Civeo Corp 10-Q

ITEM 1. Financial Statements CIVEO CORPORATION UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS (In Thousands, Except Per Share Amounts) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Revenue $ 180,017 $ 162,694 $ 352,684 $ 306,738 Costs and expenses: Service and other costs 138,611 121,531 271,117 236,146 Selling, general and administrative expenses 20,406 20,470 40,474 38,655 Depreciation and amortization expense 16,327 17,827 33,635 34,080 Other operating (income) expense ( 419 ) 66 ( 757 ) 573 174,925 159,894 344,469 309,454 Operating income (loss) 5,092 2,800 8,215 ( 2,716 ) Interest expense ( 4,256 ) ( 2,699 ) ( 8,018 ) ( 4,318 ) Interest income 52 75 90 101 Other income 120 119 59 466 Income (loss) before income taxes 1,008 295 346 ( 6,467 ) Income tax expense ( 3,525 ) ( 3,606 ) ( 6,666 ) ( 6,694 ) Net loss ( 2,517 ) ( 3,311 ) ( 6,320 ) ( 13,161 ) Less: Net income (loss) attributable to noncontrolling interest 4 3 9 ( 5 ) Net loss attributable to Civeo Corporation $ ( 2,521 ) $ ( 3,314 ) $ ( 6,329 ) $ ( 13,156 ) Per Share Data (see Note 6) Basic net loss per share attributable to Civeo Corporation common shareholders $ ( 0.23 ) $ ( 0.25 ) $ ( 0.57 ) $ ( 0.98 ) Diluted net loss per share attributable to Civeo Corporation common shareholders $ ( 0.23 ) $ ( 0.25 ) $ ( 0.57 ) $ ( 0.98 ) Weighted average number of common shares outstanding: Basic 10,930 13,177 11,025 13,387 Diluted 10,930 13,177 11,025 13,387 Dividends per common share $ — $ — $ — $ 0.25 The accompanying notes are an integral part of these financial statements. 4 CIVEO CORPORATION UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (In Thousands) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Net loss $ ( 2,517 ) $ ( 3,311 ) $ ( 6,320 ) $ ( 13,161 ) Other comprehensive income (loss), net of taxes: Foreign currency translation adjustment, net of zero taxes 586 10,935 5,481 12,028 Total other comprehensive income, net of taxes 586 10,935 5,481 12,028 Comprehensive income (loss) ( 1,931 ) 7,624 ( 839 ) ( 1,133 ) Less: Comprehensive income (loss) attributable to noncontrolling interest 4 4 9 ( 4 ) Comprehensive income (loss) attributable to Civeo Corporation $ ( 1,935 ) $ 7,620 $ ( 848 ) $ ( 1,129 ) The accompanying notes are an integral part of these financial statements. 5 CIVEO CORPORATION CONSOLIDATED BALANCE SHEETS (In Thousands, Excluding Share Amounts) June 30, 2026 December 31, 2025 (Unaudited) ASSETS Current assets: Cash and cash equivalents $ 20,605 $ 14,439 Accounts receivable, net 109,487 90,470 Inventories 6,633 6,218 Prepaid expenses 20,931 17,209 Other current assets 4,192 2,877 Total current assets 161,848 131,213 Property, plant and equipment, net 223,030 244,517 Goodwill 7,807 7,541 Other intangible assets, net 65,728 70,410 Operating lease right-of-use assets 16,554 14,485 Other noncurrent assets 12,888 9,245 Total assets $ 487,855 $ 477,411 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities: Accounts payable $ 42,127 $ 44,282 Accrued liabilities 32,328 30,837 Income taxes payable 38 153 Deferred revenue 4,058 2,903 Other current liabilities 7,238 6,761 Total current liabilities 85,789 84,936 Long-term debt 208,595 182,842 Deferred income taxes 1,760 3,318 Operating lease liabilities 12,909 11,142 Other noncurrent liabilities 19,393 20,789 Total liabilities 328,446 303,027 Shareholders’ Equity: Common shares ( no par value; 46,000,000 shares authorized, 11,447,340 shares and 11,872,028 shares issued, respectively, and 10,997,156 shares and 11,434,033 shares outstanding, respectively) — — Additional paid-in capital 1,635,733 1,634,883 Accumulated deficit ( 1,079,880 ) ( 1,058,911 ) Common shares held in treasury at cost, 450,184 and 437,995 shares, respectively ( 11,112 ) ( 10,775 ) Accumulated other comprehensive loss ( 385,332 ) ( 390,813 ) Total Civeo Corporation shareholders’ equity 159,409 174,384 Noncontrolling interest — — Total shareholders’ equity 159,409 174,384 Total liabilities and shareholders’ equity $ 487,855 $ 477,411 The accompanying notes are an integral part of these financial statements. 