Civeo Corp 2025年度报告

Dear CiveoShareholders, Our 2025 was defined by discipline, execution, and positioning the company for the opportunitiesahead. While macroeconomic conditions remained challenging across several of our end markets,our team stayed focused on what we control — taking care of our guests, operating safely, managingcosts, allocating capital thoughtfully, and strengthening our platform for long-term value creation. Navigating a Challenging Macro Environment Our Australian operations are primarily driven by steel-making commodities such as iron ore andmetallurgical coal while our Canadian operations are largely driven by spending related to oil andLNG. During 2025, Metallurgical coal prices were generally weak through much of 2025 beforerecovering later in the year. Despite this improvement, customers have continued to operateconservatively, behaving as though prices remain below $200 per tonne. Activity levels remainhealthy, though we experienced modest village occupancy softness toward the end of the year.Our approach for 2026 assumes that this modest pullback continues, with the potential for someuplift should current pricing levels positively impact customer production and spending. Overall,we expect the full-year benefit of the four villages we acquired in the Bowen Basin in May 2025 tolargely offset any modest softness in our Australian owned-village portfolio. Bradley J. DodsonPresident and CEO For Canada, oil prices declined by more than 20% during 2025, causing many of our oil sandscustomers to prioritize dividend preservation, share buybacks, and maintenance capital spendingat the expense of near-term growth investments. As a result, customer capital and operatingexpense discipline remained elevated throughout the year, affecting our Canadian oil sandsoccupancy. While activity levels in our Canadian business were under pressure in thefirst half of2025, conditions began to stabilize in the back half of the year. Our Canadian occupancy remainsat trough levels, and we expect this disciplined spending environment to continue through 2026.Importantly, we see limited downside from current levels, and the significant cost reductions weexecuted during 2025 are now bearing fruit, supporting margins and increasing cashflow fromour existing business. We are increasingly optimistic about the near-term outlook for North American infrastructuredevelopment. In Canada, renewed focus on natural resource and power infrastructure isimproving the opportunity set. In the United States, data center development is acceleratingrapidly and could begin to drive meaningful workforce accommodation demand in late 2026 andinto 2027. Operational Progress and Strategic Positioning Growth in Australia remained a cornerstone of our business in 2025, supported by contractexecution and new commercial wins. Early in the year, our Australian integrated services businesssuccessfully renewed a six-year, A$1.4 billion contract, reinforcing the durability of this platformand strengthening our customer relationships. In addition, we achieved the important milestoneof securing ourfirst integrated services contract in Queensland, awarded by one of our largestand longest-standing owned-village customers. Together, these wins highlight the scalability ofour integrated services offering and our ability to deepen relationships across service models. Our Australian integrated services business performed exceptionally well in 2025, reinforcing ourconfidence in achieving our target of A$500 million in revenue by 2027. Our asset-light businessprovides diversification, scalability, and durable cashflows, and we remain bullish on its growthtrajectory into 2026. In our Australian owned villages, we strengthened our market position through both organicexecution and strategic investment. In addition to acquiring four villages in the Bowen Basin in May 2025, we executed a four-year contract renewal with our largest customer, amounting to approximately A$250 million in totalrevenues. We will realize the full-year benefit of the village acquisition in 2026, further enhancing the resilience of this portfolio. In North America, our focus in 2025 was on cost discipline, diversification, and positioning the business for future growth. Thecost actions we implemented during the year are now evident in the improved margins of our existing business. At the same time,we took meaningful steps to expand our integrated services capabilities beyond traditional natural resource markets. In Canada,we entered a strategic partnership positioning us for the pursuit of new end markets within integrated services, broadening ouraddressable opportunity set. These efforts are reflected in our North American sales funnel being the largest we have seen inover a decade. This increase is driven by expanding infrastructure-related opportunities across energy, power, and data centerdevelopment. While the scale of opportunity is compelling, we remain disciplined and realistic — thes