CVEO - Dividend announcements

Asserts that Civeo Is Meaningfully Undervalued in the Public Market at ~3.6x EV to 2025 EBITDA Multiple Believes the Board Should Eliminate the Dividend, Aggressively Repurchase Shares, Target a 1.75x Leverage Ratio and Significantly Reduce Costs to Deliver ~$47 per Share for Shareholders in Standalone Scenario Highlights How a Sale of Civeo Could Provide an Alternate Path to Delivering Significant Value Engine Capital LP (together with its affiliates, "Engine" or "we"), which owns approximately 9.8% of Civeo Corporation's (NYSE:CVEO) ("Civeo" or the "Company") outstanding shares, today sent a letter to the Company's Board of Directors outlining several opportunities to close Civeo's sig

Civeo executes on growth strategy with disciplined and accretive acquisition Highlights: Transaction expands Civeo's Australian owned-village portfolio in the world's premier metallurgical coal basin, the Bowen Basin; Civeo enters the Blackwater region, extending its unmatched presence and capabilities across the wider Bowen Basin; Solid contract coverage with new and existing, blue-chip, metallurgical coal producers under take-or-pay contracts; Civeo will purchase the four villages for A$105 million, or approximately US$67 million, funded with cash on hand and borrowings under the Company's existing credit agreement; and Expects annualized revenue and EBITDA of approximately A$5

Civeo Corporation (NYSE:CVEO) announced today that its board of directors has declared a quarterly cash dividend of $0.25 per common share, payable on March 17, 2025 to shareholders of record as of close of business on February 24, 2025. For purposes of the Income Tax Act (Canada), the Company has designated this dividend to be an "eligible dividend". About Civeo: Civeo Corporation is a leading provider of hospitality services with prominent market positions in the Canadian oil sands and the Australian natural resource regions. Civeo offers comprehensive solutions for lodging hundreds or thousands of workers with its long-term and temporary accommodations and provides food services, hou

Civeo Corporation (NYSE:CVEO) announced today the completion of an amendment and extension to its credit agreement which encompasses all of Civeo's outstanding debt structure of three revolving credit facilities. The following are key aspects of the amended credit agreement: Extends the maturity date of the credit agreement to August 2028; Upsizes total revolving credit facility capacity to $245 million from $200 million; and Reduces borrowing costs and maintains previous max net leverage ratio and max interest coverage covenant levels. "We are pleased to announce this amendment and extension, which allows Civeo more flexibility to execute on our capital allocation priorities su

Civeo Corporation (NYSE:CVEO) announced today that its board of directors has declared a quarterly cash dividend of $0.25 per common share, payable on March 18, 2024 to shareholders of record as of close of business on February 26, 2024. For purposes of the Income Tax Act (Canada), the Company has designated this dividend to be an "eligible dividend". About Civeo Civeo Corporation is a leading provider of hospitality services with prominent market positions in the Canadian oil sands and the Australian natural resource regions. Civeo offers comprehensive solutions for lodging hundreds or thousands of workers with its long-term and temporary accommodations and provides food services, hous

Civeo Corporation (NYSE:CVEO) ("Civeo" or the "Company") today announced that its Board of Directors has declared a quarterly dividend of $0.25 per common share. The cash dividend is payable on September 29, 2023 to shareholders of record as of close of business on September 15, 2023. Going forward, Civeo intends to pay regular quarterly dividends, with all future dividend payments subject to quarterly review and approval by its Board of Directors. The quarterly dividend is a new element in the Company's capital allocation strategy, which has historically focused on debt reduction and returning capital to shareholders through share repurchases. "Our disciplined approach to capital alloc

Civeo Corporation (NYSE:CVEO) announced today that the Company has agreed to repurchase 40% of its outstanding Class A Series 1 preferred shares. The preferred shares are mandatorily convertible into common shares in April 2023. The preferred shares repurchased, which include accrued dividends, are convertible into approximately 999,000 common shares, or approximately 6% of the Company's fully diluted common shares outstanding. The aggregate purchase price of the preferred shares is approximately $30.6 million, or $30.58 per common share on an as-converted basis. The repurchase is scheduled to close on November 1, 2022, and Civeo intends to fund the repurchase through its existing bank revo

Civeo Corporation (NYSE:CVEO) today reported financial and operating results for the first quarter ended March 31, 2021. Highlights include: Reported first quarter revenues of $125.4 million, net loss of $10.0 million and operating cash flow of $12.8 million; Delivered first quarter Adjusted EBITDA of $16.2 million and free cash flow of $16.1 million; and Reduced total debt to $238.1 million as of March 31, 2021 from $251.1 million as of December 31, 2021. "Despite recent macroeconomic headwinds and winter seasonality, we continued to generate solid free cash flow and reduced our total debt. I continue to be encouraged by our team's ability to operate safely and effectively in this

HOUSTON & CALGARY, Alberta--(BUSINESS WIRE)--Civeo Corporation (NYSE:CVEO) today reported financial and operating results for the fourth quarter and year ended December 31, 2020. Highlights include: Reported fourth quarter revenues of $133.4 million, a net loss of $2.3 million and operating cash flow of $36.7 million; Delivered fourth quarter Adjusted EBITDA of $23.7 million and free cash flow of $33.2 million; Generated $117.4 million of operating cash flow and $111.0 million of free cash flow for the full year 2020; Reduced leverage ratio to 2.11x as of December 31, 2020 from 2.16x as of September 30, 2020; and Today announced the renewal of an integrated services