Civeo Corporation Annual Report 2024

FY2024 Annual Report · Civeo Corporation
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CVEO
NYSE
Annual
Report
2024

Everything in 
Balance
Civeo (NYSE: CVEO) is a workforce accommodations specialist dedicated to 
helping people maintain healthy, productive, and connected lives while living 
and working away from home.
Our belief is that a well-rested employee with a balanced lifestyle will be 
more productive at work – making Civeo a key partner in the success of our 
clients’ operations.
Our customers are tasked with serving two sides of an important equation. 
On the one hand, they need to invest in the amenities and lodging 
experience that attract and retain skilled workers to their project sites.
At the same time, they are threading the needle of managing project 
economics, productivity, and above all, the safety of their people.
When these two sides of the equation resolve, everything is in balance.


2024 was a milestone year for Civeo, marking a decade since our spin off. It has been 
a privilege to work with our team over the past ten years, and I am proud of all that we 
have achieved together. 
Since we became an independent company, we have significantly deleveraged our 
balance sheet, returned meaningful capital to our shareholders, and diversified our 
revenue and earnings to include the asset light integrated services business and 
serve different end markets. In fact, since we entered the integrated services market 
in Australia via acquisition in 2019, we have driven significant growth in the region, 
delivering a five-year top line organic CAGR of 38% in that business. Civeo today has an 
incredibly strong foundation built on our blue-chip customer base, deep relationships, 
and exposure to multiple commodities and geographic markets, and we are confident 
in our momentum as we enter 2025.
Clear Progress in 2024
Throughout 2024, we made important progress positioning the company for success 
while delivering on our capital allocation commitments, including returning 64% of 
free cash flow to shareholders. Our team has continued to successfully maintain and 
build long-term relationships with our customers across both Canada and Australia. We 
see attractive opportunities to further grow in Australia, as highlighted by the recently 
announced acquisition of four villages in the Australia Bowen Basin that is expected 
to close later this year. Our team has been agile in its response to the current political 
and economic uncertainty affecting our Canada business, taking steps to right size 
the business for current conditions while positioning for a potential expansion of LNG 
projects, Canadian federal government policy shifts and carbon capture initiatives.
In Australia, we are continuing to execute on our growth strategy across both our 
owned villages and integrated services business and are realizing significant success 
across the region. In our owned villages in the Bowen Basin of Queensland, we are 
experiencing strong occupancy and continued growth driven by met coal mining 
activity. In our integrated services business, we are seeing increased demand and 
activity for our services, as evidenced by our renewed and expanded A$1.4 billion 
contract to provide integrated services at eleven villages in Western Australia through 
2030. Overall, we are making progress toward achieving our stated goal of A$500 
million revenues in our Australian, asset-light integrated services business by 2027.
In Canada, we saw key wins including the successful completion of the sale of 
McClelland Lake Lodge and the renewal of our contract to continue to provide rooms 
and hospitality services to Syncrude. While we saw decreases in customer capital 
spending in response to economic and political uncertainty in the region in the back 
half of the year, a trend we expect will continue to impact the business in 2025, we 
are taking decisive action to manage these headwinds and right size our operations. 
This includes evaluating potential strategic actions to expand our geographic and end 
market reach to reduce our dependency on oil sands activity. 
Bradley J. Dodson 
President and CEO
Dear Civeo
Shareholders,

