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McCann Peter reported acquisition or exercise transactions in this Form 4 filing.
Civeo Corp senior vice president for Australia Peter McCann received a grant of 5,433 phantom shares on March 5, 2026 as part of his equity compensation. The award was issued at a stated price of $0.00 per phantom share and increased his directly held phantom share balance to 12,635.
According to the award terms, these phantom shares were granted under Civeo’s 2014 Equity Participation Plan and will vest in three equal installments on each of the first three anniversaries of March 5, 2026. Phantom shares are typically cash-settled based on the value of the underlying stock rather than representing actual share ownership.
Civeo Corp reported that its SVP, CFO and Treasurer, Gerry Elbridge Collin, acquired 6,515 Phantom Shares on a grant or award basis. The award was made at a price of $0.00 per unit and increased his directly held Phantom Shares to 17,597.
According to the footnote, this Phantom Share Award was granted under the 2014 Equity Participation Plan of Civeo Corporation and will vest in equal installments on each of the first three anniversaries of March 5, 2026, creating a multi‑year incentive for the executive.
Civeo Corp President & CEO Bradley J. Dodson reported several equity-related transactions on common and phantom shares. On March 2 and 3, 2026, he exercised or converted derivative awards into common shares and then disposed of equal amounts of common shares back to the issuer at prices of $27.82 and $27.03 per share. Footnotes state each phantom share is economically equivalent to one Civeo common share and payable in cash, with 14,292 phantom shares vesting on March 2 and 11,862 vesting on March 3.
Civeo Corp senior vice president Peter McCann reported derivative-related share movements over two days. On March 2 and 3, 2026, he exercised phantom share awards into a total of 4,992 common shares at $0.00 per share and then disposed the same amounts back to the issuer at prices of $27.82 and $27.03 per share. His directly held common share balance remained 54,942 shares after these transactions, while his phantom share balance reflected vesting of 2,783 and 2,209 units that are economically equivalent to common shares and payable in cash.
Civeo Corp Chief Accounting Officer Barclay Brewer reported several compensation-related transactions involving phantom and common shares. On March 2, 2026, 2,957 phantom shares vested and were exercised into 2,957 common shares at $0.0000 per share, followed by a disposition of 2,957 common shares to the issuer at $27.8200 per share, leaving 9,521 common shares directly owned. On March 3, 2026, 2,864 phantom shares vested and were exercised into 2,864 common shares at $0.0000 per share, with a matching 2,864 common shares disposed to the issuer at $27.0300 per share, with direct ownership again shown as 9,521 common shares after the transactions. The footnotes state each phantom share is economically equivalent to one Civeo common share and payable in cash, vesting at various times based on grant date.
Civeo Corp senior vice president, CFO and treasurer Gerry Elbridge Collin reported routine equity-compensation activity involving phantom shares and common shares. On March 2, 2026, 5,699 phantom shares vested and were exercised into 5,699 common shares, followed by a disposition of 5,699 common shares back to the issuer at $27.82 per share, leaving 3,267 common shares directly held. On March 3, 2026, 2,691 additional phantom shares vested and were exercised into 2,691 common shares, then 2,691 common shares were disposed of to the issuer at $27.03 per share, again leaving 3,267 common shares directly held. The phantom share balances after these transactions were 13,773 on March 2 and 11,082 on March 3, each phantom share being the economic equivalent of one Civeo common share payable in cash.
Civeo Corp executive Andrew Fraser, President, Canada, reported the vesting and settlement of equity awards. On March 3, 2026, 2,454 phantom shares, each economically equivalent to one Civeo common share and payable in cash, vested and were exercised into 2,454 common shares at a price of $0.00 per share. Those 2,454 common shares were then disposed of to the issuer at $27.03 per share, leaving 0 common shares from this grant and 18,223 phantom shares remaining under his direct ownership.
Civeo Corporation provides hospitality and support services for remote workforces in Australia and Canada, operating 26 lodges and villages it owns with about 26,500 rooms plus roughly 19,500 rooms at customer-owned sites. It focuses on mining, oil sands and LNG regions where traditional hotels are not practical.
For the year ended December 31, 2025, Civeo generated $638.8 million in revenue and $4.1 million in operating income, down from $682.1 million revenue and $1.3 million operating income in 2024 and $700.8 million revenue and $39.5 million operating income in 2023. About 57% of 2025 revenue came from owned facilities and 43% from integrated services at customer-owned sites.
Australia contributed 72% of 2025 revenue, with strong exposure to the Bowen Basin and Pilbara, while Canada contributed about 28%, largely tied to oil sands and LNG activity. In 2025 Civeo acquired Qantac Pty Ltd for approximately A$105 million, adding four villages and 1,368 rooms in Australia’s Bowen Basin and expanding its footprint in the Blackwater region.
Civeo Corporation reported fourth quarter and full year 2025 results showing stronger cash generation but continued net losses. Fourth quarter 2025 revenue was $161.6 million with a net loss of $6.5 million and Adjusted EBITDA of $21.7 million, up from $11.4 million a year earlier.
For full year 2025, revenue was $638.8 million and net loss was $20.1 million, while Adjusted EBITDA rose to $88.2 million. The Australian segment delivered record annual revenue of $460.3 million and higher Adjusted EBITDA, and Canadian margins improved meaningfully due to cost reductions.
Civeo repurchased 2.3 million shares for about $53.6 million in 2025, roughly 17% of shares outstanding as of December 31, 2024, and has nearly completed a 20% authorization. The board approved an additional authorization for up to 10% more. For 2026, the company guides to revenue of $650–$700 million and Adjusted EBITDA of $85–$90 million.
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.