Civeo Corp 10-K

ITEM 9A. Controls and Procedures (i) Evaluation of Disclosure Controls and Procedures As of the end of the period covered by this annual report, we carried out an evaluation, under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act). Our disclosure controls and procedures are designed to provide reasonable assurance that the information required to be disclosed by us in reports that we file under the Exchange Act is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure and is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the Securities and Exchange Commission. Based upon that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective as of December 31, 2025, at the reasonable assurance level. (ii) Internal Control Over Financial Reporting (a) Management's annual report on internal control over financial reporting. Our management is responsible for establishing and maintaining adequate internal control over financial reporting as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act. Our internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of consolidated financial statements for external purposes in accordance with GAAP. Our internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of our assets; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with GAAP, and that our receipts and expenditures are being made only in accordance with authorizations of management and our directors, and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of our assets that could have a material effect on the consolidated financial statements. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. Accordingly, even effective internal control over financial reporting can only provide reasonable assurance of achieving their control objectives. Under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, an assessment of the effectiveness of our internal control over financial reporting as of December 31, 2025 was conducted. In making this assessment, management used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in Internal Control–Integrated Framework (2013 Framework). Based on our assessment we believe that, as of December 31, 2025, our internal control over financial reporting is effective based on those criteria. (b) Attestation report of the registered public accounting firm. The attestation report of Ernst & Young LLP, our independent registered public accounting firm, on our internal control over financial reporting is set forth in this annual report on page 71 and is incorporated herein by reference. (c) Changes in internal control over financial reporting. During the three months ended December 31, 2025, there were no changes in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) of the Exchange Act) which have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting. 60 ITEM 9B. Other Information None. ITEM 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections Not applicable. 61 PART III ITEM 10. Directors, Executive Officers and Corporate Governance The information required by Item 10 hereby is incorporated by reference to such information as set forth in the Company's Definitive Proxy Statement for the 2026 Annual General Meeting of Shareholders. The Board of the Company has documented its governance practices by adopting several corporate governance policies. These governance policies, including the Company's Corporate Governance Guidelines, Corporate Code of Business Conduct and Ethics and Financial Code of Ethics for Senior Officers, as well as the charters for the committees of the Board (Audit Committee, Compensation Committee, Finance and Investment Committee and Environmental, Social, Governance and Nominating Committee) may also be viewed at the Company's website. The Financial Code of Ethics for Senior Officers applies to our principal executive officer, principal financial officer, principal accounting officer and certain other senior officers. We intend to disclose any amendments to or waivers from our Financial Code of Ethics for Senior Officers by posting such information on our website at www.civeo.com within four business days following the date of the amendment or waiver. Copies of such documents will be sent to shareholders free of charge upon written request to the corporate secretary at the address shown on the cover page of this annual report. ITEM 11. Executive Compensation The information required by Item 11 hereby is incorporated by reference to such information as set forth in the Company's Definitive Proxy Statement for the 2026 Annual General Meeting of Shareholders. ITEM 12. Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters The information required by Item 12 hereby is incorporated by reference to such information as set forth in the Company's Definitive Proxy Statement for the 2026 Annual General Meeting of Shareholders. ITEM 13. Certain Relationships and Related Transactions, and Director Independence The information required by Item 13 hereby is incorporated by reference to such information as set forth in the Company's Definitive Proxy Statement for the 2026 Annual General Meeting of Shareholders. ITEM 14. Principal Accounting Fees and Services The information required by Item 14 hereby is incorporated by reference to such information as set forth in the Company's Definitive Proxy Statement for the 2026 Annual General Meeting of Shareholders. 62 PART IV ITEM 15. Exhibits, Financial Statement Schedules (a) Index to Financial Statements, Financial Statement Schedules and Exhibits (1) Financial Statements: Reference is made to the index set forth on page 68 of this Annual Report on Form 10-K. (2) Financial Statement Schedules: No schedules have been included herein because the information required to be submitted has been included in the Consolidated Financial Statements or the Notes thereto, or the required information is inapplicable. (3) Index of Exhibits: See Index of Exhibits, below, for a list of those exhibits filed herewith, which index also includes and identifies management contracts or compensatory plans or arrangements required to be filed as exhibits to this Annual Report on Form 10-K by Item 601 of Regulation S-K. (b) Index of Exhibits Exhibit No. Description 2.1 Asset Sale and Purchase Agreement, dated February 18, 2025, between Civeo Pty Ltd, the sellers party thereto and Graham William Cleary, as seller guarantor (incorporated herein by reference to Exhibit 2.3 to the Annual Report on Form 10-K (File No. 001-36246) filed on February 27, 2025). 3.1 Notice of Articles of Civeo Corporation, as amended (incorporated herein by reference to Exhibit 3.1 to the Current Report on Form 8-K (File No. 001-36246) filed on April 2, 2018). 3.2 Certification of Amendment to the Notice of Articles of Civeo Corporation (incorporated herein by reference to Exhibit 3.1 to the Current Report on Form 8-K (File No. 001-36246) filed on November 20, 2020). 3.3 Amended and Restated Articles of Civeo Corporation (incorporated herein by reference to Exhibit 3.1 to the Current Report on Form 8-K (File No. 001-36246) filed on May 21, 2024). 4.1 Form of Common Share Certificate (incorporated herein by reference to Exhibit 4.1 to the Current Report on Form 8-K12B (File No. 001-36246) filed on July 17, 2015). 4.2 Description of Securities (incorporated herein by reference to Exhibit 4.3 to the Annual Report on Form 10-K (File No. 001-36246) filed on February 27, 2025). 10.1† Form of Indemnification Agreement (incorporated herein by reference to Exhibit 10.1 to the Current Report on Form 8-K12B (File No. 001-36246) filed on July 17, 2015). 10.2† Amended and Restated 2014 Equity Participation Plan of Civeo Corporation, as amended by Amendment No. 1, Amendment No. 2, Amendment No. 3 and Amendment No. 4 (incorporated by reference to Appendix B to Civeo Corporation's Schedule 14A filed on March 31, 2023). 10.3† Performance Share Award Program under the 2014 Equity Participation Plan (incorporated herein by reference to Exhibit 10.3 to the Annual Report on Form 10-K (File No. 001-36246) filed on February 26, 2021). 10.4† Form of Performance Share Award Agreement under the 2014 Equity Participation Plan (incorporated herein by reference to Exhibit 10.4 to the Annual Report on Form 10-K (File No. 001-36246) filed on February 26, 2021). 10.5† Form of Civeo Corporation Annual Incentive Compensation Plan (incorporated herein by reference to Exhibit 10.7 to the Registration Statement on Form 10 (File No. 001-36246) filed on April 22, 2014). 63 10.6† Form of Canadian Long-Term Incentive Plan (incorporated herein by reference to Exhibit 10.8 to the Registration Statement on Form 10 (File No. 001-36246) filed on April 22, 2014). 10.7† Form of Restricted Stock Agreement under the 2014 Equity Participation Plan of Civeo Corporation (incorporated herein by reference to Exhibit 10.10 to the Registration Statement on Form 10 (File No. 001-36246) filed on April 22, 2014). 10.8† Form of Non-Employee Director Restricted Stock Agreement (incorporated herein by reference to Exhibit 10.11 to the Registration Statement on Form 10 (File No. 001-36246) filed on April 22, 2014). 10.9† Form of Deferred Stock Agreement (Canada) (incorporated herein by reference to Exhibit 10.13 to the Registration Statement on Form 10 (File No. 001-36246) filed on April 22, 2014). 10.10† Form of Executive Agreement of Bradley J. Dodson (incorporated herein by reference to Exhibit 10.14 to the Registration Statement on Form 10 (File No. 001-36246) filed on April 22, 2014). 10.11† Executive Agreement between Civeo Corporation and Peter McCann, dated August 17, 2015 (incorporated herein by reference to Exhibit 10.1 to the Current Report on Form 8-K (File No. 001-36246) filed on August 27, 2015). 10.12† Variation to Executive Services Agreement dated August 17, 2015 between Peter McCann and Civeo Pty Ltd. (incorporated herein by reference to Exhibit 10.2 to the Current Report on Form 8-K (File No. 001-36246) filed on August 27, 20 15). 10.13 Syndicated Facility Agreement, dated as of September 8, 2021, by and among Civeo Corporation, Civeo Pty Limited and Civeo Management LLC, as Borrowers, the Lenders named therein, Royal Bank of Canada, as Administrative Agent, U.S. Collateral Agent, Canadian Administrative Agent, Canadian Collateral Agent and an Issuing Bank and RBC Europe Limited, as Australian Administrative Agent, Australian Collateral Agent and an Issuing Bank (incorporated herein by reference to Exhibit 10.1 to the Current Report on Form 8-K (File No. 001-36246) filed on September 8, 2021). 10.14 First Amendment to Syndicated Facility Agreement, dated as of March 31, 2023, among Civeo Corporation, Civeo Management LLC and Civeo Pty Limited, as Borrowers, certain subsidiary guarantors of the Borrowers party thereto, the Lenders party thereto, the Issuing Banks, the Swing Line Lenders, Royal Bank of Canada, as administrative agent for the U.S. Lenders, U.S. collateral agent, administrative agent for the Canadian Lenders and Canadian collateral agent and RBC Europe Limited, as administrative agent for the Australian Lenders and Australian collateral agent (incorporated herein by reference to Exhibit 10.1 to the Quarterly Report on Form 10-K (File No. 001-36246) filed on April 28, 2023). 10.15 Second Amendment to Syndicated Facility Agreement, dated as of June 28, 2024, among Civeo Corporation, Civeo Pty Limited and Civeo Management LLC, as Borrowers, and Royal Bank of Canada, as Canadian administrative agent (incorporated herein by reference to Exhibit 10.1 to the Quarterly Report on Form 10-Q (File No. 001-36246) filed on July 30, 2024). 10.16 Third Amendment to Syndicated Facility Agreement, dated as of August 8, 2024, among Civeo Corporation, Civeo Pty Limited, Civeo Management LLC and Civeo USA LLC, as Borrowers, certain subsidiary guarantors of the Borrowers party thereto, the Lenders named therein, Royal Bank of Canada, as Administrative Agent, U.S. Collateral Agent and an Issuing Bank, RBC Europe Limited, as Australian Administrative Agent and Australian Collateral Agent, RBC Capital Markets, as Joint Lead Arranger and Bookrunner, and The Toronto-Dominion Bank and Bank of Montreal, as Joint Lead Arrangers, Syndication Agents and Bookrunners (incorporated herein by reference to Exhibit 10.1 to the Quarterly Report on Form 10-Q (File No. 001-36246) filed on October 30, 2024). 10.17 First Incremental Amendment to Third Amendment to Syndicated Facility Agreement, dated as of March 24, 2025, among Civeo Corporation, Civeo Management LLC, Civeo USA LLC and Civeo Pty Limited CAN 003 657 510, as Borrowers, the Subsidiary Guarantors of the Borrowers party thereto, Royal Bank of Canada, as administrative agent for the U.S. Lenders and as administrative agent for the Canadian Lenders, RBC Europe Limited, as administrative agent for the Australian Lenders, and the Australian Incremental Revolving Lender (as defined therein) (incorporated herein by reference to Exhibit 10.1 to the Quarterly Report on Form 10-Q filed on April 30, 2025 (File No. 001-36246). 10.18 Cooperation Agreement, dated November 25, 2025 (incorporated herein by reference to Exhibit 10.1 to the Current Report on Form 8-K filed on November 28, 2025 (File No. 001-36246). 64 10.19† Form of Director Deferred Share Agreement (United States) (incorporated herein by reference to Exhibit 10.3 2 to the Annual Report on Form 10-K for the year ended December 31, 2018 (File No. 001-36246). 10.20† Form of Director Deferred Share Agreement (Canada) (incorporated herein by reference to Exhibit 10. 33 to the Annual Report on Form 10-K for the year ended December 31, 2018 (File No. 001-36246). 10.21† Form of Phantom Unit Agreement (Canada) under the 2014 Equity Participation Plan of Civeo Corporation used for select officers (incorporated herein by reference to Exhibit 10.2 to the Quarterly Report on Form 10-Q filed on July 30, 2024). 10.22† Form of Director Restricted Stock Agreement under the 2014 Equity Participation Plan of Civeo Corporation (incorporated herein by reference to Exhibit 10.3 to the Quarterly Report on Form 10-Q filed on July 30, 2024). 10.23† Form of Director Deferred Share Agreement under the 2014 Equity Participation Plan of Civeo Corporation - Canada only (incorporated herein by reference to Exhibit 10.4 to the Quarterly Report on Form 10-Q filed on July 30, 2024). 