6 CIVEO CORPORATION UNAUDITED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (In Thousands) Attributable to Civeo Common Shares Par Value Additional Paid-in Capital Accumulated Deficit Treasury Shares Accumulated Other Comprehensive Income (Loss) Noncontrolling Interest Total Shareholders’ Equity Balance, March 31, 2025 $ — $ 1,632,420 $ ( 997,400 ) $ ( 10,775 ) $ ( 403,507 ) $ — $ 220,738 Net income (loss) — — ( 3,314 ) — — 3 ( 3,311 ) Currency translation adjustment — — — — 10,934 1 10,935 Dividends paid — — — — — ( 4 ) ( 4 ) Common shares repurchased — — ( 19,140 ) — — — ( 19,140 ) Excise tax on common shares repurchased — — ( 382 ) — — — ( 382 ) Share-based compensation — 602 — — — — 602 Balance, June 30, 2025 $ — $ 1,633,022 $ ( 1,020,236 ) $ ( 10,775 ) $ ( 392,573 ) $ — $ 209,438 Balance, March 31, 2026 $ — $ 1,635,135 $ ( 1,077,359 ) $ ( 11,112 ) $ ( 385,918 ) $ — $ 160,746 Net income (loss) — — ( 2,521 ) — — 4 ( 2,517 ) Currency translation adjustment — — — — 586 — 586 Dividends paid — — — — — ( 4 ) ( 4 ) Share-based compensation — 598 — — — — 598 Balance, June 30, 2026 $ — $ 1,635,733 $ ( 1,079,880 ) $ ( 11,112 ) $ ( 385,332 ) $ — $ 159,409 Balance, December 31, 2024 $ — $ 1,631,823 $ ( 980,720 ) $ ( 10,130 ) $ ( 404,600 ) $ 625 $ 236,998 Net loss — — ( 13,156 ) — — ( 5 ) ( 13,161 ) Currency translation adjustment — — — — 12,027 1 12,028 Dividends paid — — ( 3,437 ) — — ( 621 ) ( 4,058 ) Common shares repurchased — — ( 22,474 ) — — — ( 22,474 ) Excise tax on common shares repurchased — — ( 449 ) — — — ( 449 ) Share-based compensation — 1,199 — ( 645 ) — — 554 Balance, June 30, 2025 $ — $ 1,633,022 $ ( 1,020,236 ) $ ( 10,775 ) $ ( 392,573 ) $ — $ 209,438 Balance, December 31, 2025 $ — $ 1,634,883 $ ( 1,058,911 ) $ ( 10,775 ) $ ( 390,813 ) $ — $ 174,384 Net income (loss) — — ( 6,329 ) — — 9 ( 6,320 ) Currency translation adjustment — — — — 5,481 — 5,481 Dividends paid — — — — — ( 9 ) ( 9 ) Common shares repurchased — — ( 14,353 ) — — — ( 14,353 ) Excise tax on common shares repurchased — — ( 287 ) — — — ( 287 ) Share-based compensation — 850 — ( 337 ) — — 513 Balance, June 30, 2026 $ — $ 1,635,733 $ ( 1,079,880 ) $ ( 11,112 ) $ ( 385,332 ) $ — $ 159,409 Common Shares (in thousands) Balance, December 31, 2025 11,434 Share-based compensation 74 Common shares repurchased ( 511 ) Balance, June 30, 2026 10,997 The accompanying notes are an integral part of these financial statements. 7 CIVEO CORPORATION UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS (In Thousands) Six Months Ended June 30, 2026 2025 Cash flows from operating activities: Net loss $ ( 6,320 ) $ ( 13,161 ) Adjustments to reconcile net loss to net cash provided by (used in) operating activities: Depreciation and amortization 33,635 34,080 Deferred income tax benefit ( 1,706 ) ( 1,868 ) Non-cash compensation charge 850 1,199 Gains on disposals of assets ( 351 ) ( 261 ) Provision for credit losses, net of recoveries 796 ( 9 ) Other, net 1,402 581 Changes in operating assets and liabilities: Accounts receivable ( 18,728 ) ( 10,313 ) Inventories ( 355 ) 2,049 Accounts payable and accrued liabilities ( 170 ) ( 1,718 ) Taxes payable ( 3,342 ) ( 13,089 ) Other current and noncurrent assets and liabilities, net ( 3,815 ) ( 8,248 ) Net cash flows provided by (used in) operating activities 1,896 ( 10,758 ) Cash flows from investing activities: Capital expenditures ( 7,846 ) ( 9,769 ) Payments related to acquisitions — ( 64,948 ) Proceeds from dispositions of property, plant and equipment 1,215 273 Net cash flows used in investing activities ( 6,631 ) ( 74,444 ) Cash flows from financing activities: Revolving credit borrowings 422,901 232,902 Revolving credit repayments ( 393,321 ) ( 113,679 ) Debt issuance costs ( 3,434 ) ( 423 ) Dividends paid — ( 3,437 ) Repurchases of common shares ( 14,353 ) ( 22,474 ) Taxes paid on vested shares ( 337 ) ( 645 ) Net cash flows provided by financing activities 11,456 92,244 Effect of exchange rate changes on cash ( 555 ) 2,392 Net change in cash and cash equivalents 6,166 9,434 Cash and cash equivalents, beginning of period 14,439 5,204 Cash and cash equivalents, end of period $ 20,605 $ 14,638 The accompanying notes are an integral part of these financial statements. 8 CIVEO CORPORATION NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS 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 2026 presentation. The accompanying unaudited consolidated financial statements of Civeo have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the SEC) pertaining to interim financial information. Certain information in footnote disclosures normally included in financial statements prepared in accordance with U.S. Generally Accepted Accounting Principles (GAAP) has been condensed or omitted pursuant to those rules and regulations. The unaudited consolidated financial statements included in this report reflect all the adjustments, consisting of normal recurring adjustments, which Civeo considers necessary for a fair presentation of the results of operations for the interim periods covered and for the financial condition of Civeo at the date of the interim balance sheet. Results for the interim periods are not necessarily indicative of results for the full year. The preparation of consolidated financial statements in conformity with GAAP 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. If the underlying estimates and assumptions upon which the financial statements are based change in future periods, actual amounts may differ from those included in the accompanying consolidated financial statements. The unaudited consolidated financial statements included in this report should be read in conjunction with our audited consolidated financial statements and accompanying notes included in our Annual Report on Form 10-K for the year ended December 31, 2025. 