Q4 2025 Civeo Corp Earnings Call

March 3, 2026

Trying to listen only mode, a question and answer session will follow the formal presentation.

If anyone should require operator assistance during the conference, please press star zero on your telephone keypad.

Please note this conference is being recorded.

I will now turn the conference over to your host Reagan. Nielsen vice president, corporate development and investor relations. Please go ahead.

Thank you and welcome to cio's fourth quarter and full year 2025 earnings conference call.

Today our call will be led by Bradley Dawson cio's president and chief executive officer and calling Gary cio's Chief Financial Officer and treasurer.

Before we begin, we would like to caution listeners regarding forward-looking statements.

To the extent that our remarks today contain anything other than historical information. Please note that we're relying on the Safe Harbor protections afforded by federal law.

these 4 looking remarks speak only as of the date of our earnings release and this conference call

We undertake no obligation to update or revise these, forward-looking statements except as required by law.

Any such remarks should be read in the context of the many factors that affect our business, including risks and uncertainties disclosed in our forms, 10K, 10q and other SEC filings. I'll now turn the call over to Bradley.

Thank you regen, and thank you all for joining us today on our fourth quarter, 2025 earnings call.

I'll start with a few key takeaways for the quarter in the year and then summarize our Consolidated and Regional performance.

For that Colin, will provide further financial and segment level detail.

I'll conclude our prepared remarks with our initial guidance for 2026 along with the qualitative Outlook by reaching

Then open the call up to questions.

Operator: Greetings, welcome to the Civeo Corporation Q4 2025 Earnings Call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. Please note this conference is being recorded. I will now turn the conference over to your host, Regan Nielsen, Vice President, Corporate Development and Investor Relations. Please go ahead.

Here are the 4 key takeaways for the call today. 1 significant progress on our share repurchase authorization, including for purchasing 17% of our common stock during 2025 alone. And subsequent to year end, we have repurchased an incremental approximately 500,000 shares resulting in reaching. 95% completion of our current buyback authorization,

2 strong performance in Australia, driven by growth and our integrated Services business and the contribution from our May 2025 Village acquisition.

Third key Point meaningful margin recovery in Canada as our cost reduction initiatives. Continue to bear fruit.

Regan Nielsen: Thank you. Welcome to Civeo's Q4 and full year 2025 Earnings Conference Call. Today, our call will be led by Bradley Dodson, Civeo's President and Chief Executive Officer, and Colin Gerry, Civeo's Chief Financial Officer and Treasurer. Before we begin, we would like to caution listeners regarding forward-looking statements. To the extent that our remarks today contain anything other than historical information, please note that we're relying on the safe harbor protections afforded by federal law. These forward-looking remarks speak only as of the date of our earnings release and this conference call. We undertake no obligation to update or revise these forward-looking statements except as required by law. Any such remarks should be read in the context of the many factors that affect our business, including risks and uncertainties disclosed in our Forms 10-K, 10-Q, and other SEC filings.

And lastly, the fourth key point, we are entering 2026 with an improved cross structure. And balance sheet stream, positioning city of capitalize on anticipated North American infrastructure development opportunities.

moving on to the content, I'll start with capital allocation

during 2025, we were purchased 2.3 million, Colin shares for approximately 54 million representing 17% of our common shares outstanding at last year, in and significant progress towards completing our authorization to repurchase 20% of our outstanding shares.

Subsequent to year end. We were purchased another 500,000 shares resulting in 95% of completion of our current buyback authorization.

As a reminder, our current capital application policy announced last April. Phase 1 included a 20% repurchase authorization, which is now substantially complete.

Regan Nielsen: I'll now turn the call over to Bradley.

Bradley Dodson: Thank you, Regan. Thank you all for joining us today on our Q4 2025 Earnings Call. I'll start with a few key takeaways for the quarter and the year, and then summarize our consolidated and regional performance. For that, Colin will provide further financial and segment-level detail. I'll conclude our prepared remarks with our initial guidance for 2026, along with the qualitative outlook by region, then open the call up for questions. Here are the 4 key takeaways for the call today. 1. Significant progress on our share repurchase authorization, including repurchasing 17% of our common stock during 2025 alone. Subsequent to year-end, we have repurchased an incremental approximately 500,000 shares, resulting in reaching 95% completion of our current buyback authorization.

Today, we also announced a new authorization for purchase up to 10% of our outstanding shares which will account effective upon the completion of our existing authorization.

As of December 31st 2025, our net leverage ratio is 1.9 times and more comfortable with that.

Remain committed to completing our current buyback authorization as soon as practical.

turning now to the operational results for the quarter and the full year

overall, the fourth quarter for your results. Reflect discipline, execution, in a challenging macro Environ, macroeconomic environment,

On a Consolidated basis to be a sport quarter 2025 revenues were up 7% year-over-year.

with the adjusted Eva, 90%

The Testament to our cost reduction efforts in Canada and the successful integration of our May 2025 Australian acquisition.

Bradley Dodson: Two, strong performance in Australia, driven by growth in our integrated services business and the contribution from our May 2025 village acquisition. Third key point, meaningful margin recovery in Canada as our cost reduction initiatives continue to bear fruit. Lastly, the fourth key point, we are entering 2026 with an improved cost structure and balance sheet strength, positioning Civeo to capitalize on anticipated North American infrastructure development opportunities. Moving on to the content, I'll start with capital allocation. During 2025, we repurchased 2.3 million common shares for approximately $54 million, representing 17% of our common shares outstanding at last year-end, and significant progress towards completing our authorization to repurchase 20% of our outstanding shares. Subsequent to year-end, we repurchased another 500,000 shares, resulting in 95% completion of our current buyback authorization.

Acquisition in the bone base.

Revenue and adjusted dividend Australia in the for the fourth quarter increased 9% year-over-year driven primarily by the additional uh acquired Villages and growth in our integrated services.

Importantly our integrated Services business in Australia, continues to scale and remains on track. Towards our goal of 500 million dollars Australian and annual revenue by 2027.

In Canada while overall Lodge optimism remained under pressure from customers. Spending discipline in the oil, sands

Cost projection initiatives, undertaken in late 2024, and early 2025 growth substantial, margin Improvement.

in the fourth quarter, Canadian revenues increased 4% year-over-year, while adjusted even de improved from negative 5.4 million in the fourth quarter of 2024 deposited 3.4 million in the fourth quarter of 2025

This performance, reflects the structural cost to actions. We implement

Bradley Dodson: As a reminder, our current capital allocation policy announced last April, phase one included a 20% repurchase authorization, which is now substantially complete. Today, we also announced a new authorization to purchase up to 10% of our outstanding shares, which will become effective upon the completion of our existing authorization. As of 31 December 2025, our net leverage ratio is 1.9x, and we're comfortable with that. We remain committed to completing our current buyback authorization as soon as practical. Turning now to the operational results for the Q4 and the full year. Overall, the Q4 and full year results reflect disciplined execution in a challenging macroeconomic environment. On a consolidated basis, Civeo's Q4 2025 revenues were up 7% year-over-year, with Adjusted EBITDA up 90%.

committed last year.