10.24† Form of Director Deferred Share Agreement under the 2014 Equity Participation Plan of Civeo Corporation (incorporated herein by reference to Exhibit 10.5 to the Quarterly Report on Form 10-Q filed on July 30, 2024). 10.25† Amended and Restated Executive Agreement between Civeo Corporation and E. Collin Gerry dated as of May 4, 2020 (incorporated herein by reference to Exhibit 10.2 to the Quarterly Report on Form 10-Q filed on April 30, 2025). 10.26† Executive Agreement between Civeo Corporation and Barclay Brewer dated as of March 31, 2025 (incorporated herein by reference to Exhibit 10.3 to the Quarterly Report on Form 10-Q filed on April 30, 2025). 10.27† Executive Agreement between Civeo Canada Employees LP, Civeo Corporation and Andy Fraser dated as of March 31, 2025 (incorporated herein by reference to Exhibit 10.4 to the Quarterly Report on Form 10-Q filed on April 30, 2025). 10.28† Form of Phantom Unit Agreement (Australia) under the 2014 Equity Participation Plan of Civeo Corporation used for select officers (incorporated herein by reference to Exhibit 10.1 to the Quarterly Report on Form 10-Q filed on July 29, 2025). 10.29† Form of Phantom Unit Agreement (U.S.) under the 2014 Equity Participation Plan of Civeo Corporation used for select officers (incorporated herein by reference to Exhibit 10.2 to the Quarterly Report on Form 10-Q filed on July 29, 2025). 10.30† Consulting Agreement between Civeo Canada Limited Partnership and Quantev Advisors Ltd. dated as of January 1, 2025 (incorporated herein by reference to Exhibit 10.5 to the Quarterly Report on Form 10-Q filed on April 30, 2025). 19.1 Policy Prohibiting Insider Trading (incorporated herein by reference to Exhibit 19.1 to the Annual Report on Form 10-K (File No. 001-36246) filed on February 27, 2025). 21.1* List of Significant Subsidiaries of Civeo Corporation . 23.1* Consent of Ernst & Young LLP. 31.1* Certification of Chief Executive Officer of Civeo Corporation pursuant to Rules 13a-14(a) or 15d-14(a) under the Securities Exchange Act of 1934. 31.2* Certification of Chief Financial Officer of Civeo Corporation pursuant to Rules 13a-14(a) or 15d-14(a) under the Securities Exchange Act of 1934. 32.1** Certification of Chief Executive Officer of Civeo Corporation pursuant to Rules 13a-14(b) or 15d-14(b) under the Securities Exchange Act of 1934 and 18 U.S.C. Section 1350. 32.2** Certification of Chief Financial Officer of Civeo Corporation pursuant to Rules 13a-14(b) or 15d-14(b) under the Securities Exchange Act of 1934 and 18 U.S.C. Section 1350. 97.1 Compensation Recoupment (Clawback) Policy (incorporated herein by reference to Exhibit 97.1 to the Annual Report on Form 10-K filed on February 29, 2024). 101.INS* Inline XBRL Instance Document 101.SCH* Inline XBRL Taxonomy Extension Schema Document 65 101.CAL* Inline XBRL Taxonomy Extension Calculation Linkbase Document 101.DEF* Inline XBRL Taxonomy Extension Definition Linkbase Document 101.LAB* Inline XBRL Taxonomy Extension Label Linkbase Document 101.PRE* Inline XBRL Taxonomy Extension Presentation Linkbase Document 104 Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) * Filed herewith. † Management contracts and compensatory plans and arrangements. ** Furnished herewith. NOTE: Pursuant to the rules and regulations of the Securities and Exchange Commission, we have filed or incorporated by reference the agreements referenced above as exhibits to this Annual Report on Form 10-K. The agreements have been filed to provide investors with information regarding their respective terms. The agreements are not intended to provide any other factual information about Civeo or its business or operations. In particular, the assertions embodied in any representations, warranties and covenants contained in the agreements may be subject to qualifications with respect to knowledge and materiality different from those applicable to investors and may be qualified by information in confidential disclosure schedules not included with the exhibits. These disclosure schedules may contain information that modifies, qualifies and creates exceptions to the representations, warranties and covenants set forth in the agreements. Moreover, certain representations, warranties and covenants in the agreements may have been used for the purpose of allocating risk between the parties, rather than establishing matters as facts. In addition, information concerning the subject matter of the representations, warranties and covenants may have changed after the date of the respective agreement, which subsequent information may or may not be fully reflected in our public disclosures. Accordingly, investors should not rely on the representations, warranties and covenants in the agreements as characterizations of the actual state of facts about Civeo or its business or operations on the date hereof. ITEM 16. Form 10-K Summary None. 66 SIGNATURES Pursuant to the requirements of Section 13 or 15 (d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized on March 3, 2026. CIVEO CORPORATION By /s/ E. COLLIN GERRY E. Collin Gerry Senior Vice President, Chief Financial Officer and Treasurer (Duly Authorized Officer and Principal Financial Officer) Signature Title /s/ RICHARD A. NAVARRE Chair of the Board Richard A. Navarre /s/ BRADLEY J. DODSON Director, President and Chief Executive Officer Bradley J. Dodson (Principal Executive Officer) /s/ E. COLLIN GERRY Senior Vice President, Chief Financial Officer and Treasurer E. Collin Gerry (Principal Financial Officer and Accounting Officer) /s/ C. RONALD BLANKENSHIP Director C. Ronald Blankenship /s/ JAY K. GREWAL Director Jay K. Grewal /s/ MARTIN A. LAMBERT Director Martin A. Lambert /s/ MICHAEL MONTELONGO Director Michael Montelongo /s/ CONSTANCE B. MOORE Director Constance B. Moore /s/ JEFFREY B. SCOFIELD Director Jeffrey B. Scofield /s/ DANIEL B. SILVERS Director Daniel B. Silvers /s/ CHARLES SZALKOWSKI Director Charles Szalkowski /s/ TIMOTHY O. WALL Director Timothy O. Wall 67 CIVEO CORPORATION INDEX TO CONSOLIDATED FINANCIAL STATEMENTS Page No. Report of Independent Registered Public Accounting Firm on Consolidated Financial Statements (PCAOB ID: 42 ) 69 Report of Independent Registered Public Accounting Firm on Internal Control Over Financial Reporting 71 Consolidated Statements of Operations for the Years Ended December 31, 2025, 2024 and 2023 72 Consolidated Statements of Comprehensive Income (Loss) for the Years Ended December 31, 2025, 2024 and 2023 73 Consolidated Balance Sheets at December 31, 2025 and 2024 74 Consolidated Statements of Changes in Shareholders’ Equity for the Years Ended December 31, 2025, 2024 and 2023 75 Consolidated Statements of Cash Flows for the Years Ended December 31, 2025, 2024 and 2023 76 Notes to Consolidated Financial Statements 77 68 Report of Independent Registered Pub l ic A ccounting Firm To the Shareholders and the Board of Directors of Civeo Corporation Opinion on the Financial Statements We have audited the accompanying consolidated balance sheets of Civeo Corporation (the Company) as of December 31, 2025 and 2024, and the related consolidated statements of operations, comprehensive income (loss), changes in shareholders' equity and cash flows for each of the three years in the period ended December 31, 2025, and the related notes (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025, in conformity with U.S. generally accepted accounting principles. We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework), and our report dated March 3, 2026 expressed an unqualified opinion thereon. Basis for Opinion These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion. Critical Audit Matter The critical audit matter communicated below is a matter arising from the current period audit of the financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective or complex judgments. The communication of the critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates. 69 Realizability of Deferred Tax Assets Description of the Matter As more fully described in Note 2 and Note 13 to the consolidated financial statements, at December 31, 2025, the Company had deferred tax assets of $34.6 million, net of a $98.5 million valuation allowance. Deferred tax assets are reduced by a valuation allowance if, based on the weight of all available evidence, in management’s judgment it is more likely than not that some portion, or all, of the deferred tax assets will not be realized. Auditing management’s assessment of the realizability of its deferred tax assets involved subjectivity because the assessment process includes scheduling the use of the applicable deferred tax assets, which includes management’s judgments related to the forecasted future reversals of both deferred tax assets and deferred tax liabilities. How We Addressed the Matter in Our Audit We obtained an understanding, evaluated the design, and tested the operating effectiveness of controls over the Company's process to assess the realizability of its deferred tax assets, including testing the Company’s controls over management's scheduling of the forecasted future reversals of existing deferred tax liabilities. To test the Company’s assessment of the realizability of its deferred tax assets, our audit procedures included, among others, testing the completeness and accuracy of the Company’s scheduling of the reversal of existing deferred tax liabilities. With the assistance of our tax specialists, we verified the appropriateness of the projected usage of tax attributes and assessed the reasonableness of the timing of the reversal of the deferred tax liabilities into taxable income. /s/ Ernst & Young LLP We have served as the Company’s auditor since 2013. Houston, Texas March 3, 2026 70 Report of Independent Registered Public Accounting Firm To the Shareholders and the Board of Directors of Civeo Corporation Opinion on Internal Control Over Financial Reporting We have audited Civeo Corporation’s internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) (the COSO criteria). In our opinion, Civeo Corporation (the Company) maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025, based on the COSO criteria. We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of the Company as of December 31, 2025 and 2024, the related consolidated statements of operations, comprehensive income (loss), changes in shareholders' equity and cash flows for each of the three years in the period ended December 31, 2025, and the related notes and our report dated March 3, 2026 expressed an unqualified opinion thereon. Basis for Opinion The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting included in the accompanying Management’s annual report on internal control over financial reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion. Definition and Limitations of Internal Control Over Financial Reporting A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. /s/ Ernst & Young LLP Houston, Texas March 3, 2026 71 CIVEO CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS (In Thousands, Except Per Share Amounts) YEAR ENDED DECEMBER 31, 2025 2024 2023 Revenue $ 638,849 $ 682,122 $ 700,805 Costs and expenses: Cost of services provided 487,761 532,667 530,287 Selling, general and administrative expenses 75,342 73,350 72,605 Depreciation and amortization expense 72,618 68,038 75,142 Impairment expense — 11,581 1,395 Gain on sale of McClelland Lake Lodge assets, net — ( 5,744 ) ( 18,590 ) Other operating (income) expense ( 987 ) 898 479 634,734 680,790 661,318 Operating income 4,115 1,332 39,487 Interest expense ( 11,418 ) ( 7,973 ) ( 13,177 ) Interest income 164 187 172 Other income 683 517 13,881 Income (loss) before income taxes ( 6,456 ) ( 5,937 ) 40,363 Income tax expense ( 13,620 ) ( 12,492 ) ( 10,633 ) Net income (loss) ( 20,076 ) ( 18,429 ) 29,730 Less: Net loss attributable to noncontrolling interest ( 5 ) ( 1,362 ) ( 427 ) Net income (loss) attributable to Civeo Corporation $ ( 20,071 ) $ ( 17,067 ) $ 30,157 Per Share Data (see Note 6) Basic net income (loss) per share attributable to Civeo Corporation common shareholders $ ( 1.59 ) $ ( 1.19 ) $ 2.02 Diluted net income (loss) per share attributable to Civeo Corporation common shareholders $ ( 1.59 ) $ ( 1.19 ) $ 2.01 Weighted average number of common shares outstanding: Basic 12,646 14,287 14,906 Diluted 12,646 14,287 15,013 The accompanying notes are an integral part of these financial statements. 72 CIVEO CORPORATION CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (In Thousands) YEAR ENDED DECEMBER 31, 2025 2024 2023 Net income (loss) $ ( 20,076 ) $ ( 18,429 ) $ 29,730 Other comprehensive income (loss), net of taxes: Foreign currency translation adjustment, net of zero taxes 13,788 ( 24,029 ) 4,532 Total other comprehensive income (loss), net of taxes 13,788 ( 24,029 ) 4,532 Comprehensive income (loss) ( 6,288 ) ( 42,458 ) 34,262 Less: Comprehensive loss attributable to noncontrolling interest ( 4 ) ( 1,506 ) ( 367 ) Comprehensive income (loss) attributable to Civeo Corporation $ ( 6,284 ) $ ( 40,952 ) $ 34,629 The accompanying notes are an integral part of these financial statements. 73 CIVEO CORPORATION CONSOLIDATED BALANCE SHEETS (In Thousands) DECEMBER 31, 2025 2024 ASSETS Current assets: Cash and cash equivalents $ 14,439 $ 5,204 Accounts receivable, net 90,470 89,038 Inventories 6,218 7,537 Prepaid expenses 17,209 7,464 Other current assets 2,877 1,210 Total current assets 131,213 110,453 Property, plant and equipment, net 244,517 204,897 Goodwill 7,541 7,001 Other intangible assets, net 70,410 66,502 Operating lease right-of-use assets 14,485 9,401 Other noncurrent assets 9,245 6,818 Total assets $ 477,411 $ 405,072 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities: Accounts payable $ 44,282 $ 39,971 Accrued liabilities 30,837 34,933 Income taxes 153 10,853 Deferred revenue 2,903 2,501 Other current liabilities 6,761 4,388 Total current liabilities 84,936 92,646 Long-term debt, less current maturities 182,842 43,299 Deferred income taxes 3,318 3,558 Operating lease liabilities 11,142 6,655 Other noncurrent liabilities 20,789 21,916 Total liabilities 303,027 168,074 Commitments and contingencies (Note 14) Shareholders’ equity: Common shares ( no par value; 46,000,000 shares authorized, 11,872,028 shares and 14,067,721 shares issued, respectively, and 11,434,033 shares and 13,653,647 shares outstanding, respectively) — — Additional paid-in capital 1,634,883 1,631,823 Accumulated deficit ( 1,058,911 ) ( 980,720 ) Common shares held in treasury at cost, 437,995 and 414,074 shares, respectively ( 10,775 ) ( 10,130 ) Accumulated other comprehensive loss ( 390,813 ) ( 404,600 ) Total Civeo Corporation shareholders’ equity 174,384 236,373 Noncontrolling interest — 625 Total shareholders’ equity 174,384 236,998 Total liabilities and shareholders’ equity $ 477,411 $ 405,072 The accompanying notes are an integral part of these financial statements. 