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Civeo Announces Agreement to Repurchase Approximately 375 thousand Common Shares

Press Release

HOUSTON & CALGARY, Alberta–Aug. 15, 2022– Civeo Corporation (NYSE:CVEO) (“Civeo” or the “Company”), a leading provider of hospitality services to the natural resources sector, today announced that it has agreed to repurchase approximately 375 thousand Civeo common shares, representing 2.6% of the fully-diluted common shares outstanding, from a shareholder, for approximately $10.7 million.

“Today’s announcement reflects our confidence in Civeo’s business outlook, and this transaction provides an opportunity to deploy our free cash flow to acquire shares of the Company at an attractive valuation,” said Bradley Dodson, President and CEO of Civeo.

About Civeo

Civeo Corporation is a leading provider of hospitality services with prominent market positions in the Canadian oil sands and the Australian natural resource regions. Civeo offers comprehensive solutions for lodging hundreds or thousands of workers with its long-term and temporary accommodations and provides food services, housekeeping, facility management, laundry, water and wastewater treatment, power generation, communications systems, security and logistics services. Civeo currently operates a total of 27 lodges and villages in Canada, Australia and the U.S., with an aggregate of over 28,000 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.

Regan Nielsen
Civeo Corporation
Senior Director, Corporate Development & Investor Relations
713-510-2400

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