Overall, we believe that we are executing on our strategic priorities in each region.

Our Australian business continues to generate strong uh strong cash flow supported by integrated Services growth expanded and expanded Village footprint.

And our Canadian business is demonstrating improved profitability at current activity levels, while position for anticipated demand from North American infrastructure projects.

With that, I'll turn the call over to Colin.

Remain committed to completing our current buyback authorization as soon as practical.

Thank you Bradley, and thank you all for joining us this morning.

turning now to the operational results for the quarter and the full year

Turning to the end comes statement, we reported total revenues in the fourth quarter of 2025 of 161.6 million.

Overall, the fourth quarter for your results reflect discipline and execution in a challenging macro environment, macroeconomic environment.

compared to 151 on the end of the fourth quarter of 20, 20 2024 an increase of 7%, the year-over-year increase in revenues was primarily driven

On a consolidated basis, to be a sport, quarter 2025 revenues were up 70% year-over-year.

Bradley Dodson: The testament to our cost reduction efforts in Canada and the successful integration of our May 2025 Australian acquisition. Moving to the segments in Australia, we delivered record annual revenues in 2025, AUD 460 million, reflecting growth in our integrated services business and the contribution from our May 2025 acquisition in the Bowen Basin. Revenue and Adjusted EBITDA in Australia for the Q4 increased 9% year-over-year, driven primarily by the additional acquired villages and growth in our integrated services. Importantly, our integrated services business in Australia continues to scale and remains on track towards our goal of AUD 500 million in annual revenue by 2027.

With adjusted Eva. Do 90%.

by higher activity in Australia, including contributions from the May 2025 acquisition and growth in our integrated Services business.

The Testament to our cost reduction efforts in Canada and the successful integration of our May 2025 Australian position.

Net loss for the quarter of 2025 for the fourth quarter of 2025 was 6.5 million.

Or 56 cents per diluted share. Compared to a net loss of 15.1 million.

Or a $110 per diluted share in the fourth quarter of 2024.

Moving to the segments. In Australia, we delivered record annual revenues in 2025 Forum, 60 million reflecting growth in our integrated Services business and the contribution from our May 2025 acquisition in the bone base.

during the fourth quarter Sevilla, generated adjusted Eva of 21.7 million,

Compared to 11.4 million. In the fourth quarter of 2028 more, an increase of 90%.

Revenue and adjusted Eva Don Australia in the for the fourth quarter increased 9% year-over-year driven primarily by the additional uh acquired Villages and growth in our integrated services.

This increase in adjusted Eva was primarily driven by significant margin Improvement in Canada? Resulting from the structural cost actions implemented earlier in 2025 as well as contributions from the Australian acquisition and continued integrated Services growth.

Importantly our integrated Services business in Australia, continues to scale and remains on track. Towards our goal of 500 million dollars Australian and annual revenue by 2027.

Bradley Dodson: In Canada, while overall lodge occupancy remained under pressure from customer spending discipline in the oil sands, our cost reduction initiatives undertaken in late 2024 and early 2025 drove substantial margin improvement. In the Q4, Canadian revenues increased 4% year-over-year, while Adjusted EBITDA improved from negative CAD 5.4 million in the Q4 of 2024 to positive CAD 3.4 million in the Q4 of 2025. This performance reflects the structural cost actions we implemented last year. Overall, we believe that we are executing on our strategic priorities in each region. Our Australian business continues to generate strong cash flow, supported by integrated services growth and expanded village footprint. Our Canadian business is demonstrating improved profitability at current activity levels while positioned for anticipated demand from North American infrastructure projects.

Operating cash flow. The fourth quarter of 2025 was 19.33 Million compared to 9.5 million in the prior year quarter.

In Canada while overall Lodge occupancy remained under pressure from customer spending discipline in the oil. Sands

With a full year 2025. We generated revenues of 638.88 million and adjusted David dot 88.2 million.

Cost projection initiatives, undertaken in late 2024, and early 2025 growth substantial, margin Improvement.

Compared to revenues of 682.1 million and adjusted, even without of 79.9 million in 2024.

the year-over-year revenue decline was primarily driven by lower activity levels, in Canada,

partially offset by Australian growth.

in the fourth quarter, Canadian revenues increased 4% year-over-year, while adjusted even de improved from negative 5.4 million in the fourth quarter of 2024 d-positive 3.4 million in the fourth quarter of 2025

This performance for the structural cost to actions. We implement

That it had last year.

Including the contribution from the boa based acquisition despite the revenue decline. Sorry despite the revenue decline, the adjusted Eva increase of 10% is primarily driven by the cost reduction initiatives in Canada.

Overall, we believe that we are executing on our strategic priorities in each region.

Turning to our segments. I went to for first point out the change.

Our Australian business continues to generate strong, uh, strong cash flow supported by integrated Services growth and expanded and expanded Village footprint.

Prior to the fourth quarter of 2025 corporate, sgna included, corporate it. Expenses managed on a worldwide basis. That were not allocated to individual segments in Australia and Canada.

And our Canadian business is demonstrating improved profitability at current activity levels, while position for anticipated demand from North American infrastructure projects.

Bradley Dodson: With that, I'll turn the call over to Colin.

To better align segment results to the property profitability measure used by management.

E. Collin Gerry: Thank you, Bradley, and thank you all for joining us this morning. Turning to the income statement, we reported total revenues in the Q4 2025 of $161.6 million, compared to $151 million in the Q4 2024, an increase of 7%. The year-over-year increase in revenues was primarily driven by higher activity in Australia, including contributions from the May 2025 acquisition and growth in our integrated services business. Net loss for the Q4 2025 was $6.5 million, or $0.56 per diluted share, compared to a net loss of $15.1 million, or $1.10 per diluted share in the Q4 2024.

With that, I'll turn the call over to calm.

Thank you Bradley, and thank you all for joining us this morning.

These estimate costs are now allocated to Australia and Canada beginning with the fourth quarter and year. Ended December 31st 2025

For any period for any prior periods results. Discussed on this call, we have adjusted Financial

to conform to the updated 2025 presentation.

In Australia, fourth quarter revenues, were 119.5 million of 9% from 110 million in the fourth quarter of 2024.

Turning to the income statement, we reported total revenues in the fourth quarter of 2025 of $161.6 million compared to $151 million in the fourth quarter of 2024, an increase of 7%. The year-over-year increase in revenues was primarily driven by higher activity in Australia, including contributions from the May 2025.

position and growth in our integrated Services business.

Net loss for the quarter of 2025 for the fourth quarter of 2025 was 6.5 million.

Adjusted VA was 22.4 million up 9% from 20.6 million in the prior year quarter the year of your increase in revenues primarily driven by the contribution from the 4 own diligence.