74 CIVEO CORPORATION CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (In Thousands) Attributable to Civeo Preferred Shares Common Shares Par Value Additional Paid-in Capital Accumulated Deficit Treasury Shares Accumulated Other Comprehensive Income (Loss) Noncontrolling Interest Total Shareholders’ Equity December 31, 2022 $ — $ — $ 1,624,512 $ ( 930,123 ) $ ( 9,063 ) $ ( 385,187 ) $ 3,562 $ 303,701 Net income (loss) — — — 30,157 — — ( 427 ) 29,730 Currency translation adjustment — — — — — 4,472 60 4,532 Dividends paid — — — ( 7,423 ) — — ( 328 ) ( 7,751 ) Common shares repurchases — — — ( 11,634 ) — — — ( 11,634 ) Share-based compensation — — 4,460 — — — — 4,460 December 31, 2023 $ — $ — $ 1,628,972 $ ( 919,023 ) $ ( 9,063 ) $ ( 380,715 ) $ 2,867 $ 323,038 Net loss — — — ( 17,067 ) — — ( 1,362 ) ( 18,429 ) Currency translation adjustment — — — — — ( 23,885 ) ( 144 ) ( 24,029 ) Dividends paid — — — ( 14,422 ) — — ( 736 ) ( 15,158 ) Common shares repurchases — — — ( 29,616 ) — — — ( 29,616 ) Excise tax on common shares repurchased — — — ( 592 ) — — — ( 592 ) Share-based compensation — — 2,851 — ( 1,067 ) — — 1,784 December 31, 2024 $ — $ — $ 1,631,823 $ ( 980,720 ) $ ( 10,130 ) $ ( 404,600 ) $ 625 $ 236,998 Net loss — — — ( 20,071 ) — — ( 5 ) ( 20,076 ) Currency translation adjustment — — — — — 13,787 1 13,788 Dividends paid — — — ( 3,437 ) — — ( 621 ) ( 4,058 ) Common shares repurchased — — — ( 53,612 ) — — — ( 53,612 ) Excise tax on common shares repurchased — — — ( 1,071 ) — — — ( 1,071 ) Share-based compensation — — 3,060 — ( 645 ) — — 2,415 December 31, 2025 $ — $ — $ 1,634,883 $ ( 1,058,911 ) $ ( 10,775 ) $ ( 390,813 ) $ — $ 174,384 Common Shares (in thousands) Balance, December 31, 2022 15,218 Share-based compensation 26 Shares repurchased ( 564 ) Balance, December 31, 2023 14,680 Share-based compensation 104 Shares repurchased ( 1,130 ) Balance, December 31, 2024 13,654 Share-based compensation 90 Shares repurchased ( 2,310 ) Balance, December 31, 2025 11,434 The accompanying notes are an integral part of these financial statements. 75 CIVEO CORPORATION CONSOLIDATED STATEMENTS OF CASH FLOWS (In Thousands) YEAR ENDED DECEMBER 31, 2025 2024 2023 Cash flows from operating activities: Net income (loss) $ ( 20,076 ) $ ( 18,429 ) $ 29,730 Adjustments to reconcile net income (loss) to net cash provided by operating activities: Depreciation and amortization 72,618 68,038 75,142 Impairment charges — 11,581 1,395 Deferred income tax expense (benefit) ( 4,409 ) ( 7,659 ) 6,806 Non-cash compensation charge 3,060 2,851 4,460 Gain on disposals of assets ( 1,970 ) ( 6,418 ) ( 21,196 ) Provision for credit losses, net of recoveries 12 26 135 Other, net 2,038 1,742 1,660 Changes in operating assets and liabilities: Accounts receivable 4,743 44,228 ( 22,311 ) Inventories 1,722 ( 1,224 ) 5 Accounts payable and accrued liabilities ( 5,194 ) ( 17,581 ) 7,438 Taxes payable ( 15,596 ) 7,878 3,576 Other current assets and liabilities, net ( 14,611 ) ( 1,523 ) 9,725 Net cash flows provided by operating activities 22,337 83,510 96,565 Cash flows from investing activities: Capital expenditures ( 20,190 ) ( 26,138 ) ( 31,633 ) Payments related to acquisitions, net of cash acquired ( 72,168 ) — — Proceeds from disposition of property, plant and equipment 2,247 11,011 16,740 Other, net — 183 372 Net cash flows used in investing activities ( 90,111 ) ( 14,944 ) ( 14,521 ) Cash flows from financing activities: Revolving credit borrowings 330,131 284,314 210,584 Revolving credit repayments ( 197,295 ) ( 301,431 ) ( 248,430 ) Term loan repayments — — ( 29,899 ) Dividends paid ( 3,437 ) ( 14,422 ) ( 7,423 ) Debt issuance costs ( 423 ) ( 2,976 ) — Repurchases of common shares ( 53,612 ) ( 29,616 ) ( 11,634 ) Other, net ( 645 ) ( 1,067 ) — Net cash flows provided by (used in) financing activities 74,719 ( 65,198 ) ( 86,802 ) Effect of exchange rate changes on cash 2,290 ( 1,487 ) 127 Net change in cash and cash equivalents 9,235 1,881 ( 4,631 ) Cash and cash equivalents, beginning of period 5,204 3,323 7,954 Cash and cash equivalents, end of period $ 14,439 $ 5,204 $ 3,323 Non-cash investing activities: Capital expenditure additions accrued at end of period $ 991 $ 609 $ 510 The accompanying notes are an integral part of these financial statements. 76 1. DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION Description of the Business We provide hospitality services to remote workforces in Australia and Canada, including catering and food service, lodging, housekeeping and maintenance at accommodation facilities that we or our customers own. We provide services that support the day-to-day operations of these facilities, such as laundry, facility management and maintenance, water and wastewater treatment, power generation, communication systems, security and logistics. We also manage development activities for workforce accommodation facilities, including site selection, permitting, engineering and design and manufacturing and site construction management, along with providing hospitality services once the facility is constructed. We primarily operate in some of the world’s most active metallurgical (met) coal, oil, iron ore and liquefied natural gas (LNG) producing regions, and our customers include mining companies, major and independent oil companies, construction, engineering companies and oilfield and mining service companies. We operate in two principal reportable business segments – Australia and Canada. Basis of Presentation Unless otherwise stated or the context otherwise indicates: (i) all references in these consolidated financial statements to “Civeo,” “us,” “our” or “we” refer to Civeo Corporation and its consolidated subsidiaries; and (ii) all references in this report to “dollars” or “$” are to United States (U.S.) dollars. Certain reclassifications have been made to the prior year financial statements for them to conform with the 2025 presentation. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Cash We consider all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Allowance for Credit Losses We are exposed to credit losses primarily through the sale of our products and services. We maintain allowances for credit losses for estimated losses resulting from the inability of our customers to make required payments. If a trade receivable is deemed to be uncollectible, such receivable is charged-off against the allowance for credit losses account. Our expected loss allowance methodology for accounts receivable is developed using historical collection experience, current and future economic and market conditions and a review of the current status of customers' trade receivables. Due to the short-term nature of such receivables, the estimate of the amount of accounts receivable that may not be collected is based on an aging of the accounts receivable balances and the financial condition of customers. Additionally, specific allowance amounts are established to record the appropriate provision for customers that have a higher probability of default. If we have no previous experience with the customer, we typically obtain reports from various credit organizations to ensure that the customer has a history of paying its creditors. We may also request financial information, including combined financial statements or other documents, to ensure that the customer has the means of making payment. If these factors do not indicate collection is reasonably assured, we generally would require a prepayment or other arrangement to support revenue recognition and recording of a trade receivable. If the financial condition of our customers were to deteriorate, adversely affecting their ability to make payments, additional allowances would be required. Inventories Inventories consist of supplies and materials for the operation of remote accommodation facilities. Inventories also include food, raw materials, labor, subcontractor charges and catering and other supplies needed for operation of our facilities. Inventories are carried at the lower of cost or net realizable value. The cost of inventories is determined on an average cost or specific-identification method. Property, Plant and Equipment Property, plant and equipment are stated at cost or at estimated fair market value at acquisition date if acquired in a business combination, and depreciation is computed using the straight-line method, after allowing for salvage value where 77 applicable, over the estimated useful lives of the assets. Leasehold improvements are capitalized and amortized over the lesser of the life of the lease or the estimated useful life of the asset. We record the fair value of a liability, which reflects the estimated present value of the amount of asset removal and site reclamation costs related to the retirement of our assets, for an asset retirement obligation (ARO) when it is incurred (typically when the asset is installed). When the liability is initially recorded, we capitalize the associated asset retirement cost by increasing the carrying amount of the related property, plant and equipment. See Asset Retirement Obligations below for further discussion. Expenditures for repairs and maintenance are charged to expense when incurred. Expenditures for major renewals and betterments, which extend the useful lives of existing equipment, are capitalized and depreciated. Upon retirement or disposition of property and equipment, the cost and related accumulated depreciation are removed from the accounts and any resulting gain or loss is recognized in the consolidated statements of operations. Business Combinations We evaluate acquisitions of assets and other similar transactions to assess whether or not the transaction should be accounted for as a business combination or asset acquisition by assessing whether or not we have acquired inputs and processes that have the ability to create outputs. If determined to be an asset acquisition, we account for a business acquisition under the principles described in Accounting Standards Codification 805 for Business Combinations (ASC 805), which provides a screen to determine when a set of transferred assets is not a business. The screen requires that when substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or a group of similarly identifiable assets, the set of transferred assets is not a business. Under the accounting for asset acquisitions, the acquisition is recorded using a cost accumulation and allocation model under which the cost of such acquisition is allocated on a relative fair value basis to the assets acquired and liabilities assumed. Acquisition-related transaction costs are capitalized as a component of the cost of the assets acquired. Goodwill is not recognized in an asset acquisition, and any difference between consideration transferred and the fair value of the net assets acquired is allocated to the certain identifiable assets acquired based on their relative fair values. If determined to be a business combination, we account for a business acquisition under the acquisition method of accounting. The accounting rules governing business combinations require the acquiring entity in a business combination to recognize the fair value of all assets acquired and liabilities assumed and establish the acquisition date as the fair value measurement point. Accordingly, we recognize assets acquired and liabilities assumed in a business combination based on the fair value estimates as of the date of acquisition. Goodwill is measured as the excess of the fair value of the consideration paid over the fair value of the identified net assets, including intangible assets, acquired. The fair value measurement of the identified net assets requires the significant use of estimates and is based on information that was available to management at the time the purchase price allocation is prepared. We utilize recognized valuation techniques, including the cost approach, the market approach and the income approach, to value the net assets acquired. The impact of changes to the estimated fair values of assets acquired and liabilities assumed is recorded in the reporting period in which the adjustment is identified. Final valuations of assets and liabilities are obtained and recorded within one year from the date of the acquisition. Impairment of Long-Lived Assets The recoverability of the carrying values of long-lived assets, including amortizable intangible assets, is assessed whenever, in management’s judgment, events or changes in circumstances indicate that the carrying value of such asset groups may not be recoverable based on estimated future cash flows. If this assessment indicates that the carrying values will not be recoverable, as determined based on undiscounted cash flows over the remaining useful lives, an impairment loss is recognized. The impairment loss equals the excess of the carrying value over the fair value of the asset group. In performing this analysis, asset groups are reviewed at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. For each asset group, we compare its carrying value to estimates of undiscounted future cash flows. We use a variety of underlying assumptions to estimate these future cash flows, including assumptions relating to future economic market conditions, rates, occupancy levels, costs and expenses and capital expenditures. The estimates are consistent with those used for purposes of our goodwill impairment test, as further discussed in Goodwill and Other Intangible Assets, below. Based on the assessment, if