Reports Q1 revenue $167.6M, consensus $157.04M. Reports Q1 Adjusted EBITDA of $20.2M. The negative free cash flow in the Q1 was primarily the result of a seasonal build in working capital of $15.6M. "Through continued safe and effective operations, our Q1 financial results were in line with our expectations. We experienced the typical first quarter seasonality which always results in reduced customer activity and cash flows, but we are well positioned for a strong second quarter of turnaround activity," said Bradley J. Dodson, Civeo’s President and CEO. "Our recent contract award wins in Australia are supported by customer activity trending upward and growing customer interest in securing room supply, resulting in increased revenue visibility for Civeo. We continue to navigate inflationary pressures through tailored mitigation efforts leveraging flexibility in our operations and our contracts. Identifying a long-term solution for our McClelland Lake assets remains a key focus of our Canadian team. Finally, we expect to continue to opportunistically buy back shares, as we did in the first quarter."
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