Civeo narrws FY23 revenue view to $640M-$650M from $630M-$650M

Consensus is for FY23 revenue $648.28M. For FY23, Civeo is increasing the lower end of its previously provided Adjusted EBITDA guidance. The revised Adjusted EBITDA guidance rang is $90M-$95M. The Company is decreasing FY2323 capital expenditure guidance to $35M-$40M. The $10M in capital expenditure guidance is entirely driven by downward revisions to the scope of the customer-funded infrastructure upgrades to three Australian villages announced last quarter. As these upgrades will be fully funded by the customer upfront, this change will not impact our 2023 free cash flow guidance.