Second Quarter Highlights include:
- Reported second quarter revenues of $185.0 million and net
income of $9.1 million;
- Reduced net leverage ratio to 1.18x as of June 30, 2022 from
1.40x as of March 31, 2022;
- Delivered second quarter Adjusted EBITDA of $37.1 million;
- Awarded a 12-year contract renewal at Wapasu Lodge in the
Canadian oil sands including approximately C$500 million of
guaranteed take-or-pay revenues; and
- Today announced a 5-year integrated services contract with a
new customer in South Australia with expected revenues of A$120
million.
Civeo Corporation (NYSE:CVEO) today reported financial and
operating results for the second quarter ended June 30, 2022.
"In the second quarter of 2022, Civeo’s focus remained on
operating safely, generating free cash flow and reducing our debt
balance. Our Canadian business experienced increasing customer
activity in the Canadian oil sands and robust pipeline work. In
Australia, metallurgical coal and iron ore prices remained high,
which is reflected in improved billed rooms both sequentially and
year over year," stated Bradley J. Dodson, Civeo's President and
Chief Executive Officer.
Mr. Dodson continued, "We continue to prioritize operational
execution with our customers and guests, and we were pleased to
announce earlier this month a twelve-year contract renewal at our
Wapasu Lodge. This contract is an example of our strategy of
collaborating with our long-term partners to maximize value in the
current operating environment in a mutually beneficial way."
Mr. Dodson concluded, "We are excited about our recent
integrated services contract award from a copper mining company in
South Australia. This contract award is a testament to our
integrated services growth and diversification potential as it
encompasses a new customer, a new state in Australia and a new
commodity."
Second Quarter 2022 Results
In the second quarter of 2022, Civeo generated revenues of
$185.0 million and reported net income of $9.1 million, or $0.54
per diluted share. During the second quarter of 2022, Civeo
produced operating cash flow of $21.7 million, Adjusted EBITDA of
$37.1 million and free cash flow of $17.6 million.
By comparison, in the second quarter of 2021, Civeo generated
revenues of $154.2 million and reported a net loss of $0.5 million,
or $0.03 per diluted share. The loss resulted in part from $7.9
million in costs associated with asset impairments on properties in
Australia. During the second quarter of 2021, Civeo produced
operating cash flow of $16.5 million, Adjusted EBITDA of $32.2
million and free cash flow of $13.7 million.
Overall, the increase in revenues and Adjusted EBITDA in the
second quarter of 2022 compared to the second quarter of 2021 was
primarily driven by improved occupancy in the Canadian lodges and
increased Canadian mobile camp activity, as well as an increase in
Australian village billed rooms.
Business Segment Results
(Unless otherwise noted, the following discussion compares the
quarterly results for the second quarter of 2022 to the results for
the second quarter of 2021.)
Canada
During the second quarter of 2022, the Canadian segment
generated revenues of $109.0 million, operating income of $11.2
million and Adjusted EBITDA of $28.7 million, compared to revenues
of $83.3 million, operating income of $7.5 million and Adjusted
EBITDA of $22.6 million in the second quarter of 2021. Results from
the second quarter of 2022 reflect the impact of a weakened
Canadian dollar relative to the U.S. dollar, which decreased
revenues and Adjusted EBITDA by $4.4 million and $1.2 million,
respectively.
On a constant currency basis, the Canadian segment experienced a
36% period-over-period increase in revenues largely due to
increased mobile camp activity, as well as a 7% year-over-year
increase in billed rooms, driven by increased customer activity as
a result of the recovery of oil prices and a reduced impact from
COVID-19. Adjusted EBITDA for the Canadian segment increased 32%
year-over-year primarily due to the aforementioned dynamics.
Australia
During the second quarter of 2022, the Australian segment
generated revenues of $67.8 million, operating income of $5.5
million and Adjusted EBITDA of $15.5 million, compared to revenues
of $64.0 million, operating loss of $2.7 million and Adjusted
EBITDA of $15.4 million in the second quarter of 2021. Operating
loss for the second quarter of 2021 included asset impairment
charges of $7.9 million. Results from the second quarter of 2022
reflect the impact of a weakened Australian dollar relative to the
U.S. dollar, which decreased revenues and Adjusted EBITDA by $5.3
million and $1.2 million, respectively.
