What changed in this filing

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Item 1. Financial Statements

2025-10-31 compared with 2025-07-29 · 118 added, 101 removed, 477 unchanged (31% of the section changed)

4 unchanged sentences

Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

2025 2024 2025 2024

6 unchanged sentences

(Gain) loss on sale of McClelland Lake Lodge assets, net — 171 — ( 5,817 )

Other operating expense 66 188 573 486

Other operating (income) expense ( 1,298 ) 506 ( 725 ) 992

163,525 176,294 472,979 519,796

Operating income (loss) 2,800 13,112 ( 2,716 ) 11,331

Operating income 6,966 44 4,250 11,375

Interest expense ( 3,422 ) ( 1,725 ) ( 7,740 ) ( 6,288 )

3 unchanged sentences

Income tax expense ( 4,038 ) ( 3,862 ) ( 10,732 ) ( 9,199 )

Net income (loss) ( 3,311 ) 7,487 ( 13,161 ) 2,291

Net income (loss) attributable to noncontrolling interest 3 ( 740 ) ( 5 ) ( 803 )

Net income (loss) attributable to Civeo Corporation $ ( 3,314 ) $ 8,227 $ ( 13,156 ) $ 3,094

Net loss ( 456 ) ( 5,289 ) ( 13,617 ) ( 2,998 )

Net loss attributable to noncontrolling interest ( 1 ) ( 198 ) ( 6 ) ( 1,001 )

Net loss attributable to Civeo Corporation $ ( 455 ) $ ( 5,091 ) $ ( 13,611 ) $ ( 1,997 )

Per Share Data (see Note 7)

Basic net income (loss) per share attributable to Civeo Corporation common shareholders $ ( 0.25 ) $ 0.57 $ ( 0.98 ) $ 0.21

Diluted net income (loss) per share attributable to Civeo Corporation common shareholders $ ( 0.25 ) $ 0.56 $ ( 0.98 ) $ 0.21

Basic net loss per share attributable to Civeo Corporation common shareholders $ ( 0.04 ) $ ( 0.36 ) $ ( 1.04 ) $ ( 0.14 )

Diluted net loss per share attributable to Civeo Corporation common shareholders $ ( 0.04 ) $ ( 0.36 ) $ ( 1.04 ) $ ( 0.14 )

Weighted average number of common shares outstanding:

7 unchanged sentences

Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

2025 2024 2025 2024

Net income (loss) $ ( 3,311 ) $ 7,487 $ ( 13,161 ) $ 2,291

Net loss $ ( 456 ) $ ( 5,289 ) $ ( 13,617 ) $ ( 2,998 )

Other comprehensive income (loss), net of taxes:

3 unchanged sentences

Comprehensive income (loss) ( 1,220 ) 1,949 ( 2,353 ) ( 4,370 )

Comprehensive income (loss) attributable to noncontrolling interest 4 ( 767 ) ( 4 ) ( 899 )

Comprehensive loss attributable to noncontrolling interest ( 1 ) ( 172 ) ( 5 ) ( 1,071 )

Comprehensive income (loss) attributable to Civeo Corporation $ ( 1,219 ) $ 2,121 $ ( 2,348 ) $ ( 3,299 )

3 unchanged sentences

(In Thousands, Excluding Share Amounts)

June 30, 2025 December 31, 2024

September 30, 2025 December 31, 2024

Current assets:

50 unchanged sentences

Shareholders’

Balance, March 31, 2024 $ — $ 1,629,521 $ ( 931,135 ) $ ( 10,130 ) $ ( 390,877 ) $ 2,731 $ 300,110

Net income (loss) — — 8,227 — — ( 740 ) 7,487

Balance, June 30, 2024 $ — $ 1,630,130 $ ( 933,346 ) $ ( 10,130 ) $ ( 389,229 ) $ 1,963 $ 299,388

Net loss — — ( 5,091 ) — — ( 198 ) ( 5,289 )

Currency translation adjustment — — — — 7,212 26 7,238

3 unchanged sentences

Share-based compensation — 721 — — — — 721

Balance, September 30, 2024 $ — $ 1,630,851 $ ( 956,545 ) $ ( 10,130 ) $ ( 382,017 ) $ 1,785 $ 283,944

