Civeo Corporation reported revenues of $162.7 million for the second quarter ended June 30, 2025, a decrease from $188.7 million in Q2 2024. The company recorded a net loss of $3.3 million, or $0.25 per diluted share, compared to net income of $8.2 million, or $0.56 per diluted share, in the prior-year quarter.
Adjusted EBITDA for Q2 2025 was $25.0 million, down from $31.9 million in Q2 2024. The Australian segment's revenues increased 4% year-over-year to $112.7 million, with Adjusted EBITDA up 10% to $23.7 million, driven by the recent acquisition of four owned-villages which contributed $4.9 million in revenue.
The Canadian segment's revenues declined 37% to $50.0 million, resulting in an operating loss of $1.9 million, due to ongoing customer spending reductions and lower turnaround activity. The company incurred $0.5 million in implementation costs related to the cold-closure of two lodges in Canada.
Civeo maintained its full-year 2025 guidance, projecting revenues in the range of $640 million to $670 million and Adjusted EBITDA between $86 million and $96 million. Capital expenditures guidance also remained unchanged at $20 million to $25 million. The company repurchased 883,000 common shares for $19.1 million in Q2 2025, making significant progress toward its 20% share repurchase authorization.
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