On a constant currency basis, the Australian segment experienced
a 14% period-over-period increase in revenues, driven by an 8%
year-over-year increase in billed rooms due to increased customer
maintenance activity in the Bowen Basin. Adjusted EBITDA from the
Australian segment increased 8% year-over-year due to higher
village occupancy in the Bowen Basin, partially offset by increased
costs of temporary labor due to ongoing labor shortages.
U.S.
The U.S. segment generated revenues of $8.1 million, an
operating loss of $1.3 million and Adjusted EBITDA of $0.2 million
in the second quarter of 2022, compared to revenues of $6.9
million, an operating loss of $1.1 million and Adjusted EBITDA of
$0.3 million in the second quarter of 2021. Revenues increased
year-over-year primarily due to the increased drilling activity
positively impacting our wellsite services business, partially
offset by the sale of the West Permian lodge in the fourth quarter
of 2021. Adjusted EBITDA decreased slightly year-over-year
primarily due to the sale of the West Permian lodge, largely offset
by increased drilling activity positively impacting our wellsite
services business.
Financial Condition
As of June 30, 2022, Civeo had total liquidity of approximately
$95.3 million, consisting of $90.5 million available under its
revolving credit facilities and $4.8 million of cash on hand.
Civeo’s total debt outstanding on June 30, 2022 was $154.6
million, a $23.3 million decrease since March 31, 2022. The
decrease consisted of $18.0 million in debt payments from cash flow
generated by the business and favorable foreign currency
translation of $5.3 million.
Civeo reduced its net leverage ratio to 1.18x as of June 30,
2022 from 1.40x as of March 31, 2022.
During the second quarter of 2022, Civeo invested $5.1 million
in capital expenditures compared to $3.2 million invested during
the second quarter of 2021. Capital expenditures in both periods
were predominantly related to maintenance spending on the Company’s
lodges and villages.
Full Year 2022 Guidance
For the full year of 2022, Civeo is increasing its previously
provided revenue and Adjusted EBITDA guidance range to $660 million
to $675 million and $95 million to $105 million, respectively. As
previously disclosed when the Company announced the contract
renewal for its Wapasu Lodge earlier this month, the Company is
raising its full year 2022 capital expenditure guidance to $24
million to $29 million.
Conference Call
Civeo will host a conference call to discuss its second quarter
2022 financial results today at 11:00 a.m. Eastern time. This call
is being webcast and can be accessed at Civeo's website at
www.civeo.com. Participants may also join the conference call by
dialing (877) 423-9813 in the United States or (201) 689-8573
internationally and using the conference ID 13731837#. A replay
will be available after the call by dialing (844) 512-2921 in the
United States or (412) 317-6671 internationally and using the
conference ID 13731837#.
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 27 lodges
and villages in Canada, Australia and the U.S., with an aggregate
of over 28,000 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.
Forward Looking Statements
This news 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. The forward-looking
statements herein include the statements regarding Civeo’s future
plans and outlook, including guidance, current trends and liquidity
needs, and ability to pay down debt are based on then current
expectations and entail various risks and uncertainties that could
cause actual results to differ materially from those expressed or
implied by these forward-looking statements. Such risks and
uncertainties include, among other things, risks associated with
global health concerns and pandemics, including the COVID-19
pandemic, any increases in or severity of COVID-19 cases (including
due to existing or new variants) and the risk that room occupancy
may decline if our customers are limited or restricted in the
availability of personnel who may become ill or be subjected to
quarantine, risks associated with the general nature of the
accommodations industry, risks associated with the level of supply
and demand for oil, coal, iron ore and other minerals, including
the level of activity, spending and developments in the Canadian
oil sands, the level of demand for coal and other natural resources
from, and investments and opportunities in, Australia, and
fluctuations or sharp declines in the current and future prices of
oil, natural gas, coal, iron ore and other minerals, risks
associated with failure by our customers to reach positive final
investment decisions on, or otherwise not complete, projects with
respect to which we have been awarded contracts, which may cause
those customers to terminate or postpone contracts, risks
associated with currency exchange rates, risks associated with the
company’s ability to integrate acquisitions, risks associated with
labor shortages, risks associated with the development of new
projects, including whether such projects will continue in the
future, risks associated with the trading price of the company’s
common shares, availability and cost of capital, risks associated
with general global economic conditions, inflation, global weather
conditions, natural disasters and security threats and changes to
government and environmental regulations, including climate change,
and other factors discussed in the “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 other reports the company may file from time to time
with the U.S. 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 any
forward-looking statements, whether as a result of new information,
future events or otherwise.
