# EDGAR Filing Document

**Accession Number:** 0001590584
**File Stem:** 0001590584-26-000017
**Filing Date:** 2026-3
**Character Count:** 47944
**Document Hash:** bbb503f924e34fc556967a72c1c630e2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001590584-26-000017.hdr.sgml**: 20260303

**ACCESSION NUMBER**: 0001590584-26-000017

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 13

**CONFORMED PERIOD OF REPORT**: 20260303

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260303

**DATE AS OF CHANGE**: 20260303

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Civeo Corp
- **CENTRAL INDEX KEY:** 0001590584
- **STANDARD INDUSTRIAL CLASSIFICATION:** HOTELS, ROOMING HOUSE, CAMPS & OTHER LODGING PLACES [7000]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 463831207
- **STATE OF INCORPORATION:** A1
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-36246
- **FILM NUMBER:** 26711077

**BUSINESS ADDRESS:**
- **STREET 1:** THREE ALLEN CENTER
- **STREET 2:** 333 CLAY STREET, SUITE 4400
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77002
- **BUSINESS PHONE:** (713) 510-2400

**MAIL ADDRESS:**
- **STREET 1:** THREE ALLEN CENTER
- **STREET 2:** 333 CLAY STREET, SUITE 4400
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77002

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** OIS Accommodations SpinCo Inc.
- **DATE OF NAME CHANGE:** 20131030

?xml version='1.0' encoding='ASCII'? cveo-20260303

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

Washington, D.C. 20549

__________________

**FORM 8-K**

**CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d)**

**OF THE SECURITIES EXCHANGE ACT OF 1934**

**DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED): March 3, 2026**

<u>____________________</u>

**Civeo Corporation**

**(Exact name of registrant as specified in its charter)**

---

| | | | |
|:---|:---|:---|:---|
| **British Columbia, Canada** | **1-36246** | | **98-1253716** |
| (State or other jurisdiction<br>of incorporation or organization) | (Commission File<br>Number) | (I.R.S. Employer<br>Identification No.) | (I.R.S. Employer<br>Identification No.) |
| | **Three Allen Center** | | |

---

---

| | |
|:---|:---|
| **333 Clay Street,** | **Suite 4400** |

---

---

| | | |
|:---|:---|:---|
| **Houston,** | **Texas** | **77002** |
| (Address and zip code of principal executive offices) | (Address and zip code of principal executive offices) | (Address and zip code of principal executive offices) |

---

**Registrant's telephone number, including area code:** (713) 510-2400

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class Trading Symbol(s) Name of Each Exchange on Which Registered <br> <u>Common Shares, no par value</u> <u>CVEO</u> <u>New York Stock Exchange</u>

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

------

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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**Item 2.02. Results of Operations and Financial Condition.**

&nbsp;&nbsp;&nbsp;&nbsp;On March 3, 2026, Civeo Corporation ("Civeo") issued a press release announcing its financial condition and results of operations as of and for the quarter and year ended December 31, 2025. A copy of the press release is furnished as Exhibit 99.1 to this report on Form 8-K, and is incorporated herein by reference.

The information contained in this report and the exhibit hereto shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, and shall not be deemed incorporated by reference into any filings made by Civeo under the Securities Act of 1933, as amended, or the Exchange Act, except as may be expressly set forth by specific reference in such filing.

**Item 9.01. Financial Statements and Exhibits.**

&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;<u>Exhibits</u>.

---

| | |
|:---|:---|
| Exhibit <u><br>Number</u> | <u>Description of Document</u> |
| <br>99.1 | <br><u>[Press Release dated March 3, 2026](cveo-12312025xrelease.htm)</u> |
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |

---

------

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: March 3, 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**CIVEO CORPORATION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By: <u>/s/ E. Collin Gerry</u> <u>,</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name:&nbsp;&nbsp;&nbsp;&nbsp;E. Collin Gerry

Title:&nbsp;&nbsp;&nbsp;&nbsp;Senior Vice President, Chief Financial Officer and Treasurer

## Exhibit 99.1

**Civeo Reports Fourth Quarter and Full Year 2025 Results**

&nbsp;&nbsp;&nbsp;&nbsp;