Or $0.56 per diluted share, compared to a net loss of $15.1 million.

Acquired in May 2025 and continued growth in our integrated Services business.

Or a $110 per diluted share in the fourth quarter of 2024.

E. Collin Gerry: During Q4, Civeo generated Adjusted EBITDA of $21.7 million, compared to $11.4 million in Q4 2024, an increase of 90%. This increase in Adjusted EBITDA was primarily driven by significant margin improvement in Canada, resulting from the structural cost actions implemented earlier in 2025, as well as contributions from the Australian acquisition and continued integrated services growth. Operating cash flow in Q4 2025 was $19.3 million, compared to $9.5 million in the prior year quarter. For the full year of 2025, we generated revenues of $638.8 million and Adjusted EBITDA of $88.2 million, compared to revenues of $682.1 million and Adjusted EBITDA of $79.9 million in 2024.

These gains were partially offset by Modest softness and portions of the Legacy owned Village portfolio.

During the fourth quarter, Sevilla generated adjusted, evida of 21.7 million,

Compared to $11.4 million in the fourth quarter of 2028, an increase of 90%.

Reflective of the sub. $200 netco pricing environment that our customers were experiencing the majority of the back, half of 2025,

the increase in adjusted evader Flex the incremental, contribution from the inquired Villages and continued integrated Services growth.

This increase in adjusted Eva was primarily driven by significant margin Improvement in Canada, resulting from the structural cost actions that implemented earlier in 2025 as well as contributions from the Australian acquisition and continued integrated Services growth.

Australian build rooms in the fourth quarter, fourth quarter totaled, approximately 705,000 compared to approximately 637,000 in the fourth quarter of 2024

compared to 9.5 million in the prior year quarter.

Average daily rate for 76, compared to 77. And then prior year quarter

For the full year 2025 we generated revenues of 638.8 million and adjusted a DOT 88.2 million.

for the 4 year 2025 Australian revenues were 460.3 million compared to 427 million in 2024.

Turning to Canada.

E. Collin Gerry: The year-over-year revenue decline was primarily driven by lower activity levels in Canada, partially offset by Australian growth, including the contribution from the Bowen Basin acquisition despite the revenue decline. Sorry. Despite the revenue decline, the Adjusted EBITDA increase of 10% is primarily driven by the cost reduction initiatives in Canada. Turning to our segments, I want to first point out the change. Prior to the Q4 of 2025, corporate SG&A included corporate IT expenses managed on a worldwide basis that were not allocated to individual segments in Australia and Canada. To better align segment results to the profitability measure used by management, these SG&A costs are now allocated to Australia and Canada beginning with the Q4 and year ending 31 December 2025.

compared to revenues of 682.1 million and adjusted, even though of 79.9 million in 2024

Fourth quarter revenues were 42.1 million.

The year-over-year revenue decline was primarily driven by lower activity levels in Canada.

compared to 40.7 million in the fourth quarter of 2024, an increase of 4%,

partially offset by Australian growth.

Adjusted eval was 3.4 million compared to -5.4 million in the prior year quarter.

Including the contribution from The Boat bass National acquisition despite the revenue decline. Sorry despite the revenue decline, the adjusted Eva increase of 10% is primarily driven by the cost reduction initiatives.

In Canada.

The year, we are increasing revenues was primarily driven by higher average daily rates due to improved occupancy. Mix

As build rooms were essentially flat year-over-year.

Turning to our segments and I went to, for first point out the change.

The significant Improvement in adjusted even dial was driven by structural cost reduction, initiatives implemented earlier in 2025 including overhead reductions, large, rationalization, and field level cost alignment.

Prior to the fourth quarter of 2025 corporate, sgna included, corporate it. Expenses managed on a worldwide basis. That were not allocated to individual segments in Australia and Canada.

To better align segment results to the profitability, profitability measure used by management.

Canadian build rooms and fourth quarter. Total approximately 359,000 compared to approximately 360,000 in the fourth quarter of 2024.

Average daily rates were a hundred dollars compared to 94 dollars in the prior year quarter.

E. Collin Gerry: For any prior period results discussed on this call, we have adjusted financial figures to conform to the updated 2025 presentation. In Australia, Q4 revenues were AUD 119.5 million, up 9% from AUD 110 million in Q4 2024. Adjusted EBITDA was AUD 22.4 million, up 9% from AUD 20.6 million in the prior year quarter. The year-over-year increase in revenues was primarily driven by the contribution from the four owned villages acquired in May 2025 and continued growth in our integrated services business. These gains were partially offset by modest softness in portions of the legacy owned village portfolio. This softness is reflective of the sub-$200 met coal pricing environment that our customers will experience the majority of the back half of 2025.

These actual made costs are now allocated to Australia and Canada beginning with the fourth quarter and year ended December 31, 2025.

For any period for any prior period results. Discussed on this call, we have adjusted Financial figures.

for the full year, 2025 Canadian revenues were 178.6 million compared to 245.1% in 2024

To conform to the updated 2025 presentation.

In Australia, fourth quarter revenues, were 119.5 million of 9% from 110 million in the fourth quarter of 2024.

Full year. Canadian adjusted de was 17.1 Million compared to 18.2 million in 2024. The decrease in revenues and adjusted Eva de were primarily driven by lower oil sales activity with the adjusted even data decline, mitigated by the impact of cost reduction initiatives implemented in 2025.

Adjusted de was 22.4 million up 9% from 20.6 million in the prior year quarter the year, we are increasing revenues primarily driven by the contribution, from the 40 own Villages acquired in May 2025 and continued growth in our integrated Services business.

Looking at our capital structure as of December. 31st, 2025 total liquidity was 90.4 million. Total debt was 182.8 billion and net debt was 168.4 Million.

These gains were partially offset by modest softness in portions of a legacy owned Village portfolio.

Our net leverage ratio was 1.9x at year end.

finally, Capital allocation

E. Collin Gerry: The increase in Adjusted EBITDA reflects the incremental contribution from the acquired villages and continued integrated services growth. Australian billed rooms in Q4 totaled approximately 705,000, compared to approximately 637,000 in Q4 2024. Average daily rates were $76 compared to $77 in the prior year Q. For the full year 2025, Australian revenues were AUD 460.3 million, compared to AUD 427 million in 2024. Turning to Canada. Q4 revenues were CAD 42.1 million, compared to CAD 40.7 million in Q4 2024, an increase of 4%. Adjusted EBITDA was CAD 3.4 million, compared to negative CAD 5.4 million in the prior year Q.

This softness is reflected, reflective of the sub-$200 net total price in the environment that our customers were experiencing the majority of the back half of 2025.

Capital expenditures from the full year, 2025 were 20.2 million compared to 26.1 million in 2024.

