What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2026-05-01 compared with 2025-10-31 · 110 added, 209 removed, 386 unchanged (45% of the section changed)

4 unchanged sentences

Three Months Ended

September 30, Nine Months Ended

September 30,

2025 2024 2025 2024

Revenue $ 172,667 $ 144,044

3 unchanged sentences

Depreciation and amortization expense 17,308 16,253

Impairment expense — — — 7,823

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

Other operating (income) expense ( 338 ) 507

169,544 149,560

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

Operating income (loss) 3,123 ( 5,516 )

Interest expense ( 3,762 ) ( 1,619 )

Interest income 38 26

Other income 10 204 476 967

Income (loss) before income taxes 3,582 ( 1,427 ) ( 2,885 ) 6,201

Other income (expense) ( 61 ) 347

Loss before income taxes ( 662 ) ( 6,762 )

Income tax expense ( 3,141 ) ( 3,088 )

Net loss ( 3,803 ) ( 9,850 )

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

Net income (loss) attributable to noncontrolling interest 5 ( 8 )

Net loss attributable to Civeo Corporation $ ( 3,808 ) $ ( 9,842 )

11 unchanged sentences

Three Months Ended

September 30, Nine Months Ended

September 30,

2025 2024 2025 2024

Net loss $ ( 3,803 ) $ ( 9,850 )

1 unchanged sentence

Foreign currency translation adjustment, net of zero taxes

( 764 ) 7,238 11,264 ( 1,372 )

Total other comprehensive income (loss), net of taxes ( 764 ) 7,238 11,264 ( 1,372 )

Total other comprehensive income, net of taxes 4,895 1,093

Comprehensive income (loss) 1,092 ( 8,757 )

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

Comprehensive income (loss) attributable to noncontrolling interest 5 ( 8 )

Comprehensive income (loss) attributable to Civeo Corporation $ 1,087 $ ( 8,749 )

3 unchanged sentences

(In Thousands, Excluding Share Amounts)

September 30, 2025 December 31, 2024

March 31, 2026 December 31, 2025

Current assets:

50 unchanged sentences

Shareholders’

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

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

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

Dividends paid — — ( 3,616 ) — — ( 6 ) ( 3,622 )

Common shares repurchased — — ( 14,208 ) — — — ( 14,208 )

Excise tax on common shares repurchased — — ( 284 ) — — — ( 284 )

Share-based compensation — 721 — — — — 721

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

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

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

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

Dividends paid — — — — — 1 1

Common shares repurchased — — ( 26,210 ) — — — ( 26,210 )

Excise tax on common shares repurchased — — ( 524 ) — — — ( 524 )

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

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

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

5 unchanged sentences

Share-based compensation — 597 — ( 645 ) — — ( 48 )

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

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

Balance, December 31, 2025 $ — $ 1,634,883 $ ( 1,058,911 ) $ ( 10,775 ) $ ( 390,813 ) $ — $ 174,384

Net loss — — ( 13,611 ) — — ( 6 ) ( 13,617 )

Net income (loss) — — ( 3,808 ) — — 5 ( 3,803 )

Currency translation adjustment — — — — 4,895 — 4,895

3 unchanged sentences

Share-based compensation — 252 — ( 337 ) — — ( 85 )

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

Balance, March 31, 2026 $ — $ 1,635,135 $ ( 1,077,359 ) $ ( 11,112 ) $ ( 385,918 ) $ — $ 160,746

Balance, December 31, 2025 11,434

1 unchanged sentence

Common shares repurchased ( 511 )

Balance, September 30, 2025 11,645

Balance, March 31, 2026 10,943

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

2 unchanged sentences

(In Thousands)

Nine Months Ended

September 30,

Three Months Ended

Cash flows from operating activities:

Net loss $ ( 3,803 ) $ ( 9,850 )

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

Adjustments to reconcile net loss to net cash used in operating activities:

Depreciation and amortization 17,308 16,253

Impairment charges — 7,823

Deferred income tax benefit ( 139 ) ( 510 )

9 unchanged sentences

Other current and noncurrent assets and liabilities, net ( 2,417 ) ( 522 )

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

Net cash flows used in operating activities ( 9,744 ) ( 8,445 )

Cash flows from investing activities:

Capital expenditures ( 4,133 ) ( 5,271 )

Payments related to acquisitions ( 72,002 ) —

Proceeds from dispositions of property, plant and equipment 200 167

Other, net — 183

Net cash flows used in investing activities ( 3,933 ) ( 5,104 )

6 unchanged sentences

Taxes paid on vested shares ( 337 ) ( 645 )

Net cash flows provided by (used in) financing activities 87,608 ( 48,333 )

Net cash flows provided by financing activities 15,868 36,625

Effect of exchange rate changes on cash ( 81 ) 92

11 unchanged sentences

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, liquefied natural gas (LNG) and iron ore producing regions, and our customers include mining companies, major and independent oil companies, engineering companies and oilfield and mining service companies.