Highlights:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reported fourth quarter 2025 revenues of $161.6 million, net loss of $6.5 million and operating cash flow of $19.3 million, with full year 2025 revenues of $638.8 million, net loss of $20.1 million and operating cash flow of $22.3 million;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reported fourth quarter 2025 Adjusted EBITDA of $21.7 million with full year 2025 Adjusted EBITDA of $88.2 million;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Australian segment achieved record annual revenues of $460.3 million;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Canadian fourth quarter results reflect the effects of recent cost cutting initiatives as revenues increased 4% year over year while Adjusted EBITDA margins improved from -13% to 8%;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Repurchased 2.3 million common shares for approximately $54 million during 2025, representing approximately 17% of the Civeo common shares outstanding as of December 31, 2024. In total, the Company has repurchased 37% of its common shares since the inception of the share repurchase program in August 2021;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Subsequent to year-end 2025, Civeo has repurchased approximately 500,000 more common shares, resulting in 95% completion of the first phase of the company's capital allocation framework which was a 20% share repurchase authorization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Announced today an additional repurchase authorization of up to 10% of the Company's shares outstanding upon completion of the existing authorization; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Earlier this year, awarded a four-year integrated services contract with Ontario's Ministry of the Solicitor General to produce and transport 20,000 meals per day.

HOUSTON and CALGARY, March 3, 2026 (BUSINESS WIRE) -- Civeo Corporation (NYSE:CVEO) today reported financial and operating results for the fourth quarter and year ended December 31, 2025.

Bradley J. Dodson, Civeo's President and Chief Executive Officer said, "Our fourth quarter and full year results reflect disciplined execution in a challenging macro environment, highlighted by record annual revenues for our Australian segment. Throughout 2025, we remained focused on what we can control — taking care of our guests, operating safely, managing costs, allocating capital thoughtfully, and strengthening our platform for long-term value creation."

Mr. Dodson continued, "Capital allocation remained a central priority during the year with significant share repurchases completed in 2025 and early 2026. We continue to believe our stock represents an attractive investment opportunity and remain committed to this authorization, while maintaining a prudent leverage profile. As a testament to this, the board has announced a new authorization to repurchase up to 10% of our outstanding shares, which will become effective at the completion of the existing authorization. This authorization is consistent with our capital allocation policy initiated in April of 2025 and will not limit our ability to capitalize on increasing opportunities to deploy growth capital across both geographies to support a diverse set of infrastructure projects."

Mr. Dodson concluded, "Operationally, Australia delivered continued solid performance across both our owned villages and integrated services business, supported by the successful integration of our recent Australian acquisition of four villages. In Canada, customer spending discipline continued to pressure occupancy levels; however, the cost actions we implemented during 2025 are clearly bearing fruit. These efforts have significantly improved margins on our existing business while we position our asset base to support future demand tied to North American infrastructure and data center development."

------

<u>Fourth Quarter 2025 Results</u>

In the fourth quarter of 2025, Civeo reported revenues of $161.6 million and reported a net loss of $6.5 million, or $0.56 per diluted share. During the fourth quarter of 2025, Civeo produced operating cash flow of $19.3 million, Adjusted EBITDA of $21.7 million and free cash flow of $15.3 million.

By comparison, in the fourth quarter of 2024, Civeo generated revenues of $151.0 million and reported a net loss of $15.1 million, or $1.10 per diluted share. During the fourth quarter of 2024, Civeo produced operating cash flow of $9.5 million, Adjusted EBITDA of $11.4 million and free cash flow of $2.1 million.

The increase in Adjusted EBITDA in the fourth quarter of 2025 compared to 2024 was primarily due to margin improvement in the Canadian operations as a result of the Company's cost reduction efforts as well as the contribution from the May 2025 Australian acquisition.

<u>Full Year 2025 Results</u>

For the full year 2025, the Company reported revenues of $638.8 million and net loss of $20.1 million, or $1.59 per diluted share. Adjusted EBITDA for the full year 2025 was $88.2 million. This is compared to revenues of $682.1 million and net loss of $17.1 million, or $1.19 per diluted share, for the full year 2024. Adjusted EBITDA was $79.9 million in 2024.

The increase in Adjusted EBITDA in 2025 as compared to 2024 was also largely driven by Canadian margin improvement and the May 2025 Australian acquisition.

<u>Business Segment Results</u>

(Unless otherwise noted, the following discussion compares the quarterly results for the fourth quarter of 2025 to the results for the fourth quarter of 2024.)