9 CIVEO CORPORATION NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued) 2. REVENUE The following table disaggregates our revenue by our two reportable segments (Australia and Canada) into major categories for the periods indicated (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Australia Accommodation and associated services revenues $ 57,373 $ 52,682 $ 113,179 $ 99,505 Integrated services and other services revenues 68,073 59,990 135,285 116,813 Total Australia revenues 125,446 112,672 248,464 216,318 Canada Accommodation and associated services revenues $ 44,082 $ 42,590 $ 87,216 $ 76,026 Mobile facility rental and associated services revenues 367 434 1,405 653 Integrated services and other services revenues 10,122 6,998 15,599 13,741 Total Canada revenues 54,571 50,022 104,220 90,420 Total revenues $ 180,017 $ 162,694 $ 352,684 $ 306,738 Our payment terms vary by the type and location of our customer and the services offered. The time 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 June 30, 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): For the years ending December 31, 2026 2027 2028 Thereafter Total Revenue expected to be recognized as of June 30, 2026 $ 94,178 $ 150,530 $ 88,004 $ 197,511 $ 530,223 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. 3. 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 June 30, 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. 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 10 CIVEO CORPORATION NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued) 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. 4. DETAILS OF SELECTED BALANCE SHEET ACCOUNTS Additional information regarding selected balance sheet accounts at June 30, 2026 and December 31, 2025 is presented below (in thousands): June 30, 2026 December 31, 2025 Accounts receivable, net: Trade $ 88,350 $ 70,646 Unbilled revenue 18,838 15,273 Other 3,323 4,787 Total accounts receivable 110,511 90,706 Allowance for credit losses ( 1,024 ) ( 236 ) Total accounts receivable, net $ 109,487 $ 90,470 June 30, 2026 December 31, 2025 Inventories: Finished goods, including purchased food, housekeeping and retail inventory $ 4,744 $ 4,486 Raw materials 1,889 1,732 Total inventories $ 6,633 $ 6,218 Estimated Useful Life (in years) June 30, 2026 December 31, 2025 Property, plant and equipment, net: Land $ 31,137 $ 29,476 Accommodations assets 3 — 15 1,385,910 1,410,965 Buildings and leasehold improvements 6 — 40 14,269 13,817 Machinery and equipment 4 — 7 14,838 15,047 Office furniture and equipment 3 — 7 70,897 69,623 Vehicles 3 — 5 7,983 8,309 Construction in progress 2,713 1,694 Total property, plant and equipment 1,527,747 1,548,931 Accumulated depreciation ( 1,304,717 ) ( 1,304,414 ) Total property, plant and equipment, net $ 223,030 $ 244,517 11 CIVEO CORPORATION NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued) June 30, 2026 December 31, 2025 Accrued liabilities: Accrued compensation $ 27,420 $ 24,682 Accrued taxes, other than income taxes 3,914 3,873 Other 994 2,282 Total accrued liabilities $ 32,328 $ 30,837 June 30, 2026 December 31, 2025 Contract assets: Current contract assets (1) $ 1,128 $ 1,363 Noncurrent contract assets (1) 3,950 2,725 Total contract assets $ 5,078 $ 4,088 Contract liabilities (Deferred revenue): Current contract liabilities (2) $ 4,058 $ 2,903 Noncurrent contract liabilities (2) 1,684 2,908 Total contract liabilities (Deferred revenue) $ 5,742 $ 5,811 (1) Current contract assets and Noncurrent contract assets are included in "Other current assets" and "Other noncurrent assets," respectively, in our unaudited consolidated balance sheets. (2) Current contract liabilities and Noncurrent contract liabilities are included in "Deferred revenue" and "Other noncurrent liabilities," respectively, in our unaudited consolidated balance sheets. 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, 2025 to June 30, 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 June 30, 2026 was due to revenue recognized over the contracted terms related to advance payments received from a customer for village enhancements in Australia. 