I’m also proud to share that we have once again received exemplary safety performance 
ratings. According to the Total Recordable Incident Rate, 2024 was our fifth consecutive year 
achieving a rate below 0.50, a testament to our unwavering commitment to safety.
In 2024, we also continued to strengthen our executive team. We appointed Collin Gerry 
as Senior Vice President, Chief Financial Officer and Treasurer, and Barclay Brewer as Vice 
President and Chief Accounting Officer following his service as interim CFO. We also 
celebrated former President, North America Al Schoening’s retirement after more than ten 
years at Civeo, and welcomed Andrew S. Fraser as President, Canada. Finally, we appointed 
Charles Lab as Vice President, Chief Information Officer. We appreciate their leadership as we 
continue to advance our initiatives.
Executing Against our Capital Allocation Strategy
We have been diligent in our execution against the updated capital allocation framework we 
announced in 2023, and we are proud of the results we have been able to deliver to date. In 
2024, we returned approximately $44 million of capital to shareholders through our quarterly 
dividends and share repurchases, representing approximately 64% of 2024 free cash flow. 
Since the initiation of our share repurchase program in 2021, we’ve repurchased approximately 
20% of our fully-diluted shares outstanding. We also amended and extended our credit 
agreement in 2024 to provide more flexibility in pursuing our strategic priorities. With a strong 
balance sheet and consistent cash flows, we have successfully built a capital structure that 
enables us to allocate capital where we see attractive returns, balancing value-enhancing 
growth and returning capital to shareholders. 
Looking Ahead to 2025
We are continuing our work to position the company for our next ten years and beyond. In 
2025, we will continue to diversify our revenue streams, redirect our capital spend to the 
markets where conditions are favorable and take additional steps to manage headwinds facing 
our Canadian business. Our best-in-class team is focused on creating long-term value for our 
shareholders and I am confident we will continue to deliver on our commitments in 2025.
Thank you to our team for their hard work and dedication. I look forward to strengthening 
our customer relationships and continuing to provide safe and high-quality services to the 
thousands of people we serve every day.
Sincerely, 
 
Bradley J. Dodson 
President & CEO  
March 28, 2025
In 2024 
specifically, we 
made progress 
positioning the 
company for 
growth while 
delivering on our 
capital allocation 
commitments, 
including 
returning 64% of 
free cash flow to 
shareholders.

‘21
$87.3
‘22
$82.6
‘23
‘24
$68.4
$81.7
$100
$80
$60
$40
$20
$0
Free Cash Flow1 ($ in millions)
‘21
‘22
$44.8
$44.0
$ Capital Returned
% Free Cash Flow
‘24
‘23
$50
70%
60%
$40
50%
$30
40%
$20
30%
$10
20%
10%
$0
$0
Return of Capital to Shareholders3 
($ in millions)
‘21
‘22
Total Debt
Net Leverage Ratio2
‘24
‘23
1.6x
1.4x
1.2x
1.0x
0.8x
0.6x
0.4x
0.2x
$150
$100
$50
$0
Total Debt ($ in millions)
$175
$132
$66
$43
$4.6
$19.1
TRIR: Civeo
TRIR: Industry Avg4
2
1
0
Total Recordable Incident Rate 
(Incidents per 100 workers/yr)
1 Free Cash Flow is a non-GAAP financial measure and is defined and reconciled to the nearest GAAP financial measure in the Appendix. 
2 Net Leverage Ratio is a non-GAAP financial measure and is reconciled to the nearest GAAP financial measure in the Appendix. 
3 Capital returned through quarterly dividends and share repurchases. 
4 U.S. Workers Camp industry average. 2021 data not reported. 2024 data not available at the publishing date of this report..
‘21
‘22
‘23
‘24
0.42
0.45
0.45
0.28
1.4
1.1
$200
2024
Balancing Value-Enhancing Growth 
and Shareholder Returns
In 2024, Civeo carried its momentum for future success through strong free cash flow 
generation and return of capital to shareholders while continuing to produce an exemplary 
safety record.

