Civeo Corporation reported a net loss of $9.8 million, or $0.72 per diluted share, for the first quarter of 2025, a significant increase from the net loss of $5.1 million, or $0.35 per diluted share, recorded in the same period of 2024. The company's total revenue for the quarter was $144.0 million, down 13% from $166.1 million in the prior year. This decline was primarily attributed to reduced occupancy at Canadian lodges and a weaker Canadian and Australian dollar against the U.S. dollar, which negatively impacted revenue figures.
In terms of operational performance, Civeo's revenue from its Australian segment increased by $11.9 million, or 13%, driven by new business in integrated services villages. However, the Canadian segment saw a substantial decline, with revenues dropping by $26.8 million, or 40%, due to lower billed rooms and reduced activity from pipeline projects. The overall decrease in revenue was partially offset by a decrease in costs, with total costs of sales and services falling by $15.8 million, or 12%, compared to the previous year.
Civeo's balance sheet showed total assets of $423.8 million as of March 31, 2025, an increase from $405.1 million at the end of 2024. The company reported cash and cash equivalents of $28.4 million, a significant rise from $5.2 million at the end of the previous year. Long-term debt increased to $87.4 million, up from $43.3 million, reflecting borrowings under the company's revolving credit facilities. The company also announced a share repurchase program, increasing its authorization to repurchase up to 20% of its outstanding shares.
Looking ahead, Civeo anticipates continued challenges due to inflationary pressures and labor shortages, particularly in Australia. The company is also preparing for the acquisition of four villages in Australia's Bowen Basin, which is expected to close in the second quarter of 2025. Civeo's management remains focused on monitoring market conditions and adjusting capital expenditures, which are projected to be between $20 million and $25 million for 2025, depending on customer activity and project approvals. The company aims to balance its capital allocation between growth opportunities and returning capital to shareholders through share repurchases.
About Civeo Corp
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