Civeo Corporation reported first quarter 2025 revenues of $144.0 million, a decrease from $166.1 million in Q1 2024. The company posted a net loss of $9.8 million, or $0.72 per diluted share, an increase from the $5.1 million net loss, or $0.35 per diluted share, in the prior-year quarter.
Adjusted EBITDA for Q1 2025 was $12.7 million, down from $17.8 million in Q1 2024, primarily due to decreased billed rooms in Canadian lodges and customer spending reductions in the oil sands region. The Australian segment's revenue increased 13% to $103.6 million, driven by integrated services activity, while Adjusted EBITDA remained relatively flat at $20.5 million.
In a major capital allocation shift, Civeo's Board of Directors suspended the quarterly cash dividend and increased the share repurchase authorization to 20% of total shares outstanding, up from 10%. The company committed to using 100% of its annual free cash flow to complete this authorization, and at least 75% thereafter, to accelerate capital return to shareholders.
Civeo also lowered its full-year 2025 guidance, projecting revenues in the range of $620 million to $650 million and Adjusted EBITDA between $75 million and $85 million, excluding the impact of the Australian asset acquisition. Capital expenditure guidance was also lowered to $20 million to $25 million, reflecting ongoing cost-cutting actions in Canada, including a 25% employee headcount reduction and plans to cold shut two lodges.
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