Civeo Corporation, the energy housing provider reported second quarter revenues of $154.2 million and a net loss of $0.5 million but also managed to reduce its debt for the 8th consecutive quarter.
It’s second quarter adjusted EBITDA was $32.2 million and the Canadian-based firm with operations in Oklahoma managed free cash flow of $13.7 million. The loss results in part from $7.9 million in costs associated with asset impairments on properties in Australia.
The firm stated that it reduced total debt to $226.8 million as of June 30 from $238.1 million at the end of March.
“In the second quarter of 2021, we once again stuck to our objectives of operating safely, generating free cash flow and reducing our debt balance,” stated Bradley J. Dodson, Civeo’s President and Chief Executive Officer.
“In Canada, we are encouraged and thankful for the rapid decline of COVID-19 cases after the strong third wave occurred in April, and as a result, customer activity in the Canadian oil sands and pipeline work continued to strengthen,” he added.
During the second quarter of 2021, Civeo produced operating cash flow of $16.5 million, Adjusted EBITDA of $32.2 million and free cash flow of $13.7 million.
By comparison, in the second quarter of 2020, Civeo generated revenues of $114.7 million and reported net income of $6.1 million, or $0.37 per diluted share. Net income included $4.7 million of income associated with the settlement of a representations and warranties claim related to the Noralta acquisition. During the second quarter of 2020, Civeo produced operating cash flow of $24.5 million, Adjusted EBITDA of $28.1 million and free cash flow of $25.1 million.
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