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 significant valuation gap and unlock value for shareholders.

The letter can be viewed and downloaded here.

About Engine Capital

Engine Capital LP is a value-oriented special situations fund that invests both actively and passively in companies undergoing change.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250318374774/en/

For Investors:

Engine Capital LP

212-321-0048

info@enginecap.com

For Media:

Longacre Square Partners

Charlotte Kiaie / Bela Kirpalani, 646-386-0091

ckiaie@longacresquare.com / bkirpalani@longacresquare.com

Engine Capital Calls on Civeo's Board of Directors to Take Immediate Action to Close the Company's Valuation Gap