Civeo Reports Second Quarter 2025 Results
Second Quarter Highlights:
•Reported revenues of $162.7 million, net loss of $3.3 million and Adjusted EBITDA of $25.0 million;
•Repurchased 883,000 common shares for $19.1 million at an average price of $21.64 per common share, or approximately 7% of Civeo's common shares outstanding as of March 31, 2025;
•Completed the previously announced acquisition of four villages in the Australian Bowen Basin;
•Awarded a previously announced four-year contract at Civeo's owned-villages in the Bowen Basin with expected revenues of A$250 million; and
•Awarded a previously announced three-year integrated services contract in the Bowen Basin with expected revenues of A$64 million.

HOUSTON, July 29, 2025 (BUSINESS WIRE) -- Civeo Corporation (NYSE:CVEO) today reported financial and operating results for the second quarter ended June 30, 2025.
“In the second quarter we delivered revenues and Adjusted EBITDA consistent with our expectations while accelerating the return of capital to shareholders,” said Bradley J. Dodson, Civeo's President and Chief Executive Officer. “We continued to drive margin expansion in our integrated services business and positioned our Australian segment for continued success supported by multiple key contract awards and the accretive acquisition of four new owned-villages in the Bowen Basin. Our Canadian business continues to face similar macroeconomic headwinds as previously discussed. In addition, we experienced typical seasonality effects which contributed to a cash consumption in the quarter driven by working capital. We continue to right-size our Canadian business while simultaneously pursuing opportunities to diversify our business away from the oil sands region.”

Mr. Dodson added, “We continued to deliver on our capital allocation framework, making significant progress in the second quarter toward our goal of repurchasing 20% of Civeo’s common shares outstanding. We repurchased 883,000 common shares, or approximately 7% of Civeo’s common shares outstanding as of March 31, 2025. We intend to continue opportunistically executing on our share repurchase authorization to complete the program.”

Second Quarter 2025 Results
In the second quarter of 2025, Civeo generated revenues of $162.7 million and reported a net loss of $3.3 million, or $0.25 per diluted share. During the second quarter of 2025, Civeo generated negative operating cash flow of $2.3 million and positive Adjusted EBITDA of $25.0 million.

By comparison, in the second quarter of 2024, Civeo generated revenues of $188.7 million and reported net income of $8.2 million, or $0.56 per diluted share. During the second quarter of 2024, Civeo produced operating cash flow of $32.4 million and Adjusted EBITDA of $31.9 million.
The year-over-year decrease in Adjusted EBITDA was primarily driven by decreased billed rooms at the Canadian lodges due to ongoing customer spending reductions, including lower turnaround activity.

The year-over-year decrease in operating cash flow was exacerbated by approximately $9.4 million in one-time collection of holdbacks associated with the wind-down of LNG-related mobile camp activity in the second quarter of 2024 as well as Australian cash taxes in the second quarter of 2025 not incurred in the second quarter of 2024 of approximately $15.8 million, including a one-time $9.4 million payment related to the 2024 tax year.
Business Segment Results
(Unless otherwise noted, the following discussion compares the quarterly results for the second quarter of 2025 to the results for the second quarter of 2024.)
Australia
During the second quarter of 2025, the Australian segment generated revenues of $112.7 million, operating income of $14.6 million and Adjusted EBITDA of $23.7 million, up from revenues of $108.6 million, operating income of $13.9 million and Adjusted EBITDA of $21.6 million in the second quarter of 2024. Results for the second quarter of 2025 include the impact of a weakened Australian dollar relative to the U.S. dollar, which negatively impacted revenues and Adjusted EBITDA by $3.2 million and $0.7 million, respectively.

Revenue from the Australian segment increased 4% period-over-period and Adjusted EBITDA was up 10%. The year-over-year increase was primarily driven by the recently completed acquisition of four owned-villages, which


contributed $4.9 million in revenues in the last two months of the second quarter of 2025 as well as margin improvement in the integrated services business.

