Civeo Corp

Listed Company

CVEOCIK 0001590584NYSEAcceleratedHotels, Rooming Houses, Camps & Other Lodging PlacesA1FY ends Dec 31

Period

FY 2025

Revenue

$638.85M

Net Income

$-20.07M

Total Assets

$477.41M

Equity

$174.38M

Shares Out

10.95M

Op. Cash Flow

$22.34M

Business

Civeo Corp provides hospitality and workforce accommodation services for remote natural resource projects, specializing in supporting mining, oil and gas and LNG operations. It offers lodging, catering and food services, housekeeping, facilities management, water and wastewater treatment, power generation, security, logistics and development and construction management for accommodation facilities. Its operations are organized around owned lodges and villages, integrated services at customer‑owned sites, and a fleet of mobile assets for short‑term projects. Civeo primarily operates in Australia and Canada, serving miners, oil companies and engineering and service contractors.

Summary from filing dated 2025-02-27

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total revenues	639	682	701	697	594
Cost of services provided	488	533	530	517	—
Selling, general and administrative expenses	75	73	73	70	61
Depreciation and amortization expense	73	68	75	87	83
Impairment expense	0	12	1	6	8
Gain on sale of McClelland Lake Lodge assets, net	0	−6	−19	0	0
Other operating (income) expense	−987,000	898,000	479,000	74,000	313,000
Total costs and expenses	635	681	661	680	588
Operating income	4	1	39	17	6
Interest expense	−11	−8	−13	−11	—
Interest income	164,000	187,000	172,000	39,000	2,000
Other income	683,000	517,000	14	5	13
Income (loss) before income taxes	−6	−6	40	11	6
Income tax expense	−14	−12	−11	−4	−3
Net income (loss)	−20	−18	30	6	2
Less: Net loss attributable to noncontrolling interest	−5,000	−1	−427,000	2	1
Net income (loss) attributable to Civeo Corporation	−20	−17	30	4	1
Basic net income (loss) per share attributable to Civeo Corporation common shareholders (in dollars per share)	−1.59	−1.19	2.02	−0.21	−0.04
Diluted net income (loss) per share attributable to Civeo Corporation common shareholders (in dollars per share)	−1.59	−1.19	2.01	−0.21	−0.04
Basic (in shares)	13	14	15	14	14
Diluted (in shares)	13	14	15	14	14

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	14	5	3	8	6
Accounts receivable, net	90	89	143	120	115
Inventories	6	8	7	7	6
Prepaid expenses	17	7	8	7	7
Other current assets	3	1	7	3	11
Total current assets	131	110	175	154	157
Property, plant and equipment, net	245	205	271	302	390
Goodwill	8	7	8	8	8
Other intangible assets, net	70	67	78	82	94
Operating lease right-of-use assets	14	9	12	16	18
Other noncurrent assets	9	7	4	6	5
Total assets	477	405	548	566	673
Accounts payable	44	40	59	51	49
Accrued liabilities	31	35	41	39	34
Income taxes	153,000	11	4	178,000	171,000
Deferred revenue	3	3	5	991,000	18
Other current liabilities	7	4	6	8	5
Total current liabilities	85	93	114	128	137
Long-term debt, less current maturities	183	43	66	103	143
Deferred income taxes	3	4	12	5	896,000
Operating lease liabilities	11	7	9	13	15
Other noncurrent liabilities	21	22	24	14	14
Total liabilities	303	168	225	262	310
Commitments and contingencies (Note 14)	—	—	—	—	—
Common shares (no par value; 46,000,000 shares authorized, 11,872,028 shares and 14,067,721 shares issued, respectively, and 11,434,033 shares and 13,653,647 shares outstanding, respectively)	0	0	0	0	0
Additional paid-in capital	1,635	1,632	1,629	1,625	1,582
Accumulated deficit	−1,059	−981	−919	−930	−913
Common shares held in treasury at cost, 437,995 and 414,074 shares, respectively	−11	−10	−9	−9	−8
Accumulated other comprehensive loss	−391	−405	−381	−385	−362
Total Civeo Corporation shareholders equity	174	236	320	300	361
Noncontrolling interest	0	625,000	3	4	2
Total shareholders equity	174	237	323	304	363
Total liabilities and shareholders equity	477	405	548	566	673

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Deferred income tax expense (benefit)	−4	−8	7	4	3
Non-cash compensation charge	3	3	4	4	4
Gain on disposals of assets	−2	−6	−21	−5	−6
Provision for credit losses, net of recoveries	12,000	26,000	135,000	162,000	141,000
Other, net	2	2	2	3	2
Accounts receivable	5	44	−22	−14	−28
Inventories	2	−1	5,000	−2	−526,000
Accounts payable and accrued liabilities	−5	−18	7	12	15
Taxes payable	−16	8	4	5,000	−28,000
Other current assets and liabilities, net	−15	−2	10	−10	4
Net cash flows provided by operating activities	22	84	97	92	89
Capital expenditures	−20	−26	−32	−25	−16
Payments related to acquisitions, net of cash acquired	−72	0	0	—	0
Proceeds from disposition of property, plant and equipment	2	11	17	16	14
Other, net	0	183,000	372,000	190,000	559,000
Net cash flows used in investing activities	−90	−15	−15	−9	−706,000
Revolving credit borrowings	330	284	211	290	398
Revolving credit repayments	−197	−301	−248	−293	−349
Term loan repayments	0	0	−30	−30	−125
Dividends paid	−3	−14	−7	0	0
Debt issuance costs	−423,000	−3	0	0	−4
Repurchases of common shares	−54	−30	−12	−14	−5
Other, net	−645,000	−1	0	−1	−1
Net cash flows provided by (used in) financing activities	75	−65	−87	−80	−87
Effect of exchange rate changes on cash	2	−1	127,000	−2	−1
Net change in cash and cash equivalents	9	2	−5	2	127,000
Capital expenditure additions accrued at end of period	991,000	609,000	510,000	511,000	575,000

Filings

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