Balance, June 30, 2025 $ — $ 1,633,022 $ ( 1,020,236 ) $ ( 10,775 ) $ ( 392,573 ) $ — $ 209,438

Balance, March 31, 2025 $ — $ 1,632,420 $ ( 997,400 ) $ ( 10,775 ) $ ( 403,507 ) $ — $ 220,738

Net income (loss) — — ( 3,314 ) — — 3 ( 3,311 )

Net loss — — ( 455 ) — — ( 1 ) ( 456 )

Currency translation adjustment — — — — ( 764 ) — ( 764 )

3 unchanged sentences

Share-based compensation — 1,061 — — — — 1,061

Balance, June 30, 2025 $ — $ 1,633,022 $ ( 1,020,236 ) $ ( 10,775 ) $ ( 392,573 ) $ — $ 209,438

Balance, September 30, 2025 $ — $ 1,634,083 $ ( 1,047,425 ) $ ( 10,775 ) $ ( 393,337 ) $ — $ 182,546

Balance, December 31, 2023 $ — $ 1,628,972 $ ( 919,023 ) $ ( 9,063 ) $ ( 380,715 ) $ 2,867 $ 323,038

Net income (loss) — — 3,094 — — ( 803 ) 2,291

Net loss — — ( 1,997 ) — — ( 1,001 ) ( 2,998 )

Currency translation adjustment — — — — ( 1,302 ) ( 70 ) ( 1,372 )

3 unchanged sentences

Share-based compensation — 1,879 — ( 1,067 ) — — 812

Balance, June 30, 2024 $ — $ 1,630,130 $ ( 933,346 ) $ ( 10,130 ) $ ( 389,229 ) $ 1,963 $ 299,388

Balance, September 30, 2024 $ — $ 1,630,851 $ ( 956,545 ) $ ( 10,130 ) $ ( 382,017 ) $ 1,785 $ 283,944

Balance, December 31, 2024 $ — $ 1,631,823 $ ( 980,720 ) $ ( 10,130 ) $ ( 404,600 ) $ 625 $ 236,998

5 unchanged sentences

Share-based compensation — 2,260 — ( 645 ) — — 1,615

Balance, June 30, 2025 $ — $ 1,633,022 $ ( 1,020,236 ) $ ( 10,775 ) $ ( 392,573 ) $ — $ 209,438

Balance, September 30, 2025 $ — $ 1,634,083 $ ( 1,047,425 ) $ ( 10,775 ) $ ( 393,337 ) $ — $ 182,546

Balance, December 31, 2024 13,654

1 unchanged sentence

Common shares repurchased ( 2,088 )

Balance, June 30, 2025 12,696

Balance, September 30, 2025 11,645

The accompanying notes are an integral part of these financial statements.

2 unchanged sentences

(In Thousands)

Six Months Ended

Nine Months Ended

September 30,

Cash flows from operating activities:

Net income (loss) $ ( 13,161 ) $ 2,291

Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:

Net loss $ ( 13,617 ) $ ( 2,998 )

Adjustments to reconcile net loss to net cash provided by operating activities:

Depreciation and amortization 54,092 51,269

3 unchanged sentences

Gains on disposals of assets ( 1,343 ) ( 6,134 )

Provision (benefit) for credit losses, net of recoveries ( 9 ) 34

Provision for credit losses, net of recoveries 175 15

Other, net 1,214 1,886

5 unchanged sentences

Other current and noncurrent assets and liabilities, net ( 12,261 ) ( 3,415 )

Net cash flows provided by (used in) operating activities ( 10,758 ) 38,343

Net cash flows provided by operating activities 3,072 74,014

Cash flows from investing activities:

45 unchanged sentences

Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

2025 2024 2025 2024

13 unchanged sentences

We do not have significant financing components or significant payment terms.

As of June 30, 2025, for contracts that are greater than one year, the table below discloses the estimated revenues related to performance obligations that are unsatisfied (or partially unsatisfied) and when we expect to recognize the revenue.