<u>Australia</u>

During the fourth quarter of 2025, the Australia segment generated revenues of $119.5 million, operating income of $12.2 million and Adjusted EBITDA of $22.4 million, compared to revenues of $110.0 million, operating income of $12.5 million and Adjusted EBITDA of $20.6 million in the fourth quarter of 2024.

The Australian segment experienced a 9% increase in revenues and a 9% increase in Adjusted EBITDA, driven primarily by the addition of our recently acquired villages and increased integrated services activity.

<u>Canada</u>

During the fourth quarter of 2025, the Canada segment generated revenues of $42.1 million, operating loss of $5.8 million and Adjusted EBITDA of $3.4 million, compared to revenues of $40.7 million, operating loss of $17.5 million and negative Adjusted EBITDA of $5.4 million in the fourth quarter of 2024.

The Canadian segment experienced a 4% increase in revenues driven by occupancy mix. Adjusted EBITDA increased due to cost reduction efforts resulting in significant margin improvement across the Canadian operations.

<u>Financial Condition and Capital Allocation</u>

As of December 31, 2025, Civeo had total liquidity of approximately $90.4 million. Civeo's total debt on December 31, 2025 was $182.8 million, a $5.1 million decrease from September 30, 2025 and a $139.5 million increase from December 31, 2024 attributable to the acquisition in Australia and share repurchases. Civeo's net debt on December 31, 2025 was $168.4 million, a $7.5 million decrease from September 30, 2025 and a $130.3 million increase from December 31, 2024.

For the full year 2025, the Company repurchased 2.3 million shares for approximately $53.6 million, compared to 1.1 million shares for $29.6 million in 2024.

Civeo reported a net leverage ratio of 1.9x as of December 31, 2025.

For the full year 2025, Civeo invested $20.2 million in capital expenditures, down from $26.1 million during 2024. Capital expenditures in both periods were primarily related to planned maintenance spending on the Company's lodges and villages. Capital expenditures in 2024 included approximately $2.9 million related to customer-funded infrastructure upgrades at three Australian villages which were reimbursed by Civeo's customer.

------

In the fourth quarter of 2025, Civeo repurchased approximately 0.2 million shares through its share repurchase program for approximately $4.9 million.

<u>Full Year 2026 Guidance</u>

For the full year of 2026, Civeo expects revenues of $650.0 million to $700.0 million, Adjusted EBITDA of $85.0 million to $90.0 million and capital expenditures of $25.0 million to $30.0 million.

<u>Supplemental Data Disclosure</u>

In addition to the Company's standard earnings release schedules, please see below additional supplemental data schedule disclosing results associated with the asset-light (integrated services) portion of our business and the asset-intensive (accommodation) portion of our business within each of its two reporting segments.

<u>Conference Call</u>

Civeo will host a conference call to discuss its fourth quarter 2025 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 asking for the Civeo call or using the conference ID 13759022#. 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 13759022#.

<u>About Civeo</u>

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 26 lodges and villages in Australia and North America with an aggregate of approximately 26,500 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

<u>Forward Looking Statements</u>

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.

<u>Non-GAAP Financial Information</u>

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<br>December 31,** | **Three Months Ended<br>December 31,** | **Twelve Months Ended<br>December 31,** | **Twelve Months Ended<br>December 31,** |
| | **2025** | **2024** | **2025** | **2024** |
| Revenues | $161620 | $150951 | $638849 | $682122 |
| Costs and expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cost of sales and services | 124911 | 122846 | 487761 | 532667 |
| &nbsp;&nbsp;&nbsp;Selling, general and administrative expenses | 18580 | 17642 | 75342 | 73350 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization expense | 18526 | 16769 | 72618 | 68038 |
| &nbsp;&nbsp;&nbsp;Impairment expense |  | 3758 |  | 11581 |
| &nbsp;&nbsp;&nbsp;(Gain) loss on sale of McClelland Lake Lodge assets, net |  | 73 |  | (5744) |
| &nbsp;&nbsp;&nbsp;Other operating expense (income) | (262) | (94) | (987) | 898 |
|  | 161755 | 160994 | 634734 | 680790 |
| Operating income (loss) | (135) | (10043) | 4115 | 1332 |
| Interest expense | (3678) | (1685) | (11418) | (7973) |
| Interest income | 35 | 40 | 164 | 187 |
| Other income (expense) | 207 | (450) | 683 | 517 |
| &nbsp;&nbsp;&nbsp;Loss before income taxes | (3571) | (12138) | (6456) | (5937) |
| Income tax expense | (2888) | (3293) | (13620) | (12492) |
| Net loss | (6459) | (15431) | (20076) | (18429) |
| &nbsp;&nbsp;&nbsp;Less: Net loss attributable to noncontrolling interest | 1 | (361) | (5) | (1362) |
| Net loss attributable to Civeo Corporation | $(6460) | $(15070) | $(20071) | $(17067) |
| Net loss per share attributable to Civeo Corporation common shareholders: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic | $(0.56) | $(1.10) | $(1.59) | $(1.19) |
| &nbsp;&nbsp;&nbsp;Diluted | $(0.56) | $(1.10) | $(1.59) | $(1.19) |
| Weighted average number of common shares outstanding: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic | 11437 | 13688 | 12646 | 14287 |
| &nbsp;&nbsp;&nbsp;Diluted | 11437 | 13688 | 12646 | 14287 |

