Civeo reported $5.18 million net income for Q3 2026

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For the quarterly period ended June September 30, 2026

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The Registrant had 10,336,859 common shares outstanding as of July 27, October 26, 2026.

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Financial statements 177 changes

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June 30, Six Months Ended

Revenue $ 180,017 $ 162,694 $ 352,684 $ 306,738

Service and other costs 138,611 121,531 271,117 236,146

Selling, general and administrative expenses 20,406 20,470 40,474 38,655

Depreciation and amortization expense 16,327 17,827 33,635 34,080

Other operating (income) expense ( 419 ) 66 ( 757 ) 573

Operating income (loss) 5,092 2,800 8,215 ( 2,716 )

Interest expense ( 4,256 ) ( 2,699 ) ( 8,018 ) ( 4,318 )

Interest income 52 75 90 101

Other income 120 119 59 466

Income (loss) before income taxes 1,008 295 346 ( 6,467 )

Income tax expense ( 3,525 ) ( 3,606 ) ( 6,666 ) ( 6,694 )

Net loss ( 2,517 ) ( 3,311 ) ( 6,320 ) ( 13,161 )

Net loss attributable to Civeo Corporation $ ( 2,521 ) $ ( 3,314 ) $ ( 6,329 ) $ ( 13,156 )

September 30, Nine Months Ended

Revenue $ 193,101 $ 170,491 $ 545,785 $ 477,229

Service and other costs 146,814 126,704 417,931 362,850

Selling, general and administrative expenses 18,604 18,107 59,078 56,762

Depreciation and amortization expense 15,714 20,012 49,349 54,092

Other operating income ( 1,331 ) ( 1,298 ) ( 2,088 ) ( 725 )

Operating income 13,300 6,966 21,515 4,250

Interest expense ( 4,414 ) ( 3,422 ) ( 12,432 ) ( 7,740 )

Interest income 182 28 272 129

Other income (expense) ( 6 ) 10 53 476

Income (loss) before income taxes 9,062 3,582 9,408 ( 2,885 )

Income tax expense ( 3,879 ) ( 4,038 ) ( 10,545 ) ( 10,732 )

Net income (loss) 5,183 ( 456 ) ( 1,137 ) ( 13,617 )

Less: Net income (loss) attributable to noncontrolling interest 4 3 9 ( 5 1 ) 13 ( 6 )

Net income (loss) attributable to Civeo Corporation $ 5,179 $ ( 455 ) $ ( 1,150 ) $ ( 13,611 )

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Basic net income (loss) per share attributable to Civeo Corporation common shareholders $ ( 0.23 ) 0.50 $ ( 0.25 0.04 ) $ ( 0.57 0.11 ) $ ( 0.98 1.04 )

Diluted net income (loss) per share attributable to Civeo Corporation common shareholders $ ( 0.23 ) 0.50 $ ( 0.25 0.04 ) $ ( 0.57 0.11 ) $ ( 0.98 1.04 )

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Basic 10,930 13,177 11,025 13,387

Diluted 10,930 13,177 11,025 13,387

Basic 10,357 12,395 10,800 13,053

Diluted 10,379 12,395 10,800 13,053

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June 30, Six Months Ended

Net loss $ ( 2,517 ) $ ( 3,311 ) $ ( 6,320 ) $ ( 13,161 )

September 30, Nine Months Ended

Net income (loss) $ 5,183 $ ( 456 ) $ ( 1,137 ) $ ( 13,617 )

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Total other comprehensive income, net of taxes 586 10,935 5,481 12,028

Comprehensive income (loss) ( 1,931 ) 7,624 ( 839 ) ( 1,133 )

Comprehensive income (loss) attributable to Civeo Corporation $ ( 1,935 ) $ 7,620 $ ( 848 ) $ ( 1,129 )

Total other comprehensive income (loss), net of taxes 1,809 ( 764 ) 7,290 11,264

Comprehensive income (loss) 6,992 ( 1,220 ) 6,153 ( 2,353 )

