Civeo Corporation Announces Share Repurchase Authorization

HOUSTON & CALGARY, Alberta, August 30, 2021–(BUSINESS WIRE)–Civeo Corporation (NYSE:CVEO) announced today that its Board of Directors has authorized the Company to repurchase up to 5% of its total outstanding common stock, or approximately 715,000 common stock, through the facilities of the New York Stock Exchange over the next twelve months. Civeo plans to fund buybacks through cash and cash generated from operations.

“Today’s announcement reflects our confidence in Civeos’ business and the future of this company. We believe this share repurchase program provides an opportunity to acquire shares at an attractive valuation, as we continue to allocate a majority of our free cash flow generation for debt reduction,” said Bradley J. Dodson, Civeos President & Chief Executive Officer.

This share repurchase authorization is based on the “other published markets” exemption from the formal issuer bid requirements under the Canadian securities laws for ordinary issuer bids and represents the maximum annual share repurchase authorization allowed. under the exemption. Civeo will continue to evaluate further options to return capital to shareholders beyond this current authorization.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are statements that do not contain historical facts and are therefore inherently subject to risks and uncertainties. The forward-looking statements contained herein include statements regarding Civeos’ future plans and prospects, are based on then-current expectations and involve various risks and uncertainties that could cause actual results to differ materially from those expressed or implied by this forward-looking statements. Such risks and uncertainties include, but are not limited to, risks related to global health issues and pandemics, including the COVID-19 pandemic and the risk that room occupancy may decrease if our customers are limited or limited in the availability of staff who are ill or subject to to quarantine, risks related to the general nature of the lodging industry, risks related to the level of supply and demand for oil, coal, iron ore and other minerals, including the level of activity, expenditure and developments in the Canadian oil sands, the level of demand for coal and other natural resources from, and investment 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 clients to make positive final investment decisions on, or otherwise unfinished, projects for which we have been contracted, w that could cause those customers to terminate or postpone contracts, risks associated with exchange rates, risks associated with the company’s ability to integrate acquisitions, risks associated with to labor shortages, 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 stock, availability and cost of capital, risks associated with general global economic conditions, global weather events, natural disasters and security threats, and changes in government and environmental regulations, including climate change, and other factors discussed in the “Management Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” sections of the Civeos Annual Report at fo rmulier 10-K for the year ended December 31, 2020 and other reports the Company may file from time to time with the U.S. Securities and Exchange Commission. Any forward-looking statement in this document speaks only as of the date of this press release. Except as required by law, Civeo expressly disclaims any intent or obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise.

Story continues

Check out the source version at businesswire.com: https://www.businesswire.com/news/home/20210830005545/en/

Contacts

Caroline J. Stone
Civeo Corporation
Senior Vice President & Chief Financial Officer
713-510-2400