Press Release
Civeo Reports Fourth Quarter and Full Year 2016 Results
02/23/17
Highlights include:
- Delivered fourth quarter revenues of
$91 million - at the high end of management's guidance
- Generated
$13.3 million in operating cash flow and$10.1 million in free cash flow benefited by ongoing cost containment
- Made
$12.5 million in debt repayments in the fourth quarter and$56 million in debt repayments in 2016, reducing total debt outstanding by$44 million (net of$12 million in foreign exchange adjustments) to$357 million in total debt atDecember 31, 2016 , down from$402 million at the end of 2015
- Completed a public offering in
January 2017 of 23 million common shares raising net proceeds of$64.9 million to repay amounts outstanding under the Company's revolving credit facilities and for general corporate purposes
- Completed third amendment to the Company's revolving credit facility in
February 2017 providing additional financial flexibility
- Announced that Chairman
Douglas E. Swanson will retire from the Board of Directors, effectiveMay 11, 2017 and will not stand for reelection at the 2017 annual shareholders meeting scheduled to be held on that date. Current Board member,Richard A. Navarre , will replaceMr. Swanson as Chairman of the Board of Directors
"Despite the challenging market conditions in 2016, we delivered on our strategic objectives to generate free cash flow, optimize our cost structure, reduce debt, win new business and
deliver best-in-class services," said
Fourth Quarter 2016 Results
In the fourth quarter of 2016, the Company generated revenues of
(EBITDA is a non-GAAP financial measure that is defined as net income plus interest, taxes, depreciation and amortization, and Adjusted EBITDA is defined as EBITDA adjusted to exclude impairment charges and certain other costs such as those directly associated with the Company's migration to Canada. 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. Please see the reconciliations to GAAP measures at the end of this news release.)
By comparison, in the fourth quarter of 2015, the Company generated revenues of
Revenues and Adjusted EBITDA declined in 2016 as compared to 2015 primarily due to lower occupancy levels resulting from lower customer activity in the Australian mining industries and lower average daily rates experienced in the Canadian segment.
Full Year 2016 Results
For the full year 2016, the Company reported revenues of
In 2015, the Company reported revenues of
The decline in revenues and Adjusted EBITDA in 2016 as compared to 2015 was largely driven by lower average daily rates in
Full year 2016 results included the impact of the following items:
- a
$47.0 million pre-tax loss ($36.6 million after-tax, or$0.34 per diluted share) from the impairment of fixed assets inCanada and theU.S. ; - a
$1.3 million pre-tax loss ($1.2 million after-tax, or$0.01 per diluted share) from costs incurred in connection with the migration toCanada ; and - a
$0.9 million pre-tax loss ($0.6 million after-tax, or$0.01 per diluted share) from severance costs associated with the severance of certain executives.
Full year 2015 results included the impact of the following items:
- a
$43.2 million pre-tax loss ($43.2 million after-tax, or$0.40 per diluted share) from the impairment of goodwill in our Canadian reporting unit; - a
$80.7 million pre-tax loss ($56.0 million after-tax, or$0.52 per diluted share) from the impairment of fixed assets and intangible assets; - a
$7.0 million pre-tax loss ($4.6 million after-tax, or$0.05 per diluted share) from costs incurred in connection with the migration toCanada ; and - a
$1.5 million pre-tax loss ($1.5 million after-tax, or$0.01 per diluted share) from the write-off of debt issuance costs.
Business Segment Results
(Unless otherwise noted, the following discussion compares the quarterly results for the fourth quarter of 2016 to the results for the fourth quarter of 2015. The results discussed below exclude the goodwill and fixed asset impairments and migration related expenses noted above.)
