Slide 1: Investor Presentation May 2014
Ms». C | Ve O Stay Well. Work Well. Investor Presentation May 2014
Slide 2: Forward Looking Statements
MM Forward Looking Statements veo We include the following cautionary statement to take advantage of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 for any forward-looking statement made by us, or on our behalf. The factors identified in this cautionary statemen
Slide 3: Civeo's Management Team
r Ms Civeo’s Management Team Cciveo = Bradley J. Dodson: President and Chief Executive Officer * Bradley has held several executive positions with Oil States since joining in March 2001, most recently as Senior Vice President, Chief Financial Officer and Treasurer from April 2010 to December 2013 an
Slide 4: Company Overview & Highlights
Slide 5: Company Overview
Company Overview One of the largestintegrated providers of permanent and temporary workforce accommodations, catering, facility management and logistics services Historically a division of Oil States International (Ticker: O15), being spun-off as separate, publicly traded company in May 2014 under t
Slide 6: Key Investment Highlights
Investor Presents Key Investment Highlights Differentiated Business Model “Develop, Own, Operate” model provides integrated solution to customers’ workforce needs Unique land banking strategy creates early mover advantage Design and manufacturing capability increases speed to market Significant expe
Slide 7: Operations Overview
Operations Overview
Slide 8: "Develop, Own, Operate" Business Model
“Develop, Own, Operate” Business Model Land banking creates early-mover advantage and manufacturing facilitates speed to market = Established a leadership position in providing a fully integrated service offering to customers — Identify and acquire sites through purchase or lease to gain early mover
Slide 9: Accommodations Business Overview
: , ; Ms Accommodations Business Overview Civeo Integrated Accommodations Provider Differentiators Land Banking * Site identification * Permitting / zoning = Community / aboriginal relations = Faster to market, early mover advantage Manufacturing & Construction * Design & engineering * Modular manuf
Slide 10: Accommodations Business Overview
: , i Ms Accommodations Business Overview Civeo Primary revenue and earnings driver is lodge and village business * Lodges and villages are permanent structures Major differentiator between lodges and open supported by multi-year, take-or-pay contracts. Size campsis the size of the facility range fr
Slide 11: Synchronizing investment with demand
Ca bl Synchronizing investment with demand = Lodges and villages are located in areas with significant, long-term resource development = Civeo deploys scalable facility design to match unique needs of customers = Initial construction / investment typically supported by customer commitment Wapasu Cre
Slide 12: Land Banking Strategy Leads to Investment
u Land Banking Strategy Leads to Investment ClVeEO Holistic D.O.0. business model facilitates market entry and market share = Land banking strategy often provides early mover advantage in new regions = Currently have 11 sites land banked and fully permitted, providing growth potential of over 15,000
Slide 13: Tour of Lodge Experience
Tour of Lodge Experience CIVEO
Slide 14: Tour of Lodge Experience
Tour of Lodge Experience Investor Presentation May 2014 14
Slide 15: Villages in Australia
Slide 16: Canadian Operations Overview
Canadian Operations Overview Largest integrated accommodations provider in Canada — Primarily targeting Canadian Oil Sands in northern Alberta Serves the lifecycle of a customer’s project by addressing initial and exploratory phases with mobile and contract camps and long-term production and operati
Slide 17: Canadian Oil Sands Operating Environment