The increase in adjusted evidence of reflects. The incremental contribution from the acquired Villages and continued integrated Services growth, Australian build rooms in the fourth quarter, fourth quarter totaled, approximately 705,000 compared to approximately 637,000 in the fourth quarter of 2024

Capital expenditures in both periods were primarily related to plan maintenance spending on our lodges and Villages specifically in 2025 11.2% and 9 million was related to growth projects, including the reactivation of our Buffalo Lodge in Canada and Wi-Fi infrastructure improvements in Australia.

Average daily rates were 76 compared to 77 and their prior year quarter.

For the 4 year 2025 Australian revenues were 460.3 million compared to 427 million in 2024.

During 2025 we've refurbished this approximately 2.3 million shares for approximately 54 million reducing our shared account by approximately 17% during the year.

Turning to Canada.

Fourth quarter revenues were 42.1 million.

As Bradley mentioned as of today, we have repurchased approximately 500,000 additional common shares year to date in 201.

compared to 40.7 million in the fourth quarter of 2024, an increase of 4%,

24 in 95, completion, 95%. Completion of our current authorization,

E. Collin Gerry: The year-over-year increase in revenues was primarily driven by higher average daily rates due to improved occupancy mix as billed rooms were essentially flat year-over-year. The significant improvement in adjusted EBITDA was driven by structural cost reduction initiatives implemented earlier in 2025, including overhead reductions, lodge rationalization, and field-level cost alignment. Canadian billed rooms in Q4 totaled approximately 359,000, compared to approximately 360,000 in Q4 of 2024. Average daily rates were CAD 100 compared to CAD 94 in the prior year quarter. For the full year 2025, Canadian revenues were CAD 178.6 million, compared to CAD 245.1 million in 2024. Full year Canadian adjusted EBITDA was CAD 17.1 million, compared to CAD 18.2 million in 2024.

Adjusted evida was 3.4 million compared to negative 5.4 million in the prior year quarter.

We will look to complete the current authorization as soon as practical practicable.

The year increase in revenues was primarily driven by higher average daily rates due to improved occupancy. Mix,

That's build rooms were essentially flat year over year.

At which time we will be able to do to transition into our new share repurchase authorization, for up to 10% of our outstanding shares with that. I'll turn the, I'll turn the call back over to Bradley.

Thank you. Colin.

I like to now turn to our outlook for 2026.

The significant Improvement that adjusted even D was driven by structural cost reduction, initiatives implemented earlier in 2025 including overhead, reductions, large, rationalization and field level cost line.

For the full year 2026, we expect revenues between 650 million. 700 million,

Adjusted stea de of 85 million to 90 million.

Canadian billed rooms in the fourth quarter totaled approximately 359,000, compared to approximately 360,000 in the fourth quarter of 2024.

Average daily rates were $100, compared to $94 in the prior-year quarter.

We are also giving initial capex guidance for 2026 of 25 to 30 million.

Looking at the regions.

for the full year, 2025 Canadian revenues were 178.6 million compared to 245.1% in 2024

E. Collin Gerry: The decrease in revenues and Adjusted EBITDA were primarily driven by lower oil sands activity, with the Adjusted EBITDA decline mitigated by the impact of cost reduction initiatives implemented in 2025. Looking at our capital structure. As of 31 December 2025, total liquidity was $90.4 million, total debt was $182.8 million, and net debt was $168.4 million. Our net leverage ratio was 1.9x at year-end. Finally, capital allocation. Capital expenditures for the full year 2025 were $20.2 million, compared to $26.1 million in 2024. Capital expenditures in both periods were primarily related to planned maintenance spending on our lodges and villages.

And Australia medals will coal prices weakened in the back half of 2025 contributing to modest activity softness. In the fourth quarter of 2025 across our Bowen Basin owned Village portfolio,

Entering 2026 met. Coal pricing has improved creating a more constructive economic environment.

Full year Canadian and just even de was 17.1 Million compared to 18.2 million in 2024, the decrease in revenues and adjusted Eva de were primarily driven by lower oil sales, activity with the adjusted Eva data climb mitigated by the impact of cost reduction initiatives implemented in 2025.

If prices remain above $200, a tonne through the upcoming producer budgeting season, we can see improved activity levels in the back half of the year.

Looking at our capital structure as of December. 31st, 2025 total liquidity was 90.4 million. Total debt was 182.8 billion and net debt was 168.4 Million.

Our base Outlook assumes. Generally stable occupancy in our own villages with the full year impact of our May 2025 at position largely offsetting.

Our net leverage ratio was 1.9x at year-end.

Potential softness in our Legacy operations.

Finally, Capital allocation.

Our integrated Services business. We expect from genetic Revenue growth as we advance towards our 500 million

Capital expenditures for the full year 2025 were $20.2 million compared to $26.1 million in 2024.

2027 Revenue goal.

E. Collin Gerry: Specifically, in 2025, $11.2 million was associated with maintenance CapEx, and $9 million was related to growth projects, including the reactivation of our Buffalo Lodge in Canada and Wi-Fi infrastructure improvements in Australia. During 2025, we repurchased approximately 2.3 million shares for approximately $54 million, reducing our share count by approximately 17% during the year. As Bradley mentioned, as of today, we have repurchased approximately 500,000 additional common shares year to date in 2026, resulting in 95% completion of our current authorization. We will look to complete the current authorization as soon as practicable, at which time we'll be able to transition into our new share repurchase authorization for up to 10% of our outstanding shares. With that, I'll turn the call back over to Bradley.

Capital expenditures in both periods were primarily related to planned maintenance spending on our lodges and villages.

In Canada, we expect oil, sands activities to to remain stable, but it's subdued.

Levels by historical standards, consistent with the spending discipline demonstrated by our customers throughout 2025.

Oh yeah.

But importantly.

Uh, we hit our 2026 with a structurally, lower cost base.

Excuse me.

During 2025, we briefly purchased approximately 2.3 million shares for approximately $54 million, reducing our share count by approximately 17% during the year.

back up and say, the key investor themes to watch for CIO in 2026 are

As Bradley mentioned, as of today, we have repurchased approximately 500,000 additional common shares year to date in 2026, resulting in 95% completion of our current authorization.

1 continue strong results in Australian business with occupancy upside, and our own Villages and that coal cinnamon continues to improve in organic growth, and we continue organic growth and are in great Services business.

We will look to complete the current authorization as soon as practical.

2 in Canada, continued stabilization in Africa and our oil sands lodges with upside from asset deployment from North American infrastructure Construction.

Data centers in the US and LG and power related infrastructure in Canada.

At which time we will be able to to, to transition into our new share. We purchase authorization for up to 10% of our outstanding shares with that. I'll turn the I'll turn the call back over to Bradley

Bradley Dodson: Thank you, Colin. I'd like to now turn to our outlook for 2026. For the full year 2026, we expect revenues of between $650 million, $700 million, and Adjusted EBITDA of $85 million to $90 million. We are also giving initial CapEx guidance for 2026 of $25 to $30 million. Looking at the regions. In Australia, metallurgical coal prices weakened in the back half of 2025, contributing to modest activity softness in Q4 2025 across our Bowen Basin owned village portfolio. Entering 2026, met coal pricing has improved, creating a more constructive economic environment. If prices remain above $200 a ton through the upcoming producer budgeting season, we could see improved activity levels in the back half of the year.