12 CIVEO CORPORATION NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued) 5. ASSET ACQUISITION 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. 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 Amended Credit Agreement (as defined in Note 7). 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 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. 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 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. 13 CIVEO CORPORATION NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued) The calculation of basic and diluted earnings per share attributable to Civeo common shareholders is presented below for the periods indicated (in thousands, except per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Numerator: Basic net loss attributable to Civeo Corporation $ ( 2,521 ) $ ( 3,314 ) $ ( 6,329 ) $ ( 13,156 ) Diluted net loss attributable to Civeo Corporation $ ( 2,521 ) $ ( 3,314 ) $ ( 6,329 ) $ ( 13,156 ) Denominator: Weighted average shares outstanding - basic 10,930 13,177 11,025 13,387 Dilutive shares - share-based awards — — — — Weighted average shares outstanding - diluted 10,930 13,177 11,025 13,387 Basic net loss per share attributable to Civeo Corporation common shareholders (1) $ ( 0.23 ) $ ( 0.25 ) $ ( 0.57 ) $ ( 0.98 ) Diluted net loss per share attributable to Civeo Corporation common shareholders (1) $ ( 0.23 ) $ ( 0.25 ) $ ( 0.57 ) $ ( 0.98 ) (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 0.2 million shares and 0.1 million shares, respectively, for the three months ended June 30, 2026 and 2025. 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 six months ended June 30, 2026 and 2025. 14 CIVEO CORPORATION NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued) 7. DEBT As of June 30, 2026 and December 31, 2025, long-term debt consisted of the following (in thousands): June 30, 2026 December 31, 2025 U.S. revolving credit facility; weighted average interest rate of 8.9 % for the six month period ended June 30, 2026 $ 9,000 $ — Canadian revolving credit facility; weighted average interest rate of 5.9 % for the six month period ended June 30, 2026 147,777 132,787 Australian revolving credit facility; weighted average interest rate of 7.2 % for the six month period ended June 30, 2026 51,818 50,055 Total debt $ 208,595 $ 182,842 Credit Agreement 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; (B) a $ 200.0 million senior secured revolving credit facility in favor of Civeo and certain of our U.S. 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. Facility); (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; and • provide for other technical changes and amendments to the Credit Agreement. U.S. 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). 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 29.55 basis point adjustment for one month terms or a 32.14 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 Amended Credit Agreement). 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). 15 CIVEO CORPORATION NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued) The Amended 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 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 June 30, 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 material subsidiaries. As of June 30, 2026, we had six lenders that were parties to the Amended Credit Agreement, with total revolving commitments ranging from $ 37.5 million to $ 52.5 million. As of June 30, 2026, we had outstanding letters of credit of zero under the U.S. facility, zero under the Australian facility and $ 0.8 million under the Canadian facility. We also had outstanding bank guarantees of A$ 1.4 million under the Australian facility. 8. INCOME TAXES Our operations are conducted through various subsidiaries in a number of countries throughout the world. We have provided for income taxes based upon the tax laws and rates in the countries in which operations are conducted and income is earned. We operate in three jurisdictions, Australia, Canada and the U.S., where statutory tax rates range from 15 % to 30 %. Our effective tax rate will vary from period to period based on changes in earnings mix between these different jurisdictions. 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 June 30, 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 June 30, 2026 totaled $ 3.5 million, or 349.7 % of pretax income, compared to income tax expense of $ 3.6 million, or 1222.4 % of pretax income, for the three months ended June 30, 2025. Our effective tax rate for the three months ended June 30, 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. Our income tax expense for the six months ended June 30, 2026 totaled $ 6.7 million, or 1926.6 % of pretax income, compared to income tax expense of $ 6.7 million, or ( 103.5 )% of pretax loss, for the six months ended June 30, 2025. Our effective tax rate for the six months ended June 30, 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. 