During the fourth quarter of 2016, the Canadian segment generated revenues of
The Australian segment generated revenues of
The
Income Taxes
The Company recognized an income tax benefit of
Financial Condition
As of
During 2016, the Company reduced total debt outstanding by 11% to
The Company invested
First Quarter and Full Year 2017 Guidance
For the first quarter of 2017, the Company expects revenues of
Governance Matters
Additionally,
Prior to serving as the Chairman of Civeo's Board of Directors,
Conference Call
About
Forward Looking Statements
This news 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 those that do not state historical facts and are, therefore, inherently subject to risks and uncertainties. The forward looking statements in this news release include the statements regarding the Company's expectation that several macro-economic indicators should drive demand for its services in the medium to long term; optimism about the health of its business and market demand heading into 2017; and first quarter and full year 2017 guidance. The forward-looking statements included herein 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 accommodations industry, risks associated with the level of supply and demand for oil, coal, natural gas, iron ore and other minerals, including the level of activity and developments in the Canadian oil sands, the level of demand for coal and other natural resources from
- Financial Schedules Follow -
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share amounts) | |||||||||||||||||
THREE MONTHS ENDED | TWELVE MONTHS ENDED | ||||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||||
Revenues | $ | 90,921 | $ | 97,285 | $ | 397,230 | $ | 517,963 | |||||||||
Costs and expenses: | |||||||||||||||||
Cost of sales and services | 61,157 | 65,527 | 259,650 | 327,613 | |||||||||||||
Selling, general and administrative expenses | 13,241 | 16,645 | 55,297 | 68,441 | |||||||||||||
Depreciation and amortization expense | 30,858 | 31,831 | 131,302 | 152,990 | |||||||||||||
Impairment expense | - | - | 46,129 | 122,926 | |||||||||||||
Other operating expense | 256 | (3,816 | ) | 612 | (9,004 | ) | |||||||||||
105,512 | 110,187 | 492,990 | 662,966 | ||||||||||||||
Operating loss | (14,591 | ) | (12,902 | ) | (95,760 | ) | (145,003 | ) | |||||||||
Interest expense to third-parties, net of capitalized interest | (5,726 | ) | (4,706 | ) | (22,667 | ) | (22,585 | ) | |||||||||
Loss on extinguishment of debt | - | - | (302 | ) | (1,474 | ) | |||||||||||
Interest income | 12 | 64 | 152 | 2,033 | |||||||||||||
Other income | 1,587 | 1,451 | 2,645 | 3,276 | |||||||||||||
Loss before income taxes | (18,718 | ) | (16,093 | ) | (115,932 | ) | (163,753 | ) | |||||||||
Income tax benefit | 2,888 | 5,638 | 20,105 | 33,089 | |||||||||||||
Net loss | (15,830 | ) | (10,455 | ) | (95,827 | ) | (130,664 | ) | |||||||||
Less: Net income attributable to noncontrolling interest | 119 | 142 | 561 | 1,095 | |||||||||||||
Net loss attributable to | $ | (15,949 | ) | $ | (10,597 | ) | $ | (96,388 | ) | $ | (131,759 | ) | |||||
Net loss per share attributable to | |||||||||||||||||
Basic | $ | (0.15 | ) | $ | (0.10 | ) | $ | (0.90 | ) | $ | (1.24 | ) | |||||
Diluted | $ | (0.15 | ) | $ | (0.10 | ) | $ | (0.90 | ) | $ | (1.24 | ) | |||||
Weighted average number of common shares outstanding: | |||||||||||||||||