Less: Comprehensive income (loss) attributable to noncontrolling interest 4 4 9 ( 4 1 ) 13 ( 5 )

Comprehensive income (loss) attributable to Civeo Corporation $ 6,988 $ ( 1,219 ) $ 6,140 $ ( 2,348 )

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Prepaid expenses 20,931 17,209

Total assets $ 487,855 $ 477,411

June September 30, 2026 December 31, 2025

Cash and cash equivalents $ 20,605 24,282 $ 14,439

Accounts receivable, net 109,487 122,886 90,470

Inventories 6,633 6,927 6,218

Prepaid expenses 18,579 17,209

Other current assets 4,192 4,931 2,877

Assets held for sale 1,607

Total current assets 161,848 179,212 131,213

Property, plant and equipment, net 223,030 214,578 244,517

Goodwill 7,807 7,890 7,541

Other intangible assets, net 65,728 64,499 70,410

Operating lease right-of-use assets 16,554 15,381 14,485

Other noncurrent assets 12,888 12,063 9,245

Total assets $ 493,623 $ 477,411

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Accounts payable $ 42,127 $ 44,282

Accrued liabilities 32,328 30,837

Deferred revenue 4,058 2,903

Total liabilities 328,446 303,027

Accounts payable $ 55,395 $ 44,282

Accrued liabilities 36,640 30,837

Income taxes payable 38 59 153

Deferred revenue 5,309 2,903

Other current liabilities 7,238 7,242 6,761

Total current liabilities 85,789 104,645 84,936

Long-term debt, 208,595 net 212,978 182,842

Deferred income taxes 1,760 851 3,318

Operating lease liabilities 12,909 12,024 11,142

Other noncurrent liabilities 19,393 18,882 20,789

Total liabilities 349,380 303,027

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Common shares ( no par value; 46,000,000 shares authorized, 11,447,340 10,787,043 shares and 11,872,028 shares issued, respectively, and 10,997,156 10,336,859 shares and 11,434,033 shares outstanding, respectively)

Additional paid-in capital 1,635,733 1,636,317 1,634,883

Accumulated deficit ( 1,079,880 1,097,439 ) ( 1,058,911 )

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MD&A 218 changes

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Demand for the majority of our hospitality services is driven primarily by ongoing operations of existing natural resource projects in Australia and Canada. Historically, initial demand for our hospitality services has been driven by our customers capital spending programs related to the construction and development of natural resource projects and associated infrastructure. Long-term demand for our services has been driven by natural resource production, maintenance, operation and expansion of those facilities. In general, industry capital spending programs are based on the outlook for commodity prices, production costs, economic growth, perceived political risk, global commodity supply/demand dynamics, reserve replacement requirements, estimates of resource production, annual maintenance requirements, inclusive of turnaround requirements, and the expectations of our customers' shareholders. As a result, demand for our hospitality services may be sensitive to expected commodity prices, principally related to metallurgical (met) coal, oil, iron ore and liquefied natural gas (LNG), and the resultant impact of these commodity price expectations on our customers' spending. In addition to these historical demand drivers, there is increasing demand for our assets and services tied to data center construction, electrification projects and associated infrastructure. This is principally occurring in the United States (U.S.) but could begin to occur in Australia and Canada as well. Other factors that can affect our business and financial results include the general global economic environment, including inflationary pressures, supply chain disruptions and labor shortages, the impact of global tariff changes and other changes to trade policies, volatility affecting the banking system and financial markets, availability of capital to the natural resource industry and regulatory changes in Australia, Canada and other markets, including governmental measures introduced to mitigate climate change.

While Prices for the commodities that our customers produce stabilized in late 2025 and remained elevated through the first half nine months of 2026, although there remains continued risk of future volatility, particularly in light of ongoing geopolitical tensions in the Middle East and continuing uncertainty surrounding global trade policy. The factors that could drive such volatility and underlying activity include the ongoing conflict involving Iran, expectations for global macroeconomic stability and growth, inflationary pressures, higher interest rates, economic growth (or contraction) in China and resultant economic stimulus by the Chinese government, the impact of changes to global tariff and trade policies, actions taken by Organization of the Petroleum Exporting Countries Plus (OPEC+) to adjust oil production levels, other geopolitical events such as the ongoing conflicts in Russia and Ukraine, U.S. oil production levels and regulatory implications on such prices. In Canada, ongoing tensions uncertainty regarding trade policy between the U.S. and Canadian governments regarding trade policy Canada may spur Canadian infrastructure projects, including pipelines for LNG or oil, carbon capture installation for oil producing operations and mining for critical minerals.

