Civeo Corporation
02/23/17

Civeo Reports Fourth Quarter and Full Year 2016 Results

HOUSTON, Feb. 23, 2017 (GLOBE NEWSWIRE) -- Civeo Corporation (NYSE:CVEO) today reported financial and operating results for the fourth quarter and year ended December 31, 2016 as well as subsequent operational and financial updates.

Highlights include:

"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 Bradley Dodson, President and Chief Executive Officer.  "Our fourth quarter results reflect our previously stated cost containment initiatives. While occupancy in Australia decreased from the third quarter, we maintained EBITDA margins and look to this region as a focus area to drive growth in 2017."

Mr. Dodson concluded, "In recent months, several encouraging macro-economic indicators have emerged for our business, including regulatory approvals of pipeline projects in the U.S. and Canada, recovery in U.S. oil prices, and an increase in contract settlement prices for met coal in Australia. These developments are positive for our customers and are expected to drive demand for our services in the medium to long-term. We are optimistic about the health of our business and market demand heading into 2017. We continue to focus on enhancing the quality of our operations, delivering on expectations, maintaining financial vigilance and executing our long-term growth initiatives as market conditions improve."

Fourth Quarter 2016 Results

In the fourth quarter of 2016, the Company generated revenues of $90.9 million, and net loss was $15.9 million, or $0.15 per share.  During the fourth quarter of 2016, Adjusted EBITDA was $17.7 million and the Company generated operating cash flow of $13.3 million and free cash flow of $10.1 million as a result of continued cost containment initiatives.

(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 $97.3 million.  Net loss was $10.6 million, or $0.10 per share, which included $1.9 million in pre-tax charges ($1.2 million after-tax, or $0.01 per diluted share) related to costs incurred in connection with the migration to Canada.  During the fourth quarter of 2015, Adjusted EBITDA was $22.1 million and the Company generated operating cash flow of $11.2 million and free cash flow of $2.9 million.

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 $397.2 million, a net loss of $96.4 million, or $0.90 per share. Adjusted EBITDA was $86.7 million.

In 2015, the Company reported revenues of $517.9 million, a net loss of $131.8 million, or $1.24 per share. Adjusted EBITDA was $141.1 million.

The decline in revenues and Adjusted EBITDA in 2016 as compared to 2015 was largely driven by lower average daily rates in Canada, reduced occupancy in Australia and the weakening of the Canadian dollar.

Full year 2016 results included the impact of the following items:

Full year 2015 results included the impact of the following items:

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.)

Canada

During the fourth quarter of 2016, the Canadian segment generated revenues of $62.3 million, operating loss of $5.6 million and Adjusted EBITDA of $14.1 million compared to revenues of $65.8 million, operating loss of $10.6 million and Adjusted EBITDA of $13.6 million in the fourth quarter of 2015.  On a constant currency basis, revenues decreased primarily due to lower room rates, as well as a decline in mobile, open camp, and product revenues primarily attributable to lower activity levels. These items were partially offset by additional room needs related to improving seasonal demand for shorter-term customers and lower costs due to a focus on cost containment and operational efficiencies.

Australia

The Australian segment generated revenues of $26.1 million, operating loss of $2.4 million and Adjusted EBITDA of $10.4 million in the fourth quarter of 2016, compared to revenues of $26.7 million, operating loss of $0.7 million and Adjusted EBITDA of $13.7 million in the fourth quarter of 2015. On a constant currency basis, the revenue and Adjusted EBITDA declines were primarily due to reduced occupancy resulting from the continued slowdown of mining activity, primarily in the Bowen Basin.

U.S.

The U.S. segment generated revenues of $2.5 million, operating loss of $4.0 million and negative Adjusted EBITDA of $1.5 million in the fourth quarter of 2016, compared to revenues of $4.8 million, operating loss of $6.5 million and negative Adjusted EBITDA of $2.0 million in the fourth quarter of 2015. Results reflect lower U.S. drilling activity in the Bakken, Rockies and Texas markets.

Income Taxes

The Company recognized an income tax benefit of $2.9 million, which resulted in an effective tax rate of 15% in the fourth quarter of 2016.  During the fourth quarter of 2015, the Company recognized an income tax benefit of $5.6 million, which resulted in an effective tax rate of 35%.

Financial Condition

As of December 31, 2016, the Company had total liquidity of approximately $166.3 million, comprising $164.5 million available under its credit facilities and $1.8 million of cash on hand.

During 2016, the Company reduced total debt outstanding by 11% to $357.3 million at December 31, 2016, down from $401.6 million at December 31, 2015.