Basic | 107,128 | 106,667 | 107,024 | 106,604 | |||||||||||||
Diluted | 107,128 | 106,667 | 107,024 | 106,604 | |||||||||||||
CONSOLIDATED BALANCE SHEETS | |||||||||
(in thousands) | |||||||||
2016 | 2015 | ||||||||
(UNAUDITED) | |||||||||
Current assets: | |||||||||
Cash and cash equivalents | $ | 1,785 | $ | 7,837 | |||||
Accounts receivable, net | 56,302 | 61,467 | |||||||
Inventories | 3,112 | 5,631 | |||||||
Prepaid expenses and other current assets | 21,369 | 15,024 | |||||||
Total current assets | 82,568 | 89,959 | |||||||
Property, plant and equipment, net | 789,710 | 931,914 | |||||||
Other intangible assets, net | 28,039 | 35,309 | |||||||
Other noncurrent assets | 10,129 | 9,347 | |||||||
Total assets | $ | 910,446 | $ | 1,066,529 | |||||
Current liabilities: | |||||||||
Accounts payable | $ | 21,119 | $ | 24,609 | |||||
Accrued liabilities | 14,378 | 14,834 | |||||||
Income taxes | 111 | 1,104 | |||||||
Current portion of long-term debt | 15,471 | 17,461 | |||||||
Deferred revenue | 6,792 | 7,747 | |||||||
Other current liabilities | 2,572 | 493 | |||||||
Total current liabilities | 60,443 | 66,248 | |||||||
Long-term debt to third-parties | 337,800 | 379,416 | |||||||
Deferred income taxes | 9,194 | 25,391 | |||||||
Other noncurrent liabilities | 27,019 | 31,704 | |||||||
Total liabilities | 434,456 | 502,759 | |||||||
Shareholders' equity: | |||||||||
Common shares | - | - | |||||||
Additional paid-in capital | 1,311,226 | 1,305,930 | |||||||
Accumulated deficit | (472,764 | ) | (376,376 | ) | |||||
(65 | ) | - | |||||||
Accumulated other comprehensive loss | (362,930 | ) | (366,309 | ) | |||||
| 475,467 | 563,245 | |||||||
Noncontrolling interest | 523 | 525 | |||||||
Total shareholders' equity | 475,990 | 563,770 | |||||||
Total liabilities and shareholders' equity | $ | 910,446 | $ | 1,066,529 | |||||
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||||
(in thousands) | |||||||||
TWELVE MONTHS ENDED | |||||||||
2016 | 2015 | ||||||||
Cash flows from operating activities: | |||||||||
Net loss | $ | (95,827 | ) | $ | (130,664 | ) | |||
Adjustments to reconcile net loss to net cash provided by operating activities: | |||||||||
Depreciation and amortization | 131,302 | 152,990 | |||||||
Impairment charges | 46,129 | 122,926 | |||||||
Inventory write-down | 850 | 1,015 | |||||||
Loss on extinguishment of debt | 302 | 1,474 | |||||||
Deferred income tax benefit | (13,208 | ) | (34,175 | ) | |||||
Non-cash compensation charge | 5,297 | 4,614 | |||||||
Losses (gains) on disposals of assets | 29 | (1,826 | ) | ||||||
Provision (benefit) for loss on receivables, net of recoveries | (54 | ) | 1,205 | ||||||
Other, net | 867 | 1,424 | |||||||
Changes in operating assets and liabilities: | |||||||||
Accounts receivable | 6,680 | 80,347 | |||||||
Inventories | 1,773 | 5,406 | |||||||
Accounts payable and accrued liabilities | (4,463 | ) | (12,885 | ) | |||||
Taxes payable | (10,239 | ) | 6,204 | ||||||
Other current assets and liabilities, net | (7,334 | ) | (11,924 | ) | |||||
Net cash flows provided by operating activities | 62,104 | 186,131 | |||||||
Cash flows from investing activities: | |||||||||
Capital expenditures, including capitalized interest | (19,779 | ) | (62,451 | ) | |||||
Proceeds from disposition of property, plant and equipment | 5,775 | 12,683 | |||||||
Other, net | 1,315 | - | |||||||