As of September 30, 2025, for contracts that are greater than one year, the table below discloses the estimated revenues related to performance obligations that are unsatisfied (or partially unsatisfied) and when we expect to recognize the revenue.

The table only includes revenue expected to be recognized from contracts where the quantity of service is certain (in thousands):

1 unchanged sentence

2025 2026 2027 Thereafter Total

Revenue expected to be recognized as of June 30, 2025 $ 107,593 $ 178,520 $ 141,889 $ 282,781 $ 710,783

Revenue expected to be recognized as of September 30, 2025 $ 58,353 $ 187,293 $ 143,995 $ 278,574 $ 668,215

We applied the practical expedient and do not disclose consideration for remaining performance obligations with an original expected duration of one year or less.

2 unchanged sentences

IMPAIRMENT CHARGES

No impairment expense was recorded during the first or second quarters of 2025.

No impairment expense was recorded during the first, second or third quarters of 2025.

The following summarizes pre-tax impairment charges recorded during 2024, which are included in Impairment expense in our consolidated statements of operations (in thousands):

CIVEO CORPORATION

NOTES TO UNAUDITED CONSOLIDATED

FINANCIAL STATEMENTS

Australia U.S.

2 unchanged sentences

Total $ 5,749 $ 2,074 $ 7,823

CIVEO CORPORATION

NOTES TO UNAUDITED CONSOLIDATED

FINANCIAL STATEMENTS

Quarter ended March 31, 2024 .

7 unchanged sentences

We believe that the carrying values of these instruments on the accompanying consolidated balance sheets approximate their fair values.

As of June 30, 2025 and December 31, 2024, we believe the carrying value of our floating-rate debt outstanding under our revolving credit facilities approximates fair value because the terms include short-term interest rates and exclude penalties for prepayment.

As of September 30, 2025 and December 31, 2024, we believe the carrying value of our floating-rate debt outstanding under our revolving credit facilities approximates fair value because the terms include short-term interest rates and exclude penalties for prepayment.

We estimated the fair value of our floating-rate revolving credit facilities using significant other observable inputs, representative of a Level 2 fair value measurement, including terms and credit spreads for these loans.

7 unchanged sentences

DETAILS OF SELECTED BALANCE SHEET ACCOUNTS

Additional information regarding selected balance sheet accounts at June 30, 2025 and December 31, 2024 is presented below (in thousands):

June 30, 2025 December 31, 2024

Additional information regarding selected balance sheet accounts at September 30, 2025 and December 31, 2024 is presented below (in thousands):

September 30, 2025 December 31, 2024

Accounts receivable, net:

5 unchanged sentences

Total accounts receivable, net $ 105,001 $ 89,038

June 30, 2025 December 31, 2024

Finished goods, including purchased food, housekeeping and retail inventory $ 4,240 $ 6,134

Raw materials 1,582 1,403

Total inventories $ 5,822 $ 7,537

CIVEO CORPORATION

1 unchanged sentence

FINANCIAL STATEMENTS

(in years) June 30, 2025 December 31, 2024

September 30, 2025 December 31, 2024

Finished goods, including purchased food, housekeeping and retail inventory $ 4,194 $ 6,134

Raw materials 1,613 1,403

Total inventories $ 5,807 $ 7,537

(in years) September 30, 2025 December 31, 2024

Property, plant and equipment, net:

9 unchanged sentences

Total property, plant and equipment, net $ 251,309 $ 204,897

June 30, 2025 December 31, 2024

September 30, 2025 December 31, 2024

Accrued liabilities:

3 unchanged sentences

Total accrued liabilities $ 33,681 $ 34,933

June 30, 2025 December 31, 2024

September 30, 2025 December 31, 2024

Contract assets:

Current contract assets (1)

Noncurrent contract assets (1)

Total contract assets $ 3,524 $ —

Contract liabilities (Deferred revenue):

3 unchanged sentences

Total contract liabilities (Deferred revenue) $ 6,176 $ 7,599

(1) Current contract assets and Noncurrent contract assets are included in "Other current assets" and "Other noncurrent assets," respectively, in our unaudited consolidated balance sheets.

