Civeo Corporation Announces Public Offering of Common Shares

HOUSTON, Feb. 01, 2017 -- Civeo Corporation (NYSE:CVEO) (“Civeo”) today announced that it has commenced an underwritten public offering of 20,000,000 common shares. Civeo expects to grant the underwriter a 30-day option to purchase up to 3,000,000 additional common shares. Civeo expects to use the net proceeds from the offering to repay amounts outstanding under its revolving credit facilities and for general corporate purposes. 

RBC Capital Markets is acting as sole book-running manager for the offering. The offering is being made pursuant to an effective shelf registration statement on Form S-3 (Registration No. 333-212754) filed by Civeo with the Securities and Exchange Commission (“SEC”) and only by means of a prospectus supplement and accompanying prospectus. When available, copies of the preliminary prospectus supplement, prospectus supplement and the accompanying base prospectus related to the offering may be obtained for free by visiting EDGAR on the SEC’s website at www.sec.gov or by contacting RBC Capital Markets, LLC, Attention: Equity Syndicate, 200 Vesey Street, 8th Floor, New York, NY 10281-8098, or by email to [email protected], or by telephone at (877) 822-4089.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, or any solicitation of an offer to buy, these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

Civeo is a provider of workforce accommodations primarily in the Canadian oil sands and the Australian natural resource regions. Civeo currently owns a total of 19 lodges and villages in operation in Canada and Australia, with an aggregate of more than 23,000 rooms.

Frank C. Steininger
Civeo Corporation
Senior Vice President & Chief Financial Officer
713-510-2400

Marc Cunningham or 
Jeffrey Spittel
FTI Consulting
713-353-5407