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Civeo Corporation reported a much improved first quarter 2026, with strong top-line and profit growth but a small net loss. Revenue rose to $172.7 million, up 20% from $144.0 million a year earlier. Net loss narrowed to $3.8 million, or $0.34 per diluted share, compared with a $9.8 million loss, or $0.72 per share, in the prior-year quarter.
Adjusted EBITDA increased 78% to $22.5 million, driven by margin expansion in Canada and contributions from recently acquired Australian villages, aided by a stronger Australian dollar. Civeo repurchased 0.5 million shares, about 4% of shares outstanding as of December 31, 2025, and finished roughly 96% of its April 2025 repurchase authorization.
The company ended March 31, 2026 with total liquidity of about $68.4 million and net debt of $198.9 million, implying a 2.2x net leverage ratio. It amended its credit agreement in April 2026, extending maturity to April 2030 and increasing revolving capacity to $285 million. For full-year 2026, Civeo lifted the low end of its revenue outlook to a range of $675 million to $700 million and reaffirmed Adjusted EBITDA guidance of $85 million to $90 million and capital spending of $25 million to $30 million.
Civeo Corporation entered into an Amended and Restated Syndicated Facility Agreement, replacing its prior syndicated credit agreement. The new arrangement provides a $285.0 million senior secured revolving credit facility, upsizing total commitments by $20.0 million and extending the maturity to April 23, 2030.
The facility is allocated as $205.0 million for the parent company, $10.0 million for two U.S. subsidiaries, and $70.0 million for an Australian subsidiary. Borrowings bear interest at benchmark rates plus variable margins tied to Civeo’s total net leverage to EBITDA, and are secured by substantially all assets of the company and its significant subsidiaries, subject to customary exceptions. The agreement includes quarterly-tested covenants on maximum total net leverage and senior secured net leverage.
Civeo Corporation is asking shareholders to vote at its May 27, 2026 virtual annual meeting on four key items. Shareholders will elect six Class II and III directors to one-year terms ending at the 2027 meeting, approve on an advisory basis the compensation of named executive officers, and consider an amendment to the 2014 Equity Participation Plan to increase the share reserve by 520,920 common shares for future equity awards. They will also vote on ratifying Ernst & Young LLP as independent auditor for the year ending December 31, 2026.
The proxy highlights 2025 performance, including record Australian segment revenue of $460 million, a $67 million acquisition of four Australian villages, and a 10% year-over-year increase in Adjusted EBITDA to $88 million. Civeo reports a net leverage ratio of 1.9x at December 31, 2025 after deploying $72 million of growth capital in Australia and returning $57 million to shareholders. The company repurchased 2.3 million shares for approximately $54 million, about 17% of shares outstanding as of December 31, 2024, and notes that since 2021 it has repurchased 37% of its common shares.
Civeo Corporation reported that director Charles Szalkowski has informed the Board that he will retire from the Board at the company’s 2026 annual general meeting of shareholders. He will continue to serve as a director until that meeting.
The company stated that Mr. Szalkowski’s decision to retire was not due to any disagreement with Civeo regarding its operations, policies or practices. Civeo also noted that, as previously disclosed, the size of the Board will be reduced to nine directors effective as of the 2026 annual meeting.
Civeo Corp senior vice president for Australia Peter McCann reported an open-market sale of 4,000 common shares on March 6, 2026. The shares were sold in multiple trades at prices ranging from $28.59 to $28.90, with a weighted average price of $28.64. After this transaction, McCann directly owns 50,942 common shares of Civeo.
Brewer Barclay reported acquisition or exercise transactions in this Form 4 filing.
Civeo Corp Chief Accounting Officer Barclay Brewer reported an award of 6,273 phantom shares on March 5, 2026. The grant was made at a price of $0.0000 per share, increasing his directly held phantom shares to 14,959. The award, granted under Civeo’s 2014 Equity Participation Plan, vests in equal installments on each of the first three anniversaries of March 5, 2026.
Dodson Bradley J reported acquisition or exercise transactions in this Form 4 filing.
Civeo Corp reported that President & CEO Bradley J. Dodson received a grant of 25,982 Phantom Shares on March 5, 2026. These are a form of deferred equity-based compensation awarded at a price of $0.00 per unit, increasing his direct Phantom Share holdings to 64,000.
According to the award terms, the Phantom Shares vest in three equal installments on each of the first three anniversaries of March 5, 2026. This is a non-cash compensation grant rather than an open-market stock purchase or sale.
Fraser Andrew reported acquisition or exercise transactions in this Form 4 filing.
Civeo Corp executive Andrew Fraser, President of Canada, received a grant of 5,671 phantom shares on March 5, 2026. These phantom shares were awarded at a price of $0.0000 per share and are part of his equity compensation. Following this award, his directly held phantom share balance increased to 23,894 units. The grant was issued under Civeo’s 2014 Equity Participation Plan and is scheduled to vest in three equal installments on each of the first three anniversaries of March 5, 2026.