secwatch.observer — SEC 8-K summary
======================================

Issuer:     Civeo Corp (CVEO)
CIK:        0001590584
Form:       8-K
Filed at:   2021-10-28T23:59:59+00:00
Accession:  0001590584-21-000114
Event type: earnings
Sentiment:  neutral
Materiality: 0.70
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Civeo Q3 revenues rise 8.5% to $155.1M but net income falls to $0.1M; raises FY guidance lower end
--------------------------------------------------------------------------------

- Q3 revenues $155.1M vs $142.9M YoY; net income $0.1M ($0.00 diluted EPS) vs $6.5M ($0.39) in Q3 2020.
- Adjusted EBITDA $26.2M vs $36.0M YoY; free cash flow $31.0M vs $34.4M.
- Canadian segment Adj EBITDA $19.8M (down from $21.3M, lacked prior $3.6M CEWS); Australian Adj EBITDA $14.8M (down 31% YoY) due to higher labor costs.
- Total debt reduced to $195.2M; net leverage 1.86x. Raised FY2021 revenue guidance to $570-$580M and Adj EBITDA to $95-$100M.
- Board authorized share repurchase of up to 5% (~715,000 shares) over 12 months; completed credit facility refinancing to Sept 2025.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1590584/000159058421000114/0001590584-21-000114-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1590584/000159058421000114/cveo-20211028.htm
  HTML page:      https://secwatch.observer/filing/0001590584-21-000114

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer