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Civeo Corporation (NYSE:CVEO), one of the largest integrated providers of workforce accommodations, logistics and facility management services to the natural resource industry, today announced that it has completed the previously announced redomiciling of the Company to Canada, which was approved by Civeo stockholders at the 2015 Annual Meeting.
Effective today, Civeo is a Canadian domiciled company. The Company’s stockholders now own shares in a British Columbia, Canada limited company rather than a Delaware corporation. Shares of the new Canadian company are scheduled to begin trading today on the NYSE under the symbol “CVEO.” The redomiciling to Canada will have no material impact on how the Company conducts its day-to-day operations. Further, the Company’s amended credit facility became effective with the completion of the redomiciling transaction.
Bradley J. Dodson, Civeo’s President and Chief Executive Officer, stated, “We are pleased to have completed the migration of Civeo to Canada, where we generate the majority of our earnings. This important transaction will allow us to more efficiently allocate capital to our operating subsidiaries and provides us with the advantage of a lower statutory tax rate. In addition, with the redomiciling complete, we now have access to our amended credit facility, which together with our existing cash balances we intend to use to reduce Civeo’s aggregate debt outstanding. Over the long term, as a Canadian domiciled company, we look forward to greater operational flexibility, administrative efficiencies, and enhanced prospects for growth and shareholder value creation.”
Civeo plans to report second quarter earnings and update investors on the Company’s reduced level of borrowings on its second quarter 2015 earnings conference call scheduled for Friday, July 31, 2015 at 10:30 am Eastern time.
Civeo Corporation is a provider of workforce accommodations with prominent market positions in the Canadian oil sands and the Australian natural resource regions. Civeo offers comprehensive solutions for housing hundreds or thousands of workers with its long-term and temporary accommodations and provides catering, facility management, water systems and logistics services. Civeo currently owns a total of seventeen lodges and villages in operation in Canada and Australia, with an aggregate of more than 22,000 rooms.