Net cash flows used in investing activities | (12,689 | ) | (49,768 | ) | |||||
Cash flows from financing activities: | |||||||||
Proceeds from issuance of common stock | - | 500 | |||||||
Term loan borrowings | - | 325,000 | |||||||
Term loan repayments | (41,023 | ) | (729,425 | ) | |||||
Revolver borrowings (repayments), net | (15,199 | ) | 59,143 | ||||||
Debt issuance costs | (2,062 | ) | (4,833 | ) | |||||
Net cash flows used in financing activities | (58,284 | ) | (349,615 | ) | |||||
Effect of exchange rate changes on cash | 2,817 | (42,225 | ) | ||||||
Net change in cash and cash equivalents | (6,052 | ) | (255,477 | ) | |||||
Cash and cash equivalents, beginning of period | 7,837 | 263,314 | |||||||
Cash and cash equivalents, end of period | $ | 1,785 | $ | 7,837 | |||||
SEGMENT DATA (in thousands) (unaudited) | |||||||||||||||||
THREE MONTHS ENDED | TWELVE MONTHS ENDED | ||||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||||
Revenues | |||||||||||||||||
$ | 62,296 | $ | 65,777 | $ | 278,464 | $ | 344,249 | ||||||||||
26,121 | 26,660 | 106,815 | 135,964 | ||||||||||||||
2,504 | 4,848 | 11,951 | 37,750 | ||||||||||||||
Total revenues | $ | 90,921 | $ | 97,285 | $ | 397,230 | $ | 517,963 | |||||||||
EBITDA (1) | |||||||||||||||||
$ | 14,072 | $ | 13,530 | $ | 32,022 | $ | 28,215 | ||||||||||
10,387 | 13,791 | 43,168 | 31,919 | ||||||||||||||
(1,478 | ) | (2,014 | ) | (16,722 | ) | (25,201 | ) | ||||||||||
Corporate and eliminations | (5,246 | ) | (5,069 | ) | (20,842 | ) | (24,765 | ) | |||||||||
Total EBITDA | $ | 17,735 | $ | 20,238 | $ | 37,626 | $ | 10,168 | |||||||||
Adjusted EBITDA (1) | |||||||||||||||||
$ | 14,072 | $ | 13,601 | $ | 71,699 | $ | 95,125 | ||||||||||
10,387 | 13,710 | 43,188 | 65,686 | ||||||||||||||
(1,478 | ) | (2,014 | ) | (8,322 | ) | (948 | ) | ||||||||||
Corporate and eliminations | (5,246 | ) | (3,175 | ) | (19,832 | ) | (18,743 | ) | |||||||||
Total adjusted EBITDA | $ | 17,735 | $ | 22,122 | $ | 86,733 | $ | 141,120 | |||||||||
Operating income (loss) | |||||||||||||||||
$ | (5,593 | ) | $ | (10,606 | ) | $ | (59,351 | ) | $ | (73,215 | ) | ||||||
(2,399 | ) | (667 | ) | (6,853 | ) | (24,817 | ) | ||||||||||
(3,954 | ) | (6,472 | ) | (24,616 | ) | (40,083 | ) | ||||||||||
Corporate and eliminations | (2,645 | ) | 4,843 | (4,940 | ) | (6,888 | ) | ||||||||||
Total operating loss | $ | (14,591 | ) | $ | (12,902 | ) | $ | (95,760 | ) | $ | (145,003 | ) | |||||
(1) Please see Non-GAAP Reconciliation Schedule. | |||||||||||||||||
NON-GAAP RECONCILIATIONS (in thousands) (unaudited) | |||||||||||||||||
THREE MONTHS ENDED | TWELVE MONTHS ENDED | ||||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||||
EBITDA (1) | $ | 17,735 | $ | 20,238 | $ | 37,626 | $ | 10,168 | |||||||||
Adjusted EBITDA (1) | $ | 17,735 | $ | 22,122 | $ | 86,733 | $ | 141,120 | |||||||||
Free Cash Flow (2) | $ | 10,091 | $ | 2,876 | $ | 48,100 | $ | 136,363 | |||||||||
