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PRE-MKT · 05:35 ET
Market ClerkRecap
Mon Oct 26 · pre-market1 signal on Oct 2494 insider buys this week · $48.3MCIRO short report next: Oct 31The week ahead

CVEO

Civeo Corp
NYSE · CONSUMER DISCRETIONARY · HOTELS, ROOMING HOUSES, CAMPS & OTHER LODGING PLACES
27.95
+0.70 +2.57%
USD · close Oct 23
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Work order
60
WATCH · shorts 60
Insiders, 90 days
0
no open-market filings in 90 days
Congress, 90 days
0 / 0
no disclosures naming it
Big money
0 / 15
none of the tracked funds disclose it
Calls on record
0
nobody we score has called it yet
MKT CAP $288.9MP/E —DIV YIELD —FCF YIELD 5.79%REV TTM $684.8M +8.0%NET INCOME −$13.2MNET DEBT $22.7M52W 20.78 – 35.56SEC XBRL · TTM TO Invalid Date

How CVEO rewrote its risk factors

10-K ITEM 1A · FY2024 → FY2025
Text kept
57%
of sentences unchanged
Added
252
new sentences
Dropped
234
sentences removed
Length
+931
words, now 26,638

New in FY2025

  • We do so for the convenience of our shareholders and in an effort to provide information available in the market that will assist our investors in having a better understanding of the market environment in which we operate.
  • Taking this into account, the following are identified as important factors that could cause actual results to differ materially from those expressed in any forward-looking statement made by, or on behalf of, us: • the level of supply and demand for metallurgical (met) coal, oil, iron ore, natural gas and other minerals; • the level of activity, spending and natural resource development in Australia and Canada; • the level of demand, particularly from China and India, for coal and other natural resources from Australia; • the availability of attractive natural resource projects and assets, which may be affected by governmental actions, including changes in royalty or tax regimes, or environmental activists which may restrict drilling or development; • fluctuations or sharp declines in the current and future prices of coal, oil, iron ore, natural gas and other minerals; • 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 to provide related hospitality services, which may cause those customers to terminate or postpone the contracts; • the ability to successfully integrate the acquisition of four villages in Australia’s Bowen Basin into our existing operations; • fluctuations in currency exchange rates; • general global economic conditions, such as the pace of global economic growth, a general slowdown in the global economy, tariffs and international trade policy, supply chain disruptions, labor shortages, inflationary pressures and geopolitical events such as the ongoing conflicts in Russia/Ukraine, Venezuela and the Middle East; • changes in tax laws, tax treaties or tax regulations or the interpretation or enforcement thereof, including taxing authorities not agreeing with our assessment of the effects of such laws, treaties and regulations; • changes to government and environmental regulations, including climate change legislation and clean energy policies; • global weather conditions, natural disasters, including wildfires, global health concerns and security threats, including cybersecurity incidents; • our ability to hire and retain skilled personnel; • the availability and cost of capital, including instability in the banking sector and the ability to access the debt and equity markets; • our capital structure and our ability to return cash to shareholders through common share repurchases or dividends; • the development of new projects, including whether such projects will continue in the future; and • other factors identified in Item 1A. - "Risk Factors" of this annual report.
  • We primarily operate in some of the world’s most active met coal, oil, iron ore and liquefied natural gas (LNG) producing regions, where, in many cases, traditional hospitality accommodations and related infrastructure services often are not accessible, sufficient or cost effective.
  • Our customers include mining companies, major and independent oil companies, construction and engineering companies and oilfield and mining service companies.
  • Our hospitality services span the lifecycle of customer projects, from the initial exploration, resource delineation and construction to long-term production.
  • We own and operate 26 lodges and villages with approximately 26,500 rooms.
  • We also operate approximately 19,500 rooms across 24 locations where the accommodations assets are owned by our customers.
  • For the years ended December 31, 2025, 2024 and 2023, we generated $638.8 million, $682.1 million and $700.8 million in revenues and $4.1 million, $1.3 million and $39.5 million in operating income, respectively.
  • The majority of our operations, assets and income are derived from the hospitality services provided at villages and lodges we or our customers own that have historically been contracted by our customers under multi-year, take-or-pay, exclusivity or integrated services contracts.
  • For the year ended December 31, 2025, the hospitality services we provide at our owned facilities generated 57% of our revenue, while our integrated services offerings at customer owned facilities generated 43% of our revenue.