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APPENDIX
Non-GAAP Reconciliations
The term EBITDA is a non-GAAP financial measure that is defined as net income (loss) attributable to Civeo Corporation plus 
interest, taxes, depreciation and amortization. The term Adjusted EBITDA is a non-GAAP financial measure that is defined as 
EBITDA adjusted to exclude certain other unusual or non-operating items. EBITDA and Adjusted EBITDA are not measures of 
financial performance under generally accepted accounting principles and should not be considered in isolation from or as a 
substitute for net income or cash flow measures prepared in accordance with generally accepted accounting principles or as 
a measure of profitability or liquidity. Additionally, EBITDA and Adjusted EBITDA may not be comparable to other similarly 
titled measures of other companies. Civeo has included EBITDA and Adjusted EBITDA as supplemental disclosures because its 
management believes that EBITDA and Adjusted EBITDA provide useful information regarding its ability to service debt and 
to fund capital expenditures and provide investors a helpful measure for comparing Civeo’s operating performance with the 
performance of other companies that have different financing and capital structures or tax rates. Civeo uses EBITDA and Adjusted 
EBITDA to compare and to monitor the performance of its business segments to other comparable public companies and as a 
benchmark for the award of incentive compensation under its annual incentive compensation plan.
The following table sets forth a reconciliation of EBITDA and Adjusted EBITDA to net income (loss) attributable to Civeo 
Corporation, which is the most directly comparable measure of financial performance calculated under generally accepted 
accounting principles (in thousands) (unaudited):
12 MONTHS ENDED DECEMBER 31
	
2024
	
2023
	
2022
	
2021
Net income (loss) attributable to Civeo Corporation
$	
(17,067)
$	
30,157
$	
3,997
$	
1,350
	 Income tax provision
	
12,492
	
10,633
	
4,402
	
3,376
	 Depreciation and amortization
	
68,038
	
75,142
	
87,214
	
83,101
	 Interest income
	
(187)
	
(172)
	
(39)
	
(2)
	 Loss on extinguishment of debt
	
—
	
—
	
—
	
416
	 Interest expense
	
7,973
	
13,177
	
11,474
	
12,964
EBITDA
$	
71,249
$	
128,937
$	
107,048
$	
101,205
Adjustments to EBITDA
	 Impairment of long-lived assets (1)
	
11,581
	
1,395
	
5,721
	
7,935
	 Net gain on disposition of 
	 McClelland Lake Lodge assets (2)
	
(5,744)
	
(28,298)
	
—
	
—
	 Share-based compensation (3)
	
2,851
	
4,460
	
3,787
	
4,127
Adjusted EBITDA
$	
79,937
$	
106,494
$	
116,556
$	
113,267
(1)	 Relates to asset impairments recorded in 2024, 2023, 2022 and 2021. In the fourth quarter of 2024, we recorded a pre-tax 
loss related to the impairment of long-lived assets in our Canadian segment of $3.2 million and a pre-tax loss related to the 
impairment of long-lived assets in the U.S. of $0.5 million. In the first quarter of 2024, we recorded a pre-tax loss related to the 
impairment of long-lived assets in our Australian segment of $5.7 million and a pre-tax loss related to the impairment of long-
lived assets in the U.S. of $2.1 million.
	 In the fourth quarter of 2023, we recorded a pretax loss related to the impairment of long-lived assets in the U.S. of $1.4 million, 
which is included in Impairment expense on the statements of operations.
	 In the fourth quarter of 2022, we recorded a pre-tax loss related to the impairment of long-lived assets in our Australian 
segment of $3.8 million and a pre-tax loss related to the impairment of long-lived assets in the U.S. of $1.9 million, which is 
included in Impairment expense on the statements of operations.
	 In the second quarter of 2021, we recorded a pre-tax loss related to the impairment of long-lived assets in our Australian 
segment of $7.9 million, which is included in Impairment expense on the statements of operations. 

AS OF DECEMBER 31
	
2024
	
2023
	
2022
	
2021
Total debt
$	
43,299
$	
65,554
$	
132,037
$	
175,130
	 Less: Cash and cash equivalents
	
5,204
	
3,323
	
7,954
	
6,282
	 Net debt
$	
38,095
$	
62,231
$	
124,083
$	
168,848
Adjusted EBITDA for the twelve months ended 
December 31, 2024, 2023, 2022 and 2021 (1)
$	
79,937
$	
106,494
$	
116,556
$	
113,267
Adjustments to Adjusted EBITDA
	 Interest income
	