---

------

**CIVEO CORPORATION**

**CONDENSED CONSOLIDATED BALANCE SHEETS**

**(in thousands)**

---

| | | |
|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2024** |
| | **(UNAUDITED)** | |
| Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $14439 | $5204 |
| &nbsp;&nbsp;&nbsp;Accounts receivable, net | 90470 | 89038 |
| &nbsp;&nbsp;&nbsp;Inventories | 6218 | 7537 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 20086 | 8674 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 131213 | 110453 |
| Property, plant and equipment, net | 244517 | 204897 |
| Goodwill, net | 7541 | 7001 |
| Other intangible assets, net | 70410 | 66502 |
| Operating lease right-of-use assets | 14485 | 9401 |
| Other noncurrent assets | 9245 | 6818 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total assets | $477411 | $405072 |
| Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable | $44282 | $39971 |
| &nbsp;&nbsp;&nbsp;Accrued liabilities | 30837 | 34933 |
| &nbsp;&nbsp;&nbsp;Income taxes | 153 | 10853 |
| &nbsp;&nbsp;&nbsp;Deferred revenue | 2903 | 2501 |
| &nbsp;&nbsp;&nbsp;Other current liabilities | 6761 | 4388 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 84936 | 92646 |
| Long-term debt | 182842 | 43299 |
| Deferred income taxes | 3318 | 3558 |
| Operating lease liabilities | 11142 | 6655 |
| Other noncurrent liabilities | 20789 | 21916 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 303027 | 168074 |
| Shareholders' equity: |  |  |
| &nbsp;&nbsp;&nbsp;Common shares |  |  |
| &nbsp;&nbsp;&nbsp;Additional paid-in capital | 1634883 | 1631823 |
| &nbsp;&nbsp;&nbsp;Accumulated deficit | (1058911) | (980720) |
| &nbsp;&nbsp;&nbsp;Treasury stock | (10775) | (10130) |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss | (390813) | (404600) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Civeo Corporation shareholders' equity | 174384 | 236373 |
| Noncontrolling interest |  | 625 |
| &nbsp;&nbsp;&nbsp;Total shareholders' equity | 174384 | 236998 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and shareholders' equity | $477411 | $405072 |