(1) The term EBITDA is defined as net income (loss) plus interest, taxes, depreciation and amortization. The term Adjusted EBITDA is defined as EBITDA adjusted to exclude impairment charges and certain other costs such as those incurred associated with the Company's redomiciliation. 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. The Company has included EBITDA and Adjusted EBITDA as supplemental disclosures because its management believes that EBITDA and Adjusted EBITDA provide useful information regarding our ability to service debt and to fund capital expenditures and provide investors a helpful measure for comparing the Company's operating performance with the performance of other companies that have different financing and capital structures or tax rates. The Company 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 loss, which is the most directly comparable measure of financial performance calculated under generally accepted accounting principles (in thousands) (unaudited): | |||||||||||||||||
THREE MONTHS ENDED | TWELVE MONTHS ENDED | ||||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||||
Net loss | $ | (15,949 | ) | $ | (10,597 | ) | $ | (96,388 | ) | $ | (131,759 | ) | |||||
Income tax provision (benefit) | (2,888 | ) | (5,638 | ) | (20,105 | ) | (33,089 | ) | |||||||||
Depreciation and amortization | 30,858 | 31,831 | 131,302 | 152,990 | |||||||||||||
Interest income | (12 | ) | (64 | ) | (152 | ) | (2,033 | ) | |||||||||
Loss on extinguishment of debt | - | - | 302 | 1,474 | |||||||||||||
Interest expense | 5,726 | 4,706 | 22,667 | 22,585 | |||||||||||||
EBITDA | $ | 17,735 | $ | 20,238 | $ | 37,626 | $ | 10,168 | |||||||||
Adjustments to EBITDA | |||||||||||||||||
Impairment of intangible asset (a) | - | - | - | 2,460 | |||||||||||||
Impairment of assets (b) | - | - | 46,979 | 74,534 | |||||||||||||
Impairment of goodwill (c) | - | - | - | 43,194 | |||||||||||||
Migration costs (d) | - | 1,884 | 1,271 | 7,011 | |||||||||||||
Loss on assets held for sale (e) | - | - | - | 3,753 | |||||||||||||
Severance (f) | - | - | 857 | - | |||||||||||||
Adjusted EBITDA | $ | 17,735 | $ | 22,122 | $ | 86,733 | $ | 141,120 | |||||||||
(a) Relates to the 2015 impairment of an intangible asset in the U.S. The | |||||||||||||||||
(b) 2016 relates to the
impairment of assets in | |||||||||||||||||
(c) Relates to the impairment of goodwill. The | |||||||||||||||||
(d) Relates to costs incurred associated with the Company's redomiciliation to Canada. For 2016, the | |||||||||||||||||
(e) Relates to the first quarter 2015 decision to close a manufacturing facility in the United States. As a result, the related assets were written down to their estimated sales proceeds, less
costs to sell. We recorded a pre-tax loss of | |||||||||||||||||
(f) Relates to severance costs associated with the termination of executives. The | |||||||||||||||||
(2) The term Free Cash Flow 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. The Company 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. The Company uses Free Cash Flow to compare and to understand, manage, make operating decisions and evaluate its business. It is also used as a benchmark for the award of incentive compensation under its Free Cash Flow 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): | |||||||||||||||||
THREE MONTHS ENDED | TWELVE MONTHS ENDED | ||||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||||
Net Cash Flows Provided by Operating Activities | $ | 13,314 | $ | 11,198 | $ | 62,104 | $ | 186,131 | |||||||||
Capital expenditures, including capitalized interest | (4,533 | ) | (18,750 | ) | (19,779 | ) | (62,451 | ) | |||||||||
Proceeds from disposition of property, plant and equipment | 1,310 | 10,428 | 5,775 | 12,683 | |||||||||||||
Free Cash Flow | $ | 10,091 | $ | 2,876 | $ | 48,100 | $ | 136,363 |
