Civeo Reports Third Quarter 2026 Results

Bradley J. Dodson, President and Chief Executive Officer of Civeo

“We delivered a strong third quarter with 13% year-over-year revenue growth and a 5% increase in Adjusted EBITDA, while third quarter operating cash flow nearly doubled to $26.4 million.”

Bradley J. Dodson, President and Chief Executive Officer of Civeo

“In Canada, revenues increased 38%, driven by stronger-than-expected turnaround activity at our oil sands lodges and our new integrated services contract in Ontario, and higher occupancy drove a 47% increase in Adjusted EBITDA.”

Bradley J. Dodson, President and Chief Executive Officer of Civeo

“In Australia, contractual rate increases and increased shutdown activity in our integrated services business helped offset lower owned-village occupancy in the Bowen Basin, while the stronger Australian dollar contributed to year-over-year revenue growth.”

Bradley J. Dodson, President and Chief Executive Officer of Civeo

“Our North American business continues to gain traction.”

Bradley J. Dodson, President and Chief Executive Officer of Civeo

“Buoyed by stabilizing oil sands occupancy, continued integrated services growth, and recent contractual wins encompassing approximately 700 mobile fleet rooms in Canada, we now expect Canadian revenue, in local currency, to increase approximately 30% year-over-year in the back half of 2026.”

Bradley J. Dodson, President and Chief Executive Officer of Civeo

“This is an improvement from the prior quarter’s guidance of 20% year-over-year growth over the same time period.”

Bradley J. Dodson, President and Chief Executive Officer of Civeo

“Beyond the oil sands, our pipeline of North American infrastructure opportunities, including LNG, Canadian energy infrastructure, and power and data center development, remains robust.”

Bradley J. Dodson, President and Chief Executive Officer of Civeo

“In summary, we continue to see increasing room demand across a diverse set of end markets, which should continue to support stronger utilization, pricing and ultimately returns.”

Bradley J. Dodson, President and Chief Executive Officer of Civeo

“Reflecting our year-to-date performance, we are raising our full year 2026 revenue and Adjusted EBITDA guidance.”

Bradley J. Dodson, President and Chief Executive Officer of Civeo

“In Canada, some turnaround activity we had expected to extend into the fourth quarter was instead completed in the third quarter.”

Bradley J. Dodson, President and Chief Executive Officer of Civeo

“In Australia, owned-village occupancy remains solid, though softer than healthy commodity prices would typically support, as elevated diesel costs and broader inflationary pressures keep producers focused on cost discipline.”

Bradley J. Dodson, President and Chief Executive Officer of Civeo

“We expect these dynamics to persist through year-end.”

Bradley J. Dodson, President and Chief Executive Officer of Civeo

“With enhanced financial flexibility and a growing pipeline of North American infrastructure opportunities, we see a clear path to long-term growth and value creation, which we intend to pursue deliberately, remaining focused on safe, efficient operations and cost discipline while committing capital only where we believe the returns justify the investment.”