Civeo Corporation reported its financial and operating results for the third quarter ended September 30, 2024, generating revenues of $176.3 million, a decrease from $183.6 million in Q3 2023. The company posted a net loss of $5.1 million, or $0.36 per diluted share, a significant reversal from the net income of $9.0 million, or $0.61 per diluted share, in the prior-year quarter.
The Canadian segment experienced a 39% year-over-year decrease in revenues to $57.7 million and an 85% decrease in Adjusted EBITDA to $3.4 million, primarily due to the wind-down of LNG-related activity, lower oil sands turnaround activity, and wildfire-related impacts. In contrast, the Australian segment's revenues increased 33% to $116.6 million, with Adjusted EBITDA up 19% to $22.5 million, driven by increased billed rooms and integrated services activity.
Civeo announced a 33-month contract renewal with a major Canadian oil sands producer, valued at approximately C$150 million, providing accommodations and hospitality services through June 2027. The company also repurchased approximately 515,000 common shares for $14.2 million during the quarter and declared a quarterly cash dividend of $0.25 per common share.
For the full year 2024, Civeo tightened its revenue guidance to a range of $675 million to $700 million and Adjusted EBITDA guidance to $83 million to $88 million. Capital expenditures are maintained at $30 million to $35 million, reflecting the company's focus on operational efficiency and capital allocation.
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