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DATE

Friday, May 1, 2026 at 11 a.m. ET

CALL PARTICIPANTS

  • President & Chief Executive Officer — Bradley J. Dodson
  • Senior Vice President, Chief Financial Officer & Treasurer — E. Collin Gerry

TAKEAWAYS

  • Consolidated Revenue -- $172.7 million, up 20%, with growth attributed to higher occupancy in Canada, Australian acquisitions, greater mobile camp utilization, and favorable currency movements.
  • Adjusted EBITDA -- $22.5 million, up 78%, primarily driven by margin expansion in Canada and incremental contributions from acquired Australian villages.
  • Net Loss -- $3.8 million, or $0.34 per diluted share, improved from $9.8 million loss, or $0.72 per share, in the prior-year quarter.
  • Australia Segment Revenue -- $123 million, up 19%; segment adjusted EBITDA was $21.8 million, with daily room rate at $83, reflecting currency strength.
  • Canada Segment Revenue -- $49.6 million, up from $40.4 million; segment adjusted EBITDA rebounded to $5.2 million from negative $0.8 million, supported by higher occupancy and sustained cost reductions.
  • Australian Billed Rooms -- 676,000, up from 626,000; Canadian billed rooms increased to 434,000 from 359,000, signaling improved utilization in both regions.
  • Share Repurchases -- Approximately 500,000 shares repurchased at an average price of $28.06, representing 4% of outstanding shares; 96% of current authorization completed, with a further 10% repurchase authorization in place.
  • Net Debt and Liquidity -- Liquidity at $68 million, net debt at $199 million, net leverage ratio at approximately 2.2x following extension of revolving credit capacity to $285 million, maturing April 2030.
  • Guidance Raised -- Revenue guidance floor for the year increased to a $675 million–$700 million range (from $650 million–$700 million); adjusted EBITDA guidance maintained at $85 million–$90 million due to expected inflationary pressures and diesel costs.
  • Backlog/Bid Pipeline -- Company is actively bidding on projects with aggregate contract value exceeding $1.5 billion, identified as the largest pipeline to date, but execution depends on customer final investment decisions.
  • Capital Expenditures -- $4.1 million for the quarter, primarily for maintenance, with full-year 2026 expectation unchanged at $25 million–$30 million.
  • Canadian Turnaround Activity Timing -- Turnaround projects previously anticipated for the second quarter now projected to occur later in the year, resulting in smoother occupancy cadence and more back-half-weighted activity.
  • Australia Market Pricing -- Metallurgical coal prices around $230/ton, up approximately 25% from the second half of last year, but higher diesel prices are prompting customers to focus on cost efficiency, limiting near-term occupancy upside.
  • Eastern Canada Services Entry -- Mobilized under an integrated services contract for correctional facilities in Ontario in April, marking first entry into this end market and providing strategic diversification.
  • U.S. & Canadian Asset Positioning -- Company highlighted 2,500 immediately deployable mobile camp rooms in Western Canada and the potential to redeploy 7,000 oil sands lodge rooms for infrastructure projects in the Northern U.S. and Canada.

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RISKS

  • CEO Dodson said, “the cost impacts of the ongoing conflict in Iran and associated dislocations with global energy and raw materials trade will likely have an impact on our margins.” Higher diesel prices and inflation are expected to weigh on adjusted EBITDA for the remainder of the year.
  • Management noted continued labor availability challenges in Australia, resulting in elevated labor costs due to reliance on temporary workers and foreign chef recruitment.
  • Customer focus on cost discipline is reported as a limiting factor for both activity levels and project spending, particularly in oil, Canada, and Australia, potentially impacting future revenue timing and margin expansion opportunities.

SUMMARY

Management raised annual revenue guidance on the strength of occupancy and expanded contract awards but maintained EBITDA targets due to forecasted inflation and energy headwinds. The company reported a significant bid pipeline exceeding $1.5 billion, with much of the opportunity dependent on pending customer investment decisions. A major credit facility extension increased revolving liquidity to $285 million and extended maturity to April 2030, ensuring flexibility for capital allocation. The quarter featured the initial mobilization for an integrated services contract in Ontario, representing entry into a new end market and evidence of platform scalability in North America.

