Plain-text annual report
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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