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Third Quarter through July 27, 2026

Fourth Quarter through October 26, 2026

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Met coal prices in early 2026 fluctuated between $214 and $251 per tonne. In the second quarter of 2026, prices have stabilized and consistently remained above $226 per tonne for extended periods as supply and demand conditions became more balanced, with prices rising in June closer to $245 per tonne.

Although met coal prices remain well supported above $200 per tonne in the first half of 2026, there is still a heightened focus on cost management for producers which has carried over from 2025. The Middle East conflict has resulted in trade disruption, specifically the seaborne transport of oil and LNG through the Strait of Hormuz, increasing the price of oil, gasoline and diesel, putting further pressure on cost containment if fuel costs continue to stay elevated. In late 2025, several large and mid-tier met coal producers in Queensland, Australia announced production cuts and workforce reductions. This activity continued to slow in the first half of 2026. While met coal prices have settled at a more profitable level in 2026, additional supply is expected to continue entering the market from both Australia and the U.S. during 2026, which could place downward pressure on pricing towards $220 per tonne. These supply and demand dynamics may also be impacted by ongoing geopolitical uncertainties, including the conflict in the Middle East.

Iron Ore. Iron ore prices fluctuated between $92 and $107 through early 2026 before easing below $100 in late June, driven by softer steel demand and continued strong iron ore supply. While demand in China remained subdued amid slower construction activity and ongoing steel industry reforms, production from major exporters, including Australia and Brazil, remained strong throughout the first half of 2026. As a result, market sentiment remained cautious heading into the third quarter of 2026, with iron ore prices continuing to be influenced by the balance between global supply and steel demand.

WTI Crude. WTI crude prices remained elevated during the second quarter of 2026 as oil markets continued to react to geopolitical developments in the Middle East, including concerns regarding the security of global oil supply and shipping routes. In an effort to retain and recapture global market share, OPEC+ began reversing previously implemented production cuts at the beginning of the second quarter of 2025 and continuing throughout 2025, increasing production despite softer global demand for oil. After pausing increases in the first quarter of 2026, OPEC+ resumed unwinding previously implemented production cuts during the second quarter of 2026.

Current geopolitical conditions have increased volatility in the oil markets, making it more difficult to forecast spending and activity for our Canadian oil customers.

Met Coal. In Australia, 86% of our Australian owned rooms are located in the Bowen Basin of Queensland, Australia and primarily serve met coal mines in that region. Met coal pricing and production growth in the Bowen Basin region is are predominantly influenced by global steel production, which remained subdued throughout 2025 and into 2026. China, Japan, Brazil and Russia experienced continued to experience declines in steel production through the first half nine months of 2026, while India, Germany and the U.S. continue to see consistent experience positive growth in 2026. Global tariff developments, economic uncertainty and recession fears are weighing weaker Chinese demand continue to weigh on current and near-term global steel production, while the ongoing conflict in the Middle East has contributed to further economic and trade uncertainty. While there has been no noticeable impact on met coal prices to date, input costs for improved during the third quarter of 2026, producers are expected continue to increase, manage inflationary costs pressures, particularly due to higher diesel prices resulting from disruptions in global seaborne crude oil and refined products trade.

Global steel production decreased by 0.7% for the six nine months through June September 30, 2026 compared to the same period in 2025. As of July 27, October 26, 2026, met coal spot prices were $219.60 $266.05 per tonne.

Met coal prices during the nine months ended September 30, 2026 fluctuated between $213 and $283 per tonne. During the third quarter of 2026, prices remained above $213 per tonne and increased to over $270 per tonne in September, primarily due to domestic supply constraints in China.