  • CEO Dodson said, “The bid pipeline in North America is robust, with levels of inbound inquiries for beds and services that I have not seen since the oil sands days of the early 2000s.”
  • E. Collin Gerry cited consolidated quarterly operating cash flow of negative $9.7 million, attributing the outflow to seasonal working capital needs.
  • CEO Dodson stated, “Labor availability continues to be a struggle across our Australian business,” emphasizing persistent cost pressures from staffing challenges.
  • Management indicated construction-related opportunities in North America present a “three to five year” visibility window for mobile camp deployment, with longer-term accommodation demand contingent on continued infrastructure project awards.
  • CEO Dodson explained, “The old $200 is probably $225 in this market,” highlighting evolving cost benchmarks for customers in the Australian mining sector.

INDUSTRY GLOSSARY

  • Integrated Services: Civeo’s bundled offering of accommodations, catering, housekeeping, facility management, and related support delivered as a single contract for workforce housing clients.
  • Turnaround Activity: Scheduled maintenance or shutdown events during which industrial clients (notably in the oil sands) require temporary workforce accommodations at higher-than-normal occupancy levels.
  • Billed Rooms: Total number of occupied room-nights invoiced to clients during the reporting period.
  • Mobile Camp Fleet: Movable, modular accommodations and supporting infrastructure designed for rapid deployment to project sites requiring temporary workforce housing.

Full Conference Call Transcript

Bradley J. Dodson: Thank you, Regan, and thank you all for joining us today on our first quarter 2026 earnings call. I will start with some key takeaways for the quarter and summarize our consolidated and regional performance. After that, Collin will provide further financial and segment-level detail, and I will conclude our prepared remarks with our outlook for 2026. We will then open the call for questions. There are four key takeaways from the call today. First, we delivered a strong start to 2026, outperforming our expectations. For the quarter, consolidated revenue was up 20% and adjusted EBITDA was up 78%.

Revenue growth was driven by a mixture of improved occupancy across the Canadian assets in both the oil sands and LNG markets, continued growth in our Australian Integrated Services business, contributions from acquired villages in Australia, and improvements in our mobile camp fleet utilization. We also benefited from foreign currency improvements. This was all complemented by strong incremental margins in Canada as a result of the cost reduction initiatives that we took last year. The second key takeaway is we continue to execute on our disciplined and balanced capital allocation strategy, returning capital to shareholders while enhancing Civeo Corporation’s financial flexibility.

Third, we remain confident in the revenue trajectory of the business as a whole and are raising the lower end of our revenue guidance. The midpoint of the revised guidance implies 8% revenue growth for the year. Our confidence stems from continued momentum in the Australian Integrated Services platform and an increasingly robust bid pipeline from North America asset and service deployment. As of today, we are actively bidding on projects with total contract values in excess of $1.5 billion, which is the strongest we have seen to date.

While much of this growth is dependent on customers reaching final investment decisions, which is outside of our control, we are excited about the opportunities that these present for later in 2026 and going into 2027. The last key point: the cost impacts of the ongoing conflict in Iran and associated dislocations with global energy and raw materials trade will likely have an impact on our margins. Australia is highly dependent on normalized global seaborne energy trade for diesel and other fuels. As a result of this and the potential associated impact on inflation, energy prices, and the impacts of those variables on our customers’ activity, we are anticipating temporary inflationary impacts to our adjusted EBITDA.

Thus, we are maintaining our initial guidance of $85 million to $90 million of adjusted EBITDA for 2026. I will start with some operational results for the quarter. On a consolidated basis, our first quarter results reflect strong year-over-year growth, with revenues increasing 20% and adjusted EBITDA increasing 78% compared to the prior-year period. In Australia, performance was strong for the first quarter, supported by the full quarter contribution from the villages we acquired in May 2025, as well as continued revenue growth in our integrated services. In Canada, we delivered strong year-over-year improvement with higher occupancy across key lodges and meaningful margin expansion.

Importantly, this reflects both improved activity levels and the continued benefit of structural cost improvements we implemented last year. From a macro perspective, our operating environment remains dynamic. Commodity prices, including oil and metallurgical coal, have been volatile, and customer spending remains disciplined in both Australia and Canada. We are focused, therefore, on maintaining our flexibility as conditions continue to evolve. In Australia, met coal prices are currently in the $230 per ton range, which is up approximately 25% from the second half of last year. Last quarter, we were optimistic that healthy commodity prices would drive higher occupancy in our villages in 2026.