(2) Current contract liabilities and Noncurrent contract liabilities are included in "Deferred revenue" and "Other noncurrent liabilities," respectively, in our unaudited consolidated balance sheets.

Deferred revenue typically consists of upfront payments received before we satisfy the associated performance obligation.

The decrease in deferred revenue from December 31, 2024 to June 30, 2025 was due to revenue recognized over the contracted terms related to advance payments received from a customer for village enhancements in Australia .

Contract assets consists of upfront incentives offered as consideration for entering into multi-year contracts.

These incentives are refundable to us if the customer cancels the contract prior to the end of the contracted terms.

The contract assets are amortized as a reduction of revenue over the contract term as the related services are provided.

The increase in contract

CIVEO CORPORATION

1 unchanged sentence

FINANCIAL STATEMENTS

assets from December 31, 2024 to September 30, 2025 was due to incentives offered to a customer in Australia during the first quarter of 2025 to enter into a six -year integrated services contract.

Deferred revenue typically consists of upfront payments received before we satisfy the associated performance obligation.

The decrease in deferred revenue from December 31, 2024 to September 30, 2025 was due to revenue recognized over the contracted terms related to advance payments received from a customer for village enhancements in Australia.

ASSET ACQUISITION

29 unchanged sentences

The calculation of basic and diluted earnings per share attributable to Civeo common shareholders is presented below for the periods indicated (in thousands, except per share amounts):

Three Months Ended June 30, Six Months Ended June 30,

Three Months Ended September 30, Nine Months Ended September 30,

2025 2024 2025 2024

Basic net income (loss) attributable to Civeo Corporation $ ( 3,314 ) $ 8,227 $ ( 13,156 ) $ 3,094

Diluted net income (loss) attributable to Civeo Corporation $ ( 3,314 ) $ 8,227 $ ( 13,156 ) $ 3,094

Basic net loss attributable to Civeo Corporation $ ( 455 ) $ ( 5,091 ) $ ( 13,611 ) $ ( 1,997 )

Diluted net loss attributable to Civeo Corporation $ ( 455 ) $ ( 5,091 ) $ ( 13,611 ) $ ( 1,997 )

Weighted average shares outstanding - basic 12,395 14,293 13,053 14,488

1 unchanged sentence

Weighted average shares outstanding - diluted 12,395 14,293 13,053 14,488

Basic net income (loss) per share attributable to Civeo Corporation common shareholders (1)

Basic net loss per share attributable to Civeo Corporation common shareholders (1)

$ ( 0.04 ) $ ( 0.36 ) $ ( 1.04 ) $ ( 0.14 )

Diluted net income (loss) per share attributable to Civeo Corporation common shareholders (1)

Diluted net loss per share attributable to Civeo Corporation common shareholders (1)

$ ( 0.04 ) $ ( 0.36 ) $ ( 1.04 ) $ ( 0.14 )

(1) Computations may reflect rounding adjustments.

Share-based awards that have been excluded from the calculation of weighted-average common shares outstanding because the effect is anti-dilutive totaled 0.1 million shares and zero shares, respectively, for the three months ended June 30, 2025 and 2024.

Share-based awards that have been excluded from the calculation of weighted-average common shares outstanding because the effect is anti-dilutive totaled 0.1 million shares and fewer than 0.1 million shares, respectively, for the six months ended June 30, 2025 and 2024.

Share-based awards that have been excluded from the calculation of weighted-average common shares outstanding because the effect is anti-dilutive totaled 0.1 million shares and 0.2 million shares, respectively, for the three months ended September 30, 2025 and 2024.

Share-based awards that have been excluded from the calculation of weighted-average common shares outstanding because the effect is anti-dilutive totaled 0.1 million shares and 0.2 million shares, respectively, for the nine months ended September 30, 2025 and 2024.

