Civeo Corporation (canada) · NYSE:CVEO
Civeo Corporation (canada) — Civeo — Investor Presentation (July 2026)
41 slides from Civeo Corporation (canada)'s investor presentation, July 2026
Slide 1: July 2026 Investor Presentation
July 2026 Investor Presentation
Slide 2: Forward-Looking Statements
Forward-Looking Statements This Presentation (and any oral statements regarding the subject matter of this Presentation) contains 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, that are based on our m
Slide 3: Civeo Overview
Civeo Overview
Slide 4: Civeo at a Glance
Civeo at a Glance $565M $377M ENTERPRISE VALUE¹ MARKET CAP1 Civeo (NYSE: CVEO) provides a full suite of hospitality services, including food services, housekeeping, lodging and maintenance at 26% remote workforce accommodations facilities owned by Civeo or its 2.1x OF SHARES OUTSTANDING NET LEVERAGE
Slide 5: Operating Two Scaled Platforms
Operating Two Scaled Platforms…. AUSTRALIA CANADA Owned Villages (or “COV” business) Integrated Services (or “CIS”) Owned Lodges & Mobile Camps • Strategically located near long-lived, low-cost mines • Leading market position in the Canadian oil sands operated by large mining companies, regionally d
Slide 6: Activity Drivers Diversified Across Commodity and Geographic Markets
Activity Drivers Diversified Across Commodity and Geographic Markets Civeo supports key projects in the Australian met coal and iron ore and Canadian oil sands and LNG markets Steel-Related1 Civeo serves low-cost Global iron ore and Australian met coal supply projected to producers of a diverse mix
Slide 7: Underpinned by Near-Term Operational Catalysts
… Underpinned by Near-Term Operational Catalysts AUSTRALIA COV occupancy remains Strong sales pipeline and Exploring end-market resilient but has softened in growth momentum as diversification for CIS business portions of the portfolio amid CIS business works toward across Australia customer caution
Slide 8: Accelerating Infrastructure Investments Driving Opportunities for Civeo in North America
Accelerating Infrastructure Investments Driving Opportunities for Civeo in North America North American projects with expected near-term final investment decisions (“FID”) LNG CANADIAN NATION BUILDING Alaska LNG Project: LNG liquefaction, export BC Hydro North Coast Transmission Line: 440 facility a
Slide 9: Our Businesses
Our Businesses
Slide 10: Civeo Operations By the Numbers
Civeo Operations By the Numbers TOTAL Recurring Revenues Primary and stable revenue driver (90%+) through ongoing Operations 26 22 48 OWNED VILLAGES OPERATED VILLAGES VILLAGES & LODGES and Maintenance and Turnaround & LODGES & LODGES workforce demand Project Related Revenues ~26,300 ~18,300 ~44,600
Slide 11: Australia: Capitalizing on Strong TSA and Growing Demand in Key Australian Markets
ASSET LIGHT (INTEGRATED SERVICES) NT QLD Operates in Western Services provided at Recent six-year, Australia, Queensland and South Australia 21 A$1.4 billion WA customer-owned villages contract to provide SA Primarily serves iron with ~17,000 rooms integrated services at ore market NSW 11 villages i
Slide 12: Strong Platform for Continued Growth, Supported by Strategic Acquisitions
AUSTRALIAN GROWTH STRATEGY Strong Platform for Continued Growth, Supported by Strategic Acquisitions NT 2 1 QLD Strong cash flow from owned-village business augmented by 2025 Bowen Basin village 2 acquisition, funding capital returns and further 1 growth 2 WA SA 2 NSW Built critical mass in integrat
Slide 13: Civeo Positioned in Premier Global Met Coal Market Set to Drive Growth Through 2030
Civeo Positioned in Premier Global Met Coal Market Set to Drive Growth Through 2030 NEW MET COAL SUPPLY IN THE SEABORNE MARKET BETWEEN 2023 – 2030 (MT) COMMENTARY 30 • Civeo well positioned in premier met coal producing 20 regions in the Bowen Basin and NSW, Australia, which accounts for ~50% of glo
Slide 14: Broad Sector and Geographic Exposure in Canada
ASSET INTENSIVE (ACCOMMODATIONS AND INFRASTRUCTURE) Owns and operates Owns and operates ~18,700 14 ~2,700¹ total rooms Civeo-owned lodges with mobile camp rooms ~15,300 rooms serve oil ~16,000 rooms sands industry, ~700 rooms serve natural gas development and ~2,700 In 2025, served mobile camp rooms
Slide 15: Capitalizing on North American Infrastructure Development
Capitalizing on North American Infrastructure Development COMMENTARY CANADA’S NATION-BUILDING INFRASTRUCTURE DEVELOPMENT BUILDING MOMENTUM • The Canadian federal government has renewed support for the country’s infrastructure, resulting in a more favorable regulatory environment and Selected comment
Slide 16: Serving Loyal, Blue-Chip Customer Base
Serving Loyal, Blue-Chip Customer Base Large, long-term projects supported by multi-year contracts with large, well-capitalized clients SUPPLIER OF HOSPITALITY AND INFRASTRUCTURE SERVICES TO MET COAL, OIL, IRON ORE, LNG AND OTHER RESOURCE DEVELOPMENTS IN AUSTRALIA AND CANADA Lodges & Villages Key Au
Slide 17: Capital Allocation and Financial Results
Capital Allocation and Financial Results
Slide 18: Track Record of Returning Capital To Shareholders
Track Record of Returning Capital To Shareholders • Updated capital allocation framework in 2Q25 following review HISTORICAL TRACK RECORD OF SHAREHOLDER RETURNS ($M) by Board and management team and engagement with shareholders • New strategy designed to accelerate the return of capital to investors
Slide 19: Opportunistically Deploying Capital to Support Strategic Initiatives While Maintaining a Healthy Balance Sheet
Opportunistically Deploying Capital to Support Strategic Initiatives While Maintaining a Healthy Balance Sheet • Prudently deploying capital to highest-return HISTORICAL NET DEBT AND NET LEVERAGE RATIO opportunities, sustaining investments in core assets and opportunistic, accretive $217 inorganic g
Slide 20: Key Terms Overview
Key Terms Overview Principal amount $115.0M including the greenshoe Coupon / maturity 4.50% per annum, semi-annual | August 1, 2031 Conversion price $40.51 per share (20.0% premium to $33.76 close on 7/1/26) Settlement Cash, shares, or combination -- Civeo's election Non-call period 3 years (callabl
Slide 21: Convertible Debt Issuance: Positioning Civeo for the Next Phase of Value Creation
Convertible Debt Issuance: Positioning Civeo for the Next Phase of Value Creation $115M of 5-year capital (including greenshoe) at a 4.50% fixed coupon, a 20% conversion premium ($40.51), and a concurrent repurchase of ~660K shares — lowering near-term cost of capital while positioning for growth Fi
Slide 22: Conversion Mechanics: Cash Settlement Significantly Reduces Potential Dilution
Conversion Mechanics: Cash Settlement Significantly Reduces Potential Dilution ILLUSTRATIVE NET DILUTION BY STOCK PRICE¹ • Civeo intends to satisfy the $115M (including greenshoe) principal in cash Net new shares % Pre-offering shares Stock price Implied move (after buyback) outstanding1 • As a resu
Slide 23: Second Quarter 2026 Snapshot
Second Quarter 2026 Snapshot FY2026 GUIDANCE (As of June 30, 2026) Revenues of Adjusted EBITDA1 of $180.0M $23.8M Revenues Net loss of Returned $675 – $700M $2.5M $36.6M of capital to shareholders year-to-date² Second Quarter 2026 Conference Call Commentary Adjusted EBITDA1 • Revenue grew 11% year-o
Slide 24: Appendix A - Our Value Proposition
Appendix A - Our Value Proposition
Slide 25: The Civeo Lodge Experience
The Civeo Lodge Experience 25
Slide 26: The Civeo Experience
The Civeo Experience 26
Slide 27: Innovation in Service Delivery
Innovation in Service Delivery • Civeo’s EDI cook-to-order system allows guests to order dinner entrées a la carte • Guests use iPads and room keys to order from over 25 entrée items and three daily chef’s specials including vegetables and side dishes, allowing guests to make requests and input alle