On May 7, 2025, Civeo announced that it had completed the acquisition of four villages and associated take-or-pay contracts in the Australian Bowen Basin, strengthening Civeo’s presence and deepening relationships with metallurgical coal producers in the Basin. Approximately two months of results are included in Civeo’s second quarter 2025 results.

Canada
During the second quarter of 2025, the Canadian segment generated revenues of $50.0 million, an operating loss of $1.9 million and Adjusted EBITDA of $7.5 million, compared to revenues of $79.5 million, operating income of $6.9 million and Adjusted EBITDA of $17.3 million in the second quarter of 2024.

Lodge occupancy in the Canadian oil sands region remains challenged as customers continue to reduce capital and operational spending. In the second quarter of 2025, the Canadian segment revenues declined 37% period-over-period driven by decreased billed rooms at the Canadian lodges as a result of ongoing customer spending reductions, including lower turnaround activity.

During the second quarter of 2025, the Canadian segment incurred implementation costs of approximately $0.5 million related to the cold-closure of two lodges, which are excluded from Adjusted EBITDA. In light of the macroeconomic factors influencing the global oil market, the Company is continuing to evaluate additional cost saving actions to right size its North American cost structure.
Financial Condition
As of June 30, 2025, Civeo had total liquidity of approximately $72.8 million. Civeo's total debt at June 30, 2025 was $168.7 million, a $81.3 million increase from March 31, 2025. Civeo's net debt at June 30, 2025 was $154.0 million, a $95.0 million increase since March 31, 2025 attributable to the recent acquisition and share repurchases, bringing Civeo's reported net leverage ratio to 2.0x as of June 30, 2025.
In the second quarter of 2025, Civeo repurchased approximately 883,000 shares for approximately $19.1 million at an average price of $21.64 per share. As previously disclosed, the Board authorized an increase to the Company's share repurchase program and Civeo intends to use no less than 100% of its annual free cash flow to complete the program as market conditions allow.

During the second quarter of 2025, Civeo invested $4.5 million in capital expenditures compared to $5.3 million invested during the second quarter of 2024. Capital expenditures in both periods were primarily related to maintenance spending on the Company’s lodges and villages.

Full Year 2025 Guidance
For the full year of 2025, Civeo is maintaining its revenue and Adjusted EBITDA guidance ranges of $640 million to $670 million and $86 million to $96 million, respectively.

The Company is maintaining its full year 2025 capital expenditure guidance range of $20 million to $25 million.

Conference Call
Civeo will host a conference call to discuss its second quarter 2025 financial results today at 8:30 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 asking for the Civeo call or using the conference ID 13755145#. 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 13755145#.



About Civeo
Civeo Corporation is a leading provider of hospitality services with prominent market positions in the Australian natural resource regions and the Canadian oil sands. 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 28 lodges and villages in Australia and North America with an aggregate of approximately 27,500 rooms. In addition, Civeo operates and provides hospitality services at 24 customer-owned locations with approximately 19,500 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, including
the statements regarding Civeo’s future plans and outlook, strategic priorities, guidance, current trends,
expectations with respect to Adjusted EBITDA, capital expenditures, future revenues, share repurchases, free cash flow generation, cost reductions, integration of the Australian asset acquisition and liquidity needs, 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 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 coal, iron ore, oil, natural gas 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 inflation and volatility in the banking sector, risks associated with the company’s ability to integrate any future 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, geopolitical events, inflation, global weather conditions, natural disasters, including wildfires, global health concerns, 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, Adjusted EBITDA, free cash flow, net debt, bank-adjusted EBITDA and net leverage ratio are non-GAAP
financial measures. See “Non-GAAP Reconciliation” below for definitions and 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,
2025202420252024
Revenues$162,694 $188,713 $306,738 $354,833 
Costs and expenses:
Cost of sales and services121,531 140,834 236,146 271,279 
Selling, general and administrative expenses20,470 17,433 38,655 36,073 
Depreciation and amortization expense17,827 17,059 34,080 33,829 
Impairment expense— — — 7,823 
(Gain) loss on sale of McClelland Lake Lodge assets, net— 87 — (5,988)
Other operating expense66 188 573 486 
159,894 175,601 309,454 343,502 
Operating income (loss)2,800 13,112 (2,716)11,331 
Interest expense(2,699)(2,203)(4,318)(4,563)
Interest income75 54 101 97 
Other income119 310 466 763 
Income (loss) before income taxes295 11,273 (6,467)7,628 
Income tax expense(3,606)(3,786)(6,694)(5,337)
Net income (loss)(3,311)7,487 (13,161)2,291 
Less: Net income (loss) attributable to noncontrolling interest3 (740)(5)(803)
Net income (loss) attributable to Civeo Corporation$(3,314)$8,227 $(13,156)$3,094 
Net income (loss) per share attributable to Civeo Corporation common shareholders:
Basic$(0.25)$0.57 $(0.98)$0.21 
Diluted$(0.25)$0.56 $(0.98)$0.21 
Weighted average number of common shares outstanding:
Basic13,177 14,518 13,387 14,586 
Diluted13,177 14,600 13,387 14,678 




