Civeo Corporation - CVEO STOCK NEWS

Civeo Corporation (NYSE:CVEO) has announced a plan to repurchase 40% of its outstanding Class A Series 1 preferred shares, equating to approximately 999,000 common shares or 6% of its fully diluted shares. This acquisition, costing about $30.6 million, is set to close on November 1, 2022. Civeo will fund this transaction through its existing bank revolver. Since August 2021, the company has repurchased around 10% of its fully diluted common shares outstanding.

Civeo Corporation (NYSE:CVEO) reported third quarter 2022 results showing revenues of $184.2 million and net income of $5.2 million, marking an increase from $155.1 million in Q3 2021. Adjusted EBITDA rose to $35 million with free cash flow of $38.6 million. Significant operational improvements were attributed to a recovery in Canadian lodge occupancy and mobile camp activities. The company reduced its net leverage ratio to 0.9x and renewed its buyback authorization for 5% of common shares. Revenue guidance for 2022 was increased to $675-$685 million.

Civeo Corporation (NYSE:CVEO) has scheduled its third quarter 2022 earnings conference call for October 28, 2022, at 10:00 a.m. Central Time. The financial and operating results will be disclosed before market opening on the same day. Investors can join the call by dialing 877-423-9813 in the U.S. or 201-689-8573 internationally. It will also be available via a webcast on Civeo's Investor Relations website. A replay of the call will be accessible until November 4, 2022.

Civeo Corporation (NYSE:CVEO) has renewed its share repurchase authorization, allowing it to buy back up to 5% of its total common shares outstanding over the next twelve months. The company plans to fund these repurchases through cash on hand and generated cash from operations. In the past year, Civeo repurchased approximately 715,000 shares and aims to continue acquiring its common shares opportunistically. This move reflects Civeo's strategy to enhance shareholder value.

Civeo Corporation (NYSE:CVEO) announced a share repurchase of approximately 375,000 common shares, equating to 2.6% of its fully diluted shares, at a cost of around $10.7 million. This decision highlights the company's confidence in its business outlook and aims to utilize free cash flow for purchasing shares at an attractive valuation, according to CEO Bradley Dodson. Civeo provides hospitality services primarily in the natural resources sector, operating 27 lodges with over 28,000 rooms across Canada, Australia, and the U.S.

Civeo reported second quarter 2022 revenues of $185.0 million and a net income of $9.1 million. Key highlights include a reduced net leverage ratio of 1.18x and an Adjusted EBITDA of $37.1 million. The company secured a 12-year contract renewal at Wapasu Lodge, projecting C$500 million in guaranteed revenues, and a new 5-year contract in South Australia with expected revenues of A$120 million. Compared to Q2 2021, revenues increased significantly from $154.2 million with improved operational metrics amid rising customer activity in Canada and Australia.

Civeo Corporation (NYSE:CVEO) has scheduled its second quarter 2022 earnings conference call for July 29, 2022, at 10:00 a.m. CT. Financial results will be released prior to the market opening that day. Interested parties can join the call by dialing 877-423-9813 (U.S.) or 201-689-8573 (international), using conference ID 13731837#. A replay will be available until August 5. The call can also be accessed via webcast through the company’s Investor Relations website.

Civeo provides comprehensive hospitality services, operating 27 lodges with over 28,000 rooms.

Civeo Corporation (NYSE:CVEO) has secured a 12-year contract renewal with Imperial Oil Resources Limited for hospitality services at Wapasu Lodge in the Canadian oil sands, effective November 1, 2022, through October 31, 2034. The agreement guarantees approximately C$500 million in revenues with a take-or-pay structure. Civeo plans to invest C$5 million in lodge improvements and has raised its 2022 capital expenditure guidance to US$24-$29 million. This renewal underscores Civeo's long-term partnership with Imperial and is aimed at maximizing operational efficiency amidst current market conditions.

Civeo Corporation (NYSE: CVEO) reported strong first-quarter results for 2022, with revenues reaching $165.7 million, up 32% year-over-year. The company achieved a net income of $0.9 million and Adjusted EBITDA of $25.6 million. The Canadian segment showed significant recovery, generating $96.0 million in revenues, while the Australian segment reported revenues of $63.5 million. Civeo also raised its 2022 revenue guidance to a range of $660 million to $675 million due to positive operating conditions.