Item 5. Market for Registrant’s Common Equity
ITEM 5. Market for Registrant's Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities
Market for Our Common Shares
Our common shares trade on the NYSE under the trading symbol “CVEO”.
Holders of Record
As of February 22, 2021, there were 19 holders of record of Civeo common shares.
Dividend Information
We do not currently pay any cash dividends on our common shares. The declaration and amount of all dividends will be at the discretion of our board of directors and will depend upon many factors, including our financial condition, results of operations, cash flows, prospects, industry conditions, capital requirements of our business, covenants associated with certain debt obligations, legal requirements, regulatory constraints, industry practice and other factors the board of directors deems relevant. We can give no assurances that we will pay a dividend in the future.
The preferred shares we issued in the Noralta Acquisition are entitled to receive a 2% annual dividend on the liquidation preference (initially $10,000 per share), paid quarterly in cash or, at our option, by increasing the preferred shares’ liquidation preference, or any combination thereof. Quarterly dividends have been paid in-kind for each quarterly period beginning June 30, 2018 through December 31, 2020, thereby increasing the liquidation preference to $10,563 per share as of December 31, 2020. We currently expect to pay dividends on the preferred shares for the foreseeable future through an increase in liquidation preference rather than cash. For further information, see Note 19 - Preferred Shares to the notes to the consolidated financial statements included in Item 8 of this annual report.
Performance Graph
The share price performance shown on the graph is not necessarily indicative of future price performance. Information used in the graph was obtained from Research Data Group, Inc., a source believed to be reliable, but we are not responsible for any errors or omissions in such information.
The following performance graph and chart compare the cumulative total return to holders of our common shares with the cumulative total returns of the Standard & Poor's 500 Stock Index, Philadelphia OSX and with that of our peer group, for the period from December 31, 2015 to December 31, 2020. The graph and chart show the value, at the dates indicated, of $100 invested at December 31, 2015 and assume the reinvestment of all dividends, as applicable.
Our peer group consists of Basic Energy Services, Inc., Black Diamond Group Limited, Dexterra Group Inc., Exterran Corporation, Forum Energy Technologies, Inc., Matrix Service Company, Newpark Resources, Inc., Nine Energy Service Inc., Quintana Energy Services Inc. (1) , Oil States International, Inc., Precision Drilling Corporation, Select Energy Services Inc., Source Energy Services Ltd., Step Energy Services Ltd., Tetra Tech Inc. and Total Energy Services Inc.
(1) This company was acquired in July 2020.
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12/31/15 12/31/16 12/31/17 12/31/18 12/31/19 12/31/20
Civeo Corporation $ 100.00 $ 154.93 $ 192.25 $ 100.70 $ 90.85 $ 81.57
S&P 500 $ 100.00 $ 111.96 $ 136.40 $ 130.42 $ 171.49 $ 203.04
PHLX Oil Service Sector $ 100.00 $ 118.98 $ 98.51 $ 53.97 $ 53.67 $ 31.09
Current Peer Group $ 100.00 $ 143.88 $ 124.27 $ 77.10 $ 85.50 $ 77.83
The performance graph above is furnished and not filed for purposes of the Securities Act and the Exchange Act. The performance graph is not soliciting material subject to Regulation 14A.
Unregistered Sales of Equity Securities and Use of Proceeds
None.
Repurchases of Equity Securities by Registrant or its Affiliates in the Fourth Quarter
None.
ITEM 6. Selected Financial Data
Not applicable.
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