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.

17 unchanged sentences

Three Months Ended

September 30, Nine Months Ended

September 30,

2025 2024 2025 2024

Accommodation revenues $ 58,405 $ 51,370 $ 157,910 $ 147,391

Food service and other services revenues 66,055 65,252 182,868 169,576

Accommodation and associated services revenues $ 55,806 $ 46,823

Integrated services and other services revenues 67,212 56,823

Total Australia revenues 123,018 103,646

Accommodation revenues $ 38,684 $ 48,747 $ 114,710 $ 180,793

Mobile facility rental revenues 393 123 1,046 1,473

Food service and other services revenues 6,954 8,866 20,695 22,157

Accommodation and associated services revenues $ 43,134 $ 33,436

Mobile facility rental and associated services revenues 1,038 219

Integrated services and other services revenues 5,477 6,743

Total Canada revenues 49,649 40,398

Other revenues $ — $ 1,980 $ — $ 9,781

Total other revenues — 1,980 — 9,781

Total revenues $ 172,667 $ 144,044

3 unchanged sentences

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

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

As of March 31, 2026, for contracts that are greater than one year, the table below discloses the estimated revenues related to performance obligations that are unsatisfied (or partially unsatisfied) and when we expect to recognize the revenue.

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

1 unchanged sentence

2026 2027 2028 Thereafter Total

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

Revenue expected to be recognized as of March 31, 2026 $ 148,174 $ 153,135 $ 88,062 $ 200,676 $ 590,047

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

1 unchanged sentence

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.

IMPAIRMENT CHARGES

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

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

CIVEO CORPORATION

NOTES TO UNAUDITED CONSOLIDATED

FINANCIAL STATEMENTS

Australia U.S.

Quarter ended March 31, 2024

Long-lived assets $ 5,749 $ 2,074 $ 7,823

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

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.

FAIR VALUE MEASUREMENTS

1 unchanged sentence

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

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

As of March 31, 2026 and December 31, 2025, 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.

2 unchanged sentences

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.

CIVEO CORPORATION

NOTES TO UNAUDITED CONSOLIDATED

FINANCIAL STATEMENTS

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.

During the first quarter of 2024, we wrote down certain long-lived assets to fair value.

Our estimate of the fair value of undeveloped land positions in Australia that were impaired was based on appraisals from third parties.

DETAILS OF SELECTED BALANCE SHEET ACCOUNTS

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

September 30, 2025 December 31, 2024

Additional information regarding selected balance sheet accounts at March 31, 2026 and December 31, 2025 is presented below (in thousands):

March 31, 2026 December 31, 2025

Accounts receivable, net:

5 unchanged sentences

Total accounts receivable, net $ 107,166 $ 90,470

CIVEO CORPORATION

NOTES TO UNAUDITED CONSOLIDATED

FINANCIAL STATEMENTS

September 30, 2025 December 31, 2024

March 31, 2026 December 31, 2025

Finished goods, including purchased food, housekeeping and retail inventory $ 4,513 $ 4,486

1 unchanged sentence

Total inventories $ 6,337 $ 6,218

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

(in years) March 31, 2026 December 31, 2025

Property, plant and equipment, net:

9 unchanged sentences

Total property, plant and equipment, net $ 235,259 $ 244,517

September 30, 2025 December 31, 2024

CIVEO CORPORATION

NOTES TO UNAUDITED CONSOLIDATED

FINANCIAL STATEMENTS

March 31, 2026 December 31, 2025

Accrued liabilities:

3 unchanged sentences

Total accrued liabilities $ 26,251 $ 30,837

September 30, 2025 December 31, 2024

March 31, 2026 December 31, 2025

Contract assets:

Current contract assets (1)

$ 1,299 $ 1,363

Noncurrent contract assets (1)

10 unchanged sentences

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

The increase in contract

The increase in contract assets from December 31, 2025 to March 31, 2026 was due to incentives provided to a customer in Australia, beginning in the first quarter of 2025, in connection with entering into a six-year integrated services contract.

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

The decrease in deferred revenue from December 31, 2025 to March 31, 2026 was due to revenue recognized over the contracted terms related to advance payments received from a customer for village enhancements in Australia.

