Civeo Appoints E. Collin Gerry as Chief Financial Officer

Rhea-AI Summary

Civeo (NYSE: CVEO) has appointed E. Collin Gerry as the new Senior Vice President, Chief Financial Officer (CFO), and Treasurer, effective August 1, 2024. This decision follows a comprehensive search process. Barclay Brewer, the interim CFO, will transition to Vice President, Chief Accounting Officer and will assist Mr. Gerry during the transition period.

Mr. Gerry has been with Civeo since May 2014, holding various executive roles, most recently as Senior Vice President of Canadian Operations. Before joining Civeo, he worked at Raymond James, focusing on energy markets and oilfield services. He earned a Bachelor of Business Administration from The University of Texas at Austin.

Civeo, a leader in hospitality services, operates 24 lodges and villages across Canada, Australia, and the U.S., with approximately 26,000 rooms.

Positive

• Appointment of a seasoned financial leader with extensive experience in energy and operations.
• Effective leadership transition plan with Barclay Brewer supporting the new CFO.
• New CFO has a strong background within Civeo, ensuring continuity and stability.
• Civeo's strategic focus on growth, capital return to shareholders, and financial strength.
• Operation of 24 lodges and villages with around 26,000 rooms, indicating a robust market presence.

Negative

• The transition to a new CFO may bring short-term uncertainties for investors.
• Potential operational risks during the CFO transition period.

Seasoned financial leader brings deep experience in energy, operations and investor engagement

HOUSTON & CALGARY, Alberta--(BUSINESS WIRE)-- Civeo Corporation (“Civeo” or the “Company”) (NYSE:CVEO) today announced the appointment of E. Collin Gerry as the Company’s new Senior Vice President, Chief Financial Officer (“CFO”) and Treasurer, effective August 1, 2024, following a comprehensive search process. Barclay Brewer, who served as interim CFO, will assume the role of Vice President, Chief Accounting Officer and will support Mr. Gerry during this transition.

Mr. Gerry has held several executive positions with Civeo since May 2014, including serving as Senior Vice President of Canadian Operations since May 2020, and Vice President of Corporate and Business Development from September 2016 to May 2020. Prior to joining Civeo, Mr. Gerry served as Senior Vice President within the equity research department of Raymond James, with a specific focus on energy markets and the oilfield services industry including Civeo’s prior parent Oil States International. Mr. Gerry holds a Bachelor of Business Administration degree from The University of Texas at Austin.

“I’m pleased to announce the promotion of Collin as we enter this next chapter of growth,” said Bradley J. Dodson, President and Chief Executive Officer of Civeo. “With Collin’s historical leadership experience across multiple functions in the organization including investor relations, corporate development, and most recently Canadian business development and operations, I am excited for him to assume the CFO role as we look to grow the company responsibly. I look forward to working with him to carefully evaluate growth opportunities to enhance our best-in-class hospitality offerings while returning capital to shareholders and maintaining our financial strength. I also want to thank Barclay for his leadership and partnership as our interim CFO for the past several months.”

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 operates a total of 24 lodges and villages in Canada, Australia and the U.S., with an aggregate of approximately 26,000 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/20240612612090/en/

Regan Nielsen

Civeo Corporation

Vice President, Corporate Development & Investor Relations

713-510-2400

Source: Civeo Corporation

FAQ

When will E. Collin Gerry assume the role of CFO at Civeo?

E. Collin Gerry will assume the role of CFO at Civeo on August 1, 2024.

What is the stock symbol of Civeo ?

The stock symbol of Civeo is CVEO.

What roles did E. Collin Gerry hold before becoming the CFO of Civeo?

Before becoming the CFO, E. Collin Gerry served as Senior Vice President of Canadian Operations and Vice President of Corporate and Business Development at Civeo.

How many lodges and villages does Civeo operate?

Civeo operates 24 lodges and villages.

What will Barclay Brewer's new role be after E. Collin Gerry becomes CFO?

Barclay Brewer will transition to the role of Vice President, Chief Accounting Officer after E. Collin Gerry becomes CFO.