  • Year Ended December 31, 2025 2024 2023 (In thousands, except for room counts and average daily rate) Accommodation and Associated Services Revenue (1) Australia $ 211,761 $ 196,684 $ 177,834 Canada 150,651 214,774 266,926 Other — 10,079 11,205 Total Accommodation and Associated Services Revenue $ 362,412 $ 421,537 $ 455,965 Mobile Facility Rental and Associated Services Revenue (2) Canada $ 1,587 $ 1,523 $ 61,899 Total Mobile Facility Rental and Associated Sevices Revenue $ 1,587 $ 1,523 $ 61,899 Integrated Services and Other Services Revenue (3) Australia $ 248,534 $ 230,272 $ 158,929 Canada 26,316 28,790 23,970 Other — — 42 Total Integrated Services and Other Services Revenue $ 274,850 $ 259,062 $ 182,941 Total Revenue $ 638,849 $ 682,122 $ 700,805 Average Daily Rates for Owned Villages and Lodges (4) Australia $ 76 $ 78 $ 75 Canada $ 97 $ 97 $ 97 Total Billed Rooms for Owned Villages and Lodges (5) Australia 2,783,893 2,524,108 2,371,763 Canada 1,550,435 2,205,700 2,710,784 Average Exchange Rate Australian dollar to U.
  • S. dollar $ 0.64 $ 0.66 $ 0.66 Canadian dollar to U.
  • S. dollar $ 0.72 $ 0.73 $ 0.73 (1) Includes revenues related to village and lodge rooms and hospitality services for Civeo owned rooms for the periods presented.
  • (4) Average daily rate is based on billed rooms and accommodation and other services revenue for Civeo owned rooms during the periods presented.
  • (5) Billed rooms represents total billed days for Civeo owned village and lodge assets for the periods presented.
  • Our historical experience in Canada began in small, mobile assets and evolved into owning and managing large scale remote accommodations.
  • Through our experience with Syncrude’s Mildred Lake Village, a 2,100 bed facility that we built, operated and managed for them for nearly 20 years, we recognized the need for a premium, and more permanent, solution for workforce accommodations and hospitality services in the Canadian oil sands region.
  • Our Sitka Lodge supports the LNG Canada (LNGC) project and related pipeline projects (specifically, the Coastal GasLink Pipeline, the pipeline constructed to transport natural gas feedstock to LNGC).
  • Construction activity of Phase 1 of the Kitimat LNG Facility has been completed and commercial operations commenced in June 2025.
  • The Coastal GasLink Pipeline was completed in 2024.
  • In May 2025, we acquired Qantac Pty Ltd (Qantac), located in Queensland, Australia (the Qantac Acquisition).
  • The Qantac Acquisition included four villages, with 1,368 rooms in Australia’s Bowen Basin and the associated accommodation assets, land and customer contracts.
  • This acquisition expanded our existing accommodations business into the Blackwater region of the Bowen Basin, which was not previously served by our existing villages.
  • Through our wide range of hospitality services, we are able to identify, solve and implement solutions and services that enhance the guest experience, improve workforce productivity and reduce the customer’s total cost of housing a workforce in a remote operating location.
  • Historically, initial demand for our hospitality services has been driven by our customers’ capital spending programs related to the construction and development of natural resource projects and associated infrastructure.
  • In general, industry capital spending programs are based on the outlook for commodity prices, production costs, economic growth, perceived political risk, global commodity supply/demand, reserve replacement requirements, estimates of resource production, annual maintenance requirements and the expectations of our customers' shareholders.
  • As a result, demand for our hospitality services is sensitive to expected commodity prices, principally related to met coal, oil, iron ore and LNG, and the resultant impact of these commodity price expectations on our customers’ spending.
  • Other factors that can affect our business and financial results include the general global economic environment, including inflationary pressures, supply chain disruptions and labor shortages, the impact of global tariff changes and other changes to trade policies, volatility affecting the banking system and financial markets, availability of capital to the natural resource industry and regulatory changes in Australia, Canada and other markets, including governmental measures introduced to mitigate climate change.
  • We believe that our existing industry divides accommodations into two primary types: (i) villages and lodges and (ii) mobile assets.
  • Civeo is principally focused on hospitality services at villages and lodges that are either owned by Civeo or customer-owned.
  • Villages and lodges typically contain a larger number of rooms and require more time and capital to develop.
  • Villages and lodges are generally supported by multi-year, take-or-pay or exclusivity contracts.
  • They are often used to support pipeline and infrastructure construction as well as conventional and in-situ drilling crews and are contracted on a project-by-project or short-term basis.
  • Our largest customers in 2025 were Fortescue Metals Group Ltd. and Suncor Energy Inc., who each accounted for more than 10% of our 2025 revenues.
  • (ATCO), Alta-Fab Structures Ltd., Fleetwood Australia and Northgate Industries Ltd., build modular accommodations for sale.
  • Dexterra Group Inc., Black Diamond Group Limited, ATCO, Ausco Modular (a subsidiary of Modulaire Group) and Target Hospitality Corp. primarily own and lease units to customers and, in some cases, provide facility management services, usually on a shorter-term basis with a more limited number of rooms, similar to our mobile assets business.
  • Facility service companies, such as Aramark Corporation, Sodexo Inc., ISS, Compass Group PLC and Cater Care Australia Pty.
  • Ltd., typically do not invest in and own the accommodations assets but will provide hospitality services at third-party or customer-owned facilities.
  • Australia Overview During the year ended December 31, 2025, we generated 72% of our revenue from our Australian operations.
  • As of December 31, 2025, we owned 10,318 rooms across twelve villages, of which 8,856 rooms service the Bowen Basin of central Queensland, one of the premier met coal basins in the world.

and 212 more.