CIVEO CORPORATION

1 unchanged sentence

FINANCIAL STATEMENTS

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

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

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

ASSET ACQUISITION

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 US$ 68 million) in cash.

On May 6, 2025, we acquired assets of Qantac Pty Ltd (Qantac), located in Queensland, Australia (the Qantac Acquisition) for total consideration of A$ 105 million (or approximately US$ 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.

2 unchanged sentences

Qantac’s operations are reported as new village locations 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 Qantac Acquisition was accounted for as an asset acquisition based on the principles described in Accounting Standards Codification Topic 805, Business Combinations, 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.

22 unchanged sentences

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

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

2025 2024 2025 2024

Three Months Ended March 31,

Basic net loss attributable to Civeo Corporation $ ( 3,808 ) $ ( 9,842 )

8 unchanged sentences

(1) Computations may reflect rounding adjustments.

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

Share-based awards that have been excluded from the calculation of weighted-average common shares outstanding because the effect is anti-dilutive totaled 0.1 million shares and 0.1 million shares, respectively, for the three months ended March 31, 2026 and 2025.

CIVEO CORPORATION

1 unchanged sentence

FINANCIAL STATEMENTS

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

September 30, 2025 December 31, 2024

As of March 31, 2026 and December 31, 2025, long-term debt consisted of the following (in thousands):

March 31, 2026 December 31, 2025

revolving credit facility;

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

weighted average interest rate of 8.9 % for the three month period ended March 31, 2026

Canadian revolving credit facility;

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

weighted average interest rate of 5.9 % for the three month period ended March 31, 2026

155,676 132,787

Australian revolving credit facility;

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

weighted average interest rate of 6.9 % for the three month period ended March 31, 2026

51,600 50,055

Total debt $ 212,276 $ 182,842

Credit Agreement

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

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

As of March 31, 2026, our Syndicated Facility Agreement, the 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.

subsidiaries, as borrowers;

(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);

subsidiaries, as borrowers;

and (C) a $ 55.0 million senior secured revolving credit facility in favor of one of our Australian subsidiaries, as borrower.

On April 23, 2026, the Credit Agreement was amended and restated (as amended to date, the Amended Credit Agreement) to, among other things:

• provide for an increase by $ 20.0 million of the aggregate revolving loan commitments under the Amended Credit Agreement, to an aggregate maximum principal amount of $ 285.0 million, 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.

(B) a $ 205.0 million senior secured revolving credit facility in favor of Civeo, as borrower (the Canadian Facility);

and (C) a $ 70.0 million senior secured revolving credit facility in favor of one of our Australian subsidiaries, as borrowers;

• extend the maturity from August 8, 2028 to April 23, 2030;

• provide for other technical changes and amendments to the Credit Agreement.

dollar amounts outstanding under the facilities provided by the Amended 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 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 Amended Credit Agreement).

1 unchanged sentence

Australian dollar amounts outstanding under the Amended 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 Amended Credit Agreement).

CIVEO CORPORATION

NOTES TO UNAUDITED CONSOLIDATED

FINANCIAL STATEMENTS

The Amended Credit Agreement contains customary affirmative and negative covenants that, among other things, limit or restrict:

6 unchanged sentences

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.

Following a qualified offering of indebtedness or convertible 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 leverage ratio no greater than 2.50 to 1.00.

Each of the factors considered in the calculations of these ratios are defined in the Amended 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 September 30, 2025.

We were in compliance with our covenants as of March 31, 2026.

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

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

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

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

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

As of March 31, 2026, we had six lenders that were parties to the Amended Credit Agreement, with total revolving commitments ranging from $ 37.5 million to $ 60.0 million.

As of March 31, 2026, 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.

CIVEO CORPORATION

NOTES TO UNAUDITED CONSOLIDATED

FINANCIAL STATEMENTS

Our operations are conducted through various subsidiaries in a number of countries throughout the world.

2 unchanged sentences

Our effective tax rate will vary from period to period based on changes in earnings mix between these different jurisdictions.

On January 1, 2024, the Organization for Economic Cooperation and Development Pillar Two rules became effective and established a minimum 15% tax rate on certain multinational enterprises.

The Pillar Two rules have been implemented in Australia and Canada, with the U.S.

still uncertain to date.

The applicable tax law changes with respect to Pillar Two were considered for the jurisdictions in which we operate, and the rules did not have a materially adverse impact on our financial results.

We compute our quarterly taxes under the effective tax rate method by applying an anticipated annual effective rate to our year-to-date income, except for significant unusual or extraordinary transactions.

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

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

As of March 31, 2026 and 2025, Canada and the U.S.