CIVEO CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
June 30, 2025December 31, 2024
(UNAUDITED)
Current assets:
Cash and cash equivalents$14,638 $5,204 
Accounts receivable, net104,491 89,038 
Inventories5,822 7,537 
Prepaid expenses and other current assets14,258 8,674 
Total current assets139,209 110,453 
Property, plant and equipment, net265,138 204,897 
Goodwill, net7,411 7,001 
Other intangible assets, net73,441 66,502 
Operating lease right-of-use assets14,575 9,401 
Other noncurrent assets9,065 6,818 
Total assets$508,839 $405,072 
Current liabilities:
Accounts payable$44,702 $39,971 
Accrued liabilities39,403 34,933 
Income taxes payable82 10,853 
Deferred revenue2,838 2,501 
Other current liabilities5,213 4,388 
Total current liabilities92,238 92,646 
Long-term debt168,672 43,299 
Deferred income taxes5,813 3,558 
Operating lease liabilities11,066 6,655 
Other noncurrent liabilities21,612 21,916 
Total liabilities299,401 168,074 
Shareholders' equity:
Common shares— — 
Additional paid-in capital1,633,022 1,631,823 
Accumulated deficit(1,020,236)(980,720)
Treasury stock(10,775)(10,130)
Accumulated other comprehensive loss(392,573)(404,600)
Total Civeo Corporation shareholders' equity209,438 236,373 
Noncontrolling interest— 625 
Total shareholders' equity209,438 236,998 
Total liabilities and shareholders' equity$508,839 $405,072 



CIVEO CORPORATION
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
Six Months Ended
June 30,
20252024
Cash flows from operating activities:
Net income (loss)$(13,161)$2,291 
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization34,080 33,829 
Impairment charges— 7,823 
Deferred income tax benefit(1,868)(4,344)
Non-cash compensation charge1,199 1,158 
Gains on disposals of assets(261)(6,104)
Provision (benefit) for credit losses, net of recoveries(9)34 
Other, net581 1,257 
Changes in operating assets and liabilities:
Accounts receivable(10,313)15,229 
Inventories2,049 (1,525)
Accounts payable and accrued liabilities(1,718)(17,166)
Taxes payable(13,089)5,836 
Other current and noncurrent assets and liabilities, net(8,248)25 
Net cash flows provided by (used in) operating activities(10,758)38,343 
Cash flows from investing activities:
Capital expenditures(9,769)(10,929)
Acquisitions and related payments(64,948)— 
Proceeds from dispositions of property, plant and equipment273 10,617 
Other, net— 183 
Net cash flows used in investing activities(74,444)(129)
Cash flows from financing activities:
Revolving credit borrowings (repayments), net119,223 (15,825)
Debt issuance costs(423)— 
Dividends paid(3,437)(7,368)
Repurchases of common shares(22,474)(9,852)
Taxes paid on vested shares(645)(1,067)
Net cash flows provided by (used in) financing activities92,244 (34,112)
Effect of exchange rate changes on cash2,392 10 
Net change in cash and cash equivalents9,434 4,112 
Cash and cash equivalents, beginning of period5,204 3,323 
Cash and cash equivalents, end of period$14,638 $7,435 