Ms Canadian Oil Sands Operating Environment veo Canadacilsands areas Stable and strengthening macro environment around oil sands development Oil sands development outlook: — Key developers are expected to spend $23 billion in new build and expansion capex in 2014 or an 11% year-over-year increase —
Slide 18: Canadian Lodges Overview
, ‘ UN Canadian Lodges Overview Civeo Lodges: Wapasu N. Athabasca Mining 4,013 5,174 5,174 5,174 Henday N. Athabasca Mining / In-situ ES 1,120 1,698 1,698 ‘Athabasca N. Athabasca Mini 1537 1,776 1877 1,557 Beaver River N. Athabasca Mining 732 732 876 1,094 Conklin 8. Athabasca Mining / In-situ 608,
Slide 19: Australian Operations Overview
Australian Operations Overview Ms. CIVEO Largest third party accommodations provider in Australia — Primarily centered around metallurgical coal mines — Exposure to other resources such as LNG, gold and iron ore Civeo entered the Australian market with its 2010 purchase of The MAC Australian operati
Slide 20: Australian Facilities Overview
Australian Facilities Overview CIVEO Coppabella Bowen Met Coal 1,654 2,556 2,912 3,048 Dysart Bowen Met Coal 1,249 1,491 1912 1912 Moranbah Bowen Met Coal 889 1,180 1,240 1,240 Middlemount Bowen Met Coal 60 816 816 816 Boggabri Gunnedah Met /Thermal Coal -- -- = 508 Narrabri Gunnedah Met / Thermal C
Slide 21: Metallurgical Coal Operating Environment
Ms Metallurgical Coal Operating Environment Clveo Primary driver of Australian business is metallurgical coal demand and growth in production in the Bowen Basin Recent period of decreased demand reduced metallurgical coal prices from over $200 per ton in 2012 to approximately $150 per ton at the end
Slide 22: Lodge and Village Capacity
Ms Lodge and Village Capacity CIVEO Average Available Rooms in Oil Sands Lodges and Australian Villages 22,000 20,000 18,000 116,000 14,000 12,000 10,000 Organic room count CAGR: “18% 1010 2Q10 3Q10 4Q10 1Q11 2Q11 3QI1 4Qi1 1012 2012 3Q12 4Q12 1013 2013 3a13 4013 1014E mAvailable Oil Sands Lodge Roo
Slide 23: Contract Overview
Contract Overview Customers typically contract for accommodations services under take-or-pay contracts Typical contract structure — Terms mostoften range of up to twoto five years — Occupied rate which includes room, meals and ancillary services — Unoccupied rate — Minimum occupancy requirement — An
Slide 24: How Does Civeo Compare to Other Sectors?
1 Ms How Does Civeo Compare to Other Sectors? civeo HOTEL UL) FACILITIES CIVEO LODGING HOUSING CATERING Few Many Many Few vie vw vw viv Canada, Aus, US us us Global ve v vw viv ve viv vw v vw viv viv v Global GDP Growth, GDP Growth, Outsourcing, Commodities Business Travel Housing Market GDP Growth
Slide 25: Customer Overview
F Ms Customer Overview CIVEO Large customer projects, customers’ long-term view of commodities, low credit risk Substantial partner to allow customers to focus on their core business Civeo’s integrated business model allows customers to | Northamerica focus efforts and resources on core development
Slide 26: Mobile and Open Camp Asset Overview
; : Ms Mobile and Open Camp Asset Overview CIVEO = Open camps are generally smaller facilities that == provide a level of amenity similar to that of the be larger lodges = Typically utilized by customers for exploratory, seasonal or short-term projects, including drilling, completion and pipeline pr
Slide 27: Canadian and U.S. Open Camps
Canadian Open Camps: Mariana Lakes Alberta m7 478 478 486 Boundary Saskatchewan -- - - 346 Waskada Manitoba. 196 196 196 196 Red Earth Alberta - a 92 14 Redvers Saskatchewan 7 7 102 102 Geetla British Columbia 139 136 135 81 Total 69 887 «1008 1,325 U.S. Open Camps: Three Rivers Texas Stanley North
Slide 28: U.S. Operating Environment
U.S. Operating Environment CIVEO U.S. operations driven by drilling and completion activity of oil and natural gas wells Domestic shale boom put the U.S. onan oil production growth trajectory not seen for decades, with 2012 and 2013 the two largest years of crude oil growth in history — U.S. oil pro
