Slide 1: Investor Presentation September 2025
Investor Presentation September 2025
Slide 2: Forward-Looking Statements
2 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 t
Slide 3: Civeo Overview
Civeo Overview
Slide 4: Civeo at a Glance
4 28 OWNED VILLAGES & LODGES 24 OPERATED VILLAGES & LODGES 2.0x NET LEVERAGE RATIO(1) 27% SHARES REPURCHASED SINCE AUGUST 2021 Civeo at a Glance Civeo provides a full suite of hospitality services, including food services, housekeeping, lodging and maintenance at remote workforce accommodations faci
Slide 5: Operating Two Scaled Platforms with Distinct and Differentiated Value Drivers
5 Operating Two Scaled Platforms with Distinct and Differentiated Value Drivers AUSTRALIA Owned Villages (or “COV” business) • High-margin, high-cash flow business with recurring revenue streams largely backed by take-or-pay contracts • Network effect: Portfolio of locations can serve multiple custo
Slide 6: Civeo is Positioned for Ongoing Value Creation
6 Civeo is Positioned for Ongoing Value Creation… Generating recurring cash flow from a diverse and synergistic asset mix and exposure to all phases of project lifecycles across a broad range of commodities Increased share repurchases to augment returns to shareholders Opportunistically deploying ca
Slide 7: Underpinned by Near-Term Operational Catalysts
7 … Underpinned by Near-Term Operational Catalysts Strong COV occupancy delivering healthy cash flows with upside opportunity from further portfolio expansion and organic room growth Significant proposed infrastructure spending creates meaningful opportunity for near-term increase in mobile camp act
Slide 8: Activity Drivers Diversified Across Commodity and Geographic Markets
8(1) Source: Wall Street research and Wood McKenzie (2) Source: Revenue and gross profit percentages are based on revenue and gross profit related to the applicable activity driver for the last twelve months ended June 30, 2025. Activity Drivers Diversified Across Commodity and Geographic Markets Ci
Slide 9: Increased Share Repurchases Delivering Returns to Shareholders
9 $- $7.4 $14.4 $3.4 $44.8 $11.6 $29.6 $22.5 $44.8 $19.0 $44.0 $25.9 2022 2023 2024 2025 YTD² Dividends Share Repurchases Total Capital To Shareholders Increased Share Repurchases Delivering Returns to Shareholders • Updated capital allocation framework in 2Q25 following review by Board and manageme
Slide 10: Opportunistically Deploying Capital While Maintaining a Healthy Balance Sheet
10 Opportunistically Deploying Capital to Support Strategic Initiatives While Maintaining a Healthy Balance Sheet (1) Net Leverage Ratio equals Net Debt / bank-adjusted EBITDA. Net Debt and bank-adjusted EBITDA are non-GAAP financial measure and are reconciled to the nearest GAAP financial measure i
Slide 11: Our Businesses
Our Businesses
Slide 12: Capitalizing on Strong and Growing Demand in Key Australian Markets
12 Capitalizing on Strong and Growing Demand in Key Australian Markets Civeo is the largest third-party accommodations, infrastructure, and hospitality services provider in Australia Operations primarily centered around metallurgical coal and iron ore mines Diverse exposure to key resource industrie
Slide 13: Recent Acquisition – Strengthening Position in Core Commodity Market
13 Recent Acquisition – Strengthening Position in Core Commodity Market BOWEN BASIN EXPANSION Completed acquisition of four villages (1,368 rooms) in Bowen Basin for A$105M (US$67M) in May 2025 Expands Civeo’s Australian owned-village portfolio in the world’s premier metallurgical coal basin, the Bo
Slide 14: Strong Platform for Continued Growth, Supported by Strategic Acquisitions
14 Strong Platform for Continued Growth, Supported by Strategic Acquisitions AUSTRALIAN GROWTH STRATEGY Strong cash flow from owned-village business augmented by recent acquisition, funding capital returns and further growth Built critical mass in integrated services business organically after origi
Slide 15: Broad Sector and Geographic Exposure in Canada
15 Civeo Lodge Properties Civeo Office Locations Mobile Camp Staging Sites Broad Sector and Geographic Exposure in Canada Premier hospitality services, accommodations and infrastructure provider in Canadian oil sands region Serves full lifecycle of a customer’s project by providing: • Permanent lodg
Slide 16: Accelerating Infrastructure Investments Driving North American Opportunities
16 Accelerating Infrastructure Investments Driving North American Opportunities Key potential North American projects with expected final investment decisions (“FID”) in the next few years ON BC Coastal GasLink Phase 2 Upgrading compression capabilities along Coastal GasLink pipeline associated with
Slide 17: Positioning Canada Business for Resilient Growth
17 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 le
Slide 18: Exposure to Full Project Life Cycle
18 Exposure to Full Project Life Cycle Recurring Revenue Project Related Revenue Operations Maintenance and Turnaround Construction • Room demand: Stable, recurring personnel needs for ongoing operations and production • Commercial opportunities: Increases ability to service operator-owned facilitie