The Company invested $4.5 million in capital expenditures during the fourth quarter of 2016, primarily for routine capital maintenance. For the full year 2016, Civeo's capital expenditures totaled $19.8 million, compared with $62.5 million in 2015.

First Quarter and Full Year 2017 Guidance

For the first quarter of 2017, the Company expects revenues of $85 million to $90 million and EBITDA of $16 million to $19 million. For the full year of 2017, the Company expects revenues of $337 million to $353 million and EBITDA of $60 million to $65 million. The Company expects capital expenditures of approximately $15 to $18 million for the full year 2017.

Governance Matters

Additionally, Civeo today announced that Chairman Douglas E. Swanson will retire from the Board of Directors, effective May 11, 2017, and will not stand for reelection at the 2017 annual shareholders' meeting scheduled to be held on that date.  Mr. Dodson commented, "We would like to recognize Doug for his leadership, service and commitment for the last 17 years. His integrity and values have deeply influenced Civeo's culture and elevated its standards of excellence. The Company is grateful for Doug's guidance and expertise during his tenure and wishes him the best in his retirement."

Prior to serving as the Chairman of Civeo's Board of Directors, Mr. Swanson served as a director of Oil States from February 2001 to June 2014 and served as Oil States' Chief Executive Officer from February 2001 until he retired in April 2007. From January 1992 to August 1999, Mr. Swanson served as President and Chief Executive Officer of Cliffs Drilling Company, a contract drilling company. Mr. Swanson intends to continue serving as Chairman of the Board of the Company until Civeo's annual shareholders' meeting, at which point he will be succeeded by Richard A. Navarre, who has been a director of the Company since May 2014. Mr. Navarre served as the President and Chief Commercial Officer of Peabody Energy Corporation from February 2008 until he retired in June 2012. Mr. Navarre served in various executive roles at Peabody from 1999 to 2008. Mr. Navarre currently provides advisory services to the energy industry and investment firms.

Conference Call

Civeo will host a conference call to discuss its fourth quarter 2016 financial results today at 11:00 a.m. Eastern time. This call is being webcast and can be accessed at Civeo's website at www.civeo.com. Participants may also join the conference call by dialing (888) 778-8904 in the United States or (913) 312-0859 internationally and using the conference ID 9110443. A replay will be available after the call by dialing (844) 512-2921 in the United States or (412) 317-6671 internationally and using the conference ID 9110443.

About Civeo

Civeo Corporation is a leading provider of workforce accommodations with prominent market positions in the Canadian oil sands and the Australian natural resource regions. Civeo offers comprehensive solutions for housing hundreds or thousands of workers with its long-term and temporary accommodations and provides catering, facility management, water systems and logistics services. Civeo currently owns a total of 19 lodges and villages in operation in Canada and Australia, with an aggregate of more than 23,000 rooms. Civeo is publicly traded under the symbol CVEO on the New York Stock Exchange. For more information, please visit Civeo's website at www.civeo.com.

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 Australia, and fluctuations in the current and future prices of oil, coal, natural gas, iron ore and other minerals, risks associated with currency exchange rates, risks associated with the Company's migration to Canada, including, among other things, risks associated with changes in tax laws or their interpretations, risks associated with the development of new projects, including whether such projects will continue in the future, and other factors discussed in the "Business" and "Risk Factors" sections of the Company's annual report on Form 10-K for the year ended December 31, 2015, and other reports the Company may file from time to time with the U.S. Securities and Exchange Commission. Each forward-looking statement contained in this news release speaks only as of the date of this release. Except as required by law, the Company 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.

- Financial Schedules Follow -


CIVEO CORPORATION
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
 
           
  THREE MONTHS ENDED
DECEMBER 31,
 TWELVE MONTHS ENDED
DECEMBER 31,
 
   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 Civeo Corporation $(15,949) $(10,597) $(96,388) $(131,759) 
          
Net loss per share attributable to Civeo Corporation common stockholders:        
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  
          

 

CIVEO CORPORATION
CONSOLIDATED BALANCE SHEETS
 
(in thousands) 
      
  DECEMBER 31,
 2016
 DECEMBER 31,
 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) 
Treasury stock  (65)  -  
Accumulated other comprehensive loss  (362,930)  (366,309) 
Total Civeo Corporation shareholders' equity  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  
      

 

CIVEO CORPORATION
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
 
(in thousands) 
      
  TWELVE MONTHS ENDED
DECEMBER 31,
 
   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  
      

 

CIVEO CORPORATION
SEGMENT DATA
(in thousands)
(unaudited)
 