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

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

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

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

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

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

Our income tax expense for the three months ended March 31, 2026 totaled $ 3.1 million, or ( 474.5 )% of pretax loss, compared to income tax expense of $ 3.1 million, or ( 45.7 )% of pretax loss, for the three months ended March 31, 2025.

Our effective tax rate for the three months ended March 31, 2026 and 2025 was impacted by Canada and the U.S.

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

3 unchanged sentences

ACCUMULATED OTHER COMPREHENSIVE LOSS

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

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

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

Our accumulated other comprehensive loss decreased $ 4.9 million from $ 390.8 million at December 31, 2025 to $ 385.9 million at March 31, 2026, as a result of foreign currency exchange rate fluctuations.

Changes in other comprehensive loss during the three months of 2026 were primarily driven by the Australian dollar increasing in value compared to the U.S.

dollar and the Canadian dollar decreasing in value compared to the U.S.

Excluding intercompany balances, our Australian dollar functional currency net assets totaled approximately A$ 245 million and our Canadian dollar functional currency net liabilities totaled approximately C$ 20 million at March 31, 2026.

CIVEO CORPORATION

3 unchanged sentences

Share Repurchase Programs

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

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

In March 2025, our Board of Directors (Board) authorized a common share repurchase program (the Share Repurchase Program) to repurchase up to 10.0 % of our total common shares which were issued and outstanding at that date, or approximately 1.4 million common shares over a twelve month period.

In April 2025, our Board authorized an increase to the Share Repurchase Program 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.

In March 2026, our Board authorized an additional repurchase authorization of up to 10.0 % of our common shares outstanding upon completion of the existing Share Repurchase Program.

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.

2 unchanged sentences

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

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

2025 2024 2025 2024

Three Months Ended March 31,

Dollar-value of shares repurchased $ 14,353 $ 3,334

1 unchanged sentence

Average price paid per share $ 28.06 $ 21.75

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

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

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

Date Declared Record Date Payment Date Per Share Amount

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

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

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

February 2, 2024 February 26, 2024 March 18, 2024 $ 0.25

In April 2025, after the completion of our first quarter 2025 dividend, our Board suspended quarterly dividends on our common shares to prioritize returning capital to our shareholders through ongoing share repurchases.

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 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.

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.

4 unchanged sentences

Phantom share units are settled in cash upon vesting.

During the three months ended March 31, 2026 and 2025, we recognized compensation expense associated with phantom share units totaling $ 2.4 million and $ 1.8 million, respectively.

At March 31, 2026, unrecognized compensation cost related to phantom share units was $ 10.4 million, as remeasured at March 31, 2026, which is expected to be recognized over a weighted average period of 2.2 years.

Performance Share Awards.

On March 5, 2026, we granted 144,433 performance share awards under the Civeo Plan, which cliff vest after three years subject to attainment of applicable performance goals.

These awards 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 CORPORATION

1 unchanged sentence

FINANCIAL STATEMENTS

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

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

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

Performance Share Awards.

On March 3, 2025, we granted 189,124 performance share awards under the Civeo Plan, which cliff vest after three years subject to attainment of applicable performance criteria.

These awards 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 total shareholder return 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 EBITDA target.

Civeo’s relative total shareholder return 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 2028 EBITDA target.

The portion of the performance share awards tied to the 2028 EBITDA target includes a performance-based vesting requirement.

We evaluate the probability of achieving the performance criteria 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.

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.

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

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

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

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

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

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

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

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

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

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

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

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

During the three months ended March 31, 2026 and 2025, we recognized compensation expense associated with performance share awards totaling $ 0.1 million and $ 0.3 million, respectively.

The total fair value of performance share awards that vested during the three months ended March 31, 2026 and 2025 was $ 0.9 million and $ 1.7 million, respectively.

At March 31, 2026, unrecognized compensation cost related to performance share awards was $ 4.8 million, which is expected to be recognized over a weighted average period of 2.2 years.

Restricted Share Awards / Deferred Share Awards.

Compensation expense associated with restricted share awards and deferred share awards recognized in the three months ended March 31, 2026 and 2025 totaled $ 0.4 million and $ 0.3 million, respectively.

The total fair value of restricted share awards and deferred share awards that vested during the three months ended March 31, 2026 and 2025 was zero .

At March 31, 2026, unrecognized compensation cost related to restricted share awards and deferred share awards was $ 0.2 million, which is expected to be recognized over a weighted average period of 0.1 years.

CIVEO CORPORATION

4 unchanged sentences

The management approach designates the internal reporting used by management for making decisions and assessing performance as the source of our reportable segments.