CIVEO CORPORATION
SEGMENT DATA
(in thousands)
(unaudited)
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
Revenues
Australia$112,672 $108,608 $216,318 $200,345 
Canada50,022 79,527 90,420 146,687 
Other— 578 — 7,801 
Total revenues$162,694 $188,713 $306,738 $354,833 
EBITDA (1)
Australia$23,612 $21,551 $44,052 $36,073 
Canada6,963 17,154 5,708 28,773 
Corporate, other and eliminations(9,832)(7,484)(17,925)(18,120)
Total EBITDA$20,743 $31,221 $31,835 $46,726 
Adjusted EBITDA (1)
Australia$23,663 $21,605 $44,148 $41,943 
Canada7,452 17,337 7,224 23,020 
Corporate, other and eliminations(6,107)(7,025)(13,709)(15,244)
Total adjusted EBITDA$25,008 $31,917 $37,663 $49,719 
Operating income (loss)
Australia$14,573 $13,856 $27,212 $21,144 
Canada(1,915)6,854 (11,944)8,559 
Corporate, other and eliminations(9,858)(7,598)(17,984)(18,372)
Total operating income (loss)$2,800 $13,112 $(2,716)$11,331 
(1) Please see Non-GAAP Reconciliation Schedule.



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,
2025202420252024
Supplemental Operating Data - Australian Segment
     Revenues
          Accommodation revenue (1)$52,682 $48,914 $99,505 $96,021 
          Food and other services revenue (3)59,990 59,694 116,813 104,324 
               Total Australian revenues$112,672 $108,608 $216,318 $200,345 
Costs
Accommodation cost$25,890 $23,613 $48,961 $46,207 
Food and other services cost53,163 54,527 103,814 95,431 
Indirect other cost3,424 2,897 6,422 5,512 
Total Australian cost of sales and services$82,477 $81,037 $159,197 $147,150 
     Average daily rates (4)$76 $78 $76 $77 
     Billed rooms (5)690,506 625,353 1,316,142 1,239,289 
     Australian dollar to U.S. dollar$0.641 $0.659 $0.634 $0.658 
Supplemental Operating Data - Canadian Segment
     Revenues
          Accommodation revenue (1)$42,590 $72,259 $76,026 $132,046 
          Mobile facility rental revenue (2)434 356 653 1,350 
          Food and other services revenue (3)6,998 6,912 13,741 13,291 
               Total Canadian revenues$50,022 $79,527 $90,420 $146,687 
Costs
Accommodation cost$30,618 $48,197 $59,483 $93,917 
Mobile facility rental cost135 1,401 135 4,052 
Food and other services cost6,237 6,314 12,710 12,454 
Indirect other cost2,047 2,937 4,354 5,683 
Total Canadian cost of sales and services$39,037 $58,849 $76,682 $116,106 
     Average daily rates (4)$94 $96 $94 $97 
     Billed rooms (5)449,970 752,364 808,667 1,362,396 
     Canadian dollar to U.S. dollar$0.723 $0.731 $0.710 $0.736 

(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 services, 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.