Gone since FY2024

  • We do so for the convenience of our shareholders and in an effort to provide information available in the market that will assist our investors in a better understanding of the market environment in which we operate.
  • Taking this into account, the following are identified as important factors that could cause actual results to differ materially from those expressed in any forward-looking statement made by, or on behalf of, us: • the ability to consummate our pending acquisition of four villages in Australia’s Bowen Basin and successfully integrate such assets into our existing operations; • the level of supply and demand for metallurgical (met) coal, oil, natural gas, iron ore and other minerals; • the level of activity, spending and natural resource development in Australia and Canada; • the level of demand, particularly from China and India, for coal and other natural resources from Australia; • the availability of attractive natural resource projects and assets, which may be affected by governmental actions, including changes in royalty or tax regimes, or environmental activists which may restrict drilling or development; • fluctuations or sharp declines in the current and future prices of coal, oil, natural gas, iron ore and other minerals; • 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 to provide related hospitality services, which may cause those customers to terminate or postpone the contracts; • fluctuations in currency exchange rates; • general global economic conditions, such as the pace of global economic growth, a general slowdown in the global economy, supply chain disruptions, labor shortages, inflationary pressures and geopolitical events such as the ongoing Russia/Ukraine and Middle East conflicts; • changes in tax laws, tax treaties or tax regulations or the interpretation or enforcement thereof, including taxing authorities not agreeing with our assessment of the effects of such laws, treaties and regulations; • changes to government and environmental regulations, including climate change legislation and clean energy policies; • global weather conditions, natural disasters, including wildfires, global health concerns and security threats, including cybersecurity incidents; • our ability to hire and retain skilled personnel; • the availability and cost of capital, including instability in the banking sector and the ability to access the debt and equity markets; • our capital structure and our ability to return cash to shareholders through dividends or common share repurchases; • our ability to integrate acquisitions; • the development of new projects, including whether such projects will continue in the future; and • other factors identified in Item 1A. - "Risk Factors" of this annual report.
  • We primarily operate in some of the world’s most active met coal, oil, liquefied natural gas (LNG) and iron ore producing regions, where, in many cases, traditional hospitality accommodations and related infrastructure services often are not accessible, sufficient or cost effective.
  • Our customers include mining companies, major and independent oil companies, engineering companies and oilfield and mining service companies.
  • Our hospitality services span the lifecycle of customer projects, from the initial exploration and resource delineation to long-term production.
  • We own and operate 25 lodges and villages with approximately 26,000 rooms.
  • We operate approximately 19,000 rooms across 22 locations where the accommodations assets are owned by our customers.
  • For the years ended December 31, 2024, 2023 and 2022, we generated $682.1 million, $700.8 million and $697.1 million in revenues and $1.3 million, $39.5 million and $17.0 million in operating income, respectively.
  • The majority of our operations, assets and income are derived from the hospitality services provided at lodges and villages we own that have historically been contracted by our customers under multi-year, take-or-pay or exclusivity contracts.
  • The hospitality services we provide at these facilities generated 60% of our revenue for the year ended December 31, 2024.
  • Year Ended December 31, 2024 2023 2022 (In thousands, except for room counts and average daily rate) Accommodation and Other Services Revenue (1) Canada $ 214,774 $ 266,926 $ 279,455 Australia 196,684 177,834 152,714 Other 10,079 11,205 3,058 Total Accommodation and Other Services Revenue $ 421,537 $ 455,965 $ 435,227 Mobile Facility Rental Revenue (2) Canada $ 1,523 $ 61,899 $ 96,400 Other — — 18,367 Total Mobile Facility Rental Revenue $ 1,523 $ 61,899 $ 114,767 Food Service and Other Services Revenue (3) Canada $ 28,790 $ 23,970 $ 20,142 Australia 230,272 158,929 125,538 Other — 42 90 Total Food Service and Other Services Revenue $ 259,062 $ 182,941 $ 145,770 Manufacturing Revenue (4) Other $ — $ — $ 1,288 Total Manufacturing Revenue $ — $ — $ 1,288 Total Revenue $ 682,122 $ 700,805 $ 697,052 Average Daily Rates for Lodges and Villages (5) Canada $ 97 $ 97 $ 100 Australia $ 78 $ 75 $ 75 Total Billed Rooms for Lodges and Villages (6) Canada 2,205,700 2,710,784 2,759,521 Australia 2,524,108 2,371,763 2,024,068 Average Exchange Rate Canadian dollar to U.
  • S. dollar $ 0.73 $ 0.74 $ 0.77 Australian dollar to U.
