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Civeo Completes Acquisition of Four Villages in Australian Bowen Basin

1. Civeo has acquired four villages in Australia's Bowen Basin for $67 million. 2. The acquisition was funded through cash and borrowings, enhancing Civeo's asset base.

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Why Bullish?

The acquisition expands Civeo's operational capacity in a strategic market, potentially boosting revenues. Historical data shows that similar expansions often lead to positive stock price adjustments.

How important is it?

The successful acquisition is a significant strategic move, likely to resonate well with investors and analysts. It reflects Civeo's growth strategy and strengthens its position in the market.

Why Long Term?

Long-term benefits from the acquisition may include increased cash flows and market expansion, similar to previous successful acquisitions. This strategic move is likely to establish a more solid footing for future growth.

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HOUSTON--(BUSINESS WIRE)--Civeo Corporation (NYSE:CVEO) has completed its previously announced acquisition of four villages with 1,340 rooms in Australia's Bowen Basin and the associated customer contracts for total cash consideration of A$105 million, or approximately US$67 million. The acquisition was funded with cash on hand and borrowings from Civeo's existing revolving credit facility. “We are pleased to have completed this important acquisition earlier than expected as it builds on Civeo'.

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