Although met coal prices were higher year-over-year during the first nine months of 2026, producers continue to maintain a heightened focus on cost management following production cuts and workforce reductions announced by several large and mid-tier producers in Queensland, Australia during late 2025. The Middle East conflict has disrupted the seaborne transportation of oil, LNG and refined products through the Strait of Hormuz, contributing to higher oil, gasoline and diesel prices and putting further pressure on producer costs. More recently, met coal prices increased as a result of domestic supply constraints in China. As these supply constraints are expected to ease and strong production continues in Australia, downward pressure on prices towards $240 per tonne is expected during the fourth quarter of 2026. These supply and demand dynamics may also be impacted by steel demand and ongoing geopolitical uncertainties, including the conflict in the Middle East.

Iron Ore. Iron ore prices fluctuated between $97 and $111 through the first half of 2026 before declining below $100 per tonne during the third quarter of 2026, driven by softer steel demand and continued strong iron ore supply. As of September 29, 2026, the iron ore spot price was $89.57 per tonne.

Chinese steel demand remained subdued due to policy constraints and declining investment, while iron ore supply from major exporters, including Australia and Brazil, remained strong. In addition, higher input costs, including increased met coal prices, have pressured Chinese steel producer margins. As a result, iron ore prices declined into the low $90s per tonne late in the third quarter of 2026. Market sentiment remains cautious heading into the fourth quarter of 2026, with iron ore prices expected to continue to be influenced by the balance between global supply and steel demand.

WTI Crude. WTI crude prices remained elevated and volatile during the third quarter of 2026 as oil markets continued to react to disruptions to Middle East production and exports and concerns regarding the security of global oil supply and shipping routes. Oil flows through the Strait of Hormuz increased during the third quarter; however, Middle East oil exports remain below pre-conflict levels and uncertainty regarding the timing and extent of a return to normalized production and trade flows continues to support oil prices.

In an effort to retain and recapture global market share, OPEC+ began reversing previously implemented production cuts at the beginning of the second quarter of 2025 and continued increasing production through September 2026. OPEC+ subsequently announced that participating countries would maintain September production levels in October 2026. Current geopolitical conditions continue to increase volatility in the oil markets, making it more difficult to forecast spending and activity for our Canadian oil customers.

WCS Crude. In Canada, WCS crude is the benchmark price for our oil sands customers. Pricing for WCS is driven by several factors, including the underlying price for WTI crude, the availability of transportation infrastructure (consisting of pipelines and crude by railcar), refinery blending requirements and governmental regulation. Historically, WCS has traded at a discount to WTI, creating a WCS Differential, due to transportation costs and export capacity limitations to move Canadian heavy oil production to refineries, primarily along the U.S. Gulf Coast. As a result of the U.S. government s recent takeover of the Venezuelan oil production, there is a new concern that Venezuelan heavy crude may displace refinery demand for Canadian heavy crude on the U.S. Gulf Coast over time.

WCS prices in the second third quarter of 2026 averaged $73.05 $66.21 per barrel compared to an average of $53.15 $52.48 in the second third quarter of 2025. The WCS Differential increased from an average of $12.50 per barrel at the end of the fourth quarter of 2025 to an average of $20.07 $19.94 at the end of the second third quarter of 2026. Changes to global tariff and trade policies affecting oil from Canada could have an adverse impact on our Canadian customers' profit margins, which may in turn reduce their spending on our accommodations and services. With near-term higher oil prices during 2026, overall Canadian market sentiment has improved, while oil sands customers are prioritizing production, while focusing on capital discipline and reducing downtime, while continuing to strive for lower operating costs and lower headcount.

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Labor Shortages. We continue to experience increased staff costs as a result of hospitality labor shortages in Australia. Australia s labor market remains historically tight, with unemployment holding above 4% and job mobility (movement of workers between different employers or businesses) at its lowest in decades. A persistent overhang of vacancies continues to constrain recruitment, while government stimulus has disproportionately driven job growth in healthcare, aged care, education and public services. Regulated labor costs also remain high, with the Fair Work Commission decisions pushing wage increases well above Consumer Price Index changes, and statutory increases in superannuation, workers compensation and payroll tax are further inflating total labor costs. For hospitality, this combination of limited labor supply, competition from government-funded sectors and rising employment costs continues to create pressure on staffing productivity and availability.