Slide 29: Outlook and Strategic Growth Priorities
; MM Outlook and Strategic Growth Priorities veo Outlook: = Announced McClelland Lake Lodge (eighth lodge in Canada) with three-year contractin February. Expect rooms to be operation in summer of 2014 with initial capacity of 1,561 rooms by year end 2014 * Consistent occupancy in Canada with continu
Slide 30: Key Investment Highlights
Investor Presents Key Investment Highlights Differentiated Business Model “Develop, Own, Operate” model provides integrated solution to customers’ workforce needs Unique land banking strategy creates early mover advantage Design and manufacturing capability increases speed to market Significant expe
Slide 31: Financial Review
Financial Review
Slide 32: Summary Historical Revenue and EBITDA
Summary Historical Revenue and EBITDA veo US dollars in millions s1.109 s042 $865 $538 5427 $481 - - | | i | 2006 2007 2008 2008 2010 2011 2012 2018 $44 $429 $354 29% 35% $186 a 109 2006 2007 2008 2008 2010 201 2012 2018 ezandsre not audited sults donet include the Australian business, May 2014 32
Slide 33: Historical Financial Performance By Region
A ‘ * ‘| ‘ ES Historical Financial Performance By Region Civeo Revenue Operating Income 0 i i s gs a 8 3 0 7 i i Ts ps0 : é a 2010 mn cod 213 2010 20 2012 2013 g cana Asta USA moter consis mts USA moter RevPar by Region E si00 — — Note: The Company acquired the Australian business on December 30, 20
Slide 34: Cash Flow, Capex and Returns
Cash Flow, Capex and Returns CIVEO Historical Cash Flow And Capex 3433 400 | $349 ey S318 | 3283 5282 E B $200 - 2 5136 $107 ~ | so 2010 201 202 2018 mCanads Australia = USA mOther Operating Cash Flow CAPEX Return on Equity 2088 1% 19% 1% 10% 10% am om a 2 on + _t = i_] = n businesson December 30, 2
Slide 35: Historical Financial Results
Historical Financial Results US dollars in millions Revenues Gross Profit % EBITDA % Net income Pro Forma Diluted EPS Pro Forma Diluted Shares O/S entation Ms. CIVEO Year ended December 3 $864.7 $408.3 47.2% $354.3 41.0% $168.5 $1,108.9 $625.7 56.4% $494.2 44.6% $244.7 May 2014 $1,041.1 $529.6 50.9%
Slide 36: Historical Revenue Build-up and Operating Statistics
Historical Revenue Build-up and Operating Statistics ene Lodge/Village Revenue Canada sa3 $550 $529 Australia 196 274 256 Total Lodge/Village Revenue 3610 3828 $808 Mobile and Open Camp Revenue Canada sie7 sis7 $162 Australia 1 3 = United States 8 16 5 Total Mobile and Open Camp Revenue 5255 5285 S2
Slide 37: Transaction Overview
Transaction Overview CIVEO Sources & Uses of Funds and Pro Forma Capitalization US dollars in millions Proceeds from U.S. Term Loan $775.0 Distribution to Oil States $750.0 Fees and Expenses $10.0 Cash $15.0 Total Sources $775.0 Total Uses $775.0 Cash $224.1 $15.0 $239.1 Long-term Debt to Oil States
Slide 38: Capital Allocation / Financial Structure
F ‘ " : Ms Capital Allocation / Financial Structure Clveo = Near term expansionary capital expenditures — Initial construction of McClelland Lake Lodge with 1,561 rooms in 2H14 — Pursuing additional organic growth in Canada in the in-situ and LNG markets — Capex forecast for the full year of 2014 of
Slide 39: Transaction Timing
' -_ Ms Transaction Timing CIVEO = 01S board of directors approved the spin transaction on May 5, 2014 — Set the record date of May 21, 2014 for the distribution of Civeo common stock to OIS stockholders — Shareholders of record will receive two shares of Civeo for each share of OIS — Distribution d
Slide 40: Appendix
Appendix
Slide 41: EBITDA Reconciliation
EBITDA Reconciliation Civeo US dollars in millions The term EBITDA consists of net income plus interest, taxes, depreciation and amortization. EBITDAis not a measure of financial performance under generally accepted accounting principles and should not be considered in isolation from or asa substitu