It’s been a rough few years for man-camp operator Civeo, the Houston-based company that a few years ago laid off workers from its small Oklahoma operation.
This year is different as Civeo reported fourth quarter 2021 operating cash flow of $25.3 million, adjusted EBITDA of $34.5 million and free cash flow of $26.1 million.
By comparison, in the fourth quarter of 2020, Civeo generated revenues of $133.4 million and reported a net loss of $2.3 million, or $0.16 per share. During the fourth quarter of 2020, Civeo produced operating cash flow of $36.7 million, Adjusted EBITDA of $23.7 million and free cash flow of $33.2 million.
Civeo credited the turn-around largely due to an increase in Canadian occupancy and Canadian mobile camp activity.
Adjusted EBITDA was also positively impacted by a $3.8 million gain on sale of assets from the fourth quarter 2021 sale of Civeo’s West Permian lodge, partially offset by a year-over-year increase in labor costs in Australia.
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