Inflationary Pressures. Since 2023, price increases resulting from pandemic-related inflation and supply chain disruptions have, and are expected to continue to have, a negative impact on our labor, food and consumable costs, including fuel. Lingering inflation from the pandemic has recently been exacerbated by changes to global tariffs and trade policies. We are managing inflation risk with negotiated service scope changes and contractual protections. Although inflation resulting from global tariffs implemented or threatened by the U.S. administration, and the resulting retaliations by its trading partners, did not materially impact our cost structure in 2025 or for the first half of nine months ended September 30, 2026, concerns remain that inflationary pressures could return in the future.

The conflict with Iran and the associated disruptions to shipping through the Strait of Hormuz has adversely affected seaborne trade, specifically the transportation of oil, and LNG and refined products production and shipping in the Middle East have contributed to higher global oil and other refined product prices during 2026. Australia imports the majority of its oil and petroleum products, including gasoline and diesel. As a result, continued disruption of to Middle East energy production and trade, through the Strait of Hormuz, or a further escalation of the conflict, could materially increase gasoline and diesel prices in Australia, contribute to increased inflation expectations and increase the risk of higher fuel and transportation costs.

Labor Shortages. We continue to experience increased staff costs and workforce availability challenges as a result of persistent hospitality labor shortages in Australia. Australia s labor market remains tight, with ongoing vacancies and strong competition for workers, particularly across hospitality and other service-intensive sectors. These challenges are being compounded for industries such as ours, which have traditionally supplemented the domestic workforce with temporary visa holders, as Australian Government migration settings place increasing constraints on the ability of certain temporary visa holders to enter Australia, remain in-country and extend their working authorizations. Regulated employment costs also remain elevated, with wage increases and statutory increases in superannuation, workers compensation and payroll tax continuing to increase total labor costs. In response, we continue to focus on employee attraction and retention and are exploring alternative workforce sources to improve workforce stability and reduce reliance on contingent and temporary labor.

LNG. Our Sitka Lodge supports the LNG Canada (LNGC) project and related pipeline projects (specifically, the Coastal GasLink (CGL) Pipeline, the pipeline constructed to transport natural gas feedstock to LNGC), as well as Cedar LNG. Phase 1 of the LNGC facility commenced commercial operations in June 2025 and the Coastal GasLink CGL Pipeline was completed in 2024. As such, we continue to expect lower occupancy levels at our Sitka Lodge in On September 28, 2026, the near-term until additional phases LNGC joint venture participants announced a final investment decision to proceed with Phase 2 of the LNGC project, are approved and commence, or further regional which is expected to double the facility's LNG production capacity. Construction activity increases occupancy associated with LNGC Phase 2 and the CGL Pipeline expansion is expected to support accommodation demand in the region.

From a macroeconomic standpoint, LNG demand has continued to grow, reinforcing the need for the global LNG industry to expand access to natural gas. Evolving government energy policies around the world have amplified support for cleaner energy supply, creating more opportunities for natural gas and LNG. ongoing geopolitical conflicts have reinforced the importance for of secure and diversified natural gas supply globally, particularly in Europe and Asia. Accordingly, we expect additional investment in LNG supply will be needed to meet the resulting expected long-term LNG demand growth.

