed coupon, a 20% conversion premium ($40.51), and a concurrent repurchase of ~660K shares — lowering near-term cost of capital while positioning for growth Repurchased ~660K shares concurrent with the offering, completing the April 2025 authorization to repurchase 20% of the Company; approximately 550K of those shares were repurchased under the new 10% authorization after it became effective. Now positioned for a more balanced capital allocation framework across growth and return of capital. Raising capital at attractive terms to pursue an expanding North American and Australian opportunity set, organically and via disciplined M&A. Replaced higher-cost, floating-rate borrowings with 4.50% fixed-rate capital and added balance-sheet flexibility. Delivered on Buybacks; Positioned for Growth Financial Flexibility for a Building Growth Opportunity Set Immediate Benefit of Interest-Rate Arbitrage Building on a strong capital return track record while enhancing financial flexibility to capitalize on future growth opportunities. ~40% Of the Company’s shares repurchased since 2021 (~$26 avg) ~3.5M shares repurchased since Jan 1, 2025 (~26%) 4.50% fixed coupon with 5-year term to 2031 $40.51 conversion price 20% premium1; no equity issued from the convertible debt below this price
22 ¹ Illustrative dilution analysis reflects management's current intent to settle principal of the convertible debt in cash; reported diluted share counts may differ under applicable accounting rules. Not an offer to sell or a solicitation. See SEC filings. Conversion Mechanics: Cash Settlement Significantly Reduces Potential Dilution • Civeo intends to satisfy the $115M (including greenshoe) principal in cash • As a result, shares would only be issued for conversion value ABOVE the $40.51 conversion price — not the full underlying share amount • No shares are issued at or below the $40.51 conversion price • The concurrent repurchase of approximately 660K shares provides a permanent offset against potential future share issuance related to convertible debt offering • No net dilution until approximately $53 per share, reflecting both cash settlement and the impact of the concurrent share repurchase ILLUSTRATIVE NET DILUTION BY STOCK PRICE¹ POTENTIAL DILUTION IS SMALL RELATIVE TO SHARES ALREADY RETIRED Stock price Implied move Net new shares (after buyback) % Pre-offering shares outstanding1 $40.51 +20% — 0% ~$53 +56% ~0 (zero-dilution) 0% ~$69 +103% ~500,000 ~4.6% ~$98 +189% ~1,000,000 ~9.1% 6,900K @ avg. price of $26.24 3,500K @ avg. price of $25.91 500K Retired since 2021 Retired since Jan 1, 2025 Net new @ $68.52 (after buyback)
23 Second Quarter 2026 Snapshot (1) Adjusted EBITDA is a non-GAAP financial measure and is reconciled to the nearest GAAP financial measure in Appendix C (2) Includes $22.3 million of share repurchases concurrent with July 2026 convertible debt offering FY2026 GUIDANCE (As of June 30, 2026) Revenues $675 – $700M Adjusted EBITDA1 $85 – $90M Capital Expenditures $25 – $30M Revenues of $180.0M Adjusted EBITDA1 of $23.8M Net loss of $2.5M Returned $36.6M of capital to shareholders year-to-date² Second Quarter 2026 Conference Call Commentary • Revenue grew 11% year-over-year to $180.0 million — Australia (+11%) benefited from a stronger Australian dollar and growth in integrated services; Canada (+9%) was driven by higher occupancy and the new Ontario integrated-services contract • Adjusted EBITDA of $23.8 million was down modestly from $25.0 million a year ago, as Ontario contract start-up costs and softer Canadian turnaround timing offset the AUD tailwind and Australian integrated-services growth • Subsequent to quarter-end, priced $115.0 million of 4.50% convertible senior notes due 2031 and repurchased 660,297 shares (~$22.3 million) — fixed-rate capital for the growing North American infrastructure pipeline (LNG, energy infrastructure, data centers), structured for no shareholder dilution below ~$53/share • Reaffirmed full-year 2026 guidance: revenue of $675–$700 million, Adjusted EBITDA of $85–$90 million, capital expenditures of $25–$30 million
