2022-08-15 | NYSE: CVEO | Press release
Civeo Corporation (NYSE:CVEO) (“Civeo” or the “” Company”, a leading provider of hotel services to the natural resources industry, today announced that it has agreed to repurchase approximately 375,000 common shares of Civeo, representing 2.6% of the outstanding diluted common shares, of one shareholder, for approximately $10.7 million.
“Today’s announcement reflects our confidence in Civeo’s business prospects, and this transaction provides the opportunity to deploy our free cash flow to acquire shares of the Company at an attractive valuation,” Bradley said. Dodson, President and CEO of Civeo.
Civeo Corporation is a leading hospitality service provider with leading positions in the Canadian oil sands and Australian natural resource regions markets. Civeo offers complete solutions to house hundreds or thousands of workers with its long-term and temporary housing and provides catering, housekeeping, facilities management, laundry, water treatment and cleaning services. wastewater, power generation, communication systems, security and logistics services. Civeo currently operates a total of 27 lodges and villages in Canada, Australia and the United States, with a total of over 28,000 rooms. Civeo is publicly traded under the symbol CVEO on the New York Stock Exchange. For more information, please visit the Civeo website at www.civeo.com.
This press release contains forward-looking statements within the meaning of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are those that do not state historical facts and are, therefore, inherently subject to risks and uncertainties. Forward-looking statements included herein include statements regarding Civeo’s business prospects and free cash flow are based on current expectations and involve various risks and uncertainties that could cause actual results to differ materially from those expressed or implied. implied by these forward-looking statements. . These risks and uncertainties include, among others, risks associated with global health issues and pandemics, including the COVID-19 pandemic, any increase or severity in cases of COVID-19 (including due to existing or new variants ) and the risk that room occupancy may decrease if our guests are limited or restricted in the availability of staff who may become ill or be subject to quarantine, the risks associated with the general nature of the accommodation industry , the risks associated with the level of supply and demand for oil, coal, iron ore and other minerals, including the level of activity, expenditures and developments in the Canadian oil sands, the level demand for Australia’s coal and other natural resources, as well as investments and opportunities in Australia, and fluctuations or sharp declines in current and future prices of oil, gas natural az, coal, iron ore and other minerals, risks associated with our customers’ inability to make final positive investment decisions on, or otherwise uncomplete, projects for which we have been awarded contracts , which may cause these customers to terminate or postpone contracts, risks related to exchange rates, risks related to the company’s ability to integrate acquisitions, risks related to labor shortages, risks associated with the development of new projects, including whether such projects will continue in the future, risks associated with the price of the Company’s common stock, availability and cost of capital, risks associated with general global economic conditions, weather conditions, natural disasters and security threats and changes in governmental and environmental regulations, including climate change, and other factors discussed in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” sections of Civeo’s most recent annual report on Form 10-K and such other reports as the company may file from time to time with the United States Securities and Exchange Commission. Each forward-looking statement contained herein speaks only as of the date of this release. Except as required by law, Civeo expressly disclaims any intention or obligation to revise or update forward-looking statements, whether as a result of new information, future events or otherwise.