Civeo Acknowledges Receipt of Letter by Shareholder

Rhea-AI Summary

Civeo (NYSE:CVEO) has acknowledged receiving a shareholder letter from Engine Capital LP. The company's President and CEO, Bradley J. Dodson, stated that they will thoroughly review the letter's contents. He emphasized that Civeo's Board and management team regularly evaluate various options for creating long-term value, including capital allocation priorities and cost structure assessment.

The company expressed openness to maintaining dialogue with Engine Capital and other shareholders, focusing on their shared objective of enhancing shareholder value.

Positive

• Management's openness to shareholder engagement and feedback
• Proactive review of capital allocation and cost structure

Negative

• Activist investor involvement suggesting potential dissatisfaction with current strategy

HOUSTON & CALGARY, Alberta--(BUSINESS WIRE)-- Civeo Corporation (NYSE:CVEO) acknowledges the recent shareholder letter issued by Engine Capital LP, a shareholder of the Company.

Bradley J. Dodson, Civeo’s President and Chief Executive Officer, said, “We appreciate the input of our shareholders and will closely review the letter. The Civeo Board and management team regularly review options to create long-term value, including our capital allocation priorities, cost structure and other opportunities. We welcome a continued open dialogue with Engine Capital and other shareholders toward our shared goal of enhancing value for all shareholders.”

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, housekeeping, facility management, laundry, water and wastewater treatment, power generation, communications systems, security and logistics services. Civeo currently owns and operates a total of 24 lodges and villages in North America and Australia with an aggregate of approximately 26,000 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250318419425/en/

Collin Gerry

Civeo Corporation

SVP, Chief Financial Officer & Treasurer

713-510-2400

Media:

Andrew Siegel / Carly King

Joele Frank

212-355-4449

Source: Civeo Corporation

FAQ

What is the significance of Engine Capital LP's letter to Civeo (CVEO)?

Engine Capital LP, a CVEO shareholder, sent a letter to the company, prompting management to review options for long-term value creation, including capital allocation and cost structure.

How did Civeo (CVEO) respond to Engine Capital's shareholder letter?

Civeo acknowledged the letter and committed to reviewing it closely, stating they welcome continued dialogue with Engine Capital and other shareholders to enhance value.

What value creation strategies is Civeo (CVEO) considering in response to the shareholder letter?

Civeo is reviewing capital allocation priorities, cost structure, and other opportunities to create long-term shareholder value.

What is Civeo's (CVEO) stance on shareholder engagement following Engine Capital's letter?

Civeo expressed openness to maintaining dialogue with Engine Capital and other shareholders, focusing on their shared goal of enhancing shareholder value.