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Civeo to Acquire Four Villages in Australian Bowen Basin

1. Civeo Corporation acquires four villages in Australia for A$105 million. 2. The acquisition includes 1,340 rooms and long-term customer contracts.

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FAQ

Why Bullish?

Acquisitions can enhance revenue potential and profitability, supporting a positive market outlook, similar to Civeo's past successful expansions.

How important is it?

The acquisition likely enhances Civeo's market position and operational scale, impacting investor perceptions positively.

Why Long Term?

The long-term customer contracts indicate stable revenue, which typically supports sustained future growth.

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HOUSTON--(BUSINESS WIRE)--Civeo Corporation (NYSE:CVEO) announced today that it has entered into a definitive asset purchase agreement with a private seller for Civeo to acquire four villages with 1,340 rooms in Australia's Bowen Basin and the associated long-term customer contracts. Under the terms of the agreement, Civeo would acquire the assets and customer contracts for total cash consideration of A$105 million, or approximately US$67 million, funded with cash on hand and borrowings from it.

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