Civeo Corporation specializes in providing comprehensive hospitality and lodging solutions for the natural resource sector across Canada, Australia, and the United States. The company constructs and operates both permanent and temporary workforce accommodations, including large-scale lodges and villages, as well as versatile mobile units like modular and skid-mounted camps. Beyond housing, Civeo delivers a broad spectrum of integrated support services, such as catering, housekeeping, property maintenance, laundry, utility provision (including water/wastewater treatment and power generation), communication systems, security, and logistics. They also offer full development capabilities for these facilities, encompassing site selection, regulatory permitting, engineering design, manufacturing coordination, and on-site construction. With ownership and operation of 27 lodges and villages featuring approximately 28,000 rooms, alongside a fleet of mobile accommodation assets, Civeo serves major clients in the oil, mining, engineering, and associated service industries. The company's headquarters are located in Houston, Texas.
Civeo Reports Second Quarter 2026 Results
Civeo reported Q2 revenue of $180.0 million, up 11% year-over-year, while narrowing its net loss to $2.5 million compared to the prior year period. Adjusted EBITDA came in at $23.8 million, and operating cash flow turned positive to $11.6 million.
The company maintained its full-year 2026 guidance for revenue of $675 million to $700 million and Adjusted EBITDA of $85 million to $90 million. Management expects Canadian operations to deliver approximately 20% revenue growth in the back half of the year.
Subsequent to the quarter, Civeo issued $115.0 million of 4.50% convertible senior notes and concurrently repurchased approximately $22.3 million of its common shares. This transaction completed a 20% share repurchase program and initiated execution under a new 10% authorization.