Civeo reports Q2 EPS 30c, consensus 31c

Reports Q2 revenue $178.8M, consensus $173.59M. “In the Q2, we delivered financial results in line with our expectations while continuing to operate safely and effectively. We generated solid free cash flow in the quarter which was used to repurchase approximately 212,000 Civeo shares and pay down $6.5 million in debt. The Q2’s results demonstrate the value of our diversified revenue drivers and were notable for the significant year-over-year growth in our Australian segment, driven by a 33% increase in integrated services revenue related to new contracts as well as a 14% increase in Australian owned-village revenue. This quarter’s Australian village occupancy marks the highest level we’ve experienced since 2014. The improvement in Australia in the quarter was offset by lower LNG-related Canadian lodge occupancy and mobile camp activity,” said Bradley J. Dodson, Civeo’s President and CEO.