Thank you. Colin.

And lastly continued return of capital shareholders through the buyback. Authorization.

I'd like to now turn to our outlook for 2026.

For the full year 2026, we expect revenues of between $650 million and $700 million.

And adjusted stea of 85 million to 90 million.

We Believe 2026 will be a year focused on position in the company of capitalized. Anticipated infrastructure, development in Canada and accelerating data center, construction activity.

We are also giving a mutual capex guidance for 2026 of 25 to 30 million.

While we do not expect these projects to materially impact 2026 results. We believe we are well positioned to support this demand as it develops.

Looking at the regions.

In Australia, metal is real cold prices weakened in the back half of 2025 contributing to modest activity softness. In the fourth quarter of 2025 across our Bowen Basin owned Village portfolio,

Overall, we expect 2026 to replace the performance from Australia, Sable conditions, in Canada and meaningful progress, positioning business for potential infrastructure development growth, beginning in 2027 and Beyond.

We will now open the call for questions.

Entering 2026, met coal pricing has improved, creating a more constructive economic environment.

If prices remain above 200 a tan through the upcoming producer budgeting season, we can see improved activity levels in the back half of the year.

Bradley Dodson: Our base outlook assumes generally stable occupancy in our own villages with the full year impact of our May 2025 acquisition, largely offsetting potential softness in our legacy operations. Our integrated services business, we expect continued revenue growth as we advance towards our $500 million 2027 revenue goal. In Canada, we expect oil sands activities to remain stable but at subdued levels by historical standards, consistent with the spending discipline demonstrated by our customers throughout 2025. Importantly, we hit our 2026 with a structurally lower cost base. Excuse me. Let me back up and say the key investor themes to watch for Civeo in 2026 are: one, continued strong results in Australian business with occupancy upside in our own villages, met coal sentiment continues to improve and organic growth, and we continue organic growth in our integrated services business.

Thank you. We will now be conducting a question and answer session. If you would like to ask a question, please press star 1 on your telephone keypad. A confirmation tone will indicate your line is in the question queue.

You may press star 2 if you would like to remove your question from the queue.

Based Outlook assumes generally stable occupancy in our own villages with the full year impact of our May 2025 acquisition largely offsetting.

For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys.

Potential softness in our legacy operations.

and our first question will come from Stephen jenerro with stifel

Our integrated Services business. We expect continued Revenue growth as we advance towards our 500 million dollar.

Uh thanks. Uh, good morning everybody.

2027 revenue bill.

Morning. Stephen.

Uh, a couple of things from me, the first on the Canadian cost cutting side.

In Canada, we expect oil, sands activities to to remain stable, but it's subdued Levels by historical standards consistent with the spending discipline demonstrated by our customers throughout 2025.

But importantly.

Did you see the full impact of that in the, uh, in the back half of of 25 or is, there is there more that'll show up in the in the margins in 26?

Uh, we hit our 2026 with a structurally, lower cost base.

Excuse me.

We saw most of it. Uh, they'll do, they'll be some continued full year impact and the first half of on a comparison basis in the first half of 2026

back up and say, the key investor themes to watch for CIO in 2026 are

Uh, but the vast majority of it. We had sung by June 30th last year, so yeah.

thanks, and then

Bradley Dodson: Two, in Canada, continued stabilization and occupancy in our oil sands lodges with upside from asset deployment from North American infrastructure construction, data centers in the US and LNG and power-related infrastructure in Canada. Lastly, continued return of capital to shareholders through the buyback authorization. We believe 2026 will be a year focused on positioning the company to capitalize on anticipated infrastructure development in Canada and accelerating data center construction activity. While we do not expect these projects to materially impact 2026 results, we believe we are well-positioned to support this demand as it develops. Overall, we expect 2026 to reflect continued solid performance from Australia, stable conditions in Canada, and meaningful progress positioning the business for potential infrastructure development growth beginning in 2027 and beyond. We will now open the call for questions.

We continued strong results in our Australian business with occupancy upside in our own Villages, and that coal sentiment continues to improve and deliver organic growth. We continue organic growth and are in a great Services business.

To in Canada, continued stabilization and occupancy in our oil sands lodges with upside from asset deployment from North American infrastructure Construction.

Data centers in the US and LNG and power. Related infrastructure in Canada.

On the on the asset deployment potential for the for the assets that are available in in Canada and potentially in the US market. Can you talk a little bit about I guess 2 parts of the question 1 is the types of conversations that are ongoing and be like, when a decisions made H, how long would it take to get assets to put it and start?

Generating revenue and profits.

And lastly continued return of capital shareholders through the buyback. Authorization.

once we so, uh,

The status of the conversations are that we're providing.

We Believe 2026 will be a year focused on position in the company of capitalized. Anticipated infrastructure, development in Canada and accelerating data center, construction activity.

While we did not expect these projects to materially impact 2026 results. We believe we are well positioned to support this demand as it develops.

Detailed bidding proposals both in Canada and in the US and Canada. They're largely related to pipeline LNG, infrastructure things like prtt site lists.

Cedar. Uh,

Cgl Phase 2, LGC Phase 2 and also Alaska LNG.

Overall, we expect 2026 to reflect continued, solid performance from Australia sale conditions in Canada and meaningful progress, positioning business for potential infrastructure development growth, beginning in 2027 and beyond.

Operator: Thank you. We will now be conducting a question-and-answer session. If you would like to ask a question, please press star one on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star two if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. Our first question will come from Stephen Gengaro with Stifel.

We will now open the call for questions.

Um, and then in the US uh it's it's all about data centers.

And we would there be in terms of speed the speed to Market. Sorry, I was getting into a second part of your question. In terms of speed to Market, it depends on the asset deployment.

Um, if the asset deployment is from our mobile Camp Fleet,

You may press star 2 if you would like to remove your question from the queue.

For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys.

We can begin to have rooms up and running within 3 to 4 months on on a first phase. Uh and then phase in rooms over time. So we could have first meals within 3 to 4 months.

And our first question will come from Steven jenerro with stifel

Stephen Gengaro: Thanks. Good morning, everybody.

If we're moving multi-story, I would say that's 9 to 12 months.

Bradley Dodson: Morning, Steven.

Uh thanks. Uh, good morning everybody.

Get.

Stephen Gengaro: A couple of things from me. The first on the Canadian cost-cutting side, did you see the full impact of that in the back half of 2025? Is there more that'll show up in the margins in 2026?

Morning Steen.

Problem from getting the authorization to mobilize.

Which includes a signed contract.

Uh, a couple of things from me. The first on the Canadian cost-cutting side.

