1 unchanged sentence
Market for Our Common Shares
−Removed: Our common shares trade on the NYSE under the trading symbol “CVEO”.
+Added: Our common shares trade on the New York Stock Exchange under the trading symbol “CVEO”.
Holders of Record
1 unchanged sentence
Dividend Information
−Removed: We do not currently pay any cash dividends on our common shares.
−Removed: 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.
−Removed: We can give no assurances that we will pay a dividend in the future.
−Removed: The preferred shares we issued in the Noralta Acquisition were 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.
−Removed: Quarterly dividends were paid in-kind beginning June 30, 2018 through December 12, 2022, thereby increasing the liquidation preference to $10,982 per share as of December 12, 2022.
−Removed: We repurchased 40% of the outstanding preferred shares on October 30, 2022, which included accrued cash dividends for the month of October 2022 of under $0.1 million.
−Removed: On December 13, 2022, the holders of the preferred shares converted all outstanding preferred shares into approximately 1.5 million common shares.
−Removed: Following such conversion, no further dividends are required to be paid.
−Removed: For further information, see Note 16 - Preferred Shares to the notes to the consolidated financial statements included in Item 8 of this annual report.
+Added: We intend to pay regular quarterly dividends on our common shares, with all future dividend payments subject to quarterly review and approval by our Board.
+Added: The declaration and amount of all potential future dividends will be at the discretion of our Board 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 deems relevant.
+Added: In addition, our ability to pay cash dividends on common shares is limited by covenants in the Credit Agreement.
+Added: Future agreements may also limit our ability to pay dividends, and we may incur incremental taxes if we are required to repatriate foreign earnings to pay such dividends.
+Added: The amount per share of our dividend payments may be changed, or dividends may be suspended, without advance notice.
+Added: The likelihood that dividends will be reduced or suspended is increased during periods of market weakness.
+Added: There can be no assurance that we will continue to pay a dividend in the future.
Performance Graph
10 unchanged sentences
Precision Drilling Corporation
−Removed: Exterran Corporation Select Energy Services Inc.
Forum Energy Technologies, Inc.
−Removed: Target Hospitality Corp.
−Removed: Matrix Service Company Tetra Technologies, Inc.
+Added: Select Energy Services Inc.
+Added: Matrix Service Company Target Hospitality Corp.
McGrath RentCorp
−Removed: Total Energy Services Inc.
+Added: Tetra Technologies, Inc.
Newpark Resources, Inc.
+Added: Total Energy Services Inc.
+Added: The current peer group remain unchanged for 2023 with the exception of the removal of Exterran Corporation, as they were acquired by Enerflex Ltd.
12/31/18 12/31/19 12/31/20 12/31/21 12/31/22 12/31/23
2 unchanged sentences
PHLX Oil Service Sector $ 100.00 $ 99.45 $ 57.60 $ 69.55 $ 112.31 $ 114.47
−Removed: Current Peer Group $ 100.00 $ 76.45 $ 89.83 $ 79.54 $ 107.71 $ 119.46
+Added: Peer Group $ 100.00 $ 117.51 $ 104.04 $ 140.90 $ 156.26 $ 168.01
The performance graph above is furnished and not filed for purposes of the Securities Act and the Exchange Act.
2 unchanged sentences
Repurchases of Registered Equity Securities by Registrant or its Affiliates in the Fourth Quarter
−Removed: In August 2022, our Board of Directors authorized a new common share repurchase program to repurchase up to 5.0% of our total common shares which are issued and outstanding, or 685,614 common shares, over a twelve month period.
−Removed: We have not repurchased any shares under this repurchase program as of December 31, 2022.
+Added: The following table provides information about purchases of our common shares during the three months ended December 31, 2023.
+Added: Total Number of Shares Purchased (1)
+Added: Average Price Paid per Share Total number of shares purchased as part of publicly announced plans or programs Maximum number of shares that may be purchased under the plans or programs
+Added: October 1, 2023 - October 31, 2023 99,521 $ 19.84 99,521 600,769
+Added: November 1, 2023 - November 30, 2023 12,900 $ 19.71 12,900 587,869
+Added: December 1, 2023 - December 31, 2023 8,332 $ 21.50 8,332 579,537
+Added: Total 120,753 $ 19.94 120,753 579,537
+Added: (1) In August 2023, our Board authorized a common share repurchase program to repurchase up to 5.0% of our total common shares which were issued and outstanding at the time of approval, or 742,134 common shares, over a twelve month period.
+Added: We repurchased an aggregate of 120,753 of our common shares outstanding for approximately $2.4 million during the three months ended December 31, 2023.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.