the carrying values of certain of our asset groups are determined to not be recoverable, we proceed to the next step. In this step, we compare the fair value of the respective asset group to its carrying value. The fair value of the asset groups are based on prices of similar assets, if available, or discounted future cash flows. Our estimate of the fair value requires us to use significant unobservable inputs, representative of Level 3 fair 78 value measurements, including numerous assumptions with respect to future circumstances, such as industry and/or local market conditions that might directly impact each of the asset groups’ operations in the future. See Note 4 – Impairment Charges for further information. Goodwill and Other Intangible Assets Goodwill. Goodwill represents the excess of the purchase price paid for acquired businesses over the allocated fair value of the related net assets after impairments, if applicable. All of our goodwill as of December 31, 2025 was included in our Australia reporting unit. We evaluate goodwill for impairment, at the reporting unit level, annually and when an event occurs or circumstances change to suggest that the carrying amount may not be recoverable. A reporting unit is the operating segment, or a business one level below that operating segment (the “component” level) if discrete financial information is prepared and regularly reviewed by management at the component level. Each segment of our business represents a separate reporting unit. We conduct our annual impairment test as of November 30 of each year. We compare each reporting unit’s carrying amount, including goodwill, to the fair value of the reporting unit. If the carrying amount of the reporting unit exceeds its fair value, goodwill is impaired. We are given the option to test for impairment of our goodwill by first performing a qualitative assessment to determine whether it is more likely than not (that is, likelihood of more than 50 percent) that the fair value of a reporting unit is less than its carrying amount, including goodwill. If it is determined that it is more likely than not that the fair value of a reporting unit is greater than its carrying amount, then performing the currently prescribed quantitative impairment test is unnecessary. In developing a qualitative assessment to meet the “more-likely-than-not” threshold, each reporting unit with goodwill is assessed separately and different relevant events and circumstances are evaluated for each unit. We have the option to bypass the qualitative assessment for any reporting unit in any period and proceed directly to performing the quantitative goodwill impairment test. When performing our annual assessment on November 30, 2025, 2024 and 2023, we performed a qualitative assessment related to goodwill at our Australia reporting unit. Qualitative factors that we considered as part of our assessment included industry and market conditions, macroeconomic conditions and the financial performance of our Australian business. We also noted that, based on the interim quantitative testing performed as of March 31, 2020, the estimated fair value of the Australia reporting unit exceeded its carrying value by more than 125 %. After assessing these events and circumstances, we determined that, as of November 30, 2025, it was more likely than not that the fair value of the Australia reporting unit was greater than its carrying value. If a quantitative goodwill impairment test is required, we compare each reporting unit’s carrying amount, including goodwill, to the fair value of the reporting unit. Because none of our reporting units has a publicly quoted market price, we must determine the value that willing buyers and sellers would place on the reporting unit through a routine sale process (a Level 3 fair value measurement). In our analysis, we target a fair value that represents the value that would be placed on the reporting unit by market participants, and value the reporting unit based on historical and projected results throughout a cycle, not the value of the reporting unit based on trough or peak earnings. The fair value of the reporting unit is estimated using a combination of an analysis of trading multiples of comparable companies (Market Approach) and discounted projected cash flows (Income Approach). The relative weighting of each approach reflects current industry and market conditions. Market Approach - This valuation approach utilizes publicly traded comparable companies’ enterprise values, as compared to their recent and forecasted earnings before interest, taxes and depreciation (EBITDA) information. We use EBITDA because it is a widely used key indicator of the cash generating capacity of companies in our industry. Income Approach - This valuation approach derives a present value of the reporting unit’s projected future annual cash flows over the next five years with a terminal value assumption. We use a variety of underlying assumptions to estimate these future cash flows, including assumptions relating to future economic market conditions, rates, occupancy levels, costs and expenses and capital expenditures. These assumptions can vary by each reporting unit depending on market conditions. In addition, a terminal value is estimated, using a Gordon Growth methodology. We discount our projected cash flows using a long-term weighted average cost of capital based on our estimate of investment returns that would be required by a market participant. 79 The fair value of our reporting units is affected by future coal, oil and natural gas prices, anticipated spending by our customers, and the cost of capital. Our estimate of fair value requires us to use significant unobservable inputs, representative of Level 3 fair value measurements, including numerous assumptions with respect to future circumstances, such as industry and/or local market conditions that might directly impact each of the reporting units’ operations in the future. We selected these valuation approaches because we believe the combination of these approaches and our best judgment regarding underlying assumptions and estimates provides us with the best estimate of fair value for each of our reporting units. We believe these valuation approaches are proven valuation techniques and methodologies for our industry and widely accepted by investors. The fair value of each reporting unit would change if our assumptions under these valuation approaches, or relative weighting of the valuation approaches, were materially modified. Other Intangible Assets. We amortize the cost of other intangible assets using the straight-line method over their estimated useful lives unless such lives are deemed indefinite. For intangible assets that we amortize, we review the useful life of the intangible asset and evaluate each reporting period whether events and circumstances warrant a revision to the remaining useful life. See Note 8 – Goodwill and Other Intangible Assets for further discussion. Foreign Currency and Other Comprehensive Income Gains and losses resulting from consolidated balance sheet translation of foreign operations where a foreign currency is the functional currency are included as a separate component of accumulated other comprehensive loss within shareholders’ equity and represent substantially all of the balances within accumulated other comprehensive loss. Remeasurements of intercompany loans denominated in a different currency than the functional currency of the entity that are of a long-term investment nature are recognized as other comprehensive income within shareholders’ equity. Gains and losses resulting from consolidated balance sheet remeasurements of assets and liabilities denominated in a different currency than the functional currency, other than intercompany loans that are of a long-term investment nature, are included in the consolidated statements of operations as incurred. For the years ended December 31, 2025, 2024 and 2023, we recognized approximately $ 0.4 million, $ 0.9 million and $ 0.5 million in foreign currency losses, respectively. Foreign Currency Exchange Rate Risk A significant portion of revenues, earnings and net investments in foreign affiliates are exposed to changes in foreign currency exchange rates. We seek to manage our foreign exchange risk in part through operational means, including managing expected local currency revenues in relation to local currency costs and local currency assets in relation to local currency liabilities. We have not entered into any foreign currency forward contracts. Revenue and Cost Recognition For the majority of our operations and contracts, we generally recognize accommodation, mobile facility rental, food service and other services revenues over time as our customers simultaneously receive and consume benefits as we serve our customers because of continuous transfer of control to the customer. Revenue is recognized when control of the promised goods or services is transferred to our customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. We transfer control and recognize a sale based on a periodic (usually daily) room rate each night a customer stays in our rooms or when the services are rendered. In some contracts, rates may vary over the contract term. In these cases, revenue may be deferred and recognized on a straight-line basis over the contract term. Because of control transferring over time, the majority of our revenue is recognized based on the extent of progress towards completion of the performance obligation. At contract inception, we assess the goods and services promised in our contracts with customers and identify a performance obligation for each promise to transfer our customers a good or service (or bundle of goods or services) that is distinct. Our customers typically contract for hospitality services under take-or-pay contracts with terms that range from several months to multiple years. Our contract terms generally provide for a rental rate for a reserved room and an occupied room rate that compensates us for services provided. We typically contract our facilities to our customers on a fee per day basis where the goods and services promised include lodging and meals. To identify the performance obligations, we consider all of the goods and services promised in the context of the contract and the pattern of transfer to our customers. Revenues exclude taxes assessed based on revenues such as sales or value added taxes. 80 Cost of services includes labor, food, utility costs, cleaning supplies and other costs of operating our accommodations assets. Cost of goods sold includes all direct material and labor costs and those costs related to contract performance, such as indirect labor, supplies, tools and repairs. Selling, general and administrative costs are charged to expense as incurred. Income Taxes Our operations are subject to Canadian federal and provincial income taxes, as well as foreign income taxes. We determine the provision for income taxes using the asset and liability approach. Under this approach, deferred income taxes represent the expected future tax consequences of temporary differences between the carrying amounts and tax bases of assets and liabilities. Valuation allowances are established when necessary to reduce deferred tax assets to the amounts expected to be realized. In assessing the need for a valuation allowance, we look to the future reversal of existing taxable temporary differences, taxable income in carryback years, the feasibility of tax planning strategies and estimated future taxable income. The valuation allowance can be affected by changes to tax laws, changes to statutory tax rates and changes to future taxable income estimates and historical losses. We recognize tax benefits from uncertain tax positions only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the consolidated financial statements from such positions are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. See Note 13 – Income Taxes for further discussion. Receivables and Concentration of Credit Risk Based on the nature of our customer base, we do not believe that we have any significant concentrations of credit risk other than our concentration in the Australian mining industries and Canadian oil sands. We evaluate the credit-worthiness of our significant, new and existing customers’ financial condition and, generally, we do not require collateral from our customers. For the years ended December 31, 2025 and 2024, each of Fortescue Metals Group Ltd. and Suncor Energy Inc. accounted for more than 10 % of our revenues. For the year ended December 31, 2023, each of Suncor Energy Inc., Imperial Oil Ltd. and Fortescue Metals Group Ltd. accounted for more than 10 % of our revenues. Asset Retirement Obligations We have AROs that we are required to perform under law or contract once an asset is permanently taken out of service. We initially record the liability at fair value, which reflects the estimated present value of the amount of asset removal and site reclamation costs related to the retirement of our assets, for an ARO when it is incurred (typically when the asset is installed). When the liability is initially recorded, we capitalize the associated asset retirement cost by increasing the carrying amount of the related property, plant and equipment. Over time, the liability increases for the change in its present value, while the capitalized cost depreciates over the useful life of the related asset. Accretion expense is recognized over the estimated productive life of the related assets. If the fair value of the estimated ARO changes, an adjustment is recorded to both the ARO and the capitalized asset retirement cost. Revisions in estimated liabilities can result from changes in estimated inflation rates, changes in service and equipment costs and changes in the estimated timing of settling the ARO. We utilize current retirement costs to estimate the expected cash outflows for retirement obligations. We estimate the ultimate productive life of the properties and a risk-adjusted discount rate in order to determine the current present value of the obligation. We relieve ARO liabilities when the related obligations are settled. Most of these obligations are