However, the ongoing disruption to global supply chains as a result of the war in the Middle East has likely shifted the timing of any such uplift into 2027. On the oil side, prices are undoubtedly higher. Activity levels have not changed, as our customers’ planning requires much longer-term perspectives in terms of improved oil prices to adjust their activity levels. Said differently, there is too much uncertainty in the oil market for our customers to change spending plans at this time, and as such, cost discipline remains their priority. From a timing perspective, we will likely see a deferral of turnaround activity in Canada from what normally occurs in the second quarter into later in this year.

Turning to capital allocation. During the quarter, we repurchased approximately 500,000 shares, representing approximately 4% of Civeo Corporation’s shares outstanding at year-end 2025. We have now completed approximately 96% of our current authorization and remain committed to completing it as soon as practical. As a reminder, upon the completion of this current authorization, we have an additional authorization in place for repurchase of up to 10% of the company’s outstanding shares. We amended and extended our credit agreement also during April, increasing the company’s total revolving capacity and extending the maturity of our bank agreement to April 2030. This further enhances Civeo Corporation’s liquidity and provides additional flexibility as we evaluate capital deployment opportunities going forward.

Stepping back, before I turn it over to Collin, I want to reiterate my tremendous confidence in Civeo Corporation’s future. The bid pipeline in North America is robust, with levels of inbound inquiries for beds and services that I have not seen since the oil sands days of the early 2000s. Like then, this demand is highly project dependent, meaning dependent on positive final investment decisions. However, unlike the 2015 to 2020 time frame when North America growth almost exclusively depended on one major LNG project, this time it is especially exciting given the variety and volume of different projects.

While we recognize growth will not be linear, we are confident in our ability to weather the changes as they arise, just as we are navigating today’s energy dislocation. I am confident that our values of service, quality, and excellence coupled with our world-class asset base and asset availability position Civeo Corporation well for the opportunities ahead. What we do best is take care of people. If the industry demand materializes to even a fraction of what is outstanding today, there will be a lot more people for us to take care of. This is an exciting time for Civeo Corporation. We are more confident than ever in our actions, positioning, and prospects for growth and value creation.

With that, I will turn it over to Tom.

E. Collin Gerry: Thank you, Bradley. Thank you all for joining us this morning. Turning to the income statement, today we reported total revenues for the first quarter of $172.7 million compared to $144 million in 2025, an increase of approximately 20%. Net loss for the quarter was $3.8 million, or $0.34 per diluted share, compared to a net loss of $9.8 million, or $0.72 per diluted share, in the prior-year period. During the quarter, we generated adjusted EBITDA of $22.5 million compared to $12.7 million in 2025, an increase of 78%. Operating cash flow in the quarter was negative $9.7 million, primarily reflecting expected seasonal working capital outflows in the first quarter.

The year-over-year increase in revenue was primarily driven by higher activity levels in both Australia and Canada, including the contribution from the villages we acquired in May 2025 in Australia and higher occupancy across key lodges in Canada. The year-over-year increase in adjusted EBITDA was primarily driven by higher occupancy and improved margins in Canada, as well as increased contributions from the Australian villages acquired in May 2025. Looking at Australia specifically, first quarter revenues were $123 million, up 19% from $103.6 million in the prior-year quarter. Adjusted EBITDA was $21.8 million compared to $19 million in the prior-year period.

The increase in revenues was primarily driven by the contribution from the villages acquired in May 2025 as well as continued growth in our integrated services business. These gains were partially offset by modest softness in portions of the legacy owned village portfolio. The increase in adjusted EBITDA was primarily driven by the contribution from the acquired villages, partially offset by modest softness in portions of the legacy owned village portfolio. Australian billed rooms in the quarter were approximately 676,000 compared to approximately 626,000 in 2025. Our daily room rate for Australian owned villages was $83 compared to $75 in the prior-year period, with the increase primarily reflecting the strengthening of the Australian dollar relative to the U.S. dollar.