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June 30, Six Months Ended

September 30, Nine Months Ended

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Average Australian dollar to U.S. dollar $0.710 $0.707 $0.654 $0.053 8.0% $0.704 $0.641 $0.069 10.8% $0.703 $0.634 $0.069 10.9% $0.063 9.9%

Average Canadian dollar to U.S. dollar $0.723 $0.723 $0.000 % $0.715 $0.726 $0.710 $0.016 2.3% ($0.011) (1.5)% $0.722 $0.715 $0.007 1.0%

June September 30, 2026 December 31, 2025 Change Percentage

Australian dollar to U.S. dollar $0.691 $0.698 $0.667 $0.024 3.5% $0.031 4.6%

Canadian dollar to U.S. dollar $0.704 $0.705 $0.730 ($0.026) (3.5)% ($0.025) (3.4)%

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Capital Expenditures. We continue to monitor the global economy, commodity prices, demand for met coal, oil, iron ore and LNG, inflation, trade policy and the resultant impact on the capital spending plans of our customers in order to plan our business activities. We currently expect that our 2026 capital expenditures will be in the range of approximately $25 $30 million to $30 $35 million, compared to 2025 capital expenditures of $20.2 million. We may adjust our capital expenditure plans in the future as we continue to monitor customer activity.

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Australia $ 125,446 $ 112,672 $ 12,774

Canada 54,571 50,022 4,549

Total revenues 180,017 162,694 17,323

Unless otherwise indicated, discussion of results for the three and six nine months ended June September 30, 2026, is based on a comparison to the corresponding period of 2025.

Results of Operations Three Months Ended June September 30, 2026 Compared to Three Months Ended June September 30, 2025 ($ in thousands)

Australia $ 129,516 $ 124,460 $ 5,056

Canada 63,585 46,031 17,554

Total revenues 193,101 170,491 22,610

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Australia 94,114 82,477 11,637

Canada 44,258 39,037 5,221

Total cost of sales and services 138,611 121,531 17,080

Selling, general and administrative expenses 20,406 20,470 (64)

Depreciation and amortization expense 16,327 17,827 (1,500)

Other operating (income) expense (419) 66 (485)

Total costs and expenses 174,925 159,894 15,031

Operating income 5,092 2,800 2,292

Interest expense, net (4,204) (2,624) (1,580)

Other income 120 119 1

Income before income taxes 1,008 295 713

Income tax expense (3,525) (3,606) 81

Net loss (2,517) (3,311) 794

Net loss attributable to Civeo Corporation $ (2,521) $ (3,314) $ 793

We reported net loss attributable to Civeo for the quarter ended June 30, 2026 of $2.5 million or $0.23 per diluted share. Net loss included $1.5 million related to the resolution of a sales and occupancy tax matter, $0.1 million related to real estate rationalization efforts in Canada and $0.1 million of shareholder activist related costs.

Interest Expense, net. Net interest expense increased by $1.6 million, or 60%, in the second quarter of 2026 compared to the second quarter of 2025, primarily related to higher average debt levels, as a result of the Qantac Acquisition and increased share repurchases during 2025.

Australia 97,595 91,024 6,571

Canada 49,181 35,660 13,521

Total cost of sales and services 146,814 126,704 20,110

Selling, general and administrative expenses 18,604 18,107 497

Depreciation and amortization expense 15,714 20,012 (4,298)

Other operating income (1,331) (1,298) (33)

Total costs and expenses 179,801 163,525 16,276

Operating income 13,300 6,966 6,334

Interest expense, net (4,232) (3,394) (838)

Other income (expense) (6) 10 (16)

Income before income taxes 9,062 3,582 5,480

Income tax expense (3,879) (4,038) 159

Net income (loss) 5,183 (456) 5,639

Less: Net income (loss) attributable to noncontrolling interest 4 3 (1) 5

Net income (loss) attributable to Civeo Corporation $ 5,179 $ (455) $ 5,634

We reported net income attributable to Civeo for the quarter ended September 30, 2026 of $5.2 million or $0.50 per diluted share. Net income included $0.4 million of cost saving initiatives in Australia and corporate related to severance costs.

We reported net loss attributable to Civeo for the quarter ended June September 30, 2025 of $3.3 $0.5 million, or $0.25 $0.04 per diluted share. Net loss included $3.2 $0.6 million of shareholder activist related costs and $0.5 $0.2 million of cost saving initiatives in Canada. related to two lodge closures.