not expected to be paid until many years in the future and will be funded from general company resources at the time of removal. See Note 11 – Asset Retirement Obligations for further information. Share-Based Compensation We sponsor an equity participation plan in which certain of our key employees and non-employee directors participate. We measure the cost of service-based equity awards (typically restricted share awards and deferred share awards) based on the grant-date fair value of the award. The grant-date fair value is calculated based on our share price on the grant-date. The resulting cost is recognized over the period during which an employee or non-employee director is required to provide service in exchange for the awards, usually the vesting period. We also grant performance share awards. Performance share awards granted in 2025 and 2024 will be earned in amounts between 0 % and 200 % of the participant’s target performance share award, based on the payout percentage associated with 81 Civeo’s relative total shareholder return (TSR) rank among a peer group of other companies and the payout percentage associated with Civeo's three-year growth in EBITDA over the performance period relative to a preset 2027 and 2026 EBITDA target. For awards granted in 2023, awards are earned in amounts between 0 % and 200 % of the participant’s target performance share award, based equally on the payout percentage associated with Civeo’s relative TSR rank among a peer group of other companies and the payout percentage associated with Civeo's cumulative operating cash flow over the performance period relative to a preset target. The grant-date fair value of the TSR portion of each performance share award is estimated using option-pricing models at the grant date. The grant-date fair value of the 2027 and 2026 EBITDA or cumulative operating cash flow portion, as applicable, of each performance share award is based on target achievement and the closing market price of our common shares on the date of grant and adjusted throughout the performance period based on our estimate of the most probable outcome of such performance conditions. The resulting costs for each portion of the award are recognized over the period during which an employee is required to provide service in exchange for the awards, usually the vesting period. Additionally, we grant phantom share units. Such awards generally vest in equal annual installments and are accounted for as a liability based on the fair value of our share price. Participants granted phantom share units are entitled to a lump sum cash payment equal to the fair market value of a common share on the vesting date. The resulting cost is recognized over the period during which an employee is required to provide service in exchange for the awards, usually the vesting period. Guarantees Substantially all of our subsidiaries are guarantors under our Credit Agreement. See Note 10 – Debt for further discussion. During the ordinary course of business, we also provide standby letters of credit or other guarantee instruments to certain parties as required for certain transactions initiated by us or our subsidiaries. As of December 31, 2025, the maximum potential amount of future payments that we could be required to make under these guarantee agreements (including letters of credit) was approximately $ 1.8 million. We have not recorded any liability in connection with these guarantee arrangements. We do not believe, based on historical experience and information currently available, that it is likely that any amounts will be required to be paid under these guarantee arrangements. Use of Estimates The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles requires the use of estimates and assumptions by management in determining the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Examples of a few such estimates include estimates of the amount and timing of costs to be incurred for AROs, any valuation allowance recorded on net deferred tax assets, long-lived asset and goodwill impairments and allowance for credit losses. Actual results could materially differ from those estimates. Accounting for Contingencies We have contingent liabilities and future claims for which we have made estimates of the amount of the eventual cost to liquidate these liabilities or claims. We make an assessment of our exposure and record a provision in our accounts to cover an expected loss when we believe a loss is probable and the amount of the loss can be reasonably estimated. These liabilities and claims sometimes involve threatened or actual litigation where damages have been quantified. Other claims or liabilities have been estimated based on their fair value or our experience in these matters and, when appropriate, the advice of outside counsel or other outside experts. Upon the ultimate resolution of these uncertainties, our future reported financial results will be impacted by the difference between our estimates and the actual amounts paid to settle a liability. Examples of areas where we have made important estimates of future liabilities include litigation, insurance claims, contract claims and obligations. Recent Accounting Pronouncements From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (FASB), which are adopted by us as of the specified effective date. Unless otherwise discussed, management believes that the impact of recently issued standards or other guidance updates, which are not yet effective, will not have a material impact on our consolidated financial statements upon adoption. 82 Recent Adopted Accounting Standards In December 2023, the FASB issued Accounting Standards Update (ASU) 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures”, which enhances effective tax rate reconciliation disclosure requirements and provides clarity to the disclosures of income taxes paid, income before taxes and provision for income taxes. The amendments are effective for fiscal years beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The amendments in this update should be applied on a prospective basis; however, retrospective application is permitted. We have adopted the income tax disclosure improvements on a prospective basis. The adoption of ASU 2023-09 has not had a material effect on the Company’s statements and disclosures. 3. REVENUE The following disaggregates our revenue by our two reportable segments (Australia and Canada) into major categories for the years ended December 31, 2025, 2024 and 2023 (in thousands): 2025 2024 2023 Australia Accommodation and associated services revenues $ 211,761 $ 196,684 $ 177,834 Integrated services and other services revenues 248,534 230,272 158,929 Total Australia revenues 460,295 426,956 336,763 Canada Accommodation and associated services revenues $ 150,651 $ 214,774 $ 266,926 Mobile facility rental and associated services revenues 1,587 1,523 61,899 Integrated services and other services revenues 26,316 28,790 23,970 Total Canada revenues 178,554 245,087 352,795 Other Other revenues $ — $ 10,079 $ 11,247 Total other revenues — 10,079 11,247 Total revenues $ 638,849 $ 682,122 $ 700,805 Integrated services revenues are recognized where our clients own the accommodations and food services assets and Civeo provides the hospitality services including food service, housekeeping, janitorial, laundry, office cleaning. Our payment terms vary by the type and location of our customer and the services offered. The term between invoicing and when our performance obligations are satisfied is not significant. Payment terms are generally within 30 days and in most cases do not extend beyond 60 days. We do not have significant financing components or significant payment terms. As of December 31, 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): For the years ending December 31, 2026 2027 2028 Thereafter Total Revenue expected to be recognized as of December 31, 2025 $ 195,788 $ 146,281 $ 85,716 $ 198,277 $ 626,062 We applied the practical expedient and do not disclose consideration for remaining performance obligations with an original expected duration of one year or less. In addition, we do not estimate revenues expected to be recognized related to unsatisfied performance obligations for contracts without minimum room commitments. The table above represents only a portion of our expected future consolidated revenues and it is not necessarily indicative of the expected trend in total revenues. 4. IMPAIRMENT CHARGES No impairment expense was recorded during 2025. 2024 Impairment Charges 83 The following summarizes pre-tax impairment charges recorded during 2024, which are included in Impairment expense in our consolidated statements of operations (in thousands): Canada Australia U.S. Total Quarter ended March 31, 2024 Long-lived assets $ — $ 5,749 $ 2,074 $ 7,823 Quarter ended December 31, 2024 Long-lived assets 3,212 — 546 3,758 Total $ 3,212 $ 5,749 $ 2,620 $ 11,581 Quarter ended December 31, 2024. During the fourth quarter of 2024, we recorded impairment expense of $ 3.2 million related to recent low activity levels and no associated future cash flows at two lodges in the southern region of the Athabasca oil sands in Canada. The assets were written down to zero . In addition, we recorded impairment expense of $ 0.5 million, related to fixed assets in a lodge located in our U.S. market. The lodge was written down to its estimated fair value of $ 0.3 million. Quarter ended March 31, 2024. During the first quarter of 2024, we recorded impairment expense of $ 5.7 million related to various undeveloped land positions and related permitting costs in Australia. At March 31, 2024, we identified an impairment trigger related to certain of these properties due to the denial of development permit applications in Australia. Accordingly, the assets were written down to their estimated fair value of $ 0.6 million. In addition, during the first quarter of 2024, we recorded impairment expense of $ 2.1 million, related to land located in the U.S. The land was written down to its estimated fair value (less costs to sell) of $ 3.8 million. 2023 Impairment Charges The following summarizes pre-tax impairment charges recorded during 2023, which are included in Impairment expense in our consolidated statements of operations (in thousands): U.S. Total Quarter ended December 31, 2023 Long-lived assets $ 1,395 $ 1,395 Total $ 1,395 $ 1,395 Quarter ended December 31, 2023 . During the fourth quarter of 2023, we recorded impairment expense of $ 1.4 million, related to land located in our U.S. market. The land was written down to its estimated fair value (less costs to sell) of $ 5.9 million. 5. FAIR VALUE MEASUREMENTS Our financial instruments consist of cash and cash equivalents, receivables, payables and debt instruments. We believe that the carrying values of these instruments on the accompanying consolidated balance sheets approximate their fair values. As of December 31, 2025 and 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. During the second quarter of 2025, we acquired accommodation assets, land and customer contracts and recorded them at fair value. Determining the fair value of assets acquired and liabilities assumed required the exercise of judgment, which included the use of a multi-period excess earnings income approach to determine the fair value of the customer relationships. Specifically, the fair value of the customer relationships was determined by calculating the present value of expected cash flows by applying a discount rate that represents the estimated rate that market participants would require for such intangible assets. The expected cash flows and related discount rate are significant unobservable inputs categorized within Level 3 of the fair value hierarchy. The cash flows employed in the valuation are based on our best estimates of future sales, earnings and cash flows after considering factors such as general market conditions, expected future customer orders, contracts with suppliers, labor costs, changes in working capital, long-term business plans and recent operating performance. 84 During the fourth and first quarter of 2024 and the fourth quarter of 2023, we wrote down certain long-lived assets to fair value. During the fourth quarter of 2024, we wrote long-lived assets in Canada down to zero due to no activity. During the first quarter of 2024, our estimate of the fair value of undeveloped land positions in Australia that were impaired was based on appraisals from third parties. During the fourth quarter of 2023, our estimate of fair value of a property in the U.S. was based on broker price opinions or appraisals from third parties, which referenced available market information, such as listing agreements, offers, and pending and closed sales. See Note 2 – Summary of Significant Accounting Policies – Impairment of Long-Lived Assets and Note 2 – Summary of Significant Accounting Policies – Goodwill and Other Intangible Assets for further discussion of the significant judgments and assumptions used in calculating their fair value. 6. EARNINGS PER SHARE We calculate our basic earnings per share by dividing net income (loss) attributable to Civeo Corporation by the weighted average number of common shares outstanding. For diluted earnings per share, the basic shares outstanding are adjusted by adding all potentially dilutive securities. The calculation of basic and diluted earnings per share attributable to Civeo common shareholders is presented below for the years ended December 31, 2025, 2024 and 2023 (in thousands, except per share amounts): 2025 2024 2023 Numerator: Basic net income (loss) attributable to Civeo Corporation $ ( 20,071 ) $ ( 17,067 ) $ 30,157 Diluted net income (loss) attributable to Civeo Corporation $ ( 20,071 ) $ ( 17,067 ) $ 30,157 Denominator: Weighted average shares outstanding - basic 12,646 14,287 14,906 Dilutive shares - share-based awards — — 107 Weighted average shares outstanding - diluted 12,646 14,287 15,013 Basic net income (loss) per share attributable to Civeo Corporation common shareholders (1) $ ( 1.59 ) $ ( 1.19 ) $ 2.02 Diluted net income (loss) per share attributable to Civeo Corporation common shareholders (1) $ ( 1.59 ) $ ( 1.19 ) $ 2.01 (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, 0.1 million shares and fewer than 0.1 million shares, respectively, for the years ended December 31, 2025, 2024 and 2023. 