Civeo Corporation Reports $682.1 Million Revenue and $17.1 Million Net Loss for Fiscal Year 2024

Civeo Corporation reported a total revenue of $682.1 million for the fiscal year ended December 31, 2024, a decrease of 3% from $700.8 million in 2023. The company experienced a net loss attributable to Civeo of $17.1 million, or $1.19 per diluted share, compared to a net income of $30.2 million, or $2.01 per diluted share, in the previous year. The decline in revenue was primarily driven by reduced mobile asset activity in Canada and lower occupancy rates at certain lodges, particularly in the oil sands region. In contrast, the Australian segment saw a revenue increase of 27%, attributed to heightened activity at Civeo-owned villages in the Bowen Basin.

In terms of operational metrics, Civeo's Canadian segment reported revenues of $245.1 million, down 31% from $352.8 million in 2023, largely due to the completion of pipeline projects and reduced occupancy at oil sands lodges. Conversely, the Australian segment generated $426.9 million in revenue, up from $336.8 million, bolstered by increased demand for accommodation services. The total number of billed rooms in Australia rose to 2.5 million, reflecting a 6.4% increase, while Canadian billed rooms fell to 2.2 million, a decrease of 18.6%.

Civeo's strategic developments included the announcement of a definitive asset purchase agreement on February 18, 2025, to acquire four villages in Australia’s Bowen Basin for approximately $67 million. This acquisition is expected to close in the second quarter of 2025, pending regulatory approvals. The company also reported a significant impairment charge of $11.6 million in 2024, primarily related to long-lived assets in Canada and the U.S., which contributed to the overall net loss for the year.

The company maintained a workforce of approximately 2,600 employees as of December 31, 2024, with 71% based in Australia and 28% in Canada. Civeo's operational focus remains on providing hospitality services to remote workforces in the natural resources sector, with a significant portion of its revenue derived from long-term contracts. The company anticipates that ongoing demand for its services will be influenced by commodity prices and customer capital spending, particularly in the met coal, oil, and LNG sectors.

Looking ahead, Civeo expects its capital expenditures for 2025 to range between $25 million and $30 million, reflecting a cautious approach amid ongoing inflationary pressures and labor shortages. The company continues to monitor market conditions and customer activity to adjust its operational strategies accordingly.