HOUSTON & CALGARY, Alberta – Civeo Corporation (NYSE:CVEO) announced today that its Board of Directors has authorized the Company to repurchase up to 5% of its total common shares outstanding, or approximately 715,000 common shares, through the facilities of the New York Stock Exchange over the next twelve months. Civeo intends to fund repurchases through cash on hand and cash generated from operations.
“Today’s announcement reflects our confidence in Civeo’s business and the future of this company. We believe this share repurchase program provides an opportunity to acquire shares at an attractive valuation, while continuing to allocate a majority of our free cash flow generation towards debt reduction,” said Bradley J. Dodson, Civeo’s President & Chief Executive Officer.
This share repurchase authorization is made in reliance on the “other published markets” exemption from the formal issuer bid requirements under Canadian securities laws for normal course issuer bids and represents the maximum annual share repurchase authorization permitted under the exemption. Civeo will continue to evaluate further opportunities to return capital to shareholders beyond this current authorization.