7. DETAILS OF SELECTED BALANCE SHEET ACCOUNTS Additional information regarding selected balance sheet accounts at December 31, 2025 and 2024 is presented below (in thousands): December 31, 2025 December 31, 2024 Accounts receivable, net: Trade $ 70,646 $ 72,819 Unbilled revenue 15,273 12,883 Other 4,787 3,544 Total accounts receivable 90,706 89,246 Allowance for credit losses ( 236 ) ( 208 ) Total accounts receivable, net $ 90,470 $ 89,038 85 December 31, 2025 December 31, 2024 Inventories: Finished goods, including purchased food, housekeeping and retail inventory $ 4,486 $ 6,134 Raw materials 1,732 1,403 Total inventories $ 6,218 $ 7,537 Estimated Useful Life (in years) December 31, 2025 December 31, 2024 Property, plant and equipment, net: Land $ 29,476 $ 24,052 Accommodations assets 3 - 15 1,410,965 1,272,515 Buildings and leasehold improvements 6 - 40 13,817 12,386 Machinery and equipment 4 - 7 15,047 13,624 Office furniture and equipment 3 - 7 69,623 65,830 Vehicles 3 - 5 8,309 8,775 Construction in progress 1,694 6,835 Total property, plant and equipment 1,548,931 1,404,017 Accumulated depreciation ( 1,304,414 ) ( 1,199,120 ) Total property, plant and equipment, net $ 244,517 $ 204,897 December 31, 2025 December 31, 2024 Accrued liabilities: Accrued compensation $ 24,682 $ 29,209 Accrued taxes, other than income taxes 3,873 3,327 Other 2,282 2,397 Total accrued liabilities $ 30,837 $ 34,933 December 31, 2025 December 31, 2024 Contract assets: Current contract assets (1) $ 1,363 $ — Noncurrent contract assets (1) 2,725 — Total contract assets $ 4,088 $ — Contract liabilities (Deferred revenue): Current contract liabilities (2) $ 2,903 $ 2,501 Noncurrent contract liabilities (2) 2,908 5,098 Total contract liabilities (Deferred revenue) $ 5,811 $ 7,599 (1) Current contract assets and Noncurrent contract assets are included in "Other current assets" and "Other noncurrent assets," respectively, in our consolidated balance sheets. (2) Current contract liabilities and Noncurrent contract liabilities are included in "Deferred revenue" and "Other noncurrent liabilities," respectively, in our consolidated balance sheets. 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 assets from December 31, 2024 to December 31, 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. 86 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 December 31, 2025 was due to revenue recognized over the contracted terms related to advance payments received from a customer for village enhancements in Australia. 8. GOODWILL AND OTHER INTANGIBLE ASSETS Changes in the carrying amount of goodwill (all of which is in our Australia segment) from December 31, 2023 to December 31, 2025 are as follows (in thousands): Total Goodwill as of December 31, 2023 $ 7,690 Foreign currency translation ( 689 ) Goodwill as of December 31, 2024 $ 7,001 Foreign currency translation 540 Goodwill as of December 31, 2025 $ 7,541 The following presents the total amount of other intangible assets and the related accumulated amortization for major intangible asset classes as of December 31, 2025 and 2024 (in thousands): December 31, December 31, 2025 2024 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Amortizable Intangible Assets Contracts / agreements $ 145,485 $ ( 75,102 ) $ 131,761 $ ( 65,284 ) Total amortizable intangible assets $ 145,485 $ ( 75,102 ) $ 131,761 $ ( 65,284 ) Indefinite-Lived Intangible Assets Not Subject to Amortization Licenses $ 27 $ — $ 25 $ — Total indefinite-lived intangible assets 27 — 25 — Total intangible assets $ 145,512 $ ( 75,102 ) $ 131,786 $ ( 65,284 ) The weighted average remaining amortization period for all intangible assets, other than indefinite-lived intangibles, was 12.4 years as of December 31, 2025 and 13.1 years as of December 31, 2024. Amortization expense was $ 6.5 million, $ 6.1 million and $ 5.8 million in the years ended December 31, 2025, 2024 and 2023, respectively. As of December 31, 2025, the estimated remaining amortization of our amortizable intangible assets was as follows (in thousands): Year Ending December 31, 2026 $ 5,788 2027 5,788 2028 5,788 2029 5,788 2030 5,711 Thereafter 41,520 Total $ 70,383 87 9. LEASES We have operating and finance leases covering certain land locations and various office facilities and equipment in our two reportable business segments. Our leases have remaining lease terms of one year to ten years , some of which include options to extend the leases for up to 10 years, and some of which include options to terminate the leases within 90 days. In addition, we do not recognize right-of-use assets or lease liabilities for leases with terms shorter than twelve months. The components of lease expense were $ 4.5 million, $ 4.2 million and $ 4.2 million under operating leases for the years ended December 31, 2025, 2024 and 2023, respectively. The components of lease expense were $ 0.9 million, $ 0.5 million and $ 0.2 million under finance leases for the years ended December 31, 2025, 2024 and 2023, respectively. The components of short-term lease expense were $ 1.5 million, $ 1.8 million and $ 1.8 million for the years ended December 31, 2025, 2024 and 2023, respectively. Included in the measurement of lease liabilities, we paid $ 4.8 million and $ 0.8 million in cash related to operating leases and finance leases during the year ended December 31, 2025, respectively. Right-of-use assets obtained in exchange for new operating and finance lease obligations during the year ended December 31, 2025 were $ 9.2 million. Supplemental balance sheet information related to leases were as follows (in thousands): December 31, 2025 December 31, 2024 Operating leases Operating lease right-of-use assets $ 14,485 $ 9,401 Other current liabilities $ 3,631 $ 3,061 Operating lease liabilities 11,142 6,655 Total operating lease liabilities $ 14,773 $ 9,716 Finance leases Other noncurrent assets $ 3,089 $ 2,675 Other current liabilities $ 839 $ 580 Other noncurrent liabilities 2,382 2,155 Total finance lease liabilities $ 3,221 $ 2,735 Weighted average remaining lease term Operating leases 4.8 years 3.4 years Finance leases 3.7 years 4.3 years Weighted average discount rate Operating leases 6.5 % 5.7 % Finance leases 6.8 % 6.8 % Maturities of lease liabilities at December 31, 2025, were as follows (in thousands): Year Ending December 31, Operating Leases Finance Leases Total 2026 $ 4,494 $ 1,037 $ 5,531 2027 4,258 1,020 5,278 2028 2,734 882 3,616 2029 1,881 553 2,434 2030 1,891 151 2,042 Thereafter 2,022 — 2,022 Total lease payments 17,280 3,643 20,923 Less imputed interest 2,507 422 2,929 Total $ 14,773 $ 3,221 $ 17,994 88 10. DEBT As of December 31, 2025 and 2024, long-term debt consisted of the following (in thousands): December 31, 2025 December 31, 2024 U.S. revolving credit facility; weighted average interest rate of 9.2 % for the twelve-month period ended December 31, 2025 $ — $ — Canadian revolving credit facility; weighted average interest rate of 6.0 % for the twelve-month period ended December 31, 2025 132,787 43,299 Australian revolving credit facility; weighted average interest rate of 6.7 % for the twelve-month period ended December 31, 2025 50,055 — Total debt $ 182,842 $ 43,299 Scheduled maturities of long-term debt as of December 31, 2025 are as follows (in thousands): Year Ending December 31, 2026 $ — 2027 — 2028 182,842 Thereafter — $ 182,842 Credit Agreement On March 24, 2025, we amended our Syndicated Facility Agreement (as amended to date, the Credit Agreement), to increase the Australian revolving commitments by $ 20.0 million to an aggregate amount of $ 55.0 million. As of December 31, 2025, our 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. subsidiaries, as borrowers (the U.S. Facility); (B) a $ 200.0 million senior secured revolving credit facility in favor of Civeo and certain of our U.S. subsidiaries, as borrowers (the Canadian Facility); and (C) a $ 55.0 million senior secured revolving credit facility in favor of one of our Australian subsidiaries, as borrower. U.S. dollar amounts outstanding under the facilities provided by the Credit Agreement bear interest at a variable rate equal to Adjusted Term Secured Overnight Financing Rate (SOFR), which is equal to Term SOFR plus a 10 basis point adjustment, plus a margin of 2.50 % to 3.75 %, or a base rate plus 1.50 % to 2.75 %, in each case based on a ratio of our total net debt to Consolidated EBITDA (as defined in the Credit Agreement). Canadian dollar amounts outstanding bear interest at a variable rate equal to Adjusted Term Canadian Overnight Repo Rate Average (CORRA) which is equal to the Term CORRA plus a 29.547 basis point adjustment for one month terms or 32.138 basis point adjustment for three month terms, plus a margin of 2.50 % to 3.75 %, or a Canadian Prime rate plus a margin of 1.50 % to 2.75 %, in each case based on a ratio of our total net debt to Consolidated EBITDA (as defined in the Credit Agreement). Australian dollar amounts outstanding under the Credit Agreement bear interest at a variable rate equal to the Bank Bill Swap Bid Rate plus a margin of 2.50 % to 3.75 %, based on a ratio of our total net debt to Consolidated EBITDA (as defined in the Credit Agreement). The Credit Agreement contains customary affirmative and negative covenants that, among other things, limit or restrict: (i) indebtedness, liens and fundamental changes; (ii) asset sales; (iii) specified acquisitions; (iv) certain restrictive agreements; (v) transactions with affiliates; and (vi) investments and other restricted payments, including dividends and other distributions. In addition, we must maintain a minimum interest coverage ratio, defined as the ratio of consolidated EBITDA to consolidated interest expense, of at least 3.00 to 1.00 and a maximum net leverage ratio, defined as the ratio of total net debt to Consolidated EBITDA, of no greater than 3.00 to 1.00. Following a qualified offering of indebtedness, we will be required to maintain a maximum leverage ratio of no greater than 3.50 to 1.00 and a maximum senior secured ratio no greater than 2.00 to 1.00. Each of the factors considered in the calculations of these ratios are defined in the Credit Agreement. 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 December 31, 2025. Borrowings under the 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 Credit Agreement are guaranteed by our significant subsidiaries. As of December 31, 2025, we had six lenders that were parties to the Credit Agreement, with total revolving 89 commitments ranging from $ 35.0 million to $ 60.0 million. As of December 31, 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. We also had outstanding bank guarantees of A$ 1.4 million under the Australian facility. 11. ASSET RETIREMENT OBLIGATIONS AROs at December 31, 2025 and 2024 were (in thousands): 2025 2024 Asset retirement obligations $ 16,909 $ 14,109 Less: Asset retirement obligations due within one year (1) 2,291 747 Long-term asset retirement obligations (2) $ 14,618 $ 13,362 (1) Classified as a current liability on the consolidated balance sheets, under the caption “Other current liabilities.” Balance at December 31, 2025 related to remediation work planned for 2026. (2) Classified as a long-term liability on the consolidated balance sheets, under the caption “Other noncurrent liabilities.” Balance at December 31, 2025. Total accretion expense related to AROs was $ 1.1 million, $ 1.1 million and $ 1.1 million during the years ended December 31, 2025, 2024 and 2023, respectively. During the years ended December 31, 2025, 2024 and 2023, our ARO changed as follows (in thousands): 2025 2024 2023 Balance as of January 1 $ 14,109 $ 16,215 $ 18,113 Accretion of discount 1,145 1,112 1,104 New obligations 1,386 — — Change in estimates of existing obligations 186 20 1,366 Settlement of obligations ( 638 ) ( 1,936 ) ( 4,756 ) Foreign currency translation 721 ( 1,302 ) 388 Balance as of December 31 $ 16,909 $ 14,109 $ 16,215 12. RETIREMENT PLANS We sponsor various defined contribution plans. Participation in these plans is available to substantially all employees in each applicable jurisdiction. A defined contribution plan is a post-employment benefit plan under which an entity pays fixed contributions into a separate entity and will generally have no legal or constructive obligation to pay further amounts. Obligations for contributions to defined contribution plans are recognized as an employee benefit expense in profit or loss in the periods during which services are rendered by employees. We recognized expense of $ 16.3 million, $ 14.3 million and $ 10.2 million related to matching contributions under our various defined contribution plans during the years ended December 31, 2025, 2024 and 2023, respectively. Canadian Retirement Savings Plan We offer a defined contribution retirement plan to our Canadian employees. In Canada, we contribute, on a matched basis, an amount up to 5 % of each Canadian based, salaried employee’s earnings (base salary plus annual incentive compensation) to the legislated maximum for a Deferred Profit Sharing Plan (DPSP). The maximum for 2025 was C$ 16,905 . DPSP is a form of defined contribution retirement savings plan governed by Canadian federal tax legislation which provides for the deferral of tax on deposits and investment returns until removed from the plan to support retirement income. Employer contributions vest upon the completion of two years of service. Employee contributions are required in order to be eligible for the DPSP employer matching. Maximum employer matching ( 5 % noted above) is attained with 6 % employee contribution which would go into a Group Registered Retirement Savings Plan. The two plans work in tandem. Contributions to the “Retirement Savings Plan” for Canadian employees are subject to the annual maximum total registered savings limit of C$ 33,810 in 2025 as set out in the Canadian Tax Act. 90 Australian Retirement Savings Plan Our Australian subsidiary contributes to various defined contribution plans for its employees in accordance with legislation governing the calculation of the Superannuation Guarantee Surcharge (SGC). SGC is contributed by the employer at a rate of 12 % of the base salary of an employee, capped at the legislated maximum contribution base which is indexed annually. Our Australian subsidiary makes no investment decisions on behalf of the employee and has no obligations other than to remit the defined contributions to the plan selected by each individual employee. U.S. Retirement Savings Plan We offer a defined contribution 401(k) retirement plan to substantially all of our U.S. employees. Participants may contribute from 1 % to 75 % of their base and cash incentive compensation (subject to Internal Revenue Service limitations), and we make matching contributions under this plan on the first 6 % of the participant’s eligible compensation ( 100 % match of the employee contribution up to the first 4 % of the participant's eligible compensation and 50 % match on the employee contribution up to the next 2 % of the participant's eligible compensation). Our matching contributions vest at a rate of 40 % after two years of service and 20 % per year for each of the employee’s next three years of service and are fully vested thereafter. 