Turning to Canada. First quarter revenues were $49.6 million compared to $40.4 million in 2025. Adjusted EBITDA was $5.2 million compared to negative $0.8 million in the prior-year period. The year-over-year improvement was driven by higher occupancy across key lodges, as well as the continued benefits of cost reductions implemented during 2025. Canadian billed rooms totaled approximately 434,000 compared to approximately 359,000 in the prior-year quarter. Our daily room rate was $99 compared to $93 in the prior-year period. Now I will turn to our capital structure. As of 03/31/2026, total liquidity was approximately $68 million. Total debt was $215 million and net debt was $199 million, resulting in a net leverage ratio of approximately 2.2 times.

As Bradley mentioned, during the quarter, we amended and extended our credit group, increasing total revolving capacity to $285 million and extending the maturity to April 2030. This enhances our liquidity profile and provides additional flexibility to support both shareholder returns and potential high-return growth investments. Turning to capital allocation. Capital expenditures for the quarter were $4.1 million compared to $5.3 million in the prior-year period and were primarily related to maintenance. During the quarter, we repurchased approximately 500,000 shares at an average price of $28.06, or approximately $14.4 million. We will continue to take a disciplined and opportunistic approach to capital allocation, balancing shareholder returns with maintaining flexibility to support the business.

As we think about the market in front of us today, we are seeing opportunities to deploy capital at attractive returns and will prioritize preserving dry powder to pursue those while maintaining a strong balance sheet and a balanced approach to shareholder returns. With that, I will turn it back over to Bradley.

Bradley J. Dodson: Thank you, Collin. I would now like to turn to our outlook for 2026. For the full year 2026, we are raising the low end of our revenue guidance to $675 million to $700 million from our prior range of $650 million to $700 million. This increase reflects continued momentum in the Australian Integrated Services platform and continued recovery in our Canadian business. While we are encouraged by the strong start to the year and the underlying revenue trajectory of the business, we are maintaining our adjusted EBITDA guidance of $85 million to $90 million for 2026.

This reflects the impact of higher input costs, particularly diesel, as well as broader inflationary pressures associated with ongoing disruptions in the global energy markets. In addition, customer focus on cost continues to influence activity levels and the timing of certain projects. As a result, despite the improved revenue outlook, we are maintaining our adjusted EBITDA guidance and we feel that is appropriate at this time. We also continue to expect capital expenditures in 2026 to be in the range of $25 million to $30 million. I will now provide additional color on our expectations by region. In Australia, from a macro perspective, metallurgical coal prices remain at healthy economic levels.

However, the recent increase to diesel prices has driven customers to focus more on cost efficiency, which has tempered what we might otherwise have expected in terms of incremental upside to our initial occupancy guidance. As a result, activity levels continue to reflect a more conservative operating posture by our customers, similar to what we would have expected in a sub-$200 per ton met coal environment. Importantly, we have not experienced any material operational impact from diesel supply dynamics to date.

While diesel prices have moderated some, we expect these dynamics to continue to limit near-term upside in activity levels relative to what we had initially contemplated when establishing our guidance range for 2026 and may delay any meaningful upside in occupancy. Based on current customer discussions and our contracted room nights, we continue to expect generally stable occupancy across our owned village portfolio through the balance of the year. In our Australian Integrated Services business, we continue to see a solid set of growth opportunities as we advance towards our goal of A$500 million in annual services revenues by 2027.

In Canada, we are encouraged by the strong start to the year with improved occupancy and continued benefit from the structural cost actions implemented during 2025. As we look to the remainder of the year, we are continuing to refine our expectations around Canadian turnaround activity. At this point, we are seeing some activity that we had previously expected would occur in the second quarter shift to later in the year. As a result, we expect a more back-half-weighted cadence of activity relative to our initial expectations, though overall activity levels remain consistent with our full-year outlook.

We also began mobilization under our previously announced contract supporting correctional facilities in Ontario in April, and we are pleased with the early execution on that contract. Importantly, this award represents a meaningful milestone for Civeo Corporation, marking our first integrated services contract in Eastern Canada and our entry into a new end market. We believe this is a strong proof point for the scalability of our integrated services platform in North America. We are actively pursuing additional opportunities to build on this momentum, further expanding and diversifying our revenue base. More broadly, oil sands activity remains stable, though customer focus on cost discipline continues to influence commercial dynamics across the region.