Non-GAAP Financial Information
EBITDA is a non-GAAP financial measure that is defined as net
income (loss) plus interest, taxes, depreciation and amortization,
and Adjusted EBITDA is defined as EBITDA adjusted to exclude
certain other unusual or non-operating items. Free cash flow is a
non-GAAP financial measure that is defined as net cash flows
provided by operating activities less capital expenditures plus
proceeds from asset sales.
See “Non-GAAP Reconciliation” below for additional information
concerning non-GAAP financial measures, including a reconciliation
of the non-GAAP financial information presented in this press
release to the most directly comparable financial information
presented in accordance with GAAP. Non-GAAP financial information
supplements and should be read together with, and is not an
alternative or substitute for, the Company’s financial results
reported in accordance with GAAP. Because non-GAAP financial
information is not standardized, it may not be possible to compare
these financial measures with other companies’ non-GAAP financial
measures.
- Financial Schedules Follow -
CIVEO CORPORATION
UNAUDITED CONSOLIDATED
STATEMENTS OF OPERATIONS
(in thousands, except per
share amounts)
Three Months Ended
June 30,
Six Months Ended
June 30,
2022
2021
2022
2021
Revenues
$
184,954
$
154,176
$
350,632
$
279,606
Costs and expenses:
Cost of sales and services
130,053
108,002
255,896
207,812
Selling, general and administrative
expenses
17,682
14,703
32,895
28,884
Depreciation and amortization expense
23,083
21,377
43,210
42,646
Impairment expense
—
7,935
—
7,935
Other operating (income) expense
(106
)
30
152
101
170,712
152,047
332,153
287,378
Operating income (loss)
14,242
2,129
18,479
(7,772
)
Interest expense
(2,608
)
(3,401
)
(5,076
)
(6,763
)
Interest income
2
2
2
2
Other income
415
788
2,111
5,702
Income (loss) before income taxes
12,051
(482
)
15,516
(8,831
)
Income tax (expense) benefit
(1,821
)
492
(3,378
)
(584
)
Net income (loss)
10,230
10
12,138
(9,415
)
Less: Net income attributable to
noncontrolling interest
662
(3
)
1,160
56
Net income (loss) attributable to Civeo
Corporation
9,568
13
10,978
(9,471
)
Less: Dividends attributable to Class A
preferred shares
490
480
977
958
Net income (loss) attributable to Civeo
common shareholders
$
9,078
$
(467
)
$
10,001
$
(10,429
)
Net income (loss) per share attributable
to Civeo Corporation common shareholders:
Basic
$
0.55
$
(0.03
)
$
0.60
$
(0.73
)
Diluted
$
0.54
$
(0.03
)
$
0.60
$
(0.73
)
Weighted average number of common shares
outstanding:
Basic
14,148
14,278
14,122
14,244
Diluted
14,275
14,278
14,271
14,244
CIVEO CORPORATION
CONDENSED CONSOLIDATED BALANCE
SHEETS
(in thousands)
June 30, 2022
December 31, 2021
(UNAUDITED)
Current assets:
Cash and cash equivalents
$
4,782
$
6,282
Accounts receivable, net
134,845
114,859
Inventories
7,382
6,468
Assets held for sale
11,430
11,762
Prepaid expenses and other current
assets
11,285
17,822
Total current assets
169,724
157,193
Property, plant and equipment, net
349,094
389,996
Goodwill, net
7,798
8,204
Other intangible assets, net
88,936
93,642
Operating lease right-of-use assets
16,295
18,327
Other noncurrent assets
5,550
5,372
Total assets
$
637,397
$
672,734
Current liabilities:
Accounts payable
$
45,360
$
49,321
Accrued liabilities
28,289
33,564
Income taxes
74
171
Current portion of long-term debt
29,880
30,576
Deferred revenue
7,256
18,479
Other current liabilities
8,494
4,807