           
  THREE MONTHS ENDED
DECEMBER 31,
 TWELVE MONTHS ENDED
DECEMBER 31,
 
   2016   2015   2016   2015  
Revenues         
Canada  $62,296  $65,777  $278,464  $344,249  
Australia  26,121   26,660   106,815   135,964  
United States  2,504   4,848   11,951   37,750  
Total revenues $90,921  $97,285  $397,230  $517,963  
          
EBITDA (1)         
Canada $14,072  $13,530  $32,022  $28,215  
Australia  10,387   13,791   43,168   31,919  
United States  (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)         
Canada $14,072  $13,601  $71,699  $95,125  
Australia  10,387   13,710   43,188   65,686  
United States  (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)         
Canada $(5,593) $(10,606) $(59,351) $(73,215) 
Australia  (2,399)  (667)  (6,853)  (24,817) 
United States  (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.       
          

 

CIVEO CORPORATION
NON-GAAP RECONCILIATIONS
(in thousands)
(unaudited)
 
          
  THREE MONTHS ENDED
DECEMBER 31,
 TWELVE MONTHS ENDED
DECEMBER 31,
 
    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
DECEMBER 31,
 TWELVE MONTHS ENDED
DECEMBER 31,
 
   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 U.S. intangible impairment resulted from an assessment of the carrying value of our long-lived assets, which evaluation included amortizable intangible assets.  The $2.5 million impairment ($1.6 million after-tax, or $0.01 per diluted share), which is related to our U.S. segment, is included in Impairment expense on the unaudited statements of operations. 
          
(b) 2016 relates to the impairment of assets in Canada and the United States.  During the third quarter 2016, we recorded a pre-tax loss of $38.6 million ($28.2 million after-tax, or $0.26 per diluted share), of which $0.9 million is included in Cost of sales and $37.7 million is included in Impairment expense on the unaudited statements of operations.  During the first quarter 2016, we recorded a pre-tax loss of $8.4 million ($8.4 million after-tax, or $0.08 per diluted share), which is included in Impairment expense on the unaudited statements of operations.  2015 relates to the impairment of assets in Canada, Australia and the United States.  The $74.5 million impairment ($54.4 million after-tax, or $0.51 per diluted share) is included in Impairment expense on the unaudited statements of operations. 
          
(c) Relates to the impairment of goodwill.  The $43.2 million impairment ($43.2 million after-tax, or $0.40 per diluted share), which is related to our Canadian segment, is included in Impairment expense on the unaudited statements of operations. 
          
(d) Relates to costs incurred associated with the Company's redomiciliation to Canada.  For 2016, the $1.3 million in costs ($1.2 million after-tax, or $0.01 per diluted share), which are primarily corporate in nature, are included in Selling, general and administrative costs on the unaudited statements of operations.  For 2015, the $1.9 million and $7.0 million in costs ($1.2 million and $4.6 million, respectively, after-tax, or $0.01 and $0.05, respectively, per diluted share, respectively), which are primarily corporate in nature, are included in Selling, general and administrative costs on the unaudited statements of operations. 
          
(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 $3.8 million ($2.4 million after-tax, or $0.02 per diluted share), of which $1.1 million is included in Cost of sales and services and $2.7 million is included in Impairment expense on the statements of operations. 
           
(f) Relates to severance costs associated with the termination of executives.  The $0.9 million expense ($0.6 million after-tax, or $0.01 per diluted share), which is related to our Canadian segment, is included in Selling, general and administrative expenses on the unaudited statements of operations. 
          
(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
DECEMBER 31,
 TWELVE MONTHS ENDED
DECEMBER 31,
 
   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  

 

CIVEO CORPORATION
NON-GAAP RECONCILIATIONS - GUIDANCE
(in millions)
(unaudited)
 
          
   THREE MONTHS ENDING
MARCH 31, 2017
 YEAR ENDING
DECEMBER 31, 2017
 
EBITDA Range (1) $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
MARCH 31, 2017
 YEAR ENDING
DECEMBER 31, 2017
 
  (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  
           

 

CIVEO CORPORATION
SUPPLEMENTAL QUARTERLY SEGMENT AND OPERATING DATA
(U.S. dollars in thousands, except for room counts and average daily rates)
(unaudited)
 
          
  THREE MONTHS ENDED
DECEMBER 31,
 TWELVE MONTHS ENDED
DECEMBER 31,
 
   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 U.S. dollar $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 U.S. dollar $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:



Frank C. Steininger

Civeo Corporation

Senior Vice President and Chief Financial Officer

713-510-2400



Marc Cunningham

Jeffrey Spittel

FTI Consulting

713-353-5407

Source: Civeo Corporation

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