Share Repurchase Progress
Civeo repurchased approximately 1 million common shares during the quarter, bringing the year-to-date return of capital to shareholders to $52 million and completing 69% of the new buyback authorization.
Australian Segment Growth
Revenues in the Australian segment increased by 7% year-over-year, with adjusted EBITDA growing by 19%. The integration of newly acquired villages in the Bowen Basin was completed, contributing to these results.
Cost Reduction Success in Canada
Canadian operations achieved a year-over-year gross profit increase of 35% due to a 29% reduction in direct field level costs and a 23% reduction in indirect operating overhead costs.
Increased Adjusted EBITDA
Civeo reported an adjusted EBITDA of $28.8 million for the third quarter, a year-over-year increase primarily driven by cost-cutting in Canada and contributions from the Australian acquisition.