Civeo Corporation Announces Amendment and Extension to its Credit Agreement

Press Release

HOUSTON & CALGARY, Alberta–Aug. 13, 2024– Civeo Corporation (NYSE:CVEO) announced today the completion of an amendment and extension to its credit agreement which encompasses all of Civeo’s outstanding debt structure of three revolving credit facilities. The following are key aspects of the amended credit agreement:

• Extends the maturity date of the credit agreement to August 2028;
• Upsizes total revolving credit facility capacity to $245 million from $200 million; and
• Reduces borrowing costs and maintains previous max net leverage ratio and max interest coverage covenant levels.

“We are pleased to announce this amendment and extension, which allows Civeo more flexibility to execute on our capital allocation priorities such as our share repurchase program, quarterly dividend and potential growth opportunities. We would like to thank our lending group for their continued support,” stated Bradley J. Dodson, Civeo’s President and CEO.

Additional information on the terms of the amendment can be found in a separate Current Report on Form 8-K to be filed with the Securities and Exchange Commission today.

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 owns and operates a total of 24 lodges and villages in North America and Australia with an aggregate of approximately 26,000 rooms. In addition, Civeo operates and provides hospitality services at 22 customer-owned locations with more than 18,000 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240812358065/en/

Regan Nielsen
Civeo Corporation
Vice President, Corporate Development & Investor Relations
713-510-2400

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