  • S. dollar $ 0.66 $ 0.66 $ 0.69 (1) Includes revenues related to lodge and village rooms and hospitality services for Civeo owned rooms for the periods presented.
  • (4) Includes revenues related to modular construction and manufacturing services for the periods presented.
  • Civeo's remaining manufacturing operations in Louisiana were sold in the fourth quarter of 2022.
  • (5) Average daily rate is based on billed rooms and accommodation and other services revenue for Civeo owned rooms during the periods presented.
  • (6) Billed rooms represents total billed days for Civeo owned rooms for the periods presented.
  • Our historical experience in Canada began in small, mobile camps and evolved into owning and managing large scale remote accommodations.
  • Through our experience with Syncrude’s Mildred Lake Village, a 2,100 bed facility that we operated and managed for them for nearly 20 years, we recognized the need for a premium, and more permanent, solution for workforce accommodations and hospitality services in the Canadian oil sands region.
  • LNG Canada (LNGC), a joint venture among Shell Canada Energy, an affiliate of Shell plc (40 percent), and affiliates of PETRONAS, through its wholly-owned entity, North Montney LNG Limited Partnership (25 percent), PetroChina (15 percent), Mitsubishi Corporation (15 percent) and Korea Gas Corporation (5 percent), is currently constructing a liquefaction and export facility in Kitimat, British Columbia (Kitimat LNG Facility).
  • Construction activity of Phase 1 of the Kitimat LNG Facility is nearing completion, with commercial operations expected to begin in mid-2025.
  • The Coastal GasLink Pipeline was completed in 2024 and entered commercial operations.
  • The majority of our contracted commitments associated with the Coastal GasLink Pipeline were completed in the fourth quarter of 2023.
  • Through our wide range of hospitality services offerings, we are able to identify, solve and implement solutions and services that enhance the guest experience and reduce the customer’s total cost of housing a workforce in a remote operating location.
  • Initial demand for our hospitality services has historically been driven by our customers’ capital spending programs related to the construction and development of natural resource projects and associated infrastructure.
  • In general, industry capital spending programs are based on the outlook for commodity prices, production costs, economic growth, perceived political risk, global commodity supply/demand, estimates of resource production and the expectations of our customers' shareholders.
  • As a result, demand for our hospitality services is largely sensitive to expected commodity prices, principally related to met coal, oil, LNG and iron ore, and the resultant impact of these commodity price expectations on our customers’ spending.
  • Other factors that can affect our business and financial results include the general global economic environment, including inflationary pressures, supply chain disruptions and labor shortages, instability affecting the global banking system and financial markets, availability of capital to the natural resource industry and regulatory changes in Canada, Australia and other markets, including governmental measures introduced to fight climate change.
  • We believe that our existing industry divides accommodations into two primary types: (i) lodges and villages and (ii) mobile assets.
  • Civeo is principally focused on hospitality services at lodges and villages that are either owned by Civeo or customer-owned.
  • Lodges and villages typically contain a larger number of rooms and require more time and capital to develop.
  • Lodges and villages are generally supported by multi-year, take-or-pay or exclusivity contracts.
  • They are often used to support conventional and in-situ drilling crews, as well as pipeline and seismic crews, and are contracted on a project-by-project or short-term basis.
  • We estimate that customer-owned rooms represent over 50% of the market.
  • (ATCO), Alta-Fab Structures Ltd. and Northgate Industries Ltd., build modular accommodations for sale.
  • (Dexterra), Black Diamond Group Limited (Black Diamond), ATCO, Royal Camp Services Ltd. and Target Hospitality Corp. primarily own and lease units to customers and, in some cases, provide facility management services, usually on a shorter-term basis with a more limited number of rooms, similar to our mobile assets business.
  • Facility service companies, such as Aramark Corporation (Aramark), Sodexo Inc.
  • (Sodexo), Compass Group PLC (Compass Group) and Cater Care Australia Pty.
  • (Cater Care), typically do not invest in and own the accommodations assets but will provide hospitality services at third-party or customer-owned facilities.
  • Australia Overview During the year ended December 31, 2024, we generated 63% of our revenue from our Australian operations.

and 194 more.

Sentence-level comparison of Item 1A in the two most recent 10-Ks (FY2024 ↗, FY2025 ↗). A reworded sentence counts as one dropped and one added, so heavy edits read as low “kept”. Headings and page furniture are stripped; nothing is summarised by a model.

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