Appendix A - Our Value Proposition
25 The Civeo Lodge Experience
26 The Civeo Experience
27 Innovation in Service Delivery • Civeo’s EDI cook-to-order system allows guests to order dinner entrées a la carte • Guests use iPads and room keys to order from over 25 entrée items and three daily chef’s specials including vegetables and side dishes, allowing guests to make requests and input allergies • EDI system is in place at multiple Civeo lodges in the Canadian oil sands • EDI system improves guest experience from legacy buffet service and reduces food waste
28 Lodge & Village Amenities
29 Villages in Australia
30 Village Environment & Facilities Kinetic Fitness Center Swimming Pools Guest Commuter Bus Meeting / Training Space Guest Transit Service — Village to Township
31 Safety is at the Core of our Business Continue to receive exemplary safety performance ratings • 2025 was our sixth year achieving a Total Recordable Incident Rate below 0.50 • Customers trust Civeo to provide high-quality services and keep their people safe Remain dedicated to creating sustainable, long-term value for our people and communities in which we operate • Achieved the Gold re-certification for our Canadian Indigenous program, signifying our continued commitment to maintaining strong relationships with these communities
Appendix B — Lodge & Village Breakdown
33 Australian Civeo-Owned Villages AUSTRALIAN CIVEO-OWNED VILLAGE ROOM COUNT Civeo Villages NT QLD SA NSW VIC TAS WA New Civeo-Owned Villages As of Commodity Exposure 6/30/2026 Bowen Basin Villages Coppabella Met Coal 3,144 Dysart Met Coal 1,798 Moranbah Met Coal 1,240 Rosewood Met Coal 734 Middlemount Met Coal 816 Waratah Met Coal 494 Nebo Met Coal 490 Vitrinite Met Coal 84 Acacia Motel Met Coal 56 Total Bowen Basin Rooms 8,856 Gunnedah Basin Villages Boggabri Met / Thermal Coal / Gas 662 Narrabri Met / Thermal Coal / Gas 502 Total Gunnedah Basin Villages 1,164 Western Australia Villages Karratha LNG, Iron Ore 298 Total Western Australia Rooms 298 Total Australian Village Room Count 10,318
34 (1) Comprised of Black Bear, Bighorn, Buffalo, Lynx and Wolverine Lodges ~15,300 rooms in the Oil Sands ~700 rooms serving natural gas development CANADIAN OWNED-LODGE AND MOBILE CAMP ROOM COUNT Canadian Civeo-Owned Lodges & Mobile Camps CANADIAN LODGES Civeo Lodge Properties ~2,700 mobile camp rooms available for redeployment
35 Asset Intensive & Asset Light Business Segment Disclosure Twelve Months Ended June 30, 2026 Australia Canada Other Total Asset Light: Catering and Facility management $ 362.3 $ 114.4 $ - $ 476.8 Asset Intensive: Accommodations and Infrastructure 130.1 77.9 - 208.0 Total Revenue $ 492.4 $ 192.4 $ - $ 684.8
36 ASSET INTENSIVE: ACCOMMODATIONS AND INFRASTRUCTURE ASSET LIGHT: CATERING AND FACILITY MANAGEMENT NORTH AMERICA • Low maintenance capital intensity for existing assets • Ideally suited to support infrastructure and data center construction projects with mobile camp assets that can be deployed rapidly to scale • ~2,700 mobile rooms² & ~16,000 owned-lodge rooms • Diversification platform for North American business to enter different end- markets • Demonstrated capabilities and strong existing relationships position Civeo as a partner of choice for facility and hospitality services • 1 customer-owned site in North America $192M LTM REVENUE1 AUSTRALIA • High-margin, high-cash flow business with recurring revenue streams largely backed by take-or-pay contracts • Strong occupancy in owned villages funds capital returns and future growth • 10,000+ owned-village rooms • Minimal capital intensity for existing operations • Well-positioned for continued growth through organic expansion with minimal investment required, on track to reach goal of A$500M of revenue by 2027 • 21 customer-owned sites in Australia $492M LTM REVENUE1 $208M LTM REVENUE1 $477M LTM REVENUE1 Significant Asset Availability with Growing Services Established owned village & lodge footprint provides natural, synergistic growth platform for services (1) Last twelve months as of June 30,2026 (2) In addition, Civeo has 1,100 mobile camp rooms that are currently deployed within our 16,000-room lodge footprint – which can be detached and deployed on mobile camp jobs