CIVEO CORPORATION
SUPPLEMENTAL OPERATIONS BY SERVICE TYPE BY REGION DATA
(U.S. dollars in thousands)
(unaudited)



The following table sets forth certain supplemental data for our Australia and Canada segment revenues attributable to the asset-light (“Catering and Facility Management”) portion of the Company’s business and the asset-intensive (“Accommodations and Infrastructure”) portion of the Company’s business. We provide Catering and Facility Management services to both customer-owned assets and Company-owned villages and lodges. When we provide Catering and Facility Management services to customer-owned assets, it is reflected in “Food and other services” in our Supplemental Quarterly Segment and Operating Data. However, when we provide those same services to customers at our owned villages and lodges, it is reflected in “Accommodation and other services”, which also includes the Accommodations and Infrastructure component of our owned villages and lodges. This is because we bill our customers in one combined rate for both Accommodations and Infrastructure services and Catering and Facility Management services at Company-owned villages and lodges.

The purpose of the disclosure below is to disaggregate the embedded Catering and Facility Management revenues from the “Accommodation and other services” revenues associated with our owned villages and lodges that is included in our Supplemental Quarterly Segment and Operating Data. To do so, we apply a margin that is equal to Civeo’s margin in similar services we provide to customer-owned assets to the cost of sales that are associated with Catering and Facility Management services within “Accommodation and other services” for our owned villages and lodges. This table provides investors a supplemental view of the services provided by the Company which could assist with their valuation analysis.


Three months ended June 30, 2025Three months ended June 30, 2024
AustraliaCanadaOtherTotalAustraliaCanadaOtherTotal
Revenues
Asset Light: Catering and Facility management$82,633 $29,952 $— $112,585 $80,697 $44,732 $— $125,429 
Asset Intensive: Accommodations and Infrastructure30,039 20,070 — 50,109 27,911 34,795 578 63,284 
Total revenues$112,672 $50,022 $— $162,694 $108,608 $79,527 $578 $188,713 
Six months ended June 30, 2025Six months ended June 30, 2024
AustraliaCanadaOtherTotalAustraliaCanadaOtherTotal
Revenues
Asset Light: Catering and Facility management$159,292 $55,601 $— $214,893 $145,026 $83,438 $549 $229,013 
Asset Intensive: Accommodations and Infrastructure57,026 34,819 — 91,845 55,319 63,249 7,252 125,820 
Total revenues$216,318 $90,420 $— $306,738 $200,345 $146,687 $7,801 $354,833 



















CIVEO CORPORATION
NON-GAAP RECONCILIATIONS


(in thousands)
(unaudited)

Three Months Ended
June 30,		Six Months Ended
June 30,		Twelve Months Ended June 30,
20252024202520242025
EBITDA (1)$20,743 $31,221 $31,835 $46,726 $56,358 
Adjusted EBITDA (1)$25,008 $31,917 $37,663 $49,719 $67,881 
Net Leverage Ratio (2)2.0x

(1)The term EBITDA is a non-GAAP financial measure that is defined as net income (loss) attributable to Civeo Corporation
plus interest, taxes, depreciation and amortization. The term Adjusted EBITDA is a non-GAAP financial measure that 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,		Twelve Months Ended June 30,
20252024202520242025
Net income (loss) attributable to Civeo Corporation$(3,314)$8,227 $(13,156)$3,094 $(33,317)
Income tax expense3,606 3,786 6,694 5,337 13,849 
Depreciation and amortization17,827 17,059 34,080 33,829 68,289 
Interest income(75)(54)(101)(97)(191)
Interest expense2,699 2,203 4,318 4,563 7,728 
EBITDA$20,743 $31,221 $31,835 $46,726 $56,358 
Adjustments to EBITDA
     Impairment of long-lived assets (a)— — — 7,823 3,758 
Net (gain) loss on disposition of McClelland Lake Lodge assets (b)— 87 — (5,988)244 
Cost saving initiatives (c)474 — 1,438 — 1,438 
    Share-based compensation (d)601 609 1,200 1,158 2,893 
Shareholder activist costs3,190 — 3,190 — 3,190 
Adjusted EBITDA$25,008 $31,917 $37,663 $49,719 $67,881 
(a)Relates to asset impairments in the first and fourth quarters of 2024. In the fourth quarter of 2024, we recorded a pre-tax loss related to the impairment of long-lived assets in our Canadian segment of $3.2 million and a pre-tax loss related to the impairment of long-lived assets in the U.S. of $0.5 million. In the first quarter of 2024, we recorded a pre-tax loss related to the impairment of long-lived assets in our Australian segment of $5.7 million and a pre-tax loss related to the impairment of long-lived assets in the U.S. of $2.1 million.