13. INCOME TAXES The Company’s operations are conducted through various subsidiaries in a number of countries throughout the world. The Company has provided for income taxes based upon the tax laws and rates in the countries in which operations are conducted and income is earned. Income tax expense ( benefit). Pre-tax income (loss) for the years ended December 31, 2025, 2024 and 2023 consisted of the following (in thousands): 2025 2024 2023 Canada operations $ ( 48,728 ) $ ( 39,088 ) $ 5,524 Foreign operations 42,272 33,151 34,839 Total $ ( 6,456 ) $ ( 5,937 ) $ 40,363 The components of the income tax expense (benefit) for the years ended December 31, 2025, 2024 and 2023 consisted of the following (in thousands): 2025 2024 2023 Current: Canada $ — $ 41 $ 142 Foreign 18,029 20,110 3,685 Total $ 18,029 $ 20,151 $ 3,827 Deferred: Canada $ — $ — $ — Foreign ( 4,409 ) ( 7,659 ) 6,806 Total $ ( 4,409 ) $ ( 7,659 ) $ 6,806 Net income tax expense $ 13,620 $ 12,492 $ 10,633 91 The net income tax expense (benefit) differs from an amount computed at Canadian statutory rates as follows for the years ended December 31, 2025 pursuant to the disclosure requirements of ASU 2023-09 (in thousands): 2025 Canada Federal Statutory Tax Rate (1) $ ( 968 ) 15.0 % Canada Provincial Taxes Provincial tax at statutory rate (2) ( 3,770 ) 58.0 % Changes in Valuation Allowance 3,770 ( 58.0 ) % Foreign Tax Effects: Australia Statutory tax rate difference 6,727 ( 104.0 ) % Withholding tax credit ( 64 ) 1.0 % Other 29 — % United States Statutory tax rate difference ( 154 ) 2.0 % Nondeductible compensation 540 ( 8.0 ) % State income tax 137 ( 2.0 ) % Other 24 — % Effect of cross border tax laws: Deemed income from foreign subsidiaries 155 ( 2.0 ) % Withholding tax 64 ( 1.0 ) % Changes in valuation allowance 6,871 ( 106.0 ) % Nontaxable or Nondeductible Items: Nontaxable capital loss 259 ( 4.0 ) % Total tax expense $ 13,620 ( 211.0 ) % (1) Represents the Canada federal statutory rate of 15%, net of the federal tax abatement and general rate reduction. (2) Provincial taxes in Alberta comprise the majority (more than 50%) of the taxes in this category. The net income tax expense (benefit) differs from an amount computed at Canadian statutory rates as follows for the years ended December 31, 2024 and 2023 (in thousands): 2024 2023 Canadian federal tax benefit at statutory rates $ ( 891 ) 15.0 % $ 6,054 15.0 % Canadian provincial income tax ( 3,186 ) 53.6 % 497 1.2 % Effect of foreign income tax, net 5,642 ( 95.0 ) % 5,481 13.6 % Valuation allowance 8,983 ( 151.2 ) % ( 2,556 ) ( 6.3 ) % Noncontrolling interest 325 ( 5.5 ) % 125 0.3 % Non-deductible compensation 1,213 ( 20.4 ) % 1,009 2.5 % Unrealized intercompany foreign currency translation gain ( 18 ) 0.3 % ( 148 ) ( 0.4 ) % Deemed income from foreign subsidiaries 243 ( 4.1 ) % 322 0.8 % Other, net 181 ( 3.1 ) % ( 151 ) ( 0.4 ) % Net income tax expense (benefit) $ 12,492 ( 210.4 ) % $ 10,633 26.3 % 92 Deferred Tax Liabilities and Assets. The significant items giving rise to the deferred tax assets and liabilities as of December 31, 2025 and 2024 are as follows (in thousands): 2025 2024 Deferred tax assets: Net operating loss $ 59,497 $ 53,756 Employee benefits 2,353 1,767 Deductible goodwill and other intangibles 46,628 42,713 Land 4,780 3,495 Other reserves 8,389 8,015 Deferred revenue 1,647 2,249 Operating lease liabilities 4,646 3,171 Capital losses 2,366 1,869 Other 2,804 2,255 Deferred tax assets 133,110 119,290 Valuation allowance ( 98,502 ) ( 81,998 ) Deferred tax assets, net $ 34,608 $ 37,292 Deferred tax liabilities: Intangibles $ ( 16,958 ) $ ( 15,135 ) Depreciation ( 15,206 ) ( 22,641 ) Other ( 1,226 ) — Operating lease right-of-use assets ( 4,536 ) ( 3,074 ) Deferred tax liabilities ( 37,926 ) ( 40,850 ) Deferred tax liabilities, net $ ( 3,318 ) $ ( 3,558 ) At December 31, 2025 and 2024, we had no undistributed earnings of foreign subsidiaries that would be subject to income tax upon distribution to Canada from a foreign subsidiary. As such, as of December 31, 2025 and 2024, we did not provide for deferred taxes on any such earnings of our foreign subsidiaries. NOL Carryforwards. The following summarizes net operating loss (NOL) carryforwards at December 31, 2025 (in thousands): Amount Expiration Period Net operating loss carryforwards: Canada – Federal and provincial $ 162,674 Begins to expire in 2032 U.S. – Federal 34,334 Begins to expire in 2036 U.S. – Federal 40,943 Does not expire U.S. – State, tax effected 5,900 Began to expire in 2024 Change in Valuation Allowance. Realization of our deferred tax assets is dependent upon, among other things, our ability to generate taxable income of the appropriate character in the future. Changes in our valuation allowance for the years ended December 31, 2025 and 2024 are as follows (in thousands): Balance as of December 31, 2023 $ ( 78,769 ) Change in income tax provision ( 8,983 ) Other change 910 Foreign currency translation 4,844 Balance as of December 31, 2024 $ ( 81,998 ) Change in income tax provision ( 10,642 ) Other change ( 1,472 ) Foreign currency translation ( 4,390 ) Balance as of December 31, 2025 $ ( 98,502 ) 93 As of each reporting date, management considers new evidence, both positive and negative, that could affect our view of the future realization of deferred tax assets. As of December 31, 2025, management determined that there is not sufficient evidence to conclude that it is more likely than not that the Canadian and U.S. net deferred tax assets are realizable, therefore we have maintained the valuation allowance in both of these jurisdictions. As of December 31, 2025, management determined that there is not sufficient evidence to conclude that it is more likely than not that the Australia deferred tax assets related to certain capital assets are realizable, therefore we have maintained a partial valuation allowance in Australia. Unrecognized Tax Benefits. We file tax returns in the jurisdictions in which they are required. All of these returns are subject to examination or audit and possible adjustment as a result of assessments by taxing authorities. We believe that we have recorded sufficient tax liabilities and do not expect the resolution of any examination or audit of our tax returns to have a material adverse effect on our operating results, financial condition or liquidity. Our Canadian federal tax returns subsequent to 2020 are subject to audit by the Canada Revenue Agency. Our Australian subsidiary’s federal income tax returns subsequent to 2020 are open for review by the Australian Taxation Office. Our U.S. subsidiary’s federal tax returns subsequent to 2021 are subject to audit by the U.S. Internal Revenue Service. The total amount of unrecognized tax benefits as of December 31, 2025, 2024 and 2023 was zero . Unrecognized tax benefits, if recognized, would affect the effective tax rate. We accrue interest and penalties, if applicable, related to unrecognized tax benefits as a component of our provision for income taxes. As of December 31, 2025, 2024 and 2023, we had accrued zero of interest expense and penalties. 14. COMMITMENTS AND CONTINGENCIES We are a party to various pending or threatened claims, lawsuits and administrative proceedings seeking damages or other remedies concerning our commercial operations, products, employees and other matters, including warranty and product liability claims as a result of our products or operations. Although we can give no assurance about the outcome of pending legal and administrative proceedings and the effect such outcomes may have on us, management believes that any ultimate liability resulting from the outcome of such proceedings, to the extent not otherwise provided for or covered by insurance, will not have a material adverse effect on our consolidated financial position, results of operations or liquidity. 15. SHARE REPURCHASE PROGRAMS AND DIVIDENDS Share Repurchase Programs In 2024 and 2023, our Board authorized the repurchase of up to 5.0 % of our total common shares which were issued and outstanding, or approximately 0.7 million and 0.7 million common shares, respectively, 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. The repurchase authorization allows repurchases from time to time through a variety of methods, including but not limited to open market repurchases, pursuant to a Rule 10b5-1 compliant plan, or privately negotiated transactions. We have funded, and intend to continue to fund, repurchases through cash on hand, cash from debt incurrences and cash generated from operations. Any common shares repurchased are cancelled in the periods they are acquired and the payment is accounted for as an increase to accumulated deficit in our Consolidated Statements of Changes in Shareholders’ Equity in the period the payment is made. The following summarizes our common share repurchases pursuant to our share repurchase programs (in thousands, except per share data): 2025 2024 2023 Shares repurchased 2,310 1,130 564 Average price paid per share $ 23.19 $ 26.19 $ 20.60 Dollar-value of shares repurchased $ 53,612 $ 29,616 $ 11,634 94 Dividends Our Board declared the following quarterly dividends in 2025, 2024 and 2023. The dividends are eligible dividends pursuant to the Income Tax Act (Canada). 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 October 30, 2024 November 25, 2024 December 16, 2024 $ 0.25 July 30, 2024 August 26, 2024 September 16, 2024 $ 0.25 April 26, 2024 May 27, 2024 June 17, 2024 $ 0.25 February 2, 2024 February 26, 2024 March 18, 2024 $ 0.25 October 27, 2023 November 27, 2023 December 18, 2023 $ 0.25 September 5, 2023 September 15, 2023 September 29, 2023 $ 0.25 16. ACCUMULATED OTHER COMPREHENSIVE LOSS Our accumulated other comprehensive loss decreased $ 13.8 million from $ 404.6 million at December 31, 2024 to $ 390.8 million at December 31, 2025, as a result of foreign currency exchange rate fluctuations. Changes in other comprehensive loss during 2025 were primarily driven by the Australian dollar and Canadian dollar increasing in value compared to the U.S. dollar. Excluding intercompany balances, our Canadian dollar and Australian dollar functional currency net assets totaled approximately C$ 9 million and A$ 245 million, respectively, at December 31, 2025. 17. SHARE-BASED COMPENSATION Certain key employees and non-employee directors participate in the Amended and Restated 2014 Equity Participation Plan of Civeo Corporation (the Civeo Plan). The Civeo Plan authorizes our Board and the Compensation Committee of our Board to approve and grant awards of options, awards of share appreciation rights, awards of restricted shares, performance share awards, phantom share units and dividend equivalents, awards of deferred shares, and share payments to our employees and non-employee directors. Approximately 3.0 million Civeo common shares are authorized to be issued under the Civeo Plan. Share-based compensation expense recognized in the years ended December 31, 2025, 2024 and 2023 totaled $ 9.4 million, $ 9.2 million and $ 11.8 million, respectively. Share-based compensation expense is reflected in Selling, general and administrative expense in our consolidated statements of operations. The total income tax benefit recognized in the consolidated statements of operations for share-based compensation arrangements was approximately $ 0.5 million, $ 0.5 million and $ 0.6 million for the years ended December 31, 2025, 2024 and 2023, respectively. Phantom Share Units We grant phantom share unit awards, which vest a third per year over a three-year period. Each phantom share unit is equal in value to one common share. Upon vesting, each recipient will receive a lump sum cash payment equal to the fair market value of a common share on the respective vesting date in respect of each phantom share unit then vesting. These awards are accounted for as a liability that is remeasured at each reporting date until paid. The following presents the changes in phantom share unit awards outstanding and related information for our employees during the years ended December 31, 2025, 2024 and 2023: 95 Number of Awards Nonvested shares at December 31, 2022 659,288 Granted 229,845 Vested ( 335,178 ) Forfeited ( 33,394 ) Nonvested shares at December 31, 2023 520,561 Granted 314,260 Vested ( 274,838 ) Forfeited ( 50,222 ) Nonvested shares at December 31, 2024 509,761 Granted 229,155 Vested ( 253,352 ) Forfeited ( 9,721 ) Nonvested shares at December 31, 2025 475,843 At December 31, 2025, the balance of the liability for the phantom share units was $ 5.0 million. For the years ended December 31, 2025, 2024 and 2023, we made phantom share units cash payments of $ 6.3 million, $ 6.2 million and $ 10.4 million, respectively. At December 31, 2025, unrecognized compensation cost related to phantom share units was $ 6.4 million, as remeasured at December 31, 2025, which is expected to be recognized over a weighted average period of 1.7 years. The weighted average grant-date fair value per share of phantom share units granted during the years ended December 31, 2025, 2024 and 2023 was $ 