Looking ahead, we remain encouraged by the level of business development activity tied to North American infrastructure projects. Our team continues to see strong engagement across LNG, power, and data center-related projects, and we believe that we are well positioned to capture these opportunities as they progress. Civeo Corporation is well positioned to capitalize on opportunities that a potential infrastructure construction boom represents. We have 2,500 mobile camp rooms strategically located in Western Canada in both Alberta and British Columbia that are immediately ready to deploy. We also have the ability to redeploy approximately 7,000 of our oil sands lodge rooms for the appropriate infrastructure project.

Given their location and configuration, which were purpose-built for colder climates, these are best suited for projects in the Northern U.S., Canada, and Alaska, where transportation from Alberta and British Columbia will be less of a factor. As the U.S. market for workforce accommodations absorbs and fully utilizes existing capacity, our assets will become even more attractive than new-build assets. That said, these projects remain dependent on final investment decisions, and we continue to expect that any meaningful financial contribution will occur in 2027 and beyond. Overall, our outlook reflects a strong start to the year combined with a continued focus on disciplined execution and maintaining financial flexibility while positioning the business for long-term value creation.

We will now open the call for questions.

Operator: Ladies and gentlemen, to ask a question, please press star then 1 on your telephone keypad, and a confirmation tone will indicate your line is in the queue. You may press 2 if you would like to remove your question from the queue. It may be necessary to pick up your handset before pressing the star keys. One moment please while we poll for questions. The first question comes from the line of Stephen Gengaro with Stifel. Please proceed.

Stephen Gengaro: Thank you, and good morning, everybody. Bradley, hey. Hi. How are you, Bradley? So when we think about the U.S. market, and in Canada as well, one of your competitors—at least one of the big accommodations players in North America—just lost a bunch of capacity, and it seems like the data center demand is extremely strong and the supply is extremely low. So I am curious how you are thinking about that opportunity. Anything you can share on traction of maybe mobilizing assets in the U.S. market and starting to gain traction in that market?

Bradley J. Dodson: In terms of the U.S. market and both data center opportunities as well as adjacencies to data centers around power, we continue to be extremely active in terms of bidding into those markets. As I made comments in the materials, all of our available assets are in Western Canada. So proximity to where the assets are now helps our bidding posture, because transportation costs to move assets into where the customer needs them is a material portion of delivering a room ready for occupancy. So where I was alluding to, we continue to be, we believe, better positioned in the Northern U.S. and Canada and Alaska to redeploy those assets.

In terms of overall activity, it is as busy as we have seen it. I mentioned we have 2,500 mobile camp rooms. We have bid those out multiple times, and we are seeing increased interest in our multistory lodge rooms to be redeployed as well.

Stephen Gengaro: Thanks. And have you seen from customers yet— I might have asked you this last quarter—any kind of concerns about availability? We are seeing it clearly on the power side around data centers, and pricing becomes less important than access to power; in your case, accommodations. But are you seeing any of that concern from your customers yet? And if not, do you think it is close?

Bradley J. Dodson: I think you summed it up well at the latter part of your question. I think it is an incredibly dynamic market right now. And as we have in our IR deck, we see 35,000 to 50,000 room demand across North America, and right now there is not that much capacity. So I would say that it has not tipped over into that fear of availability broadly. There is certainly—with certain customer projects, particularly on the U.S. side of things—expediency, being able to meet time frames and for first beds, is more important than price, although price continues to be a consideration. So having available assets has a lot of value today.

And to your point, the market is starting to tighten up, and concerns about availability are starting to come out in customer conversations.

Stephen Gengaro: Thanks, Bradley. And then maybe just one more, and this might be a little bit harder. If we go back in time and you built out the oil sands—and I forget the exact numbers—but if you needed 1,000 folks to construct the facility and develop the asset, the operating personnel was something less than that—I do not know if it is 50% or 60%—I do not remember correctly. But when your account business seems to be pretty baseload right now, when you think about these other opportunities, is there any way to think about that dynamic?

Like, if you deploy 2,000 rooms, there is three, four, five years of demand, and then the operating side is X, or is it too early in the process to get that set?

