Civeo Announces Purchase of Preferred Shares
31 Outubro 2022 - 7:30AM
Business Wire
Civeo Corporation (NYSE:CVEO) announced today that the Company
has agreed to repurchase 40% of its outstanding Class A Series 1
preferred shares. The preferred shares are mandatorily convertible
into common shares in April 2023. The preferred shares repurchased,
which include accrued dividends, are convertible into approximately
999,000 common shares, or approximately 6% of the Company’s fully
diluted common shares outstanding. The aggregate purchase price of
the preferred shares is approximately $30.6 million, or $30.58 per
common share on an as-converted basis. The repurchase is scheduled
to close on November 1, 2022, and Civeo intends to fund the
repurchase through its existing bank revolver. After the
repurchase, Civeo will have repurchased approximately 10% of its
fully diluted common shares outstanding since August 2021.
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 owns and 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, 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, 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20221031005261/en/
Carolyn J. Stone Civeo Corporation Senior Vice President &
Chief Financial Officer 713-510-2400
Civeo (NYSE:CVEO)
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