Total current liabilities
119,353
136,918
Long-term debt
123,018
142,602
Deferred income taxes
3,999
896
Operating lease liabilities
13,438
15,429
Other noncurrent liabilities
14,069
13,778
Total liabilities
273,877
309,623
Shareholders' equity:
Preferred shares
62,918
61,941
Common shares
—
—
Additional paid-in capital
1,584,416
1,582,442
Accumulated deficit
(903,492
)
(912,951
)
Treasury stock
(9,063
)
(8,050
)
Accumulated other comprehensive loss
(373,841
)
(361,883
)
Total Civeo Corporation shareholders'
equity
360,938
361,499
Noncontrolling interest
2,582
1,612
Total shareholders' equity
363,520
363,111
Total liabilities and shareholders'
equity
$
637,397
$
672,734
CIVEO CORPORATION
UNAUDITED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(in thousands)
Six Months Ended
June 30,
2022
2021
Cash flows from operating activities:
Net income (loss)
$
12,138
$
(9,415
)
Adjustments to reconcile net income (loss)
to net cash provided by operating activities:
Depreciation and amortization
43,210
42,646
Impairment charges
—
7,935
Deferred income tax expense
3,256
416
Non-cash compensation charge
1,974
1,898
Gains on disposals of assets
(1,895
)
(1,941
)
Provision (benefit) for credit losses, net
of recoveries
(24
)
147
Other, net
1,544
1,483
Changes in operating assets and
liabilities:
Accounts receivable
(23,119
)
(24,617
)
Inventories
(1,180
)
(830
)
Accounts payable and accrued
liabilities
(6,713
)
(563
)
Taxes payable
(99
)
21
Other current assets and liabilities,
net
(5,461
)
12,170
Net cash flows provided by operating
activities
23,631
29,350
Cash flows from investing activities:
Capital expenditures
(8,647
)
(6,530
)
Proceeds from disposition of property,
plant and equipment
3,302
7,012
Other, net
190
—
Net cash flows provided by (used in)
investing activities
(5,155
)
482
Cash flows from financing activities:
Term loan repayments
(15,763
)
(17,874
)
Revolving credit borrowings (repayments),
net
(2,576
)
(12,104
)
Repurchases of common shares
(542
)
—
Taxes paid on vested shares
(1,013
)
(1,120
)
Net cash flows used in financing
activities
(19,894
)
(31,098
)
Effect of exchange rate changes on
cash
(82
)
(475
)
Net change in cash and cash
equivalents
(1,500
)
(1,741
)
Cash and cash equivalents, beginning of
period
6,282
6,155
Cash and cash equivalents, end of
period
$
4,782
$
4,414
CIVEO CORPORATION
SEGMENT DATA
(in thousands)
(unaudited)
Three Months Ended
June 30,
Six Months Ended
June 30,
2022
2021
2022
2021
Revenues
Canada
$
109,023
$
83,281
$
204,975
$
145,166
Australia
67,820
64,019
131,349
123,656
United States
8,111
6,876
14,308
10,784
Total revenues
$
184,954
$
154,176
$
350,632
$
279,606
EBITDA (1)
Canada
$
28,659
$
22,604
$
45,878
$
33,400
Australia
15,537
7,513
30,974
20,322
United States
221
297
230
(924
)
Corporate and eliminations
(7,339
)
(6,117
)
(14,442
)
(12,278
)
Total EBITDA
$
37,078
$
24,297
$
62,640
$
40,520
Adjusted EBITDA (1)
Canada
$
28,659
$
22,604
$
45,878
$
33,400
Australia
15,537
15,448
30,974
28,257
United States
221
297
230
(924
)
Corporate and eliminations
(7,339
)
(6,117
)
(14,442
)
(12,278
)
Total adjusted EBITDA
$
37,078
$
32,232
$
62,640
$
48,455
Operating income (loss)
Canada
$
11,197
$
7,452
$
15,235
$
(207
)
Australia
5,452
(2,656
)
11,587
651
United States
(1,295
)
(1,109
)
(2,904
)
(3,707
)
Corporate and eliminations
(1,112
)
(1,558
)
(5,439
)
(4,509
)
Total operating income (loss)
$
14,242
$
2,129
$
18,479
$
(7,772
)
(1) Please see Non-GAAP Reconciliation
Schedule.