Bradley J. Dodson: Let me frame it this way. The opportunity set in North America right now is construction-related. Construction work is great. It does have a finite life. I see the next three to five years, with the current bidding pipeline or opportunity set, looking strong for three to five years. But to your point, whether it is a data center, an LNG facility, an oil sands mine, or a pipeline, once construction is complete, there is not a need for accommodations. So construction work is great. It is a great shot in the arm.

We have an opportunity set, as we said in our prepared comments, that is as large by a factor of two or three as we have seen since the early 2000s. And it is going to be construction-related. So it is deploy assets and earn a return on those assets, and then, should the construction projects start to space out, we could see a longer-than-three-to-five-year period of demand for accommodations in North America for construction. And that would be favorable for longer-term utilization, particularly the mobile camp.

Stephen Gengaro: Right. Thank you. Everything seems to be extending longer than we think, which is a positive, but that is great color. Thanks for taking the questions.

Operator: The next question comes from the line of Stephen Michael Ferazani with Sidoti and Company. Please proceed.

Stephen Michael Ferazani: Hi, good morning. This is Alex on for Steve. Thanks for taking questions. You alluded to this in the prepared remarks, but maybe I could follow up a little bit just for clarity on how much of the strong Canadian 1Q performance you would attribute to customer timing, aka pull-forwards?

Bradley J. Dodson: I would say very little was a pull-forward. There was one in the first quarter. A customer had an unexpected situation, which added some occupancy during the quarter. April has started off pretty strong; we are done with April, but April was a pretty strong start to the second quarter. What we tried to allude to in the prepared comments was: look, oil has gone from $60 to $65 to, at times, close to $100. That is great for our customer base. They are focused on producing as much as they can into that price dynamic, which has two implications. One, Q2 and Q3 are usually the time period in Canada when the customers do planned annual maintenance.

As we mentioned in the comments, we see that likely pushing out into later in the year, as opposed to being stronger in the second quarter, as they focus on production. It also has them continue to be focused on cost containment, because they are not making—other than trying to push production—changes to spending activity as if it is a $90-per-barrel market.

Stephen Michael Ferazani: Very helpful context. And then one more from us on Australia. You know, you have continued to report strong and growing Australian services revenue. Could you talk a little bit about what the labor market is like there now—any challenges with staffing, or any room to expand?

Bradley J. Dodson: Labor availability continues to be a struggle across our Australian business. Our HR team down there is hyper-focused on recruitment and retainment. It is one thing to get people hired; it is another thing to keep them in the business long term. Labor availability and therefore cost—because we have to use temporary labor when we do not have a full complement of full-time employees—are something that we are focused on. We are recruiting—one of the tough positions for our business is your head chef at each location. We are recruiting foreign chefs to come in and work rotations for us, and that has helped some.

But we are still not to the labor cost that we would like to have there.

Stephen Michael Ferazani: Understood. Thanks for taking ours.

Operator: And the next question comes from the line of David Joseph Storms with Stonegate Capital Partners. Please proceed.

David Joseph Storms: Sorry about that. I wanted to hold on Australia for a second here. We have talked in the past about $200 met coal being an important benchmark. I know you mentioned the challenged cost environment. Can you help us maybe understand a little better about how that push and pull looks now? Is $225 or $250 met coal a better benchmark going forward in the current environment? Or maybe just help us understand the push and pull there?

Bradley J. Dodson: It really depends customer by customer—both their inherent cost structure as it relates to production costs as well as where their balance sheets are. I think where you are headed is generally correct. The old $200 is probably $225 in this market. The other factor that you have to keep in mind from a customer standpoint—it is not a factor for us, and I will explain why—is that they sell their commodities in U.S. dollars, and they have largely all Australian dollar costs.

So diesel costs are more impactful to our customers’ cost structure than they are to ours, coupled with if the Aussie dollar continues to appreciate, for instance, against the U.S. dollar, our customers will have effectively a cost structure increase without a revenue increase because it is Aussie dollar costs and U.S. dollar revenues. For us, we are naturally hedged. We are all Australian dollar revenues down there and Australian dollar costs. So the concern really is how do fuel prices impact customer activity levels. I would say it is early on. We have had effectively two months, and I expect that Australia will continue to see inflationary pressures for the balance of the year.