---

**CIVEO CORPORATION**

------

**UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS**

**(in thousands)**

---

| | | |
|:---|:---|:---|
| | **Twelve Months Ended<br>December 31,** | **Twelve Months Ended<br>December 31,** |
| | **2025** | **2024** |
| Cash flows from operating activities: |  |  |
| Net loss | $(20076) | $(18429) |
| Adjustments to reconcile net loss to net cash provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 72618 | 68038 |
| &nbsp;&nbsp;&nbsp;Impairment charges |  | 11581 |
| &nbsp;&nbsp;&nbsp;Deferred income tax expense | (4409) | (7659) |
| &nbsp;&nbsp;&nbsp;Non-cash compensation charge | 3060 | 2851 |
| &nbsp;&nbsp;&nbsp;Gain on disposals of assets | (1970) | (6418) |
| &nbsp;&nbsp;&nbsp;Provision for loss on receivables, net of recoveries | 12 | 26 |
| &nbsp;&nbsp;&nbsp;Other, net | 2038 | 1742 |
| &nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | 4743 | 44228 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventories | 1722 | (1224) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities | (5194) | (17581) |
| &nbsp;&nbsp;&nbsp;&nbsp;Taxes payable | (15596) | 7878 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other current assets and liabilities, net | (14611) | (1523) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash flows provided by operating activities | 22337 | 83510 |
| Cash flows from investing activities: |  |  |
| &nbsp;&nbsp;&nbsp;Payments related to acquisitions | (72168) |  |
| &nbsp;&nbsp;&nbsp;Capital expenditures | (20190) | (26138) |
| &nbsp;&nbsp;&nbsp;Proceeds from disposition of property, plant and equipment | 2247 | 11011 |
| &nbsp;&nbsp;&nbsp;Other, net |  | 183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash flows provided by (used in) investing activities | (90111) | (14944) |
| Cash flows from financing activities: |  |  |
| &nbsp;&nbsp;&nbsp;Revolving credit borrowings (repayments), net | 132836 | (17117) |
| &nbsp;&nbsp;&nbsp;Dividends paid | (3437) | (14422) |
| &nbsp;&nbsp;&nbsp;Debt issuance costs | (423) | (2976) |
| &nbsp;&nbsp;&nbsp;Repurchases of common shares | (53612) | (29616) |
| &nbsp;&nbsp;&nbsp;Other, net | (645) | (1067) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash flows provided by (used in) financing activities | 74719 | (65198) |
| Effect of exchange rate changes on cash | 2290 | (1487) |
| Net change in cash and cash equivalents | 9235 | 1881 |
| Cash and cash equivalents, beginning of period | 5204 | 3323 |
| Cash and cash equivalents, end of period | $14439 | $5204 |

---

------

**CIVEO CORPORATION**

**SEGMENT DATA**

**(in thousands)**

**(unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>December 31,** | **Three Months Ended<br>December 31,** | **Twelve Months Ended<br>December 31,** | **Twelve Months Ended<br>December 31,** |
| | **2025** | **2024** | **2025** | **2024** |
| Revenues |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Australia | $119517 | $109989 | $460295 | $426956 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canada | 42103 | 40664 | 178554 | 245087 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other |  | 298 |  | 10079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total revenues | $161620 | $150951 | $638849 | $682122 |
| EBITDA (1) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Australia | $22335 | $20562 | $88820 | $75079 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canada | 2807 | (8852) | 14603 | 20304 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate, other and eliminations | (6545) | (5073) | (26002) | (24134) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total EBITDA | $18597 | $6637 | $77421 | $71249 |
| Adjusted EBITDA (1) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Australia | $22406 | $20639 | $89118 | $81079 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canada | 3412 | (5417) | 17075 | 18249 |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate, other and eliminations | (4140) | (3782) | (18016) | (19391) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total adjusted EBITDA | $21678 | $11440 | $88177 | $79937 |
| Operating income (loss) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Australia | $12248 | $12496 | $51967 | $43981 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canada | (5815) | (17516) | (21728) | (18221) |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate, other and eliminations | (6568) | (5023) | (26124) | (24428) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total operating income (loss) | $(135) | $(10043) | $4115 | $1332 |
| (1) Please see Non-GAAP Reconciliation Schedule. | (1) Please see Non-GAAP Reconciliation Schedule. | (1) Please see Non-GAAP Reconciliation Schedule. | (1) Please see Non-GAAP Reconciliation Schedule. |  |