Great. Now that's helpful and just just 1 final 1 suggest you gave some of the cat-backs levels and the Eva dog guide for 2026. Any big

Did you see the full impact of that in the uh, in the back half of of 25? Or is there is there more that will show up in the in the margins in 26?

Bradley Dodson: We saw most of it. There'll be some continued full-year impact in the first half of, on a comparison basis in the first half of 2026. The vast majority of it we had done by 30 June last year. Yeah.

Other moving pieces from a working capital perspective, we should be thinking about when we were trying to calibrate free cash flow.

We saw most of it uh they'll they'll be some continued full year impact in the first half of on a comparison basis in the first half of 2026, uh, but the vast majority of it. We had done by June 30th last year, so yeah.

Stephen Gengaro: Thanks. On the asset deployment potential for the assets that are available in Canada and potentially in the US market, can you talk a little bit about, I guess, two parts to the question. One is the types of conversations that are ongoing, and b, like, when a decision is made, how long would it take to get assets deployed and start generating revenue and profits?

thanks, and then

I think the uh I would say working capital is a plus or minus. I think the 1 thing you in looking at free cash flow, you have to remember is we've got about, we have 20 million dollars US of cash taxes.

To assume got about 10 million dollars of interest expense, so that should get you there and then working capital should be plus or minus half of that.

On the on the asset deployment potential for the for the assets that are available in in Canada and potentially in the US market. Can you talk a little bit about

Great. Thank you.

The types of conversations that are ongoing.

and be like,

Our next question comes from Steve forzani with sidonian company.

Morning everyone, appreciate all the detail on the call. I do want to follow up the last questions, just thinking about

When a decisions made H, how long would it take to get assets to put it and start?

Generating revenue and profits.

Bradley Dodson: The status of the conversations are that we're providing detailed bidding proposals both in Canada and in the US. In Canada, they're largely related to pipeline LNG infrastructure, things like PRGT, Ksi Lisims, Cedar, CGL phase two, LNGC phase two, and also Alaska LNG. In the US, it's all about data centers.

once we so, uh, the status of the conversations are that we're providing

Oh you're looking at Capital allocation now that the that the 20% share of purchases is essentially complete you're not leveraged still under 2 times as we think about cash generation at least until hopefully eventual ramp up on some of the mobile camp. Deployments

How do you think about cash flow generation? Does that go directly towards your 10%? Share repurchase, authorization.

Detailed bidding proposals both in Canada and in the US and Canada. They're largely related to pipeline LNG. Infrastructure things like prtt sums.

Cedar, uh, CGL, Phase 2, LGC Phase 2, and also Alaska LNG.

Do you try to maintain 2 times that leverage? How are you going to balance that? And is the number 1. Focis remaining share repurchases or does that change as the initial? Um 20% is complete.

Um, and then in the US, uh, it's—it's all about data centers.

Stephen Gengaro: Would there?

Bradley Dodson: In terms of speed, and speed to market. Sorry, I was getting to the second part of your question. In terms of speed to market, it depends on the asset deployment. If the asset deployment is from our mobile camp fleet, we can begin to have rooms up and running within three to four months on a first phase, and then phase in rooms over time. We could have first meals within three to four months. If we're moving multi-story, I would say that's 9 to 12 months to get the first meal.

There have been no change to the capital allocation, uh, framework that we laid out last April. Uh, we are completing Phase 1 here shortly with the, the initial pre-purchase of 20%.

And we're there in terms of speed—the speed to market. Sorry, I was getting into the second part of your question. In terms of speed to market, it depends on the asset deployment.

um, if the asset deployment is from our mobile cam Fleet,

Uh we use more than 100% of free cash flow. I might note. Uh our leverage has has been has stayed in that 2 uh times range and the second phase is to

We can begin to have rooms up and running within three to four months on the first phase, and then phase in rooms over time. So, we could have first meals within three to four months.

use no less than 75% of annual free cash flow to continue to buy back the stock

The 1 million share authorization will allow us to?

Uh, on the, if we're moving multi-story, I would say that's 9 to 12 months.

Stephen Gengaro: Great.

Bradley Dodson: From getting the authorization to mobilize, which includes a signed contract.

Do and that would maintain leverage at. That would maintain leverage at 2 times or less.

We get to Great problem from getting the authorization to mobilize.

Which includes a signed contract.

Stephen Gengaro: Great. No, that's helpful. Just one final one. You gave a sound of the CapEx levels and the EBITDA guide for 2026. Any big other moving pieces from a working capital perspective we should be thinking about when we're trying to calibrate free cash flow?

Correct. Okay, that's helpful. Thanks Bradley. Um,

when we think about, um,

Great. No, that's helpful. And and just just 1, final 1 suggest you gave some of the cat-backs levels and the Eva dog guide for 2026. Any big

Other moving pieces from the working capital perspective, we should be thinking about when we're trying to calibrate free cash flow.

Bradley Dodson: I think I would say working capital is a plus or minus. I think the one thing in looking at free cash flow you have to remember is we've got we have $20 million of cash taxes to assume. Got about $10 million of interest expense. That should get you there. Working capital should be plus or minus off of that.

The capex for guidance for this year. You only spent about 20 million. I think you said 11 million was maintenance capex. You're guiding now for 25 to 30. Are there any larger projects that pushed out from last year? Or how should we think about where where the spending is going on that 25 to 30 range?

Yeah thanks. This is this is Colin. I'll take that 1 the 11 million in maintenance. Um

I think the uh I would say working capital is a plus or minus. I think the 1 thing in in looking at free cash flow, you have to remember is we've got about, we have 20 million dollars US of cash taxes.

To assume, got about $10 million of interest expense, so that should get you there, and then working capital should be plus or minus off of that.

Stephen Gengaro: Great. Thank you.

This year is is I don't want to say low water mark but that's a pretty low number um for us. Uh repeatability is aspirational, we'll certainly try for that but um

Great. Thank you.

Operator: Our next question comes from Steve Ferazani with Sadot Group Inc.

Operator: Our next question comes from Steve Ferazani with Sidoti & Company.

You know? And and I would also offer the historically, I think, uh,

Our next question comes from Steve forzani with sidonian company.

Steve Ferazani: Morning, everyone. Appreciate all the detail on the call. I do want to follow up the last questions, just thinking about how you're looking at capital allocation now that the 20% share repurchase is essentially complete. Your net leverage still under 2x. As we think about cash generation, at least until or hopefully eventual ramp up on some of the mobile camp deployments, how do you think about cash flow generation? Does that go directly towards your 10% share repurchase authorization? Do you try to maintain 2x net leverage? How are you going to balance that? Is the number 1 focus remaining share repurchases, or does that change as the initial 20% is complete?

Morning everyone, appreciate all the detail on the call at. Do you want to follow up the last questions? Just thinking about.