Revenues. Consolidated revenues increased $17.3 $22.6 million, or 11%, 13%, in the second third quarter of 2026 compared to the second third quarter of 2025. This increase was primarily driven by (i) new integrated services business in Queensland and Canada, (ii) contributions in Australia from the Qantac Acquisition in the second quarter of 2025, (iii) higher billed rooms at our Canadian lodges up 35% year-over-year, (ii) new integrated services business in Canada and (iv) (iii) the impact of a stronger Australian dollar relative to the U.S. dollar in the second third quarter of 2026 compared to the second third quarter of 2025. These increases were partially offset by reduced occupancy at our legacy Bowen Basin villages in Queensland. See the discussion of segment results of operations below for further information.

Cost of Sales and Services. Our consolidated cost of sales and services increased $17.1 $20.1 million, or 14%, 16%, in the second third quarter of 2026 compared to the second third quarter of 2025. This increase was primarily driven by (i) new integrated services business in Queensland and Canada, including the associated overhead costs, (ii) incremental higher operating costs in Australia associated with the Qantac Acquisition in the second quarter of 2025, (iii) increased occupancy levels, higher food and service costs resulting from inflation and increased repairs and maintenance expense in Canada, (ii) new integrated services business in Canada and (iv) (iii) the impact of a stronger Australian dollar relative to the U.S. dollar in the second third quarter of 2026 compared to the second third quarter of 2025. These increases were partially offset by (i) improved efficiencies at certain Canadian lodges resulting from increased occupancy, (ii) lower costs and reduced indirect costs at certain Canadian lodges resulting from cost reduction measures implemented in early 2025 and (iii) reduced activity at our Bowen Basin villages in Queensland. See the discussion of segment results of operations below for further information.

Selling, General and Administrative Expenses. Selling, general and administrative (SG&A) expenses decreased $0.1 increased $0.5 million in the second third quarter of 2026 compared to the second third quarter of 2025. This decrease increase was primarily driven by a $3.7 million reduction in professional fees, including $3.2 million of shareholder activist related costs incurred in the second quarter impact of 2025. This decrease was partially offset by $1.5 million related a stronger Australian dollar relative to the resolution U.S. dollar of a sales and occupancy tax matter, $0.6 million, higher share-based incentive compensation expense costs of $0.7 $0.4 million, higher compensation expense of $0.5 $0.3 million and higher rent expense of $0.3 million. These increases were partially offset by a stronger Australian dollar relative to the U.S. dollar $0.7 million decrease in the second quarter professional fees, including $0.6 million of 2026 compared to shareholder activist related costs incurred in the second third quarter of 2025 and a $0.4 million decrease in share-based compensation expense.

Depreciation and Amortization Expense. Depreciation and amortization expense decreased $1.5 $4.3 million, or 8%, 21%, in the second third quarter of 2026 compared to the second third quarter of 2025. The decrease was primarily due to certain assets becoming fully depreciated in Canada and Australia. This decrease was partially offset by additional depreciation on property, plant and equipment acquired in the Qantac Acquisition and a stronger Australian dollar relative to the U.S. dollar in the second third quarter of 2026 compared to the second third quarter of 2025.

Operating Income. (Expense). Consolidated operating income increased $2.3 $6.3 million, or 82%, 91%, in the second third quarter of 2026 compared to the second third quarter of 2025, primarily driven by the Qantac Acquisition higher activity levels in Australia Canada and lower depreciation and amortization expenses in the second third quarter of 2026 compared to the second third quarter of 2025.

Interest Expense, net. Net interest expense increased by $0.8 million, or 25%, in the third quarter of 2026 compared to the third quarter of 2025, primarily due to higher average debt levels resulting from increased share repurchases and higher interest rates on Australian credit facility borrowings. These increases were partially offset by lower interest rates associated with the 4.50% convertible senior notes due 2031 (Convertible Notes).

