UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2019 OR [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________________________ to _________________________ Commission file number: 001-36246 Civeo Corporation (Exact name of registrant as specified in its ch ...

Financial Data and Key Metrics Changes - In Q2 2019, the company reported revenues of $122 million, a decrease from $130 million year-over-year but an increase from $109 million in Q1 2019 [11] - Adjusted EBITDA for the quarter was $26.5 million, up from $24.5 million year-over-year and significantly higher than $16 million in Q1 2019 [11] - The company experienced a net loss of $15.3 million or $0.09 per diluted share [17] Business Segment Performance - **Canada Segment**: Revenue increased to $78.1 million from $66.8 million in Q1 2019, with adjusted EBITDA rising to $16.3 million from $12.2 million [18] - **Australia Segment**: Revenue rose to $31 million from $28.4 million in Q1 2019, with adjusted EBITDA increasing to $13 million from $9.9 million [20] - **U.S. Segment**: Revenue slightly declined to $13.1 million from $13.4 million in Q1 2019, with adjusted EBITDA decreasing to $2.6 million from $2.8 million [21] Market Data and Key Metrics Changes - Canadian market conditions were affected by limited takeaway capacity and oil price volatility, but there was a significant increase in LNG-related occupancy in British Columbia [12][13] - In Australia, occupancy improved due to higher met coal prices and increased customer activity in the Bowen Basin [14] - The U.S. segment showed steady performance despite a slight decline in drilling and completion activity [16] Company Strategy and Industry Competition - The company completed the expansion of the Sitka Lodge to support the LNG Canada project, which is expected to enhance EBITDA in the second half of 2019 [6] - A strategic acquisition of Action Industrial Catering in Australia was completed, expanding service offerings and geographic footprint [10] - The company aims to maximize free cash flow and reduce debt while exploring growth investments to enhance competitive positioning [33] Management's Comments on Operating Environment and Future Outlook - Management expects stronger oil sands build rooms in Canada for Q3 2019, driven by turnaround and maintenance activity [25] - The outlook for Australia remains positive due to healthy commodity prices, with expectations for modest improvement in build rooms [28] - In the U.S., a decrease in drilling and completion activity is anticipated in the second half of 2019 [30] Other Important Information - The company reported capital expenditures of $11.5 million in Q2 2019, with a total of $21.2 million year-to-date [23] - Outstanding debt as of June 30, 2019, was $405.3 million, reflecting a $21.8 million increase since March 31, 2019 [23] Q&A Session Summary Question: Increase in receivables and cash generation - Management noted that the increase in receivables was primarily due to revenue ramp-up in Canada, with most of the increase collected post-quarter [35] Question: Debt extension and credit facility - Discussions are ongoing with banks for an extension of the credit agreement, with positive feedback received so far [36][37] Question: Margin profile of contract extensions - Management confirmed that the pricing and margin profile of recent contract extensions would be consistent with prior agreements [38] Question: Guidance for Q3 and Q4 - The company expects strong build room improvements in Q3, but a softening in Q4 due to seasonal factors [40][41] Question: CapEx plans for the remainder of the year - CapEx is guided at $40 million to $45 million for the year, with a decrease expected in 2020 [46][48] Question: Impact of Action acquisition - The Action acquisition is expected to contribute approximately $60 million in revenues and $5 million in EBITDA next year, with potential for synergies [50][51]