---

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**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<br>December 31,** | **Three Months Ended<br>December 31,** | **Twelve Months Ended<br>December 31,** | **Twelve Months Ended<br>December 31,** |
| | **2025** | **2024** | **2025** | **2024** |
| Supplemental Operating Data - Australian Segment |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accommodation and associated services revenue (1) | $53851 | $49293 | $211761 | $196684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Integrated services and other services revenue (3) | 65666 | 60696 | 248534 | 230272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Australian revenues | $119517 | $109989 | $460295 | $426956 |
| &nbsp;&nbsp;&nbsp;&nbsp;Costs |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accommodation and associated services cost | $26535 | $23354 | $103275 | $94344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Integrated services and other services cost | 58976 | 54409 | 222259 | 208627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indirect other cost | 3725 | 3394 | 13923 | 12403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Australian cost of sales and services | $89236 | $81157 | $339457 | $315374 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average daily rates (4) | $76 | $77 | $76 | $78 |
| &nbsp;&nbsp;&nbsp;&nbsp; Billed rooms (5) | 704777 | 637461 | 2783893 | 2524108 |
| &nbsp;&nbsp;&nbsp;&nbsp; Australian dollar to U.S. dollar | $0.656 | $0.652 | $0.645 | $0.660 |
| Supplemental Operating Data - Canadian Segment |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Revenues |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accommodation and associated services revenue (1) | $35941 | $33981 | $150651 | $214774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mobile facility rental and associated services revenue (2) | 541 | 50 | 1587 | 1523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Integrated services and other services revenue (3) | 5621 | 6633 | 26316 | 28790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Canadian revenues | $42103 | $40664 | $178554 | $245087 |
| &nbsp;&nbsp;&nbsp;&nbsp;Costs |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accommodation and associated services cost | $28374 | $31410 | $114964 | $164089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mobile facility rental and associated services cost | 174 | 527 | 345 | 4940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Integrated services and other services cost | 5232 | 6362 | 24489 | 27201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indirect other cost | 1869 | 2678 | 8193 | 10905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Canadian cost of sales and services | $35649 | $40977 | $147991 | $207135 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average daily rates (4) | $100 | $94 | $97 | $97 |
| &nbsp;&nbsp;&nbsp;&nbsp; Billed rooms (5) | 359108 | 359537 | 1550435 | 2205700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canadian dollar to U.S. dollar | $0.717 | $0.715 | $0.716 | $0.730 |

---

.

(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.

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**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 December 31, 2025** | **Three months ended December 31, 2025** | **Three months ended December 31, 2025** | **Three months ended December 31, 2025** | **Three months ended December 31, 2024** | **Three months ended December 31, 2024** | **Three months ended December 31, 2024** | **Three months ended December 31, 2024** |
| | **Australia** | **Canada** | **Other** | **Total** | **Australia** | **Canada** | **Other** | **Total** |
| **<u>Revenues</u>** | | | | | | | | |
| Asset Light: Catering and Facility management | $88418 | $24977 | $— | $113395 | $81395 | $27813 | $— | $109208 |
| Asset Intensive: Accommodations and Infrastructure | 31099 | 17126 |  | 48225 | 28594 | 12851 | 298 | 41743 |
| Total revenues | $119517 | $42103 | $— | $161620 | $109989 | $40664 | $298 | $150951 |
|  | **Twelve months ended December 31, 2025** | **Twelve months ended December 31, 2025** | **Twelve months ended December 31, 2025** | **Twelve months ended December 31, 2025** | **Twelve months ended December 31, 2024** | **Twelve months ended December 31, 2024** | **Twelve months ended December 31, 2024** | **Twelve months ended December 31, 2024** |
|  | **Australia** | **Canada** | **Other** | **Total** | **Australia** | **Canada** | **Other** | **Total** |
| **<u>Revenues</u>** |  |  |  |  |  |  |  |  |
| Asset Light: Catering and Facility management | $337827 | $108075 | $— | $445902 | $313515 | $147212 | $549 | $461276 |
| Asset Intensive: Accommodations and Infrastructure | 122468 | 70479 |  | 192947 | 113441 | 97875 | 9530 | 220846 |
| Total revenues | $460295 | $178554 | $— | $638849 | $426956 | $245087 | $10079 | $682122 |

---

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**CIVEO CORPORATION**

**NON-GAAP RECONCILIATIONS**

**(in thousands)**

**(unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>December 31,** | **Three Months Ended<br>December 31,** | **Twelve Months Ended<br>December 31,** | **Twelve Months Ended<br>December 31,** |
| | **2025** | **2024** | **2025** | **2024** |
| EBITDA (1) | $18597 | $6637 | $77421 | $71249 |
| Adjusted EBITDA (1) | $21678 | $11440 | $88177 | $79937 |
| Free Cash Flow (2) | $15269 | $2074 | $4394 | $68383 |
| Net Leverage Ratio (3) |  |  | 1.9x |  |