Slide 19: Serving Loyal, Blue-Chip Customer Base
19 Serving Loyal, Blue-Chip Customer Base Large, long-term projects supported by multi-year contracts with large, well-capitalized clients Lodges & Villages • Permanent infrastructure supporting multi-year projects • Size range from 50 rooms to 5,000 rooms • Asset life matches customer demand: desig
Slide 20: Our Value Proposition
Our Value Proposition
Slide 21: The Civeo Lodge Experience
21 The Civeo Lodge Experience
Slide 22: Soe
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Slide 23: Innovation in Service Delivery
23 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
Slide 24: Lodge & Village Amenities
24 Lodge & Village Amenities
Slide 25: Villages in Australia
25 Villages in Australia
Slide 26: Village Environment & Facilities
26 Village Environment & Facilities Kinetic Fitness Center Swimming Pools Guest Commuter Bus Meeting / Training Space Guest Transit Service — Village to Township
Slide 27: Safety is at the Core of our Business
27 Safety is at the Core of our Business Continue to receive exemplary safety performance ratings • 2024 was our fifth 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 sustai
Slide 28: Second Quarter 2025 Snapshot
28 Second Quarter 2025 Snapshot (1) Adjusted EBITDA is a non-GAAP financial measure and is reconciled to the nearest GAAP financial measure in Appendix B FY2025 GUIDANCE Revenues $640 – $670M Adjusted EBITDA1 $86 – $96M Capital Expenditures $20 – $25M Revenues of $162.7 million Adjusted EBITDA1 of $
Slide 29: Civeo is Positioned for Ongoing Value Creation
29 Civeo is Positioned for Ongoing Value Creation Generating recurring cash flow from a diverse and synergistic asset mix and exposure to all phases of project lifecycles across a broad range of commodities Increased share repurchases to augment returns to shareholders Opportunistically deploying ca
Slide 30: Appendix A — Lodge & Village Breakdown
Appendix A — Lodge & Village Breakdown
Slide 31: Australian Civeo-Owned Villages
31 Australian Civeo-Owned Villages AUSTRALIAN CIVEO-OWNED VILLAGE ROOM COUNT Civeo Villages NT QLD SA NSW VIC TAS WA New Civeo Owned Villages
Slide 32: Canadian Civeo-Owned Lodges
32 1) Comprised of Black Bear, Bighorn, Buffalo, Lynx and Wolverine Lodges ~16,000 rooms in the Oil Sands 950+ rooms serving natural gas development CANADIAN OWNED-LODGE ROOM COUNT Commodity As of Lodges Exposure 6/30/2025 North Lodges Wapasu Oil Sands 5,174 Grey Wolf Oil Sands 946 Total North Lodge
Slide 33: Asset Intensive & Asset Light Business Segment Disclosure
33 Asset Intensive & Asset Light Business Segment Disclosure Three Months Ended June 30, 2025 Australia Canada Other Total Asset Light: Catering and Facility management $ 82.6 $ 30.0 $ - $ 112.6 Asset Intensive: Accommodations and Infrastructure 30.0 20.1 - 50.1 Total Revenue $ 112.7 $ 50.0 $ - $ 16
Slide 34: Best-in-Class Leadership Team, Board & Corporate Governance
Best-in-Class Leadership Team, Board & Corporate Governance
Slide 35: Strong Leadership Team Positioned to Execute
35 Peter McCann Senior Vice President, Australia SVP, Australia since 2014. Previously Managing Director of the MAC, a Civeo subsidiary and held senior finance roles at The MAC, Royal Wolf Trading, Strathfield Group, Hazelton Airlines and QANTAS. Currently an Associate Member of the Institute of Cha
Slide 36: Board of Directors
36 Ronald Blankenship Director since 2014 Previously served as President and CEO of Verde Realty, a REIT specializing in the ownership, acquisition and management of institutional quality multifamily rental properties and industrial facilities and assumed the additional responsibilities of Chairman
Slide 37: Committed to Sound Corporate Governance
37 Civeo is Committed to Sound Corporate Governance to Drive Our Value Creation Strategy All directors are independent except the CEO Commenced declassification of board of directions in 2024, with classified board to be phased out by 2027 Separate Chair and CEO roles Highly skilled board of directo
Slide 38: Appendix B — Non-GAAP Reconciliations
Appendix B — Non-GAAP Reconciliations
Slide 39: EBITDA and Adjusted EBITDA Reconciliation
39 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
Slide 40: EBITDA Reconciliation — 2025 Guidance
40 EBITDA Reconciliation — 2025 Guidance (U.S. dollars in millions) The following table sets forth a reconciliation of estimated EBITDA to estimated net loss, which is the most directly comparable measure of financial performance calculated under generally accepted accounting principles: Year Ending
Slide 41: Net Leverage Ratio Reconciliation
41 Net Leverage Ratio Reconciliation (U.S. dollars in millions) The term net leverage ratio is a non-GAAP financial measure that is defined by Civeo's credit agreement as net debt divided by bank-adjusted EBITDA. Net debt, bank-adjusted EBITDA and net leverage ratio are not financial measures under