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Civeo Completes Acquisition of Four Villages in Australian Bowen Basin

1. Civeo acquired four villages in Australia for US$67 million. 2. The acquisition enhances Civeo's operational capacity and customer contracts.

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FAQ

Why Bullish?

The acquisition strengthens Civeo's business model, similar to past successful expansions that led to increased valuation.

How important is it?

This acquisition is strategically important for growth, indicating a positive direction for CVEO's future.

Why Long Term?

Strategic acquisitions generally lead to sustained growth over multiple quarters, as seen in past cases.

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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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