---

(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<br>December 31,** | **Three Months Ended<br>December 31,** | **Twelve Months Ended<br>December 31,** | **Twelve Months Ended<br>December 31,** |
| | **2025** | **2024** | **2025** | **2024** |
| Net loss attributable to Civeo Corporation | $(6460) | $(15070) | $(20071) | $(17067) |
| Income tax provision (benefit) | 2888 | 3293 | 13620 | 12492 |
| Depreciation and amortization | 18526 | 16769 | 72618 | 68038 |
| Interest income | (35) | (40) | (164) | (187) |
| Interest expense | 3678 | 1685 | 11418 | 7973 |
| &nbsp;&nbsp;&nbsp;&nbsp; EBITDA | $18597 | $6637 | $77421 | $71249 |
| Adjustments to EBITDA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Impairment of long-lived assets (a) |  | 3758 |  | 11581 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net (gain) loss on disposition of McClelland Lake Lodge assets (b) |  | 73 |  | (5744) |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost saving initiatives (c) | 526 |  | 2185 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Share-based compensation (d) | 797 | 972 | 3060 | 2851 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder activist costs | 1758 |  | 5511 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adjusted EBITDA | $21678 | $11440 | $88177 | $79937 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Represents share-based compensation expense associated with performance share awards, restricted share awards,

restricted share units and deferred share awards.

(2)The term 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. 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):

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>December 31,** | **Three Months Ended<br>December 31,** | **Twelve Months Ended<br>December 31,** | **Twelve Months Ended<br>December 31,** |
| | **2025** | **2024** | **2025** | **2024** |
| Net Cash Flows Provided by Operating Activities | $19265 | $9496 | $22337 | $83510 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital expenditures | (4810) | (7733) | (20190) | (26138) |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from disposition of property, plant and equipment | 814 | 311 | 2247 | 11011 |
| &nbsp;&nbsp;&nbsp;&nbsp; Free Cash Flow | $15269 | $2074 | $4394 | $68383 |

---

(3)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):

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---

| | |
|:---|:---|
| | **As of December 31,**<br>**2025** |
| Total debt | $182842 |
| Less: Cash and cash equivalents | 14439 |
| &nbsp;&nbsp;&nbsp;Net debt | $168403 |
| Adjusted EBITDA for the twelve months ended December 31, 2025 (a) | $88177 |
| Adjustments to Adjusted EBITDA |  |
| &nbsp;&nbsp;&nbsp;Acquisition pro-forma EBITDA | 5905 |
| &nbsp;&nbsp;&nbsp;Interest income | 164 |
| &nbsp;&nbsp;&nbsp;Cost saving initiatives (b) | (2185) |
| &nbsp;&nbsp;&nbsp;Shareholder activist costs (b) | (5511) |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank-adjusted EBITDA | $86550 |
| &nbsp;&nbsp;Net leverage ratio (c) | 1.9x |
| (a) See footnote 1 above for reconciliation of Adjusted EBITDA to net loss attributable to Civeo Corporation | (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 | (b) Adjustments to EBITDA not allowed to be adjusted by our credit facility |
| (c) Calculated as net debt divided by bank-adjusted EBITDA | (c) Calculated as net debt divided by bank-adjusted EBITDA |

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**CIVEO CORPORATION**

**NON-GAAP RECONCILIATIONS - GUIDANCE**

**(in millions)**

**(unaudited)**

---

| | | |
|:---|:---|:---|
| | **Year Ending <br>December 31, 2026** | **Year Ending <br>December 31, 2026** |
| EBITDA Range (1) | $79.5 | $84.5 |
| Adjusted EBITDA Range (1) | $85.0 | $90.0 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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):

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| | | |
|:---|:---|:---|
| | **Year Ending <br>December 31, 2026** | **Year Ending <br>December 31, 2026** |
| | **(estimated)** | **(estimated)** |
| Net loss | $(14.5) | $(10.5) |
| Income tax provision | 14.0 | 15.0 |
| Depreciation and amortization | 66.0 | 66.0 |
| Interest expense | 14.0 | 14.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; EBITDA | $79.5 | $84.5 |
| Adjustments to EBITDA |  |  |
| &nbsp;&nbsp;&nbsp;Shareholder activist costs | 1.0 | 1.0 |
| &nbsp;&nbsp;&nbsp;Cost savings initiatives | 0.5 | 0.5 |
| &nbsp;&nbsp;Share-based compensation | 4.0 | 4.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adjusted EBITDA | $85.0 | $90.0 |

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**CONTACT:**

Regan Nielsen

Civeo Corporation

Vice President, Corporate Development & Investor Relations

713-510-2400

<br>