HOUSTON and CALGARY, Alberta, September 08, 2021– (BUSINESS WIRE) – Civeo Corporation (NYSE: CVEO) today announced that it has completed the replacement and refinancing of its credit agreement. The new syndicated credit agreement, which consists of a Canadian term loan and three revolving credit facilities, encompasses the entire structure of Civeo’s outstanding debt. In the leveraged neutral transaction, the Canadian term loan was reduced to C $ 100 million (approximately US $ 80 million), compared to an outstanding balance of C $ 216 million (approximately US $ 175 million). ) as at June 30, 2021. This reduction was funded by a drawdown on the Canadian revolving credit facility in an equal and offsetting amount. The syndicated loan agreement expires on September 8, 2025. In addition, among others, the new syndicated loan agreement:

• Increases the total renewable commitment to US $ 200 million;

• Changes the maximum leverage ratio to a maximum net total leverage ratio and adjusts the level of the ratio from 3.50x today to 3.25x in the fourth quarter 2021 and in the first quarter 2022 and to 3.00x in the second quarter 2022 and after;

• Requires term loan amortization payments of C $ 10 million per quarter; and

• Reduces interest rates for leverage ratios less than 2.0x.

“We are pleased to announce this new banking agreement, which grants the Company a four-year term on the three revolving credit facilities. This longer term allows Civeo even more flexibility to continue to generate free cash flow and reduce our debt levels while evaluating other capital allocation priorities such as our recently announced share buyback program. and potential growth opportunities. We would like to thank our loan group for their continued support, ”said Bradley J. Dodson, President and CEO of Civeo.

Additional information on the terms of the new agreement can be found in a separate current report on Form 8-K to be filed with the Securities and Exchange Commission today.

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About Civeo

Civeo Corporation is a leading hospitality service provider with significant market positions in the Canadian oil sands and Australian natural resource regions. Civeo offers complete solutions to house hundreds or thousands of workers with its long-term and temporary accommodation and provides catering, housekeeping, facility management, laundry, water treatment and laundry services. wastewater, power generation, communication systems, security and logistics. Civeo currently operates a total of 28 operating lodges and villages in Canada, Australia and the United States, with a total of approximately 30,000 rooms. Civeo is listed under the symbol CVEO on the New York Stock Exchange. For more information, please visit the Civeo website at www.civeo.com.

Forward-looking statements

This press release contains forward-looking statements within the meaning of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are those which do not state historical facts and are therefore inherently subject to change. risks and uncertainties. The forward-looking statements contained in this document include statements concerning Civeo’s future plans and prospects, are based on then-current expectations and involve various risks and uncertainties which could cause actual results to differ materially from those expressed or implied. by these forward-looking statements. These risks and uncertainties include, among others, the risks associated with global health issues and pandemics, including the COVID-19 pandemic and the risk that room occupancy may decline if our guests are limited or limited in availability. staff who may fall ill or be subject to quarantine, risks associated with the general nature of the accommodation industry, risks associated with the level of supply and demand for petroleum, coal, ore of iron and other minerals, including the level of activity, spending and developments in the Canadian oil sands, the level of demand for coal and other natural resources from Australia, as well as investment and opportunities in Australia, and fluctuations or sharp declines in current and future prices for oil, natural gas, coal, iron ore and other minerals, the risks associated with failure by our customers s to arrive at positive final investment decisions on projects for which contracts have been awarded to us, or not completed, w which may cause these clients to terminate or postpone contracts, risks associated with exchange rates, risks associated with the company’s ability to integrate acquisitions, risks associated with labor shortages, risks associated with the development of new projects, including the continuation of such projects in the future, risks associated with Company’s common stock price, availability and cost of capital, risks associated with general global economic conditions, global weather conditions, natural disasters and security threats, and changes in government and environmental regulations, including climate change, and other factors discussed in the “Management Review and Situation Analysis” sections. and results of operations ”and“ Risk Factors ”of Civeo’s annual report on Form 10-K for the year ended December 31, 2020 and other reports that the company may file from time to time with the United States Securities and Exchange Commission. Each forward-looking statement contained in this document speaks only as of the date of this press release. Except as required by law, Civeo expressly disclaims any intention or obligation to revise or update any forward-looking statement, whether as a result of new information, future events or otherwise.

See the source version on businesswire.com: https://www.businesswire.com/news/home/20210908006082/en/

Contacts

Carolyn J. Stone
Civeo Corporation
Senior Vice President and Chief Financial Officer
713-510-2400