21.18 , $ 23.75 and $ 31.05 , respectively. Performance Share Awards We grant performance share awards, which cliff vest after three years subject to attainment of applicable performance goals. Awards granted in 2025 and 2024 will be earned in amounts between 0 % and 200 % of the participant’s target performance share award, based on the payout percentage associated with Civeo’s relative TSR rank among a peer group of other companies and the payout percentage associated with Civeo's three-year growth in EBITDA over the performance period relative to a preset 2027 and 2026 EBITDA target. Awards granted in 2023 will be earned in amounts between 0 % and 200 % of the participant’s target performance share award, based equally on the payout percentage associated with Civeo’s relative TSR rank among a peer group of other companies and the payout percentage associated with Civeo's cumulative operating cash flow over the performance period relative to a preset target. The grant-date fair value of the portion of the performance awards tied to 2027 and 2026 EBITDA and cumulative operating cash flow is based on target achievement and the closing market price of our common shares on the date of grant. We evaluate the probability of achieving the performance goals throughout the performance period and will adjust share-based compensation expense based on the number of shares expected to vest based on our estimate of the most probable performance outcome. No share-based compensation expense is recognized if the performance criteria are not probable of being achieved. The fair value of the TSR portion of each performance share award was estimated using a Monte Carlo simulation pricing model that uses the assumptions noted in the following table. The risk-free interest rate is based on the U.S. Treasury yield curve in effect for the expected term of the performance share at the time of grant. The dividend yield on our common shares in 2025 and 2024 is based on the annual dividend and our valuation date stock price. In April 2025, our Board suspended quarterly dividends after the 2025 awards were granted. The dividend yield on our common shares was assumed to be zero for 2023 since we did not pay dividends when the awards were granted. The expected market price volatility of our common shares was based on an estimate that considers the historical and implied volatility of our common shares as well as a peer group of companies over a time period equal to the expected term of the award. The initial TSR performance was based on historical performance of our common shares and the peer group’s common shares. 2025 2024 2023 Risk-free weighted interest rate 3.9 % 4.9 % 4.4 % Dividend yield 4.7 % 4.3 % — % Expected volatility 42.6 % 44.0 % 73.0 % Initial TSR 4.6 % 4.3 % 4.1 % 96 The following presents the changes in performance share awards outstanding and related information for our employees during the years ended December 31, 2025, 2024 and 2023: Number of Awards Weighted Average Grant Date Fair Value Per Share Nonvested shares at December 31, 2022 254,034 $ 29.81 Granted 86,454 38.45 Performance adjustment (1) — — Vested (1) — — Forfeited ( 8,487 ) 32.67 Nonvested shares at December 31, 2023 332,001 $ 32.37 Granted 122,978 24.17 Performance adjustment (2) ( 3,833 ) — Vested (2) ( 124,099 ) 22.51 Forfeited ( 41,599 ) 28.65 Nonvested shares at December 31, 2024 285,448 $ 22.34 Granted 189,124 21.87 Performance adjustment (3) ( 34,616 ) — Vested (3) ( 64,790 ) 17.57 Forfeited ( 2,475 ) 21.87 Nonvested shares at December 31, 2025 372,691 $ 17.49 (1) No performance share awards vested in 2023. (2) Related to 2021 performance share awards that vested in 2024, which were paid out at 97 %. (3) Related to 2022 performance share awards that vested in 2025, which were paid out at 65 %. During the years ended December 31, 2025, 2024 and 2023, we recognized compensation expense associated with performance share awards totaling $ 2.0 million, $ 1.8 million and $ 3.4 million, respectively. At December 31, 2025, unrecognized compensation cost related to performance share awards was $ 2.7 million, which is expected to be recognized over a weighted average period of 1.9 years. Restricted Share Awards/ Deferred Share Awards The following presents the changes in restricted share awards and deferred share awards outstanding and related information for our non-employee directors during the years ended December 31, 2025, 2024 and 2023: Number of Awards/Units Weighted Average Grant Date Fair Value Per Share Nonvested shares at December 31, 2022 39,032 $ 25.62 Granted 50,336 21.02 Vested ( 39,770 ) 25.53 Nonvested shares at December 31, 2023 49,598 $ 21.02 Granted 42,125 24.75 Vested ( 49,598 ) 21.02 Nonvested shares at December 31, 2024 42,125 $ 24.75 Granted 61,451 21.03 Vested ( 42,125 ) 24.75 Nonvested shares at December 31, 2025 61,451 $ 21.03 97 The weighted average grant-date fair value per share for restricted share awards and deferred share awards granted during 2025, 2024 and 2023 was $ 21.03 , $ 24.75 and $ 21.02 , respectively. The total fair value of restricted share awards and deferred share awards vested during 2025, 2024 and 2023 was $ 0.9 million, $ 1.2 million and $ 0.9 million, respectively. At December 31, 2025, unrecognized compensation cost related to restricted share awards and deferred share awards was $ 0.6 million, which is expected to be recognized over a weighted average period of 0.4 years. 18. SUPPLEMENTAL CASH FLOW INFORMATION Cash paid during the years ended December 31, 2025, 2024 and 2023 for interest and income taxes was as follows (in thousands): 2025 2024 2023 Interest (net of amounts capitalized) $ 8,655 $ 5,479 $ 10,250 Net income taxes paid, net of refunds received: Australia $ 33,408 $ 12,002 $ — Other 152 272 251 Total $ 33,560 $ 12,274 $ 251 98 19. A SSET ACQUISITION On May 6, 2025, we acquired the assets of Qantac Pty Ltd (Qantac), located in Queensland, Australia (the Qantac Acquisition) for total consideration of A$ 105 million (or approximately $ 68 million) in cash. The Qantac Acquisition included four villages, with 1,368 rooms in Australia’s Bowen Basin and the associated accommodation assets, land and customer contracts. As a result of the Qantac Acquisition, we expanded our existing accommodations business into the Blackwater region of the Bowen Basin, which was not previously served by our existing villages. The Qantac Acquisition was funded with cash on hand and borrowings under the Credit Agreement. Qantac’s operations are reported in our Australia reportable business segment. The Qantac Acquisition was accounted for as an asset acquisition based on the principles described in ASC 805, which provides a screen to determine when a set of transferred assets is not a business. The screen requires that when substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or a group of similarly identifiable assets, the set of transferred assets is not a business. Under the accounting for asset acquisitions, the acquisition is recorded using a cost accumulation and allocation model under which the cost of such acquisition is allocated on a relative fair value basis to the assets acquired and liabilities assumed. Acquisition-related transaction costs are capitalized as a component of the cost of the assets acquired. Goodwill is not recognized in an asset acquisition, and any difference between consideration transferred and the fair value of the net assets acquired is allocated to the certain identifiable assets acquired based on their relative fair values. The purchase price was allocated to the net assets as follows (in thousands): Consideration: Cash $ 68,189 Direct transaction costs 4,601 Total costs of the asset acquisition $ 72,790 Other current assets $ 184 Property, plant and equipment 70,575 Intangible assets 5,999 Total assets acquired $ 76,758 Accounts payable and accrued liabilities $ 67 Deferred income taxes 3,901 Total liabilities assumed 3,968 Net assets acquired $ 72,790 20. SEGMENT AND RELATED INFORMATION We report segment information based on the “management” approach. The management approach designates the internal reporting used by management for making decisions and assessing performance as the source of our reportable segments. We have identified two reportable segments, Australia and Canada, which represent our strategic focus on hospitality services and workforce accommodations. Our Chief Executive Officer is the chief operating decision maker (“CODM”). The profitability measure the CODM uses is segment operating income (loss) to review each of our reportable segments for the purpose of making decisions about resource allocation and performance assessment. Operating income (loss) is revenue less cost of sales and services, selling, general and administrative expenses, depreciation and amortization expense and other operating expenses (income). Total assets by segment are not used by the CODM to assess the performance of, or allocate resources to, the Company’s segments. Through our implementation of ASU No. 2023-07, “Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures,” we have disclosed for each reportable segment the significant expense categories that are reviewed by the CODM below, and there are no additional significant expenses within the expense categories presented. 99 Prior to the fourth quarter of 2025, 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. To better align segment operating income (loss) to the profitability measure used by our CODM, these shared general and administrative costs are now allocated to Australia and Canada beginning with the year ended December 31, 2025. For the years ended December 31, 2024, and 2023, we allocated corporate IT expenses to Australia and Canada of $ 9.0 million and $ 8.8 million, respectively, to conform with the presentation for the year ended December 31, 2025. Financial information by business segment for each of the three years ended December 31, 2025, 2024 and 2023 is summarized in the following (in thousands): 2025 Australia Canada Corporate, other and eliminations Total Revenues $ 460,295 $ 178,554 $ — $ 638,849 Cost of sales and services 339,457 147,991 313 487,761 Revenues less cost of sales and services 120,838 30,563 ( 313 ) 151,088 Selling, general and administrative expenses 32,422 18,061 24,859 75,342 Depreciation and amortization expense 36,891 35,623 104 72,618 Other operating expense (income) (1) ( 442 ) ( 1,393 ) 848 ( 987 ) Operating income (loss) 51,967 ( 21,728 ) ( 26,124 ) 4,115 Recon to income (loss) before income taxes Other income (loss) (2) ( 10,571 ) Income (loss) before income taxes $ ( 6,456 ) Capital expenditures $ 14,363 $ 5,779 $ 48 $ 20,190 2024 Australia Canada Corporate, other and eliminations Total Revenues $ 426,956 $ 245,087 $ 10,079 $ 682,122 Cost of sales and services 315,374 207,135 10,158 532,667 Revenues less cost of sales and services 111,582 37,952 ( 79 ) 149,455 Selling, general and administrative expenses 30,255 21,951 21,144 73,350 Depreciation and amortization expense 31,044 36,704 290 68,038 Other operating expense (income) (1) 6,302 ( 2,482 ) 2,915 6,735 Operating income (loss) 43,981 ( 18,221 ) ( 24,428 ) 1,332 Recon to income (loss) before income taxes Other income (loss) (2) ( 7,269 ) Income (loss) before income taxes $ ( 5,937 ) Capital expenditures $ 15,703 $ 10,344 $ 91 $ 26,138 100 2023 Australia Canada Corporate, other and eliminations Total Revenues $ 336,763 $ 352,795 $ 11,247 $ 700,805 Cost of sales and services 243,011 277,067 10,209 530,287 Revenues less cost of sales and services 93,752 75,728 1,038 170,518 Selling, general and administrative expenses 24,146 24,686 23,773 72,605 Depreciation and amortization expense 28,696 46,319 127 75,142 Other operating expense (income) (1) 16 ( 18,568 ) 1,836 ( 16,716 ) Operating income (loss) 40,894 23,291 ( 24,698 ) 39,487 Recon to income (loss) before income taxes Other income (loss) (2) 876 Income (loss) before income taxes $ 40,363 Capital expenditures $ 21,632 $ 9,216 $ 785 $ 31,633 (1) Other operating expense (income) for each reportable segment primarily includes other operating income and expenses for the years ended December 31, 2025, 2024 and 2023. In addition, for the years ended December 31, 2024 and 2023, Other operating expense (income) included impairment expense. For the years ended December 31, 2024 and 2023, Other operating expense (income) in Canada includes gain on sale of McClelland Lake Lodge assets, net. (2) Other income (loss) is primarily related to interest expense, interest income and other income. Financial information by geographic segment as of and for each of the three years ended December 31, 2025, 2024 and 2023, is summarized below (in thousands). Other revenues include export sales. Revenues are attributable to countries based on the location of the entity selling the products or performing the services Total assets are attributable to countries based on the physical location of the entity and its operating assets and do not include intercompany balances. Canada Australia Other Total 2025 Revenues from unaffiliated customers $ 178,554 $ 460,295 $ — $ 638,849 Total assets 187,767 272,900 16,744 477,411 2024 Revenues from unaffiliated customers $ 245,087 $ 426,956 $ 10,079 $ 682,122 Total assets 208,248 185,643 11,181 405,072 2023 Revenues from unaffiliated customers $ 352,795 $ 336,763 $ 11,247 $ 700,805 Total assets 318,998 205,702 23,362 548,062 101 21. VALUATION ACCOUNTS Activity in the valuation accounts was as follows (in thousands): Balance at Beginning of Period Charged (Reduction) to Costs and Expenses Deductions (Net of Recoveries) Translation and Other, Net Balance at End of Period Year Ended December 31, 2025: Allowance for credit losses on accounts receivable $ 208 $ 12 $ — $ 16 $ 236 Valuation allowance for deferred tax assets 81,998 10,642 1,472 4,390 98,502 Year Ended December 31, 2024: Allowance for credit losses on accounts receivable $ 199 $ 33 $ ( 7 ) $ ( 17 ) $ 208 Valuation allowance for deferred tax assets 78,769 8,983 ( 910 ) ( 4,844 ) 81,998 Year Ended December 31, 2023: Allowance for credit losses on accounts receivable $ 299 $ 79 $ ( 181 ) $ 2 $ 199 Valuation allowance for deferred tax assets 82,905 ( 2,556 ) ( 1,767 ) 187 78,769 102