Civeo Corp
civeo.comWhat Do They Do?
Provides lodging, meals and facility services for remote workforces at mining, oil and construction companies.
10-K for FY2025, filed Mar 3, 2026
How Do They Make Money?
In Australia, customers pay daily rates for occupied rooms and hospitality services as delivered; some contracts also charge for reserved rooms. Invoices are generally paid within 30 days and, in most cases, within 60 days.
10-K for FY2025, filed Mar 3, 2026Because of control transferring over time, the majority of our revenue is recognized based on the extent of progress towards completion of…View ↗
Our payment terms vary by the type and location of our customer and the services offered. The term between invoicing and when our…View ↗
During the year ended December 31, 2025, we generated 72% of our revenue from our Australian operations. As of December 31, 2025, we owned…View ↗
$638.8M
-
10-K for FY2025, filed Mar 3, 2026
$638.8M ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Australia
Recurring
10-K for FY2025, filed Mar 3, 2026 |
72%
FY2022: 40%
|
Australia, FY2025
$460.3M Sources
|
Recurring |
|
Canada
Recurring
10-K for FY2025, filed Mar 3, 2026 |
28%
FY2022: 57%
|
Canada, FY2025
$178.6M Sources
|
Recurring |
|
Other
|
0.0%
FY2022: 3.3%
|
Other, FY2025
$0 Sources
|
Who Are Their Customers?
Mining and oil companies, construction and engineering firms, and oilfield or mining service companies contract for worker lodging and hospitality. Civeo serves them at its own facilities or manages hospitality at customer-owned sites.
10-K for FY2025, filed Mar 3, 2026We primarily operate in some of the world’s most active met coal, oil, iron ore and liquefied natural gas (LNG) producing regions, where…View ↗
Our customers either own their accommodations assets or outsource them. Customers may choose to own their accommodations assets because (i)…View ↗
We also provide hospitality services at customer-owned locations to the mining industry in Western Australia and South Australia.…View ↗
Do Revenues Turn Into Profits?
Not on paper. It lost $20.1M in FY2025, but brought in more cash than it spent: $2.1M of free cash flow.
10-K for FY2025, filed Mar 3, 2026
$4.1MView ↗
10-K for FY2025, filed Mar 3, 2026
−$20.1MView ↗
10-K for FY2025, filed Mar 3, 2026
$2.1MView ↗
How Are They Changing?
- Net income
-
Sources
10-Q for Q2 FY2026, filed Jul 30, 2026
−$2.5MView ↗
- ▼ −24% (Loss)
- vs −$3.3M in Q2 FY2025
10-Q for Q2 FY2026, filed Jul 30, 2026
Open tableView ↗
-
Jul 30, 2026
Civeo gave Canadian revenue growth guidance
It expected Canadian revenue to grow approximately 20% year over year in the second half of 2026.
Sources
8-K, filed Jul 30, 2026
Mr. Dodson concluded, “Looking ahead, we expect our operations in Canada to deliver approximately 20% year-over-year revenue growth in the…View ↗
Flat. Revenue was $638.8M in FY2025, about the same as the $594.5M of FY2021.
Who Do They Compete With?
Competes with Bechtel, Fluor, ATCO, Alta-Fab Structures, Fleetwood Australia, Northgate Industries, Dexterra Group, Black Diamond Group, Modulaire Group, Target Hospitality, Aramark, Sodexo, ISS, Compass Group, and Cater Care Australia
10-K for FY2025, filed Mar 3, 2026The accommodation facilities market supporting the natural resource industry is segmented into competitors that serve components of the…View ↗
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