Appendix C — Non-GAAP Reconciliations
38 EBITDA and Adjusted EBITDA Reconciliation (U.S. dollars in millions) The term EBITDA is a non-GAAP financial measure that is defined as net income (loss) attributable to Civeo Corporation plus interest, taxes, depreciation and amortization. The term Adjusted EBITDA is a non-GAAP financial measure that is defined as EBITDA adjusted to exclude certain other unusual or non-operating items. EBITDA and Adjusted EBITDA are not measures of financial performance under generally accepted accounting principles and should not be considered in isolation from or as a substitute for net income or cash flow measures prepared in accordance with generally accepted accounting principles or as a measure of profitability or liquidity. Additionally, EBITDA and Adjusted EBITDA may not be comparable to other similarly titled measures of other companies. Civeo has included EBITDA and Adjusted EBITDA as supplemental disclosures because its management believes that EBITDA and Adjusted EBITDA provide useful information regarding its ability to service debt and to fund capital expenditures and provide investors a helpful measure for comparing Civeo's operating performance with the performance of other companies that have different financing and capital structures or tax rates. Civeo uses EBITDA and Adjusted EBITDA to compare and to monitor the performance of its business segments to other comparable public companies and as a benchmark for the award of incentive compensation under its annual incentive compensation plan. LTM Ending 6/30/2022 12/31/2022 6/30/2023 12/31/2023 6/30/2024 12/31/2024 6/30/2025 12/31/2025 6/30/2026 2Q26 Net income (loss) attributable to Civeo Corporation 21.8$ 4.0$ (8.9)$ 30.2$ 35.1$ (17.1)$ (33.3)$ (20.1)$ (13.2)$ (2.5)$ Plus: Interest expense, net 11.3 11.4 13.5 13.0 10.3 7.8 7.5 11.3 15.0 4.2 Plus: Depreciation and amortization 83.7 87.2 86.4 75.1 66.6 68.0 68.3 72.6 72.2 16.3 Plus: Loss on extinguishment of debt 0.4 - - - - - - - - - Plus: Income tax provision (benefit) 6.2 4.4 5.1 10.6 11.9 12.5 13.8 13.6 13.6 3.5 EBITDA, as defined 123.3$ 107.0$ 96.2$ 128.9$ 123.9$ 71.2$ 56.4$ 77.4$ 87.5$ 21.5$ Adjustments to EBITDA Impairment of fixed assets - 5.7 5.7 1.4 9.2 11.6 3.8 - - - Demobilization expenses - - - 4.9 4.9 - - - - - Net gain on disposition of McClelland Lake Lodge assets - - - (33.2) (39.2) (5.7) 0.2 - - - Stock-based compensation 4.2 3.8 3.9 4.5 3.6 2.9 2.9 3.1 2.7 0.6 Resolution of a sales and occupancy tax matter - - - - - - - - 1.5 1.5 Cost saving initiatives - - - - - - 1.4 2.2 2.3 0.1 Shareholder activist costs - - - - - - 3.2 5.5 2.8 0.1 Adjusted EBITDA 127.5$ 116.6$ 105.7$ 106.5$ 102.4$ 79.9$ 67.9$ 88.2$ 96.8$ 23.8$ Bank Adjustments to Adjusted EBITDA Acquisition pro-forma EBITDA - - - - - - 12.5 5.9 - Interest income 0.0 0.0 0.1 0.2 0.2 0.2 0.2 0.2 0.2 Resolution of a sales and occupancy tax matter - - - - - - - - (1.5) Cost saving initiatives - - - - - - (1.4) (2.2) (2.3) Shareholder activist costs - - - - - - (3.2) (5.5) (2.8) Incremental adjustments for McClelland Lake Lodge disposition - - - 3.3 13.0 0.3 - - - Bank-Adjusted EBITDA 127.5$ 116.6$ 105.9$ 110.0$ 115.6$ 80.5$ 75.9$ 86.6$ 90.3$