Financial Data and Key Metrics Changes - In Q1 2019, the company generated revenues of $109 million, an increase from $102 million in Q1 2018, and adjusted EBITDA of $16 million, up from $10 million last year [7][14] - Operating cash flow for the quarter was $6 million, with $3 million in debt repaid, offset by a negative foreign currency translation impact of $8 million [8][22] - The net loss on a GAAP basis was $17.5 million, or $0.11 per diluted share [14] Business Segment Performance - Canadian segment revenues were $66.8 million, down from $69.4 million in Q4 2018, with adjusted EBITDA declining to $10.2 million from $11.8 million [15][16] - Australian segment revenues were $28.4 million, slightly down from $29.7 million in Q4 2018, with adjusted EBITDA decreasing to $9.9 million from $11.7 million [18] - U.S. segment revenues declined to $13.4 million from $15.5 million, but adjusted EBITDA improved to $2.8 million from $1.9 million [20] Market Data and Key Metrics Changes - The Canadian segment faced challenges due to lower room demand from major customers and oil production curtailments, but was partially offset by $145 million from an insurance claim [9][10] - In Australia, the outlook remains positive due to strong met coal prices, which are expected to drive activity in the Bowen and Gunnedah basins [12][27] - The U.S. segment showed improved performance despite moderating drilling activity, with healthy occupancy levels in West Texas and North Dakota lodges [13][29] Company Strategy and Industry Competition - The company is focused on generating free cash flow, executing contract-backed investments in the Canadian LNG space, and selectively deleveraging its balance sheet [23][32] - The company aims to provide best-in-class service while managing costs and investing in attractive growth opportunities across key end markets [32] Management's Comments on Operating Environment and Future Outlook - Management expects an increase in turnaround and maintenance activity in Canada starting in Q2 2019, with significant impacts anticipated in Q3 [24] - The company anticipates improved occupancy related to LNG projects in British Columbia, with the Sitka Lodge expansion expected to be completed by the end of Q2 2019 [25][26] - In Australia, strong demand for met coal and iron ore is expected to support healthy cash flows and growing export volumes [27][28] Other Important Information - Total debt outstanding as of March 31, 2019, was $383.5 million, with total liquidity of approximately $66 million [22] - The company expects Q2 2019 revenues of $113 million to $118 million and adjusted EBITDA of $21 million to $23.5 million [30] Q&A Session Summary Question: Impact of LNG activity shifting to 2020 - Management indicated that some LNG-related activity is expected to shift from 2019 to 2020, with an estimated $50 million impact in 2020 and an additional $50 million in 2021 from pipeline contracts [34][36] Question: Overall occupancy levels and room rate prices - Management noted that room rates in Canada have contracted due to efforts to reduce costs in a lower oil price environment, but pricing has largely stabilized [39][41] Question: Increased CapEx in Australia - Management explained that the increase in CapEx is to reactivate existing rooms and prepare for anticipated demand growth, with total CapEx guidance for 2019 set at $40 million to $45 million [45][46]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2019 OR [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | --- | --- | |-------------------------------------------------------------|---------------------------| | | | | transition period from _________________________ to | _________________ ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) [X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2018 OR [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | --- | --- | |----------------------------------------------------------------|-----------------------| | | | | transition period from _________________________ | to | | C ...

Financial Data and Key Metrics Changes - In Q4 2018, the company generated revenues of $114.5 million, an increase from $101.3 million year-over-year, and adjusted EBITDA of $19.9 million, up from $13.3 million [5][13] - The net loss on a GAAP basis for Q4 was $12.8 million or $0.08 per diluted share [13] - For the full year 2018, total revenues were $466.7 million, with a net loss of $130.8 million or $0.83 per share [18] Business Segment Performance - Canadian segment revenues were $69.4 million in Q4, down from $76.8 million in Q3, with adjusted EBITDA decreasing to $11.8 million from $16.5 million [14][15] - Australian segment revenues were $29.7 million, slightly down from $31.1 million in Q3, with adjusted EBITDA at $11.7 million, down from $12.4 million [16] - U.S. segment revenues increased from $12.6 million to $15.5 million, driven by an offshore fabrication project, although adjusted EBITDA decreased to $1.9 million from $2.4 million [17] Market Data and Key Metrics Changes - In Australia, benchmark met coal prices settled above $220 per ton, supporting strong seasonal occupancy [10] - The Canadian oil sands market is expected to see a temporary slowdown due to production curtailments, but a normal turnaround schedule is anticipated for the second and third quarters of 2019 [22] Company Strategy and Industry Competition - The company is focusing on generating free cash flow, reducing debt, and expanding service offerings in key markets [26] - The outlook for Australia remains constructive, with expectations of increased capital project spending from major customers [23] Management's Comments on Operating Environment and Future Outlook - Management noted that the start of 2019 has been impacted by oil price uncertainty and global trade issues, which could affect customer spending [21] - For 2019, the company expects modestly down room nights in Canada but a 10% to 15% increase in adjusted EBITDA year-over-year [22][23] Other Important Information - The company repaid $22.9 million of debt during Q4 2018, with total outstanding debt at $379.2 million as of December 31, 2018 [19] - Capital expenditures for 2018 totaled $17.1 million, up from $11.2 million in 2017 [19] Q&A Session Summary Question: Utilization levels and room rate expectations for 2019 - Management expects modest increases in room rates in Canada, while occupancy may be slightly down due to early year softness [30][31] Question: Cash generation and CapEx allocation - The non-maintenance CapEx is directed towards refurbishing rooms and projects in Canada, with a focus on growth capital [33][34] Question: SG&A expenses and US gross profit margins - SG&A was impacted by lower annual bonuses and stock price decreases, while US margins were affected by a lower-margin offshore fabrication project [39][40] Question: Expansion opportunities in Australia - Management noted steady improvement in occupancy and profitability, but no significant expansion projects have moved forward yet [42][44] Question: 2020 outlook based on 2019 performance - Management indicated that the second half of 2019 could provide a positive trend into 2020, particularly with expected contributions from LNG projects [46][48]