9. 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. 10. ACCUMULATED OTHER COMPREHENSIVE LOSS Our accumulated other comprehensive loss decreased $ 5.5 million from $ 390.8 million at December 31, 2025 to $ 385.3 million at June 30, 2026, as a result of foreign currency exchange rate fluctuations. Changes in other comprehensive loss during 16 CIVEO CORPORATION NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued) the six 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. dollar. Excluding intercompany balances, our Australian dollar functional currency net assets totaled approximately A$ 249 million and our Canadian dollar functional currency net liabilities totaled approximately C$ 18 million at June 30, 2026. 11. SHARE REPURCHASE PROGRAMS AND DIVIDENDS Share Repurchase Programs 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. 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 Unaudited Consolidated Statements of Changes in Shareholders’ Equity in the period the payment is made. The following table summarizes our common share repurchases for the periods presented (in thousands, except per share data): Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Dollar-value of shares repurchased $ — $ 19,140 $ 14,353 $ 22,474 Shares repurchased — 883.3 511.0 1,036.4 Average price paid per share $ — $ 21.64 $ 28.06 $ 21.65 In connection with the issuance of our 4.50 % Convertible Senior Notes due 2031, we repurchased 660,297 common shares for a total of approximately $ 22.3 million. See Note 14 - Subsequent Event for further discussion. 12. 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 3.5 million Civeo common shares are authorized to be issued under the Civeo Plan. Outstanding Awards Phantom Share Units. On March 5, 2026, we granted 132,804 phantom share units under the Civeo Plan, which vest in three equal annual installments beginning on March 5, 2027. We also granted 44,187 phantom share units under the Canadian Long-Term Incentive Plan, which vest in three equal annual installments beginning on March 5, 2027. Phantom share units are settled in cash upon vesting. During the three months ended June 30, 2026 and 2025, we recognized compensation expense associated with phantom share units totaling $ 2.2 million and $ 1.5 million, respectively. During the six months ended June 30, 2026 and 2025, we recognized compensation expense associated with phantom share units totaling $ 4.6 million and $ 3.3 million, respectively. At June 30, 2026, unrecognized compensation cost related to phantom share units was $ 11.9 million, as remeasured at June 30, 2026, which is expected to be recognized over a weighted average period of 2.0 years. 17 CIVEO CORPORATION NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued) 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’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 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 June 30, 2026 and 2025, we recognized compensation expense associated with performance share awards totaling $ 0.3 million and $ 0.3 million, respectively. During the six months ended June 30, 2026 and 2025, we recognized compensation expense associated with performance share awards totaling $ 0.2 million and $ 0.7 million, respectively. No performance share awards vested during the three months ended June 30, 2026 and 2025. The total fair value of performance share awards that vested during the six months ended June 30, 2026 and 2025 was $ 0.9 million and $ 1.7 million, respectively. At June 30, 2026, unrecognized compensation cost related to performance share awards was $ 2.3 million, which is expected to be recognized over a weighted average period of 2.2 years. Restricted Share Awards / Deferred Share Awards. On May 27, 2026, we granted 30,224 restricted share and deferred share awards to our non-employee directors, which vest in their entirety in May 2027. Compensation expense associated with restricted share awards and deferred share awards recognized in the three months ended June 30, 2026 and 2025 totaled $ 0.3 million and $ 0.3 million, respectively. Compensation expense associated with restricted share awards and deferred share awards recognized in the six months ended June 30, 2026 and 2025 totaled $ 0.7 million and $ 0.5 million, respectively. The total fair value of restricted share awards and deferred share awards that vested during the three months ended June 30, 2026 and 2025 was $ 2.2 million and $ 0.9 million, respectively. The total fair value of restricted share awards and deferred share awards that vested during the six months ended June 30, 2026 and 2025 was $ 2.2 million and $ 0.9 million, respectively. At June 30, 2026, unrecognized compensation cost related to restricted share awards and deferred share awards was $ 0.9 million, which is expected to be recognized over a weighted average period of 0.9 years. 