CIVEO CORPORATION

1 unchanged sentence

FINANCIAL STATEMENTS

As of June 30, 2025 and December 31, 2024, long-term debt consisted of the following (in thousands):

June 30, 2025 December 31, 2024

As of September 30, 2025 and December 31, 2024, long-term debt consisted of the following (in thousands):

September 30, 2025 December 31, 2024

revolving credit facility;

weighted average interest rate of 9.0 % for the six month period ended June 30, 2025

weighted average interest rate of 9.1 % for the nine month period ended September 30, 2025

Canadian revolving credit facility;

weighted average interest rate of 5.9 % for the six month period ended June 30, 2025

weighted average interest rate of 5.9 % for the nine month period ended September 30, 2025

138,632 43,299

Australian revolving credit facility;

weighted average interest rate of 6.6 % for the six month period ended June 30, 2025

weighted average interest rate of 6.6 % for the nine month period ended September 30, 2025

Total debt $ 187,937 $ 43,299

1 unchanged sentence

On March 24, 2025, we amended our Syndicated Facility Agreement (as amended to date, the Amended Credit Agreement), to increase the Australian revolving commitments by $ 20.0 million to an aggregate amount of $ 55.0 million.

As of June 30, 2025, the Amended Credit Agreement provided for a $ 265.0 million revolving credit facility scheduled to mature on August 8, 2028, allocated as follows:

As of September 30, 2025, the Amended Credit Agreement provided for a $ 265.0 million revolving credit facility scheduled to mature on August 8, 2028, allocated as follows:

(A) a $ 10.0 million senior secured revolving credit facility in favor of certain of our U.S.

17 unchanged sentences

EBITDA and consolidated interest, as defined, exclude goodwill and asset impairments, debt discount amortization, amortization of intangibles and other non-cash charges.

We were in compliance with our covenants as of June 30, 2025.

We were in compliance with our covenants as of September 30, 2025.

Borrowings under the Amended Credit Agreement are secured by a pledge of substantially all of our assets and the assets of our subsidiaries subject to customary exceptions.

The obligations under the Amended Credit Agreement are guaranteed by our significant subsidiaries.

As of June 30, 2025, we had six lenders that were parties to the Amended Credit Agreement, with total revolving commitments ranging from $ 35.0 million to $ 60.0 million.

As of June 30, 2025, we had outstanding letters of credit of zero under the U.S.

As of September 30, 2025, we had six lenders that were parties to the Amended Credit Agreement, with total revolving commitments ranging from $ 35.0 million to $ 60.0 million.

As of September 30, 2025, we had outstanding letters of credit of zero under the U.S.

facility, zero under the Australian facility and $ 0.9 million under the Canadian facility.

13 unchanged sentences

Income taxes for any significant and unusual or extraordinary transactions are computed and recorded in the period in which the specific transaction occurs.

As of June 30, 2025 and 2024, Canada and the U.S.

As of September 30, 2025 and 2024, Canada and the U.S.

were considered loss jurisdictions for tax accounting purposes and were removed from the annual effective tax rate computation for purposes of computing the interim tax provision.

Our income tax expense for the three months ended June 30, 2025 totaled $ 3.6 million, or 1222.4 % of pretax income, compared to income tax expense of $ 3.8 million, or 33.6 % of pretax income, for the three months ended June 30, 2024.

Our effective tax rate for the three months ended June 30, 2025 and 2024 was impacted by Canada and the U.S.

Our income tax expense for the three months ended September 30, 2025 totaled $ 4.0 million, or 112.7 % of pretax income, compared to income tax expense of $ 3.9 million, or ( 270.6 )% of pretax loss, for the three months ended September 30, 2024.

Our effective tax rate for the three months ended September 30, 2025 and 2024 was impacted by Canada and the U.S.

being considered loss jurisdictions that were removed from the annual effective tax rate computation for purposes of computing the interim tax provision.

Our income tax expense for the six months ended June 30, 2025 totaled $ 6.7 million, or ( 103.5 )% of pretax loss, compared to income tax expense of $ 5.3 million, or 70.0 % of pretax income, for the six months ended June 30, 2024.

Our effective tax rate for the six months ended June 30, 2025 and 2024 was impacted by Canada and the U.S.

Our income tax expense for the nine months ended September 30, 2025 totaled $ 10.7 million, or ( 372.0 )% of pretax loss, compared to income tax expense of $ 9.2 million, or 148.3 % of pretax income, for the nine months ended September 30, 2024.

