Civeo Corp

Civeo Corporation provides hospitality services to the natural resource industry in Canada, Australia, and internationally. It develops lodges, villages, and mobile assets such as modular, skid-mounted accommodation and central facilities for short to medium-term needs. The company also offers food, housekeeping, maintenance, laundry, facility management, water and wastewater treatment, power generation, communication systems, security, logistics, and camp management services. Additionally, it provides development activities for workforce accommodation facilities, including site selection, permitting, engineering and design, manufacturing, and site construction, serving oil, mining, engineering, and oilfield and mining service companies. Founded in 1977, Civeo is headquartered in Houston, Texas.

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Civeo prices $100M convertible notes, wins six-year Canada contract renewal

Civeo priced a private offering of $100 million of 4.50% convertible senior notes due 2031 and announced a six-year contract renewal for workforce accommodation and hospitality services in Western Canada. The notes, offered to qualified institutional buyers, will pay 4.50% annual interest and mature on August 1, 2031, unless earlier repurchased, redeemed, or converted. The initial conversion rate is 24.6840 shares per $1,000 principal amount, equivalent to a conversion price of about $40.51 per share, representing a 20% premium to Civeo's July 1 closing price of $33.76. The notes are expected to close on July 7, and initial purchasers have a 13-day option to buy up to an additional $15 million of notes. Separately, one of Civeo's Western Canada joint ventures secured a six-year contract renewal extending through June 30, 2032, replacing existing arrangements that were due to expire in 2027.

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