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Market risk 2 changes

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We have credit facilities that are subject to the risk of higher interest charges associated with increases in interest rates. As of June September 30, 2026, we had $208.6 $102.5 million of outstanding floating-rate obligations under our credit facilities. These floating-rate obligations expose us to the risk of increased interest expense in the event of increases in short-term interest rates. If floating interest rates increased by 100 basis points, our consolidated interest expense would increase by approximately $2.1 $1.0 million annually, based on our floating-rate debt obligations and interest rates in effect as of June September 30, 2026.

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Our operations are conducted in various countries around the world, and we receive revenue and pay expenses from these operations in a number of different currencies. As such, our earnings are subject to movements in foreign currency exchange rates when transactions are denominated in currencies other than the U.S. dollar, which is our reporting currency, or the functional currency of our subsidiaries, which is not necessarily the U.S. dollar. Excluding intercompany balances, our Australian dollar functional currency net assets totaled approximately A$249 A$245 million and our Canadian dollar functional currency net liabilities totaled approximately C$18 C$57 million at June September 30, 2026. We use a sensitivity analysis model to measure the impact of a 10% adverse movement of foreign currency exchange rates against the U.S. dollar. A hypothetical 10% adverse change in the value of the Australian dollar and Canadian dollar relative to the U.S. dollar as of June September 30, 2026 would result in translation adjustments of approximately $25 $24 million and $2 $6 million, respectively, recorded in other comprehensive loss. Although we do not currently have any foreign exchange agreements outstanding, to reduce our exposure to fluctuations in currency exchange rates, we may enter into foreign exchange agreements with financial institutions in the future.

Controls and procedures 2 changes

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As of the end of the period covered by this report, we carried out an evaluation, under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act). Our disclosure controls and procedures are designed to provide reasonable assurance that the information required to be disclosed by us in reports that we file under the Exchange Act is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure and is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the SEC. Based upon that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective as of June September 30, 2026, at the reasonable assurance level.

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During the three months ended June September 30, 2026, there were no changes in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) of the Exchange Act) which have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

Unregistered sales of stock 9 changes

PART I -- FINANCIAL INFORMATION

The following table provides information about purchases of our common shares during the three months ended September 30, 2026.

Total Number of Shares Purchased Average Price Paid per Share Total number of shares purchased as part of publicly announced plans or programs Maximum number of shares that may be purchased under the plans or programs

July 1, 2026 - July 31, 2026 660,297 (1) (2) $ 33.76 660,297 473,307 (2)

August 1, 2026 - August 31, 2026 $ 473,307

September 1, 2026 - September 30, 2026 $ 473,307

Total 660,297 $ 33.76 660,297 473,307

(1) In March 2025, our Board authorized the repurchase of up to 10.0% of our total common shares which are issued and outstanding at that date, or approximately 1.4 million common shares (the 2025 Share Repurchase Program). In April 2025, our Board authorized a further increase to the 2025 Share Repurchase Program to repurchase up to 20.0% of our total common shares which are issued and outstanding at that date, or approximately 2.7 million common shares. We repurchased an aggregate of 111,020 of our common shares outstanding for approximately $3.7 million under the 2025 Share Repurchase Program during the three months ended September 30, 2026.

(2) In March 2026, our Board authorized the repurchase of up to 10.0% of our total common shares which are issued and outstanding at that date, or approximately 1.0 million common shares (the 2026 Share Repurchase Program) upon completion of the 2025 Share Repurchase Program. Under the 2026 Share Repurchase Program, we may repurchase shares through a variety of methods, including but not limited to open market repurchases, pursuant to a Rule 10b5 1 compliant plan, or privately negotiated transactions. We repurchased an aggregate of 549,277 of our common shares outstanding for approximately $18.5 million under the 2026 Share Repurchase Program during the three months ended September 30, 2026.

Exhibits 3 changes

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10.1 Amended and Restated 2014 Equity Participation Plan of Civeo Corporation, as amended by Amendment No. 1, Amendment No. 2, Amendment No. 3, Amendment No. 4 and Amendment No. 5 (incorporated by reference to Appendix B to Civeo Corporation s Schedule 14A filed on April 13, 2026).

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Management contracts and compensatory plans and arrangements.

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Date: July October 30, 2026 By /s/ E. Collin Gerry

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