Civeo Corporation reported revenues of $151.0 million for the fourth quarter of 2024, down from $170.8 million in Q4 2023, and a net loss of $15.1 million, or $1.10 per diluted share. For the full year 2024, revenues were $682.1 million, a decrease from $700.8 million in 2023, with a net loss of $17.1 million, or $1.19 per diluted share.
The Australian segment continued its strong performance, with Q4 2024 revenues increasing 23% year-over-year to $110.0 million, driven by integrated services activity. Conversely, the Canadian segment's revenues declined 44% to $40.7 million, resulting in an operating loss of $16.8 million and negative Adjusted EBITDA of $4.7 million, primarily due to lower billed rooms and the sale of McClelland Lake Lodge.
Civeo announced a restructuring plan for its Canadian business, expecting to incur approximately $3 million in one-time costs during Q1 2025 for cold-closing lodges and reducing overhead headcount by approximately 25%. This action aims to right-size the cost structure and reduce dependence on oil sands activity.
For the full year 2025, excluding any contribution from the recently announced Australian asset acquisition, Civeo expects revenues of $630.0 million to $660.0 million and Adjusted EBITDA of $80.0 million to $90.0 million. Capital expenditures are projected to be $25.0 million to $30.0 million, reflecting the company's strategic focus on capital allocation.
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