Canadian-based Civeo Corporation, the man-camp operator with a facility in Oklahoma, announced the repurchase of nearly $11 million in common shares from a shareholder.
The deal involves 375,000 common shares representing 2.6% of the fully-diluted common shares outstanding.
“Today’s announcement reflects our confidence in Civeo’s business outlook, and this transaction provides an opportunity to deploy our free cash flow to acquire shares of the Company at an attractive valuation,” said Bradley Dodson, President and CEO of Civeo.
Civeo currently operates a total of 27 lodges and villages in Canada, Australia and the U.S., with an aggregate of over 28,000 rooms.