18 CIVEO CORPORATION NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued) 13. 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. 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 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 and six months ended June 30, 2025, we allocated corporate IT expenses to Australia and Canada of $ 2.0 million and $ 4.0 million to conform with the presentation for the three and six months ended June 30, 2026. Financial information by business segment for each of the three and six months ended June 30, 2026 and 2025 is summarized in the following table (in thousands): Three Months Ended June 30, 2026 Australia Canada Corporate, other and eliminations Total Revenues $ 125,446 $ 54,571 $ — $ 180,017 Cost of sales and services 94,114 44,258 239 138,611 Revenues less cost of sales and services 31,332 10,313 ( 239 ) 41,406 Selling, general and administrative expenses 8,957 4,892 6,557 20,406 Depreciation and amortization expense 8,827 7,481 19 16,327 Other operating expense (income) (1) ( 80 ) ( 391 ) 52 ( 419 ) Operating income (loss) 13,628 ( 1,669 ) ( 6,867 ) 5,092 Reconciliation to income (loss) before income taxes Other loss (2) ( 4,084 ) Income before income taxes $ 1,008 Capital expenditures $ 2,252 $ 1,101 $ 360 $ 3,713 Total assets $ 182,821 $ 284,697 $ 20,337 $ 487,855 19 CIVEO CORPORATION NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued) Three Months Ended June 30, 2025 Australia Canada Corporate, other and eliminations Total Revenues $ 112,672 $ 50,022 $ — $ 162,694 Cost of sales and services 82,477 39,037 17 121,531 Revenues less cost of sales and services 30,195 10,985 ( 17 ) 41,163 Selling, general and administrative expenses 8,113 4,711 7,646 20,470 Depreciation and amortization expense 9,050 8,751 26 17,827 Other operating expense (income) (1) ( 144 ) 21 189 66 Operating income (loss) 13,176 ( 2,498 ) ( 7,878 ) 2,800 Reconciliation to income (loss) before income taxes Other loss (2) ( 2,505 ) Income before income taxes $ 295 Capital expenditures $ 3,451 $ 1,047 $ — $ 4,498 Total assets $ 276,623 $ 681,264 $ ( 449,048 ) $ 508,839 Six Months Ended June 30, 2026 Australia Canada Corporate, other and eliminations Total Revenues $ 248,464 $ 104,220 $ — $ 352,684 Cost of sales and services 186,582 84,285 250 271,117 Revenues less cost of sales and services 61,882 19,935 ( 250 ) 81,567 Selling, general and administrative expenses 17,961 10,899 11,614 40,474 Depreciation and amortization expense 18,030 15,564 41 33,635 Other operating expense (income) (1) ( 425 ) ( 470 ) 138 ( 757 ) Operating income (loss) 26,316 ( 6,058 ) ( 12,043 ) 8,215 Reconciliation to income (loss) before income taxes Other loss (2) ( 7,869 ) Income before income taxes $ 346 Capital expenditures $ 4,122 $ 1,918 $ 1,806 $ 7,846 Total assets $ 182,821 $ 284,697 $ 20,337 $ 487,855 20 CIVEO CORPORATION NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued) Six Months Ended June 30, 2025 Australia Canada Corporate, other and eliminations Total Revenues $ 216,318 $ 90,420 $ — $ 306,738 Cost of sales and services 159,197 76,682 267 236,146 Revenues less cost of sales and services 57,121 13,738 ( 267 ) 70,592 Selling, general and administrative expenses 15,966 9,571 13,118 38,655 Depreciation and amortization expense 16,854 17,171 55 34,080 Other operating expense (income) (1) ( 69 ) 82 560 573 Operating income (loss) 24,370 ( 13,086 ) ( 14,000 ) ( 2,716 ) Reconciliation to income (loss) before income taxes Other loss (2) ( 3,751 ) Loss before income taxes $ ( 6,467 ) Capital expenditures $ 5,396 $ 4,373 $ — $ 9,769 Total assets $ 276,623 $ 681,264 $ ( 449,048 ) $ 508,839 (1) Other operating expense (income) for each reportable segment primarily includes other operating income and expenses for the three and six months ended June 30, 2026 and 2025. (2) Other loss is primarily related to interest expense, interest income and other income. 