We try to at this stage in the year we line out what the what the capital plan looks like um just have to have and then there's should dose and as the year goes on that list is refined. And um I think our track record is that that we we've

um,

How are you looking at capital allocation now that the 20% share repurchase is essentially complete? Your net leverage is still under 2 times. As we think about cash generation, at least until— but hopefully with the eventual ramp up on some of the mobile camp deployments.

How do you think about cash flow generation? Does that go directly towards your 10%? Share repurchase, authorization.

done pretty well. When I went to guidance on the capital side, as we really dial in the maintenance requirements throughout the year. So that's kind of the spirit behind the, um, the increase. But I would also say that the 11 million in maintenance that we spent last year, uh, was largely driven by some pretty material Cuts in Canada. We may have to, um, kind of get back to our normal run rate this year.

And I'll also point out that this time last year capacity is the same rate.

Yep, that's right.

Do you try to maintain 2 times that leverage? How are you going to balance that? And is the number 1, Focus, remaining share repurchases or does that change? Does the initial? Um 20% is complete.

Bradley Dodson: There's been no change to the capital allocation framework that we laid out last April. We are completing phase one here shortly with the initial repurchase of 20%. We used more than 100% of free cash flow, I might note. Our leverage has stayed in that 2 times range. The second phase is to use no less than 75% of annual free cash flow to continue to buy back stock. The 1 million share authorization will allow us to do that.

Helpful. Thank you. Um, in terms of mobile camp opportunities versus where you stood 3 months ago, have you seen progress? Are you getting? Are you having more conversations? Are we getting a little bit closer?

You can provide some color.

There have been no change to the capital allocation, uh, framework that we laid out last April. Uh, we are completing Phase 1, uh, here shortly with the initial pre-purchase of 20%. Uh, we used more than 100% of free cash flow. I might note. Uh our leverage has has been has stayed in that 2 uh times range.

Uh, conversations continue, uh, say opportunities are increasing.

uh,

and the second phase is to

and,

you know, whether I would say for the most part,

Use no less than 75% of annual free cash flow to continue to buy back the stock.

The 1 million share authorization will allow us to do.

Steve Ferazani: Um-

Bradley Dodson: That would maintain leverage at two times or less.

Have full fee to use the customer level yet.

Bradley Dodson: That would maintain leverage at two times or less.

And that was maintained leverage at. That would maintain leverage at 2 times or less.

Steve Ferazani: Correct. Okay. That's helpful. Thanks, Bradley. When we think about, The CapEx for guidance for this year, you only spent about $20 million. I think you said $11 million was maintenance CapEx. You're guiding now for $25 to $30. Are there any larger projects that pushed out from last year? How should we think about where the spending is going on that $25 to $30 range?

Correct. Okay, that's helpful. Thanks Bradley. Um,

So to to a great degree, the wait and see is now clarifications to your question. And we're we're completing those with our clients but um, moving on to waiting for them to get that ID.

when we think about, um,

does that differ at all, in terms of the data center progress, where Maybe

That can happen a lot faster than some of these really large infrastructure projects that require pretty significant funding.

To 30. Are there any larger projects that pushed out from last year? Or how should we think about where the spending is going on that $25 to $30 range?

E. Collin Gerry: Thanks. This is Colin. I'll take that one. The $11 million in maintenance this year is, I don't want to say a low watermark, but that's a pretty low number for us.

Yeah thanks. This is this is Colin. I'll take that 1 the 11 million in maintenance. Um

as a general answer yet, although there's potential that that uh, infrastructure projects could could move sooner rather than

later. Yeah.

Steve Ferazani: Yeah.

E. Collin Gerry: Repeatability is aspirational. We'll certainly try for that. You know, and I would also offer that historically, I think, we try to at this stage in the year, we line out what the capital plan looks like.

Okay, fair enough. Thanks guys.

Thank you.

This year is is I don't want to say low water mark but that's a pretty low number um for us. Uh repeatability is aspirational, we'll certainly try for that but um

And as a reminder, if you'd like to ask a question, please press star 1.

You know? And and I would also offer the historically, I think um,

And we'll go next to Dave storms with Stonegate.

Steve Ferazani: Yeah.

E. Collin Gerry: There's have-to-haves, and then there's should-dos. As the year goes on, that list is refined. I think our track record is that we've done pretty well relative to guidance on the capital side as we really dial in the maintenance requirements throughout the year. That's kind of the spirit behind the increase. I would also say that the $11 million in maintenance that we spent last year was largely driven by some pretty material cuts in Canada, and we may have to kind of get back to a normal run rate this year.

um,

Morning and thank you for taking my questions. Uh, just want to start maybe with the Canadian Market. There's been several geopolitical developments since we last spoke, uh, that have impacted oil prices. How is this changing your conversations with customers? I know a lot of this has been after budgeting just curious as to if uh, anything materially has changed or customers are looking through that.

I think it's too soon for me. Making any material decisions.

Excellent. Moving the oil. I don't expect them to

done pretty well with the guidance on the capital side, as we really dial in the maintenance requirements throughout the year. So that's kind of the spirit behind the, um, the increase. But I would also say that the 11 million in maintenance that we spent last year, uh, was largely driven by some pretty material Cuts in Canada. We may have to, um,

Bradley Dodson: I would also point out that this time last year, CapEx guidance was the same range.

Kind of get back to our normal run rate this year.

To do anything. It's certainly um Canada as a, an oil producer. Uh

And also point out that this time last year, capex guidance is the same right there.

E. Collin Gerry: Yeah.

Steve Ferazani: That's right. Helpful. Thank you. In terms of mobile camp opportunities versus where you stood three months ago, have you seen progress? Are you having more conversations? Are we getting a little bit closer? Can you provide some color?

Certainly interesting in in times of geopolitical uncertainty.

That's right.

Uh, given the the security uh, of uh, that resource. So uh if it is maintained over a longer period of time, it could be positive. But in the short term I don't expect any material changes.

You can provide some color.

Bradley Dodson: Conversations continue. Say opportunities are increasing. You know, whether. I would say for the most part, well, in both markets, quite frankly, you're bidding on work that doesn't have full FID at the customer level yet. To a great degree, the wait-and-see is now clarifications to your question, and we're completing those with our clients, but moving on to waiting for them to get to FID.

Uh, conversations continue.

Understood, thank you. And uh sticking with Canada, you signed that contract in Ontario? Uh is this A playbook for more to come? Or was this an opportunistic 1 time contract. How, how would you characterize that?

Uh, say opportunities or increasing.

uh,

And, you know, whether I would say, for the most part,

Well, in both markets, quite frankly you're bidding on work. That doesn't have full FID in the customer level yet.

Very pleased with the win in Ontario. Um, it's our uh, our first work over there, uh it's on the Integrated Service side. So adding a new geography, increasing the integrated Services contributions in Canada or North America as a whole. Uh and yes we would like to build off of it.

Excited by the first plan excited about what we can do with that opportunity and looking forward to to expanding further.

And so, to a great degree, the wait and see is now clarifications to your question. And we're completing those with our clients, but, um, moving on to waiting for them to get that ID.