CIVEO CORPORATION
NON-GAAP
RECONCILIATIONS
(in thousands)
(unaudited)
Three Months Ended
June 30,
Six Months Ended
June 30,
2022
2021
2022
2021
EBITDA (1)
$
37,078
$
24,297
$
62,640
$
40,520
Adjusted EBITDA (1)
$
37,078
$
32,232
$
62,640
$
48,455
Free Cash Flow (2)
$
17,561
$
13,736
$
18,286
$
29,832
(1)
The term EBITDA is defined as net income
(loss) attributable to Civeo Corporation plus interest, taxes,
depreciation and amortization. The term Adjusted EBITDA is defined
as EBITDA adjusted to exclude certain other unusual or
non-operating items. EBITDA and Adjusted EBITDA are not measures of
financial performance under generally accepted accounting
principles and should not be considered in isolation from or as a
substitute for net income or cash flow measures prepared in
accordance with generally accepted accounting principles or as a
measure of profitability or liquidity. Additionally, EBITDA and
Adjusted EBITDA may not be comparable to other similarly titled
measures of other companies. Civeo has included EBITDA and Adjusted
EBITDA as supplemental disclosures because its management believes
that EBITDA and Adjusted EBITDA provide useful information
regarding its ability to service debt and to fund capital
expenditures and provide investors a helpful measure for comparing
Civeo's operating performance with the performance of other
companies that have different financing and capital structures or
tax rates. Civeo uses EBITDA and Adjusted EBITDA to compare and to
monitor the performance of its business segments to other
comparable public companies and as a benchmark for the award of
incentive compensation under its annual incentive compensation
plan.
The following table sets forth a
reconciliation of EBITDA and Adjusted EBITDA to net income (loss)
attributable to Civeo Corporation, which is the most directly
comparable measure of financial performance calculated under
generally accepted accounting principles (in thousands)
(unaudited):
Three Months Ended
June 30,
Six Months Ended
June 30,
2022
2021
2022
2021
Net income (loss) attributable to Civeo
Corporation
$
9,568
$
13
$
10,978
$
(9,471
)
Income tax expense (benefit)
1,821
(492
)
3,378
584
Depreciation and amortization
23,083
21,377
43,210
42,646
Interest income
(2
)
(2
)
(2
)
(2
)
Interest expense
2,608
3,401
5,076
6,763
EBITDA
$
37,078
$
24,297
$
62,640
$
40,520
Adjustments to EBITDA
Impairment of long-lived assets (a)
—
7,935
—
7,935
EBITDA and Adjusted EBITDA
$
37,078
$
32,232
$
62,640
$
48,455
(a) Relates to asset impairments in the
second quarter of 2021. In the second quarter of 2021, we recorded
a pre-tax loss related to the impairment of long-lived assets in
our Australian segment of $7.9 million, which is included in
Impairment expense on the unaudited statements of operations.
(2)
The term Free Cash Flow is defined as net
cash flows provided by operating activities less capital
expenditures plus proceeds from asset sales. Free Cash Flow is not
a measure of financial performance under generally accepted
accounting principles and should not be considered in isolation
from or as a substitute for cash flow measures prepared in
accordance with generally accepted accounting principles or as a
measure of profitability or liquidity. Additionally, Free Cash Flow
may not be comparable to other similarly titled measures of other
companies. Civeo has included Free Cash Flow as a supplemental
disclosure because its management believes that Free Cash Flow
provides useful information regarding the cash flow generating
ability of its business relative to its capital expenditure and
debt service obligations. Civeo uses Free Cash Flow to compare and
to understand, manage, make operating decisions and evaluate
Civeo's business. It is also used as a benchmark for the award of
incentive compensation under its annual incentive compensation
plan.