14. SUBSEQUENT EVENT On July 7, 2026, we issued $ 100.0 million in aggregate principal amount of 4.50 % Convertible Senior Notes due 2031 (the Firm Notes) in a private unregistered offering. On July 14, 2026 we issued an additional $ 15.0 million in aggregate principal amount of 4.50 % Convertible Senior Notes due 2031 (together with the Firm Notes, the Convertible Notes) pursuant to the exercise in full by the initial purchasers of their option to purchase additional notes. The Convertible Notes bear interest at a rate of 4.50 % per annum, payable semi-annually in arrears on February 1 and August 1 of each year, beginning on February 1, 2027. The Convertible Notes will mature on August 1, 2031, unless earlier repurchased or redeemed by us or converted pursuant to their terms. In connection with the issuance of the Convertible Notes, we entered into an indenture (the Indenture) with U.S. Bank Trust Company, National Association, as trustee. We received approximately $ 110.8 million in net proceeds, of which approximately $ 22.3 million was used to repurchase 660,297 of our common shares. We used the remainder of the net proceeds from the offering to repay outstanding borrowings under our Amended Credit Agreement. We may not redeem the Convertible Notes prior to August 1, 2029, except in the event of a tax redemption or a cleanup redemption as described below. The Convertible Notes will be redeemable, in whole or in part (subject to certain limitations described below), at our option at any time, and from time to time, on or after August 1, 2029 and on or before the 60th scheduled trading day immediately before the maturity date, at a cash redemption price equal to the principal amount of the Convertible Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date, but only if (i) the Convertible Notes are freely tradable as of the date we send the related redemption notice and all accrued and unpaid additional interest, if any, has been paid in full as of the first interest payment date occurring on or before the date we send such notice; and (ii) the last reported sale price per common share exceeds 130 % of the conversion price on (1) each of at least 20 trading days, whether or not consecutive, during the 30 consecutive trading days ending on, and including, the trading day immediately before the date we send such redemption notice; and (2) the trading day immediately before the date we send such notice (an Optional Redemption). However, we may not redeem less than all of the outstanding Convertible Notes unless at least $ 50.0 million aggregate principal amount of Convertible Notes are outstanding and not called for redemption as of the time we send the related redemption notice. In addition, the Convertible Notes will be redeemable, in whole and not in part, at our option if (i) certain changes in tax law occur (a Tax Redemption); or (ii) the principal amount of the Convertible Notes outstanding is less than 10 % of the aggregate principal amount of Convertible Notes initially issued (a Cleanup Redemption), in each case, subject to certain conditions. The redemption price for any Optional Redemption, Tax Redemption or Cleanup Redemption will be 100 % of the principal amount of the 21 CIVEO CORPORATION NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued) Convertible Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the relevant redemption date. No sinking fund is provided for the Convertible Notes. Prior to the close of business on the business day immediately preceding May 1, 2031, holders of the Convertible Notes may convert their Convertible Notes at their option only in the following circumstances: (i) during any calendar quarter commencing after the calendar quarter ending on September 30, 2026, if the last reported sale price per common share exceeds 130 % of the conversion price for each of at least 20 trading days during the 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter; (ii) during the five consecutive business days immediately after any 10 consecutive trading day period (the measurement period) in which the trading price (as defined in the Indenture) per $1,000 principal amount of the Convertible Notes for each trading day of the measurement period was less than 98 % of the product of the last reported sale price per common share on such trading day and the conversion rate on such trading day; (iii) upon the occurrence of certain corporate events or distributions on our common shares; or (iv) if we call the Convertible Notes for redemption. On or after May 1, 2031, until the close of business on the second scheduled trading day immediately before the maturity date, holders of the Convertible Notes may convert their Convertible Notes at any time, regardless of the foregoing circumstances. Upon conversion, we will pay or deliver, as applicable, cash, common shares or