Our effective tax rate for the nine months ended September 30, 2025 and 2024 was impacted by Canada and the U.S.

being considered loss jurisdictions that were removed from the annual effective tax rate computation for purposes of computing the interim tax provision.

3 unchanged sentences

ACCUMULATED OTHER COMPREHENSIVE LOSS

Our accumulated other comprehensive loss decreased $ 12.0 million from $ 404.6 million at December 31, 2024 to $ 392.6 million at June 30, 2025, as a result of foreign currency exchange rate fluctuations.

Changes in other comprehensive loss during the six months of 2025 were primarily driven by the Australian dollar and Canadian dollar increasing in value compared to the U.S.

Excluding intercompany balances, our Canadian dollar and Australian dollar functional currency net assets totaled approximately C$ 74 million and A$ 234 million, respectively, at June 30, 2025.

Our accumulated other comprehensive loss decreased $ 11.3 million from $ 404.6 million at December 31, 2024 to $ 393.3 million at September 30, 2025, as a result of foreign currency exchange rate fluctuations.

Changes in other comprehensive loss during the nine months of 2025 were primarily driven by the Australian dollar and Canadian dollar increasing in value compared to the U.S.

Excluding intercompany balances, our Canadian dollar and Australian dollar functional currency net assets totaled approximately C$ 23 million and A$ 248 million, respectively, at September 30, 2025.

CIVEO CORPORATION

3 unchanged sentences

Share Repurchase Programs

In September 2024, our Board of Directors (Board) authorized a common share repurchase program (the Share Repurchase Program) to repurchase of up to 5.0 % of our total common shares which were issued and outstanding at that date, or approximately 0.7 million common shares over a twelve month period.

In September 2024, our Board of Directors (Board) authorized a common share repurchase program (the Share Repurchase Program) to repurchase up to 5.0 % of our total common shares which were issued and outstanding at that date, or approximately 0.7 million common shares over a twelve month period.

In March 2025, our Board authorized an increase to the Share Repurchase Program to repurchase up to 10.0 % of our total common shares which are issued and outstanding at that date, or approximately 1.4 million common shares, and in April 2025, our Board authorized a further increase to repurchase up to 20.0 % of our total common shares which are issued and outstanding at that date, or approximately 2.7 million common shares.

3 unchanged sentences

The following table summarizes our common share repurchases for the periods presented (in thousands, except per share data):

Three Months Ended June 30, Six Months Ended June 30,

Three Months Ended September 30, Nine Months Ended September 30,

2025 2024 2025 2024

2 unchanged sentences

Average price paid per share $ 24.93 $ 27.59 $ 23.30 $ 26.08

Our Board declared the following quarterly dividends for the six months ended June 30, 2025 and 2024.

Our Board declared the following quarterly dividends for the nine months ended September 30, 2025 and 2024.

The dividends are eligible dividends pursuant to the Income Tax Act (Canada).

In April 2025, we announced the suspension by our Board of quarterly dividends on our common shares to prioritize returning capital to our shareholders through ongoing share repurchases.

In April 2025, our Board suspended quarterly dividends on our common shares to prioritize returning capital to our shareholders through ongoing share repurchases.

Date Declared Record Date Payment Date Per Share Amount

January 31, 2025 February 24, 2025 March 17, 2025 $ 0.25

July 30, 2024 August 26, 2024 September 16, 2024 $ 0.25

April 26, 2024 May 27, 2024 June 17, 2024 $ 0.25

12 unchanged sentences

FINANCIAL STATEMENTS

During the three months ended June 30, 2025 and 2024, we recognized compensation expense associated with phantom share units totaling $ 1.5 million and $ 1.6 million, respectively.

During the six months ended June 30, 2025 and 2024, we recognized compensation expense associated with phantom share units totaling $ 3.3 million and $ 2.9 million, respectively.

At June 30, 2025, unrecognized compensation cost related to phantom share units was $ 9.3 million, as remeasured at June 30, 2025, which is expected to be recognized over a weighted average period of 2.1 years.

During the three months ended September 30, 2025 and 2024, we recognized compensation expense associated with phantom share units totaling $ 1.5 million and $ 2.1 million, respectively.

