Oilfield man-camp operator Civeo Corporation announced that its Board of Directors has renewed its share repurchase authorization for the Company to repurchase up to 5% of its total common shares outstanding through the facilities of the New York Stock
Civeo intends to fund repurchases through cash on hand and cash generated from operations. In the last twelve months, the Company repurchased approximately 715,000 common shares and will use this renewed share repurchase authorization to continue opportunistically acquiring Civeo common shares.
This share repurchase authorization is made in reliance on the “other published markets” exemption from the formal issuer bid requirements under Canadian securities laws for normal course issuer bids and represents the maximum annual share repurchase authorization permitted under the exemption.
Civeo is headquartered in Canada but has operations throughout the states including Oklahoma.
Source: press release