a combination of cash and common shares, at our election, based on the applicable conversion rate(s). If we elect to deliver cash or a combination of cash and common shares, then the consideration due upon conversion will be determined over an observation period consisting of 60 “VWAP Trading Days” (as defined in the Indenture). The initial conversion rate is 24.6840 common shares per $1,000 principal amount of Convertible Notes, which represents an initial conversion price of approximately $ 40.51 per common share. The conversion rate is subject to adjustment upon the occurrence of certain specified events as set forth in the Indenture. In addition, following certain corporate events that occur prior to the maturity date or if we deliver a notice of redemption, we will increase, in certain circumstances, the conversion rate for a holder who elects to convert its Convertible Notes in connection with such corporate event or notice of redemption. The maximum number of common shares issuable in connection with the conversion of the Convertible Notes is 3,406,392 , based on the initial maximum conversion rate of 29.6208 common shares per $1,000 principal amount of Convertible Notes, which amount is subject to adjustment in the same manner as, and at the same time and for the same events for which, the conversion rate is required to be adjusted. Upon the occurrence of a fundamental change (as defined in the Indenture), subject to certain conditions, holders of the Convertible Notes may require us to repurchase all or a portion of the Convertible Notes for cash at a price equal to 100 % of the principal amount of the Convertible Notes to be repurchased, plus accrued and unpaid interest, if any, to, but excluding, the repurchase date. The Indenture contains customary events of default, including for certain delisting events with respect to the common shares. In the event of certain events of bankruptcy, insolvency or reorganization involving us or any of our significant subsidiaries or certain delisting events with respect to the common shares that we fail to cure in accordance with the Indenture, 100 % of the principal amount of the Convertible Notes plus accrued and unpaid interest, if any, may be declared immediately due and payable, subject to certain conditions in the Indenture. In the case of any other event of default, the trustee or the holders of at least 25 % in aggregate principal amount of the then-outstanding Convertible Notes may declare the Convertible Notes to be due and payable immediately. 22 Cautionary Statement Regarding Forward-Looking Statements This Quarterly Report on Form 10-Q contains certain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 (the Exchange Act). The Private Securities Litigation Reform Act of 1995 provides safe harbor provisions for forward-looking information. 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 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. For a discussion of known material factors that could affect our results, refer to “Risk Factors” in this quarterly report and "Risk Factors," “Cautionary Statement Regarding Forward-Looking Statements,” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in our Annual Report on Form 10-K for the year ended December 31, 2025 and our subsequent SEC filings. Should one or more of these risks or uncertainties materialize, or should the assumptions prove incorrect, actual results may differ materially from those expected, estimated or projected. Our management believes these forward-looking statements are reasonable. However, you should not place undue reliance on these forward-looking statements, which are based only on our current expectations and are not guarantees of future performance. All subsequent written and oral forward-looking statements attributable to us or to persons acting on our behalf are expressly qualified in their entirety by the foregoing. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to publicly update or revise any of them in light of new information, future events or otherwise, except to the extent required by applicable law. In addition, in certain places in this quarterly report, we may refer to reports published by third parties that purport to describe trends or developments in the natural resources industry. We do so for the convenience of our shareholders and in an effort to provide information available in the market that will assist our investors in a better understanding of the market environment in which we operate. However, we specifically disclaim any responsibility for the accuracy and completeness of such information and undertake no obligation to update such information.