During the nine months ended September 30, 2025 and 2024, we recognized compensation expense associated with phantom share units totaling $ 4.8 million and $ 5.1 million, respectively.

At September 30, 2025, unrecognized compensation cost related to phantom share units was $ 7.9 million, as remeasured at September 30, 2025, which is expected to be recognized over a weighted average period of 1.9 years.

Performance Share Awards.

4 unchanged sentences

No share-based compensation expense is recognized if the performance criteria are not probable of being achieved.

During the three months ended June 30, 2025 and 2024, we recognized compensation expense associated with performance share awards totaling $ 0.3 million and $ 0.3 million, respectively.

During the six months ended June 30, 2025 and 2024, we recognized compensation expense associated with performance share awards totaling $ 0.7 million and $ 0.6 million, respectively.

No performance share awards vested during the three months ended June 30, 2025 and 2024.

The total fair value of performance share awards that vested during the six months ended June 30, 2025 and 2024 was $ 1.7 million and $ 2.8 million, respectively.

At June 30, 2025, unrecognized compensation cost related to performance share awards was $ 2.2 million, which is expected to be recognized over a weighted average period of 1.9 years.

During the three months ended September 30, 2025 and 2024, we recognized compensation expense associated with performance share awards totaling $ 0.8 million and $ 0.5 million, respectively.

During the nine months ended September 30, 2025 and 2024, we recognized compensation expense associated with performance share awards totaling $ 1.5 million and $ 1.1 million, respectively.

No performance share awards vested during the three months ended September 30, 2025 and 2024.

The total fair value of performance share awards that vested during the nine months ended September 30, 2025 and 2024 was $ 1.7 million and $ 2.8 million, respectively.

At September 30, 2025, unrecognized compensation cost related to performance share awards was $ 3.3 million, which is expected to be recognized over a weighted average period of 2.1 years.

Restricted Share Awards / Restricted Share Units / Deferred Share Awards.

On May 14, 2025, we granted 50,215 restricted share and deferred share awards to our non-employee directors, which vest in their entirety in May 2026.

Compensation expense associated with restricted share awards, restricted share units and deferred share awards recognized in the three months ended June 30, 2025 and 2024 totaled $ 0.3 million and $ 0.3 million, respectively.

Compensation expense associated with restricted share awards, restricted share units and deferred share awards recognized in the six months ended June 30, 2025 and 2024 totaled $ 0.5 million and $ 0.5 million, respectively.

The total fair value of restricted share awards, restricted share units and deferred share awards that vested during the three and six months ended June 30, 2025 and 2024 was $ 0.9 million and $ 1.2 million, respectively.

At June 30, 2025, unrecognized compensation cost related to restricted share awards, restricted share units and deferred share awards was $ 0.9 million, which is expected to be recognized over a weighted average period of 0.9 years.

Compensation expense associated with restricted share awards, restricted share units and deferred share awards recognized in the three months ended September 30, 2025 and 2024 totaled $ 0.3 million and $ 0.3 million, respectively.

Compensation expense associated with restricted share awards, restricted share units and deferred share awards recognized in the nine months ended September 30, 2025 and 2024 totaled $ 0.8 million and $ 0.8 million, respectively.

The total fair value of restricted share awards, restricted share units and deferred share awards that vested during the three months ended September 30, 2025 and 2024 was zero .

The total fair value of restricted share awards, restricted share units and deferred share awards that vested during the nine months ended September 30, 2025 and 2024 was $ 0.9 million and $ 1.2 million, respectively.

At September 30, 2025, unrecognized compensation cost related to restricted share awards, restricted share units and deferred share awards was $ 0.6 million, which is expected to be recognized over a weighted average period of 0.6 years.

CIVEO CORPORATION

8 unchanged sentences

To better align segment operating income (loss) to the profitability measure used by our chief operating decision maker, we have excluded this allocation.

Prior periods have been updated to be consistent with the presentation for the three and six months ended June 30, 2025.