Our Chief Executive Officer is the chief operation decision maker.

Our Chief Executive Officer is the chief operation decision maker (CODM).

We have identified two reportable segments, Australia and Canada, which represent our strategic focus on hospitality services and workforce accommodations.

Prior to the fourth quarter of 2024, we presented segment operating income (loss) to include an allocation of corporate overhead expenses.

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

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

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

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

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

Cost of sales and services 91,024 35,660 20 126,704

Revenues less cost of sales and services 33,436 10,371 ( 20 ) 43,787

Selling, general and administrative expenses (1)

7,205 3,746 7,156 18,107

Depreciation and amortization expense 9,929 10,057 26 20,012

Other operating expense (income) (2)

( 363 ) ( 1,072 ) 137 ( 1,298 )

Operating income (loss) 16,665 ( 2,360 ) ( 7,339 ) 6,966

Reconciliation to income (loss) before income taxes

Other loss (3)

Income before income taxes $ 3,582

Capital expenditures $ 4,786 $ 825 $ — $ 5,611

Total assets $ 278,736 $ 198,884 $ 13,447 $ 491,067

CIVEO CORPORATION

NOTES TO UNAUDITED CONSOLIDATED

FINANCIAL STATEMENTS

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

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

Cost of sales and services 87,067 50,052 1,423 138,542

Revenues less cost of sales and services 29,555 7,684 557 37,796

Selling, general and administrative expenses (1)

7,158 4,717 7,760 19,635

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

Other operating expense (income) (2)

( 7 ) 179 505 677

Operating income (loss) 14,318 ( 6,476 ) ( 7,798 ) 44

Reconciliation to income (loss) before income taxes

Other loss (3)

Loss before income taxes $ ( 1,427 )

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

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

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

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 were 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 three months ended March 31, 2025, we allocated corporate IT expenses to Australia and Canada of $ 2.0 million to conform with the presentation for the three months ended March 31, 2026.

Financial information by business segment for each of the three months ended March 31, 2026 and 2025 is summarized in the following table (in thousands):

Three Months Ended March 31, 2026 Australia Canada Corporate, other and eliminations Total

Revenues $ 123,018 $ 49,649 $ — $ 172,667

2 unchanged sentences

Selling, general and administrative expenses 9,004 6,007 5,057 20,068

20,329 12,175 24,258 56,762

Depreciation and amortization expense 9,203 8,083 22 17,308

10 unchanged sentences

FINANCIAL STATEMENTS

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

Three Months Ended March 31, 2025 Australia Canada Corporate, other and eliminations Total

Revenues $ 103,646 $ 40,398 $ — $ 144,044

2 unchanged sentences

Selling, general and administrative expenses 7,853 4,860 5,472 18,185

18,426 14,053 23,229 55,708

Depreciation and amortization expense 7,804 8,420 29 16,253

Other operating expense (income) (2)

Other operating expense (1)

75 61 371 507

2 unchanged sentences

Other loss (2)

Income before income taxes $ 6,201

Loss before income taxes $ ( 6,762 )

Capital expenditures $ 1,945 $ 3,326 $ — $ 5,271

Total assets $ 206,804 $ 207,008 $ 9,940 $ 423,752

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

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

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

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

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

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

for the nine months ended September 30, 2024.

(1) Other operating expense (income) for each reportable segment primarily includes other operating income and expenses for the three months ended March 31, 2026 and 2025.

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

SUBSEQUENT EVENT

On April 23, 2026, we amended our Credit Agreement.

See Note 7 - Debt for further information.

Cautionary Statement Regarding Forward-Looking Statements

2 unchanged sentences

The forward-looking statements can be identified by the use of forward-looking terminology including “may,” “expect,” “anticipate,” “estimate,” “continue,” “believe” or other similar words.

The forward-looking statements in this report include, but are not limited to, the statements in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” relating to our expectations about the macroeconomic environment and industry conditions, including the volatility in the price of and demand for commodities, as well as our expectations about capital expenditures in 2025, beliefs with respect to liquidity needs and expectations with respect to growth strategies and opportunities, share repurchases and dividends and benefits of the Qantac Acquisition.

The forward-looking statements in this report include, but are not limited to, the statements in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” relating to our expectations about the macroeconomic environment and industry conditions, including the volatility in the price of and demand for commodities, as well as our expectations about capital expenditures in 2026, beliefs with respect to liquidity needs and expectations with respect to growth strategies and opportunities, cost reductions, share repurchases and benefits of the Qantac Acquisition.

Actual results could differ materially from those projected in the forward-looking statements as a result of a number of important factors.

9 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements