Civeo Completes Acquisition of Four Villages in Australian Bowen Basin

Accretive acquisition strengthens Civeo's presence and deepens the Company's relationships with metallurgical coal producers in Basin

Expected to add approximately US$32 million and US$17 million of annualized revenue and Adjusted EBITDA, respectively

Civeo Corporation (NYSE:CVEO) has completed its previously announced acquisition of four villages with 1,340 rooms in Australia's Bowen Basin and the associated customer contracts for total cash consideration of A$105 million, or approximately US$67 million. The acquisition was funded with cash on hand and borrowings from Civeo's existing revolving credit facility.

"We are pleased to have completed this important acquisition earlier than expected as it builds on Civeo's strong momentum in Australia and is immediately accretive to our company's operating cash flow," said Bradley J. Dodson, Civeo's President and Chief Executive Officer. "We have updated Civeo's 2025 guidance to reflect the expected revenue and Adjusted EBITDA contributions from these newly acquired villages and look forward to deepening our relationships with our customers in the Bowen Basin."

Mr. Dodson concluded, "Civeo's long-term track record of consistently generating positive free cash flow enables this disciplined, value-creating growth, while at the same time facilitating the accelerated return of capital to shareholders under our updated capital allocation framework."

Transaction Highlights

• Expands Civeo's Australian owned-village portfolio in the world's premier metallurgical coal basin, the Bowen Basin
• Establishes Civeo in the Blackwater region, extending its unmatched presence and capabilities across the wider Bowen Basin
• Provides solid contract coverage with new and existing, metallurgical coal producers under take-or-pay contracts
• Expected to add annualized revenue and EBITDA of approximately A$50 million and A$27 million, or approximately US$32 million and US$17 million, respectively

Financial Outlook Updated

Civeo recently announced updates to its full year 2025 revenue, Adjusted EBITDA and capital expenditure guidance in connection with its first quarter 2025 earnings announcement. With the completion of this transaction, the Company has updated its guidance for the remainder of 2025.

For the full year of 2025, Civeo expects revenue and Adjusted EBITDA of $640 million to $670 million and $86 million to $96 million, respectively. The company's 2025 capital expenditure guidance of $20 million to $25 million is unchanged.

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 28 lodges and villages in Australia and North America with an aggregate of approximately 27,500 rooms. In addition, Civeo operates and provides hospitality services at 22 customer-owned locations with more than 18,000 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, include the statements regarding the anticipated benefits of the acquisition; estimated annualized revenues and EBITDA of the transaction; contract coverage; and 2025 guidance. 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 oil, natural gas, coal, iron ore 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 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. Civeo is unable to provide a quantitative reconciliation of forward-looking EBITDA and Adjusted EBITDA to the most directly comparable forward-looking GAAP measures because management cannot reliably predict certain of the necessary components of such forward-looking GAAP measures. Civeo has included forward-looking EBITDA and Adjusted EBITDA as a supplemental disclosure 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. Because non-GAAP financial information is not standardized, it may not be possible to directly compare these financial measures with other companies' non-GAAP financial measures.

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Regan Nielsen

Civeo Corporation

Vice President, Corporate Development & Investor Relations

713-510-2400