The following table sets forth a
reconciliation of Free Cash Flow to Net Cash Flows Provided by
Operating Activities, which is the most directly comparable measure
of financial performance calculated under generally accepted
accounting principles (in thousands) (unaudited):
Three Months Ended June
30,
Six Months Ended June
30,
2022
2021
2022
2021
Net Cash Flows Provided by Operating
Activities
$
21,678
$
16,533
$
23,631
$
29,350
Capital expenditures
(5,055
)
(3,158
)
(8,647
)
(6,530
)
Proceeds from disposition of property,
plant and equipment
938
361
3,302
7,012
Free Cash Flow
$
17,561
$
13,736
$
18,286
$
29,832
CIVEO CORPORATION
NON-GAAP RECONCILIATIONS -
GUIDANCE
(in millions)
(unaudited)
Year Ending December 31,
2022
EBITDA Range (1)
$
95.0
$
105.0
(1)
The following table sets forth a
reconciliation of estimated EBITDA to estimated net loss, which is
the most directly comparable measure of financial performance
calculated under generally accepted accounting principles (in
millions) (unaudited):
Year Ending December 31,
2022
(estimated)
Net loss
$
(13.0
)
$
(3.0
)
Income tax expense
9.0
9.0
Depreciation and amortization
89.0
89.0
Interest expense
10.0
10.0
EBITDA
$
95.0
$
105.0
CIVEO CORPORATION
SUPPLEMENTAL QUARTERLY SEGMENT
AND OPERATING DATA
(U.S. dollars in thousands,
except for room counts and average daily rates)
(unaudited)
Three Months Ended June
30,
Six Months Ended June
30,
2022
2021
2022
2021
Supplemental Operating Data - Canadian
Segment
Revenues
Accommodation revenue (1)
$
79,431
$
69,759
$
146,625
$
116,289
Mobile facility rental revenue (2)
24,058
8,666
48,076
19,165
Food and other services revenue (3)
5,534
4,856
10,274
9,712
Total Canadian revenues
$
109,023
$
83,281
$
204,975
$
145,166
Costs
Accommodation cost
$
53,108
$
44,992
$
106,235
$
83,328
Mobile facility rental cost
14,458
5,644
29,342
12,418
Food and other services cost
4,976
4,455
9,335
8,576
Indirect other cost
2,467
2,251
5,303
4,905
Total Canadian cost of sales and
services
$
75,009
$
57,342
$
150,215
$
109,227
Average daily rates (4)
$
103
$
96
$
104
$
97
Billed rooms (5)
771,267
723,324
1,406,822
1,203,390
Canadian dollar to U.S. dollar
$
0.784
$
0.815
$
0.787
$
0.802
Supplemental Operating Data -
Australian Segment
Revenues
Accommodation revenue (1)
$
39,052
$
37,780
$
76,651
$
71,455
Food and other services revenue (3)
28,768
26,239
54,698
52,201
Total Australian revenues
$
67,820
$
64,019
$
131,349
$
123,656
Costs
Accommodation cost
$
18,840
$
18,082
$
37,247
$
35,187
Food and other services cost
27,008
25,154
51,371
49,451
Indirect other cost
1,844
1,659
3,588
3,160
Total Australian cost of sales and
services
$
47,692
$
44,895
$
92,206
$
87,798
Average daily rates (4)
$
77
$
81
$
78
$
80
Billed rooms (5)
505,310
466,298
979,784
890,964
Australian dollar to U.S. dollar
$
0.715
$
0.770
$
0.719
$
0.772
(1)
Includes revenues related to lodge and
village rooms and hospitality services for owned rooms for the
periods presented.
(2)
Includes revenues related to mobile assets
for the periods presented.
(3)
Includes revenues related to food service,
laundry and water and wastewater treatment services, and facilities
management for the periods presented.
(4)
Average daily rate is based on billed
rooms and accommodation revenue.
(5)
Billed rooms represents total billed days
for owned assets for the periods presented.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220729005068/en/
Carolyn J. Stone Civeo Corporation Senior Vice President &
Chief Financial Officer 713-510-2400
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