Steve Ferazani: Does that differ at all in terms of the data center progress, where maybe that can happen a lot faster than some of these really large infrastructure projects that require pretty significant funding?

Does that differ at all, in terms of the data center progress, where maybe—

That can happen a lot faster than some of these really large infrastructure projects that require pretty significant funding.

Bradley Dodson: As a general answer, yes. There's potential that infrastructure projects could move sooner rather than later.

Steve Ferazani: Yeah. Okay, fair enough. Thanks, guys.

As a general answer, yes, although there's potential that, uh, infrastructure projects could move sooner rather than—

Understood thank you and then just 1 more for me. Uh, it sounds like you could be picking up some some momentum through 2026, especially if mecole uh, phase above that 200 level cause cutting continues. Uh, should we expect a similar seasonal Trend as usual? Or would you expect to see maybe a little bit more of a quarter over quarter improve, maybe not quite quarter or quarter but a ramp going into 2027?

Later. Yeah.

Okay, fair enough. Thanks guys.

E. Collin Gerry: Thank you.

Operator: As a reminder, if you'd like to ask a question, please press star one. We'll go next to Dave Storms with Stonegate.

Thank you.

but kind of 2 questions there, if I'm if I'm hearing you correctly, um,

And as a reminder, if you'd like to ask a question, please press star 1.

And we'll go next to Dave storms with Stonegate.

David Storms: Morning, thank you for taking my questions. Just want to start maybe with the Canadian market. There's been several geopolitical developments since we last spoke that have impacted oil prices. How is this changing your conversations with customers? I know a lot of this is done after budgeting. Just curious as to if anything materially has changed or if customers are looking through that.

1 thing that we've kind of always been in the past at this time of the year because uh, Canadian turnaround season in particular, is strongest in the second and third quarters. Um,

we typically had 60 to 65% of our even annual event in the SEC, you know, in the, in the middle half, if you will the second and third quarters, uh,

Bradley Dodson: I think it's too soon for customers to be making any material decisions based on the movement of oil. I don't expect them to do anything. Canada as an oil producer, certainly interesting in times of geopolitical uncertainty, given the security of that resource. If it is maintained over a longer period of time, it could be positive, but in the short term, I don't expect any material changes.

I think that'll be slightly more muted uh second and third quarters. We're still generate the majority of the cash flow as opposed to the first and the fourth but I don't believe it will be as strong.

Uh, David, it's too soon. For sure, you’re making any material decisions.

A more smooth even D progression throughout the year.

Okay, so I'm moving the oil. I don't expect them to.

To do anything. It's certainly um Canada as a, an oil producer. Uh

Dave, is there anything further?

Apologies. I was on mute. No. Thank you for taking my questions and good luck. Uh, this quarter know you did.

certainly interesting in in times of geopolitical uncertainty, uh, given the the security, uh, of uh, that resource

Appreciate it.

So, if it is maintained over a longer period of time, it could be positive. But in the short term, I don't expect any material changes.

David Storms: Understood. Thank you. Sticking with Canada, you signed that contract in Ontario. Is this a playbook for more to come, or was this an opportunistic one-time contract? How would you characterize that?

And this now concludes our question and answer session, I would like to turn the floor back over to Bradley Dodson for closing comments.

Thanks Carrie. And thank you everyone, for joining the call today. We appreciate your interest in studio, we look forward to speaking to you, on our first quarter, earnings call plan for April,

Bradley Dodson: Very pleased with the win in Ontario. It's our first work over there. It's on the integrated services side. Adding a new geography, increasing the integrated services contributions in Canada or North America as a whole. Yes, we would like to build off of it. Excited by the first win, excited what we can do with that opportunity and looking forward to expanding further.

Ladies and gentlemen, thank you for your participation. This does conclude today's teleconference, you may disconnect your lines and have a wonderful day.

Very pleased with the win in Ontario. Um, it's our uh, our first work over there, uh it's on the integrated Services side, so adding a new geography, increasing the integrated Services contributions in Canada or North America as a whole. Uh and yes we would like to build off of it.

Excited by the first win, excited about what we can do with that opportunity, and looking forward to expanding further.

David Storms: Understood. Thank you. Just one more for me. It sounds like you could be picking up some momentum through 2026, especially if MECL stays above that 200 level, cost cutting continues. Should we expect a similar seasonal trend as usual, or would you expect to see maybe a little bit more of a quarter-over-quarter maybe not quite quarter-over-quarter, but a ramp going into 2027?

Cost cutting continues. Uh should we expect a similar seasonal Trend as usual? Or would you expect to see maybe a little bit more of a quarter over quarter improve, maybe not quite quarter, a quarter but a a ramp going into 2027?

Bradley Dodson: That's kind of two questions there if I'm, if I'm hearing you correctly. One thing that we've kind of always been asked at this time of the year, because Canadian turnaround season in particular is strongest in Q2 and Q3. We've typically had 60% to 65% of our annual EBITDA in the middle half, if you will, Q2 and Q3. I think that'll be slightly more muted. Q2 and Q3 will still generate the majority of the cash flows as opposed to Q1 and Q4, I don't believe it'll be as strong. A more smooth EBITDA progression throughout the year.

But kind of two questions there, if I'm hearing you correctly, um,

1 thing that we've kind of always been asked at this time of the year because uh Canadian turnaround season in particular, is strongest and the second and third quarters. Um,

we've typically had 60 to 65% of our even annual even dot in the SEC, you know, in the middle half, if you will the second and third quarters

uh,

I think that'll be slightly more muted. Uh second and third quarters were still generate the majority of the cash flow as opposed to the first and the fourth but I don't believe it will be as strong.

So, a more smooth even top progression throughout the year.

Operator: Dave, is there anything further?

Dave, is there anything further?

David Storms: Oh, apologies. I was on mute. No, thank you for taking my questions and good luck this quarter.

Bradley Dodson: Thank you, Dave. Appreciate it.

Apologies. I was on mute. No. Thank you for taking my questions and good luck. Uh, this quarter. Thank you Dave.

Operator: This now concludes our question and answer session. I would like to turn the floor back over to Bradley Dodson for closing comments.

Appreciate it.

And this now concludes our question and answer session. I would like to turn the floor back over to Bradley Dodson for closing comments.

Bradley Dodson: Thanks, Carrie, thank you everyone for joining the call today. We appreciate your interest in Civeo, and we look forward to speaking to you on our Q1 earnings call planned for April.

Thanks Carrie. And thank you everyone, for joining the call today. We appreciate your interest in studio. We look forward to speaking to you, on our first quarter earnings call planned for April

Operator: Ladies and gentlemen, thank you for your participation. This does conclude today's teleconference. You may disconnect your lines and have a wonderful day.

Ladies and gentlemen, thank you for your participation. This does conclude today's teleconference, you may disconnect your lines and have a wonderful day.

Q4 2025 Civeo Corp Earnings Call

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