NON-GAAP RECONCILIATIONS - GUIDANCE (in millions) (unaudited) | |||||||||||||||||
THREE MONTHS ENDING | YEAR ENDING | ||||||||||||||||
$ | 16.0 | $ | 19.0 | $ | 60.0 | $ | 65.0 | ||||||||||
(1) The following table sets forth a reconciliation of estimated EBITDA to estimated net loss, which is the most directly comparable measure of financial performance calculated under generally accepted accounting principles (in millions) (unaudited): | |||||||||||||||||
THREE MONTHS
ENDING | YEAR ENDING | ||||||||||||||||
(estimated) | (estimated) | ||||||||||||||||
Net loss | $ | (19.5 | ) | $ | (15.5 | ) | $ | (75.0 | ) | $ | (72.0 | ) | |||||
Income tax benefit | (1.0 | ) | (2.0 | ) | (10.0 | ) | (8.0 | ) | |||||||||
Depreciation and amortization | 31.0 | 31.0 | 124.0 | 124.0 | |||||||||||||
Interest expense | 5.5 | 5.5 | 21.0 | 21.0 | |||||||||||||
EBITDA | $ | 16.0 | $ | 19.0 | $ | 60.0 | $ | 65.0 | |||||||||
SUPPLEMENTAL QUARTERLY SEGMENT AND OPERATING DATA ( (unaudited) | |||||||||||||||||
THREE MONTHS ENDED | TWELVE MONTHS ENDED | ||||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||||
Supplemental Operating Data - Canadian Segment | |||||||||||||||||
Revenues | |||||||||||||||||
Lodge revenues (1) | $ | 55,321 | $ | 53,590 | $ | 238,220 | $ | 267,486 | |||||||||
Mobile, open camp and product revenues | 6,975 | 12,187 | 40,244 | 76,763 | |||||||||||||
Total Canadian revenues | $ | 62,296 | $ | 65,777 | $ | 278,464 | $ | 344,249 | |||||||||
Average available lodge rooms (2) | 14,670 | 13,972 | 14,653 | 13,435 | |||||||||||||
Rentable rooms (3) | 9,324 | 9,841 | 9,979 | 10,054 | |||||||||||||
Average daily rates (4) | $ | 99 | $ | 114 | $ | 104 | $ | 121 | |||||||||
Occupancy in lodges (5) | 65 | % | 52 | % | 63 | % | 60 | % | |||||||||
Canadian dollar to | $ | 0.750 | $ | 0.749 | $ | 0.755 | $ | 0.783 | |||||||||
Supplemental Operating Data - Australian Segment | |||||||||||||||||
Revenues | |||||||||||||||||
Village revenues (1) | $ | 26,121 | $ | 26,660 | $ | 106,815 | $ | 135,964 | |||||||||
Average available village rooms (2) | 9,386 | 9,064 | 9,335 | 9,180 | |||||||||||||
Rentable rooms (3) | 8,616 | 8,585 | 8,679 | 8,862 | |||||||||||||
Average daily rates (4) | $ | 80 | $ | 69 | $ | 76 | $ | 74 | |||||||||
Occupancy in villages (5) | 41 | % | 49 | % | 44 | % | 56 | % | |||||||||
Australian dollar to | $ | 0.750 | $ | 0.720 | $ | 0.744 | $ | 0.752 | |||||||||
(1) Includes revenue related to rooms as well as the fees associated with catering, laundry and other services including facilities management. | |||||||||||||||||
(2) Average available rooms relate to Canadian lodges and Australian villages and includes rooms that are utilized for our personnel. | |||||||||||||||||
(3) Rentable rooms relate to Canadian lodges and Australian villages and excludes rooms that are utilized for our personnel and out-of-service rooms. | |||||||||||||||||
(4) Average daily rate is based on rentable rooms and lodge/village revenue. | |||||||||||||||||
(5) Occupancy represents total billed days divided by rentable days. Rentable days excludes staff rooms and out-of-service rooms. | |||||||||||||||||
Contacts:Source:Frank C. Steininger Civeo Corporation Senior Vice President and Chief Financial Officer 713-510-2400Marc Cunningham Jeffrey Spittel FTI Consulting 713-353-5407
News Provided by Acquire Media