(b)Relates to proceeds received and expenses incurred associated with the dismantlement and sale of the McClelland Lake Lodge. In the fourth, third and second quarters of 2024, we recorded expenses associated with the sale of our McClelland Lake Lodge of $0.1 million, $0.2 million and $0.1 million, respectively, which are included in (Gain) loss on sale of McClelland Lake Lodge assets, net on the unaudited statements of operations. In the first quarter of 2024, we recorded gains associated with the sale of the McClelland Lake Lodge of $6.1 million, which are included in (Gain) loss on sale of McClelland Lake Lodge assets, net on the unaudited statements of operations.

(c)Represents implementation costs (primarily severance costs and real estate expense rationalization) incurred as part of cost savings initiatives.

(d)Represents share-based compensation expense associated with performance share awards, restricted share awards, restricted share units and deferred share awards.

(2)The term net leverage ratio is a non-GAAP financial measure that is defined as net debt divided by bank-adjusted EBITDA.
Net debt, bank-adjusted EBITDA and net leverage ratio are not financial measures under GAAP and should not be
considered in isolation from or as a substitute for total debt, net income (loss) or cash flow measures prepared in
accordance with GAAP or as a measure of profitability or liquidity. Additionally, net debt, bank-adjusted EBITDA and net
leverage ratio may not be comparable to other similarly titled measures of other companies. Civeo has included net debt,
bank-adjusted EBITDA and net leverage ratio as a supplemental disclosure because its management believes that this data
provides useful information regarding the level of the Company’s indebtedness and its ability to service debt. Additionally,
per Civeo’s credit agreement, the Company is required to maintain a net leverage ratio below 3.0x every quarter to remain in
compliance with the credit agreement.

The following table sets forth a reconciliation of net debt, bank-adjusted EBITDA and net leverage ratio to the most directly comparable measures of financial performance calculated under GAAP (in thousands) (unaudited):

As of June 30,
2025
Total debt$168,672 
Less: Cash and cash equivalents14,638 
Net debt$154,034 
Adjusted EBITDA for the twelve months ended June 30, 2025 (a)
$67,881 
Adjustments to Adjusted EBITDA
Acquisition pro-forma EBITDA12,460 
Interest income191 
Cost saving initiatives (b)(1,438)
Shareholder activist costs (b)(3,190)
Bank-adjusted EBITDA$75,904 
Net leverage ratio (c)
2.0x
(a) See footnote 1 above for reconciliation of Adjusted EBITDA to net loss attributable to Civeo Corporation
(b) Adjustments to EBITDA not allowed to be adjusted by our credit facility
(c) Calculated as net debt divided by bank-adjusted EBITDA





CIVEO CORPORATION
NON-GAAP RECONCILIATIONS - GUIDANCE
(in millions)
(unaudited)

Year Ending December 31, 2025
EBITDA Range (1)$78.3 $88.3 
Adjusted EBITDA Range (1)$86.0 $96.0 

(1)The following table sets forth a reconciliation of estimated EBITDA and Adjusted 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, 2025
(estimated)
Net loss$(19.2)$(11.2)
Income tax expense15.0 17.0 
Depreciation and amortization72.0 72.0 
Interest expense10.5 10.5 
EBITDA$78.3 $88.3 
Adjustments to EBITDA
Shareholder activist costs3.8 3.8 
Cost saving initiatives1.4 1.4 
Share-based compensation2.5 2.5 
Adjusted EBITDA$86.0 $96.0 









CONTACTS:

Regan Nielsen
Civeo Corporation
Vice President, Corporate Development & Investor Relations
713-510-2400