Financial information by business segment for each of the three and six months ended June 30, 2025 and 2024 is summarized in the following table (in thousands):

Three Months Ended June 30, 2025 Australia Canada Corporate, other and eliminations Total

Prior periods have been updated to be consistent with the presentation for the three and nine months ended September 30, 2025.

Financial information by business segment for each of the three and nine months ended September 30, 2025 and 2024 is summarized in the following table (in thousands):

Three Months Ended September 30, 2025 Australia Canada Corporate, other and eliminations Total

Revenues $ 124,460 $ 46,031 $ — $ 170,491

15 unchanged sentences

FINANCIAL STATEMENTS

Three Months Ended June 30, 2024 Australia Canada Corporate, other and eliminations Total

Three Months Ended September 30, 2024 Australia Canada Corporate, other and eliminations Total

Revenues $ 116,622 $ 57,736 $ 1,980 $ 176,338

4 unchanged sentences

Depreciation and amortization expense 8,086 9,264 90 17,440

Other operating expense (2)

Other operating expense (income) (2)

( 7 ) 179 505 677

2 unchanged sentences

Other loss (3)

Income before income taxes $ 11,273

Loss before income taxes $ ( 1,427 )

Capital expenditures $ 3,889 $ 3,558 $ 29 $ 7,476

Total assets $ 218,733 $ 244,458 $ 14,445 $ 477,636

Six Months Ended June 30, 2025 Australia Canada Corporate, other and eliminations Total

Nine Months Ended September 30, 2025 Australia Canada Corporate, other and eliminations Total

Revenues $ 340,778 $ 136,451 $ — $ 477,229

7 unchanged sentences

Operating income (loss) 43,877 ( 14,304 ) ( 25,323 ) 4,250

Recon to income (loss) before income taxes

Reconciliation to income (loss) before income taxes

Other loss (3)

5 unchanged sentences

FINANCIAL STATEMENTS

Six Months Ended June 30, 2024 Australia Canada Corporate, other and eliminations Total

Nine Months Ended September 30, 2024 Australia Canada Corporate, other and eliminations Total

Revenues $ 316,967 $ 204,423 $ 9,781 $ 531,171

7 unchanged sentences

Operating income (loss) 35,462 2,083 ( 26,170 ) 11,375

Recon to income (loss) before income taxes

Reconciliation to income (loss) before income taxes

Other loss (3)

2 unchanged sentences

Total assets $ 218,733 $ 244,458 $ 14,445 $ 477,636

(1) Corporate, other and eliminations SG&A expense includes corporate information technology (IT) expenses managed on a worldwide basis that are not allocated to individual segments in Australia and Canada.

During the three months ended June 30, 2025 and 2024, we recognized IT expenses at corporate not allocated of $ 2.0 million and $ 2.4 million, respectively.

During the six months ended June 30, 2025 and 2024, we recognized IT expenses at corporate not allocated of $ 4.0 million and $ 4.6 million, respectively.

(2) Other operating expense (income) for each reportable segment primarily includes other operating expenses for the three and six months ended June 30, 2025 and 2024.

In addition, for the three and six months ended June 30, 2024, other operating expense (income) includes impairment expense in Canada and the U.S.

and gain on sale of McClelland Lake Lodge assets, net, in Canada.

(1) Corporate, other and eliminations selling, general and administrative expenses includes corporate information technology (IT) expenses managed on a worldwide basis that are not allocated to individual segments in Australia and Canada.

During the three months ended September 30, 2025 and 2024, we recognized IT expenses at corporate not allocated of $ 1.8 million and $ 2.3 million, respectively.

During the nine months ended September 30, 2025 and 2024, we recognized IT expenses at corporate not allocated of $ 5.8 million and $ 6.8 million, respectively.

(2) Other operating expense (income) for each reportable segment primarily includes other operating income and expenses for the three and nine months ended September 30, 2025 and 2024.

Canada includes (Gain) loss on sale of McClelland Lake Lodge assets, net for the three and nine months ended September 30, 2024.

In addition, other operating expense (income) includes impairment expense in Canada and the U.S.

for the nine months ended September 30, 2024.

(3) Other income (loss) is primarily related to interest expense, interest income and other income.

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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.

What changed 10-Q

Item 1. Financial Statements