David Joseph Storms: Understood. That is great color. Circling back to the U.S.—and recognize that this is maybe a bit of a crystal ball question—but you mentioned there is a large volume of different types of contracts that could be gained in the U.S. between LNG, power, data centers. When you are looking across that universe, is there maybe a field or a geography or a type of contract that you would expect to drop first, maybe in early 2027, or are they all just super different and kind of hard to judge?

Bradley J. Dodson: We always have to go off what our customers tell us the timeline is. And I think embedded in your question is: do we think that they are going to hit the timeline? These are major investment projects, which historically have always had a tendency to push to the right. We continue to believe that there is a fair amount of work that will be let in 2026, so that will be announceable in 2026 but may not—as we said in our prepared comments—materially hit us financially until going into 2027–2028.

The FID time period as we understand it now, the time to mobilize, the time to first meals and first beds—some of it could hit in 2026, but as we sit here on May 1, that has to hit pretty soon. Mobile camps can typically be deployed within 90 days and start earning money, but if it involves multistory, that is going to take longer.

David Joseph Storms: Understood. Appreciate that. And then maybe just one more. You have mentioned some of the turnaround activity in Canada being pushed out due to commodity prices. Just looking across your customers, is there a potential for that to be pushed out again further should commodity prices remain elevated, or is there maybe a hard backstop in Q3, Q4 that would require customers to bring in that turnaround activity?

Bradley J. Dodson: It is a tough question to answer. It is always possible for turnaround work to be pushed out. It is always a variability. Even when you do not have the dislocations we are experiencing today—even in a more normalized market—customers can have various idiosyncratic reasons to either accelerate or defer turnaround work. I think we feel good about what is embedded in our guidance. Canada is going to face a smoother year this year in terms of the cadence of occupancy than we would historically have seen.

The rule of thumb that we have given the market in the past multiple times was that 60%–65% of annual EBITDA for us would happen in Q2 and Q3, largely driven by turnaround activity ramping up in Canada. I would say this year it is going to look a lot more smooth—just flatter throughout the year—as it relates particularly to Canadian occupancy.

David Joseph Storms: Understood. I think very fair answer. Thank you for taking my questions, and good luck in the next quarter.

Operator: The next question will come again from the line of Stephen Gengaro with Stifel. Please proceed.

Stephen Gengaro: Thanks. Two follow-ups. One, to the question you just answered. When we think about the difference between the high end and low end of guidance, is that primarily related to the turnaround activity?

Bradley J. Dodson: It would be turnaround activity. It would be inflationary pressures—in Australia more so than Canada—and then, to a prior comment, it would also be if a project kicks off this year. We have won a little bit of work for our mobile camp business, which we had budgeted for later in the year. That speculative amount of work that we had budgeted, we feel much better about now. That project will kick off here in the next 60 days. That work is in Alberta.

So I would think it is Canadian turnaround activity, Australian inflation, and whether we get any benefit from infrastructure projects that are won this year that may mobilize this year, and then, as I mentioned, set up for a stronger 2027.

Stephen Gengaro: Great. Thank you. And the second question—I am not sure if you can answer this directly—but when we think about the types of projects you are bidding on in North America in aggregate, Canada and U.S., are there types of projects that would tend to be longer term in nature, and how do you balance the term of the contract versus maybe something which could be a little more profitable for two or three years versus a longer-term relationship and/or contract?

Bradley J. Dodson: The term of deploying assets for a construction project is a material consideration, and obviously we would prefer to win work that has a longer duration. I would say generally what we are seeing today is two- to four-year projects. Some are a little bit longer, but I have not seen a lot that are over five years. So these are construction projects, and the need for accommodations is typically in that two- to four-, two- to five-year time frame.

Stephen Gengaro: Great. This is very helpful color. Thank you, Bradley.

Operator: Thank you. Ladies and gentlemen, this concludes the Q&A session. I would like to hand the call back to Bradley J. Dodson for closing remarks.

Bradley J. Dodson: Thank you so much, and thank you, everyone, for joining the call today. We appreciate your interest in Civeo Corporation, and we look forward to speaking to you on the second quarter earnings call, which we expect to happen late in July. Have a good day.

Operator: This concludes today’s conference. You may disconnect your lines at this time, and we thank you for your participation.