Civeo (CVEO) SVP McCann reports phantom share and stock awards

Rhea-AI Filing Summary

Civeo Corp senior vice president Peter McCann reported several equity-related transactions. He exercised 2,100 phantom shares, converting them into 2,100 common shares at no cost, then disposed of 2,100 common shares back to the company at $27.67 per share. He also received a grant of 2,961 common shares, bringing his directly held common shares to 54,942.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

McCann Peter

(Last) (First) (Middle)

333 CLAY STREET, SUITE 4400

(Street)

HOUSTON TX 77002

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Civeo Corp [ CVEO ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	SVP, Australia

3. Date of Earliest Transaction (Month/Day/Year)
02/23/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Shares	02/23/2026		M		2,100	A	$0(1)	54,081	D
Common Shares	02/23/2026		D		2,100	D	$27.67	51,981	D
Common Shares	02/23/2026		A		2,961	A(2)	$0	54,942	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Phantom Shares	(1)	02/23/2026		M			2,100	(1)	(1)	Common Shares	2,100	$0	12,194	D

Explanation of Responses:

1. Each phantom share was the economic equivalent of one Civeo common share and is payable in cash. The phantom shares vest at various times based on the grant date. 2,100 shares vested on February 23, 2026.

2. Settlement of performance share award under the 2014 Equity Participation Plan of Civeo Corporation that cliff vested at 47% on the third anniversary of February 23, 2023.

Remarks:

	/s/ Peter McCann, by Bradley J. Dodson, Attorney-in-Fact	02/25/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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FAQ

What insider transactions did Civeo (CVEO) SVP Peter McCann report?

Peter McCann reported exercising 2,100 phantom shares into 2,100 common shares, disposing of 2,100 common shares back to Civeo at $27.67 per share, and receiving a separate award of 2,961 common shares, all as directly owned holdings.

How many Civeo (CVEO) common shares does Peter McCann hold after these transactions?

After the reported transactions, Peter McCann beneficially owns 54,942 Civeo common shares directly. This figure reflects the exercise of phantom shares, the disposition of 2,100 shares to the issuer, and the additional grant of 2,961 common shares reported in the filing.

What are the phantom shares mentioned in the Civeo (CVEO) Form 4 filing?

The phantom shares are cash-settled awards economically equivalent to one Civeo common share each. They vest at various times based on grant date, and 2,100 phantom shares vested on February 23, 2026, leading to the reported exercise and related common share transactions.

At what price were Civeo (CVEO) shares disposed of in the Form 4?

The Form 4 reports a disposition of 2,100 Civeo common shares to the issuer at $27.67 per share. This transaction is coded as a disposition to issuer, distinct from the zero-cost share issuances related to the phantom share exercise and the separate equity award.

What equity plan is referenced in Peter McCann’s Civeo (CVEO) award settlement?

The filing references settlement of a performance share award under Civeo’s 2014 Equity Participation Plan. According to the footnote, this award cliff vested at 47% on the third anniversary of February 23, 2023, leading to part of the equity reported in the transaction details.