Renewed oilfield activity helped Civeo

Earnings report to be released by man camp provider Civeo – Oklahoma Energy  Today

 

Civeo, the global workforce housing specialist with remote camps, lodges, and village locations in the US, Canada, and Australia reported increased revenues in the third quarter of 2021. It was largely due to a regeneration of oilfield activity across the U.S. and Canada after the 2020 COVID-19 pandemic.

The firm, with an Oklahoma operation, reported third quarter revenues of $155.1 million, net income of $0.1 million and $0.00 per diluted share. By comparison, in the third quarter of 2020, Civeo generated revenues of $142.9 million and reported net income of $6.5 million, or $0.39 per diluted share.

Civeo reported a third quarter adjusted EBITDA of $26.2 million and free cash flow of $31 million.

“In the third quarter of 2021, Civeo made significant progress towards our financial objectives. We replaced and refinanced our entire credit agreement, announced the board authorization of a share repurchase program and generated significant free cash flow in a tough operating environment,” said Bradley J. Dodson, President and Chief Executive Officer.

Carolyn Stone, Civeo’s Senior Vice President and Chief Financial Officer, added “We were pleased to announce our new bank agreement, which provides the Company with four years of tenor. This longer tenor affords us the flexibility to evaluate other capital allocation priorities, such as our recently announced share repurchase program and potential growth opportunities.”

 

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