Conversant Capital buys ~958k Civeo shares from Torgerson affiliates; ROFR on escrow shares

Civeo Corp

Conversant Capital purchased 958,475 Civeo common shares from entities affiliated with Lance Torgerson under a Stock Purchase Agreement.
Torgerson retains 750,000 escrow shares; 375,000 released June 2022 subject to right of first refusal by Civeo then Conversant until April 2023.
Torgerson also holds 9,042 Class A preferred shares that mandatorily convert to ~2.5M common shares in April 2023, not subject to ROFR.
Civeo waived certain transfer restrictions to facilitate the sale and welcomes Conversant as a new shareholder.
Conversant's founder cited Civeo's capital allocation, debt repayment, and position in natural resources as investment rationale.

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