Slide 1: Investor Presentation
March 2026 Investor Presentation
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward- looking statements are those that do not state historical facts and are, therefore, inherently subject to
Slide 3: Civeo Overview
Civeo Overview
Slide 4: Civeo at a Glance
Civeo at a Glance $464M $296M ENTERPRISE VALUE MARKET CAP1 Civeo (NYSE: CVEO) provides a full suite of hospitality services, including food services, housekeeping, lodging and maintenance at 1.9x 17% OF SHARES OUTSTANDING remote workforce accommodations facilities owned by Civeo or its 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: 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 7: 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 8: Underpinned by Near-Term Operational Catalysts
… Underpinned by Near-Term Operational Catalysts AUSTRALIA High COV occupancy levels, Strong sales pipeline and growth augmented by recently acquired momentum as CIS business Bowen Basin villages, create works toward A$500M revenue Exploring end-market upside opportunity from target by 2027 diversif
Slide 9: Accelerating Infrastructure Investments Driving North American Opportunities
Accelerating Infrastructure Investments Driving North American Opportunities Key potential North American projects with expected final investment decisions (“FID”) in the next few years Alaska LNG Project LNG liquefaction, export TOTAL ADDRESSABLE MARKET¹ facility and associated pipeline project; aw
Slide 10: Our Businesses
Our Businesses
Slide 11: Civeo Operations By the Numbers
Civeo Operations By the Numbers TOTAL Recurring Revenues Primary and stable revenue driver (90%+) through ongoing Operations 26 24 50 OWNED VILLAGES OPERATED VILLAGES VILLAGES & LODGES and Maintenance and Turnaround & LODGES & LODGES workforce demand Project Related Revenues ~26,500 ~19,500 ~46,000
Slide 12: Asset Light (Integrated Services)
ASSET LIGHT (INTEGRATED SERVICES) NT QLD Operates in Western Services provided at Recent six-year, Australia, Queensland and South Australia 23 A$1.4 billion WA customer-owned villages contract to provide SA Primarily serves iron with ~18,000 rooms integrated services at ore market NSW 11 villages i
Slide 13: Bowen Basin Expansion
BOWEN BASIN EXPANSION Recent Acquisition – Strengthening Position in Core Commodity Market NT QLD Completed acquisition of four villages (1,368 rooms) in Bowen Basin for A$105M (US$67M) in May 2025 QLD Expands Civeo’s Australian owned-village portfolio in the WA QLD SA world’s premier metallurgical
Slide 14: 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 recent acquisition, funding 2 capital returns and further growth 1 2 WA SA 2 NSW Built critical mass in integrated services busine
Slide 15: 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 16: Asset Intensive (Accommodations and Infrastructure)
ASSET INTENSIVE (ACCOMMODATIONS AND INFRASTRUCTURE) Owns and operates 14 Owns and operates over ~18,000 total Civeo-owned lodges with 2,500¹ rooms ~16,000 rooms mobile camp rooms ~15,000 rooms serve oil sands industry, ~690 rooms serve natural gas In 2025, served 1.6M development and ~2,500 Civeo Lo
Slide 17: Capitalizing on Canadian Infrastructure Development and Accelerating Demand for U.S. Data Centers
Capitalizing on Canadian Infrastructure Development and COMMENTARY Accelerating Demand for U.S. Data Centers • The Canadian federal government has renewed support for the country’s infrastructure, resulting in a more favorable regulatory environment and Selected commentary on federal support driving
Slide 18: Positioning Canada Business for Resilient Growth
Positioning Canada Business for Resilient Growth Taking decisive action to right-size business while preserving capacity and capabilities to drive future growth Reduced overhead headcount by approximately 25% in Q1 2025 Cold-closing certain underutilized lodges to reduce carrying costs Engaged leadi
Slide 19: 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 20: Capital Allocation and Financial Results
Capital Allocation and Financial Results
Slide 21: Increased Share Repurchases Delivering Returns to Shareholders
Increased Share Repurchases Delivering Returns 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 $57.0 $53.6 • New strategy designed to accelerate the retur
Slide 22: Opportunistically Deploying Capital 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 RETURN OF CAPITAL TO SHAREHOLDERS (DIVIDENDS + SHARE REPURCHASES) opportunities, sustaining investments in core assets and opportu
Slide 23: Fourth Quarter 2025 Snapshot
Fourth Quarter 2025 Snapshot (As of March 3, 2026) FY2026 GUIDANCE (As of March 3, 2026) Revenues of Adjusted EBITDA1 of $161.6M $21.7M Revenues Net loss of Returned $650 – $700M $6.5M $57.0M of capital to shareholders year-to-date Delivered fourth quarter year-over-year revenue and Adjusted EBITDA
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 makes requests and input all
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 in Civeo to provide high-quality services and keep their people safe Remain dedicated to creating sustainab
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 12/31/2025 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 Nebo Met Coal 490 WA S
Slide 34: Canadian Civeo-Owned Lodges
Canadian Civeo-Owned Lodges CANADIAN LODGES CANADIAN OWNED-LODGE ROOM COUNT Commodity As of Lodges Exposure 12/31/2025 North Lodges Wapasu Oil Sands 5,174 Grey Wolf Oil Sands 946 Total North Lodges Rooms 6,120 Core Lodges Oil Sands Athabasca Oil Sands 2,005 Borealis Oil Sands 1,504 Civeo Lodge Prope
Slide 35: Asset Intensive & Asset Light Business Segment Disclosure
Asset Intensive & Asset Light Business Segment Disclosure Twelve Months Ended December 31, 2025 Australia Canada Other Total Asset Light: Catering and Facility management $ 337.8 $ 108.1 $ - $ 445.9 Asset Intensive: Accommodations and Infrastructure 122.5 70.5 - 192.9 Total Revenue $ 460.3 $ 178.6 $
Slide 36: Appendix C — Non-GAAP Reconciliations
Appendix C — Non-GAAP Reconciliations
Slide 37: 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 38: 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 Low High estimated EBITDA to estimated net loss, which is the most directly comparable measure of financial performance calculated under Net loss $ (6.7) $ (3.7)
Slide 39: 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 40: 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