Canada’s Civeo Corporation, the man-camp provider with services worldwide and an operation in El Reno, Oklahoma reported a more than $2 million loss in the fourth quarter 2020 but also managed a reduction in its leverage ratio.
The company had fourth quarter revenues of $133.4 million and an operating cash flow of $36.7 million. It also delivered a fourth quarter adjusted EBITDA of $23.7 million. Its $2.3 million loss for the fourth quarter was an improvement over the $32 million loss reported a year earlier.
Civeo stated that it reduced its leverage ratio to 2.11x from 2.16x as of the end of the third quarter in September 2020.
Bradley J. Dodson, Civeo’s President and Chief Executive Officer said for the full year of 2020, the company managed to generate 57% and 119% higher operating cash flow and free cash flow compared to all of 2019.
“In the fourth quarter, we realized a significant amount of free cash flow, which allowed us to continue to materially reduce our total debt and our leverage ratio,” he added.
Dodson said the U.S. and Canadian segments are still managing a negative impact from the COVID-19 pandemic but the firm’s Australian segment is growing and experiencing stronger year-over-year occupancy.
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