187
	
172
	
39
	
2
	 Incremental adjustments for McClelland Lake 	
	 Lodge disposition (2)
	
332
	
3,330
	
—
	
—
Bank-adjusted EBITDA
$	
80,456
$	
109,996
$	
116,595
$	
113,269
Net leverage ratio (3)
	
0.5x
	
0.6x
	
1.1x
	
1.5x
(2)	Relates to proceeds received and expenses incurred associated with the dismantlement and sale of the McClelland Lake Lodge. 
In the fourth, third and second quarters of 2024, we recorded expenses associated with the sale of our McClelland Lake Lodge 
of $0.1 million, $0.2 million and $0.1 million, respectively, which are included in (Gain) loss on sale of McClelland Lake Lodge 
assets, net on the unaudited statements of operations. In the first quarter of 2024, we recorded gains associated with the sale of 
the McClelland Lake Lodge of $6.1 million, which are included in (Gain) loss on sale of McClelland Lake Lodge assets, net on the 
unaudited statements of operations. 
	 In the fourth quarter of 2023, we recorded gains associated with the sale of the McClelland Lake Lodge of $33.2 million, which 
are included in (Gain) loss on sale of McClelland Lake Lodge assets, net ($23.5 million) and Other income ($9.7 million) on 
the unaudited statements of operations. In the third quarter of 2023, we recorded expenses associated with the sale of our 
McClelland Lake Lodge of $4.9 million, which are included in (Gain) loss on sale of McClelland Lake Lodge assets, net on the 
unaudited statements of operations. 
(3)	Represents share-based compensation expense associated with performance share awards, restricted share awards, restricted 
share units and deferred share awards. 
The term net leverage ratio is a non-GAAP financial measure that is defined as net debt divided by bank-adjusted EBITDA. Net 
debt, bank-adjusted EBITDA and net leverage ratio are not financial measures under GAAP and should not be considered in 
isolation from or as a substitute for total debt, net income (loss) or cash flow measures prepared in accordance with GAAP or as a 
measure of profitability or liquidity. Additionally, net debt, bank-adjusted EBITDA and net leverage ratio may not be comparable to 
other similarly titled measures of other companies. Civeo has included net debt, bank-adjusted EBITDA and net leverage ratio as 
a supplemental disclosure because its management believes that this data provides useful information regarding the level of the 
Company’s indebtedness and its ability to service debt. Additionally, per Civeo’s credit agreement, the Company is required to 
maintain a net leverage ratio below 3.0x every quarter to remain in compliance with the credit agreement.
The following table sets forth a reconciliation of net debt, bank-adjusted EBITDA and net leverage ratio to the most directly 
comparable measures of financial performance calculated under GAAP (in thousands) (unaudited):
(1)	 See above for reconciliation of Adjusted EBITDA to net income (loss) attributable to Civeo Corporation.
(2) Related to incremental adjustments associated with the sale of the McClelland Lake Lodge assets as 
required by our credit facility.
(3)	Calculated as net debt divided by bank-adjusted EBITDA.

The term Free Cash Flow is a non-GAAP financial measure that is defined as net cash flows provided by operating activities less 
capital expenditures plus proceeds from asset sales. Free Cash Flow is not a measure of financial performance under generally 
accepted accounting principles and should not be considered in isolation from or as a substitute for cash flow measures prepared 
in accordance with generally accepted accounting principles or as a measure of profitability or liquidity. Additionally, Free Cash 
Flow may not be comparable to other similarly titled measures of other companies. Civeo has included Free Cash Flow as a 
supplemental disclosure because its management believes that Free Cash Flow provides useful information regarding the cash 
flow generating ability of its business relative to its capital expenditure and debt service obligations. Civeo uses Free Cash Flow to 
compare and to understand, manage, make operating decisions and evaluate Civeo’s business. It is also used as a benchmark for 
the award of incentive compensation under its annual incentive compensation plan.
The following table sets forth a reconciliation of Free Cash Flow to Net Cash Flows Provided by Operating Activities, which is 
the most directly comparable measure of financial performance calculated under generally accepted accounting principles (in 
thousands) (unaudited):
AS OF DECEMBER 31
	