39 EBITDA Reconciliation — 2026 Guidance (U.S. dollars in millions) The following table sets forth a reconciliation of estimated EBITDA and Adjusted EBITDA to estimated net loss, which is the most directly comparable measure of financial performance calculated under generally accepted accounting principles (unaudited): Year Ending 12/31/2026 Low High Net loss (15.2)$ (11.2)$ Income tax expense 14.0 15.0 Depreciation and amortization 65.0 65.0 Interest expense, net 15.5 15.5 EBITDA 79.3$ 84.3$ Adjustments to EBITDA Shareholder activist cost 0.6$ 0.6$ Canadian cost savings initiatives 1.6 1.6 Resolution of a sales and occupancy tax matter 1.5 1.5 Non-cash, stock-based compensation 2.0 2.0 Adjusted EBITDA 85.0$ 90.0$
40 1. Financing leases are included in the total debt calculation beginning in 1Q 2026. Net Leverage Ratio Reconciliation (U.S. dollars in millions) The term net leverage ratio is a non-GAAP financial measure that is defined as net debt divided by bank-adjusted EBITDA. Net debt, bank-adjusted EBITDA and net leverage ratio are not financial measures under GAAP and should not be considered in isolation from or as a substitute for total debt, net income (loss) or cash flow measures prepared in accordance with GAAP or as a measure of profitability or liquidity. Additionally, net debt, bank-adjusted EBITDA and net leverage ratio may not be comparable to other similarly titled measures of other companies. Civeo has included net debt, bank-adjusted EBITDA and net leverage ratio as a supplemental disclosure because its management believes that this data provides useful information regarding the level of the Company’s indebtedness and its ability to service debt. Additionally, per Civeo’s credit agreement, the Company is required to maintain a net leverage ratio below 3.0x every quarter to remain in compliance with the credit agreement. The following table sets forth a reconciliation of net debt, bank-adjusted EBITDA and net leverage ratio to the most directly comparable measures of financial performance calculated under GAAP (in thousands) (unaudited): As of 6/30/2022 12/31/2022 6/30/2023 12/31/2023 6/30/2024 12/31/2024 6/30/2025 12/31/2025 6/30/2026 Total debt¹ $ 154.6 $ 132.0 $ 136.1 $ 65.6 $ 47.5 $ 43.3 $ 168.7 $ 182.8 $ 211.5 Less: Cash and cash equivalents 4.8 8.0 11.4 3.3 7.4 5.2 14.6 14.4 20.6 Net debt $ 149.9 $ 124.1 $ 124.7 $ 62.2 $ 40.1 $ 38.1 $ 154.0 $ 168.4 $ 190.9 LTM Bank-adjusted EBITDA $ 127.5 $ 116.6 $ 105.9 $ 110.0 $ 115.6 $ 80.5 $ 75.9 $ 86.6 $ 90.3 Net leverage ratio 1.2x 1.1x 1.2x 0.6x 0.3x 0.5x 2.0x 1.9x 2.1x
41 Peter McCann Senior Vice President, Australia SVP, Australia since 2014. Previously served as Managing Director of the MAC, a Civeo subsidiary, and held senior finance roles at The MAC, Royal Wolf Trading, Strathfield Group, Hazelton Airlines and QANTAS. Currently an Associate Member of the Institute of Chartered Accountants in Australia. Brings over 25 years of experience in finance, operations and leadership across the accommodation, logistics, airline and technology sectors. Strong Leadership Team Positioned to Execute Our Operational, Strategic and Financial Priorities Bradley Dodson President, CEO, Director President, CEO & director since 2014. Previously held various executive roles at Oil States International from 2001 to 2014, including EVP of Accommodations and CFO. Brings over 25 years of experience in energy, finance and corporate leadership. Andrew Fraser Senior Vice President, Canada SVP, Canada since 2024. Previously CEO and Executive Chair of NCSG Crane and Heavy Haul and CEO of Camex Equipment. Held a variety of executive roles at Finning International across Canadian and international operations. Over the past 15 years, he has also served as a director on various boards, both locally and internationally, in energy, manufacturing and distribution. Brings extensive executive leadership experience in industrial services, energy and equipment sectors. Collin Gerry Senior Vice President, CFO, Treasurer SVP, CFO & Treasurer since 2024. Previously served as SVP, Canadian Operations and VP, Corporate and Business Development at Civeo. Brings deep experience in corporate finance, strategy and operations across the accommodations and energy service sectors.