Slide 28: Lodge & Village Amenities
Lodge & Village Amenities 28
Slide 29: Villages in Australia
. Ne wa ~-\ Villages in Australia
Slide 30: Village Environment & Facilities
Village Environment & Facilities Kinetic Fitness Center Swimming Pools Guest Commuter Bus Meeting / Training Space Guest Transit Service — Village to Township 30
Slide 31: Safety is at the Core of our Business
Safety is at the Core of our Business Continue to receive exemplary safety performance ratings • 2025 was our sixth year achieving a Total Recordable Incident Rate below 0.50 • Customers trust Civeo to provide high-quality services and keep their people safe Remain dedicated to creating sustainable,
Slide 32: Appendix B — Lodge & Village Breakdown
Appendix B — Lodge & Village Breakdown
Slide 33: Australian Civeo-Owned Villages
Australian Civeo-Owned Villages NT AUSTRALIAN CIVEO-OWNED VILLAGE ROOM COUNT As of Commodity Exposure 6/30/2026 Bowen Basin Villages QLD Coppabella Met Coal 3,144 Dysart Met Coal 1,798 Moranbah Met Coal 1,240 Rosewood Met Coal 734 Middlemount Met Coal 816 Waratah Met Coal 494 WA SA Nebo Met Coal 490
Slide 34: Canadian Civeo-Owned Lodges & Mobile Camps
Canadian Civeo-Owned Lodges & CANADIAN LODGES Mobile Camps CANADIAN OWNED-LODGE AND MOBILE CAMP ROOM COUNT Civeo Lodge Properties ~15,300 rooms in the Oil Sands ~700 rooms serving natural gas development ~2,700 34 (1) Comprised of Black Bear, Bighorn, Buffalo, Lynx and Wolverine Lodges mobile camp r
Slide 35: Asset Intensive & Asset Light Business Segment Disclosure
Asset Intensive & Asset Light Business Segment Disclosure Twelve Months Ended June 30, 2026 Australia Canada Other Total Asset Light: Catering and Facility management $ 362.3 $ 114.4 $ - $ 476.8 Asset Intensive: Accommodations and Infrastructure 130.1 77.9 - 208.0 Total Revenue $ 492.4 $ 192.4 $ - $
Slide 36: Significant Asset Availability with Growing Services
Significant Asset Availability with Growing Services ASSET INTENSIVE: ACCOMMODATIONS AND ASSET LIGHT: CATERING AND FACILITY MANAGEMENT INFRASTRUCTURE • Low maintenance capital intensity for existing assets • Diversification platform for North • Ideally suited to support infrastructure and data cente
Slide 37: Appendix C — Non-GAAP Reconciliations
Appendix C — Non-GAAP Reconciliations
Slide 38: EBITDA and Adjusted EBITDA Reconciliation
EBITDA and Adjusted EBITDA Reconciliation (U.S. dollars in millions) The term EBITDA is a non-GAAP financial measure that is defined as net income (loss) attributable to Civeo Corporation plus interest, taxes, depreciation and amortization. The term Adjusted EBITDA is a non-GAAP financial measure th
Slide 39: EBITDA Reconciliation — 2026 Guidance
EBITDA Reconciliation — 2026 Guidance (U.S. dollars in millions) Year Ending 12/31/2026 The following table sets forth a reconciliation of estimated EBITDA and Adjusted EBITDA to Low High estimated net loss, which is the most directly comparable measure of financial performance Net loss $ (15.2) $ (
Slide 40: Net Leverage Ratio Reconciliation
Net Leverage Ratio Reconciliation (U.S. dollars in millions) The term net leverage ratio is a non-GAAP financial measure that is defined as net debt divided by bank-adjusted EBITDA. Net debt, bank-adjusted EBITDA and net leverage ratio are not financial measures under GAAP and should not be consider
Slide 41: Strong Leadership Team Positioned to Execute Our Operational, Strategic and Financial Priorities
Strong Leadership Team Positioned to Execute Our Operational, Strategic and Financial Priorities Bradley Dodson Collin Gerry President, CEO, Director Senior Vice President, CFO, Treasurer President, CEO & director since 2014. Previously held SVP, CFO & Treasurer since 2024. Previously served as vari