Civeo authorizes repurchase of up to 10% of total common shares

Civeo (CVEO) Corporation announced that its Board of Directors has authorized a new share repurchase program under which the company may repurchase up to 10% of its total common shares outstanding over the next twelve months. The company recently completed its previous share repurchase authorization, which was announced on September 11, 2024 and covered 5% of the then total common shares outstanding. Since the company instituted its share repurchase program in 2021, Civeo has repurchased approximately 20% of its fully-diluted shares outstanding. Bradley J. Dodson, Civeo’s President and Chief Executive Officer, said, “This new repurchase authorization is a testament to the value we see in our stock. Having successfully completed the previous authorization in just six months, our new authorization will allow us to repurchase shares at attractive valuations consistent with our commitment to the return of capital to our shareholders. Looking ahead, we continue to review our capital allocation strategy to create long-term value for shareholders.”