2024
	
2023
	
2022
	
2021
Net Cash Flows Provided By Operating Activities
$	
83,510
$	
96,565
$	
91,773
$	
88,534
	 Capital expenditures
	
(26,138)
	
(31,633)
	
(25,421)
	
(15,571)
	 Proceeds from disposition of property, plant  
	 and equipment
	
11,011
	
16,740
	
16,286
	
14,306
	 Free Cash Flow
$	
68,383
$	
81,672
$	
82,638
$	
87,269

Directors and Officers
BOARD OF DIRECTORS
Richard A. Navarre
Chairman of the Board
C. Ronald Blankenship
Director
Bradley J. Dodson
President and Chief Executive Officer
Jay K. Grewal
Director
Martin A. Lambert
Director
Michael Montelongo
Director
Constance B. Moore
Director
Charles Szalkowski
Director
Timothy O. Wall
Director
General Information
Auditors
Ernst & Young LLP 
Houston, Texas
Transfer Agent
Odyssey Trust Company 
Stock Exchange Tower 
1230 – 300 5th Avenue SW 
Calgary, AB T2P 3C4 
1.587.885.0960 (all regions) 
1.888.290.1175 (USA and Canada) 
shareholders@odysseytrust.com
Headquarters
333 Clay Street 
Suite 4400 
Houston, Texas 77002 
Tel: 713.510.2400 
Fax: 713.510.2499
www.civeo.com
Forward-looking Statements
The foregoing contains forward-looking statements within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934. Forward-looking 
statements are those that do not state historical facts and are, therefore, inherently subject to risks and uncertainties. The forward-looking statements herein 
include the statements regarding Civeo’s future plans and outlook, including growth strategies, shareholder return framework, capital allocation and prospects 
are based on then current expectations and entail various risks and uncertainties that could cause actual results to differ materially from those expressed or 
implied by these forward-looking statements. Such risks and uncertainties include, among other things, risks associated with the general nature of the accom-
modations industry, risks associated with the level of supply and demand for oil, coal, iron ore and other minerals, including the level of activity, spending and 
developments in the Canadian oil sands, the level of demand for coal and other natural resources from, and investments and opportunities in, Australia, and 
fluctuations or sharp declines in the current and future prices of oil, natural gas, coal, iron ore and other minerals, risks associated with failure by our customers to 
reach positive final investment decisions on, or otherwise not complete, projects with respect to which we have been awarded contracts, which may cause those 
customers to terminate or postpone contracts, risks associated with currency exchange rates, risks associated with the Company’s ability to integrate acquisitions, 
risks associated with the development of new projects, including whether such projects will continue in the future, risks associated with the trading price of the 
Company’s common shares, availability and cost of capital, risks associated with general global economic conditions, global weather conditions, natural disasters 
and security threats and changes to government and environmental regulations, including climate change, risks associated with global health concerns, and other 
factors discussed in the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” sections of Civeo’s annual 
report on Form 10-K for the year ended December 31, 2024 and other reports the Company may file from time to time with the U.S. Securities and Exchange 
Commission. Each forward-looking statement contained herein speaks only as of the date of this report. Except as required by law, Civeo expressly disclaims any 
intention or obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise.
EXECUTIVE OFFICERS
Bradley J. Dodson
Chief Executive Officer
E. Collin Gerry
Senior Vice President, Chief Financial 
Officer, and Treasurer
Peter McCann
Senior Vice President, Australia
Andrew S. Fraser
Senior Vice President, Canada
Legal Counsel
Gibson, Dunn & Crutcher LLP 
Houston, Texas
Trading Information
New York Stock Exchange 
Ticker Symbol: CVEO

333 Clay Street
Suite 4400
Houston, TX 77002
www.civeo.com
Other annual reports

2024 Report ↗ 2023 Report ↗ 2022 Report ↗ 2021 Report ↗ 2020 Report ↗

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