Engine Capital Calls on Civeo’s Board of Directors to Take Immediate Action to Close the Company’s Valuation Gap

Business Wire

18 Mar

Asserts that Civeo Is Meaningfully Undervalued in the Public Market at ~3.6x EV to 2025 EBITDA Multiple

Believes the Board Should Eliminate the Dividend, Aggressively Repurchase Shares, Target a 1.75x Leverage Ratio and Significantly Reduce Costs to Deliver ~$47 per Share for Shareholders in Standalone Scenario

Highlights How a Sale of Civeo Could Provide an Alternate Path to Delivering Significant Value

NEW YORK, March 18, 2025--(BUSINESS WIRE)--Engine Capital LP (together with its affiliates, "Engine" or "we"), which owns approximately 9.8% of Civeo Corporation’s (NYSE: CVEO) ("Civeo" or the "Company") outstanding shares, today sent a letter to the Company’s Board of Directors outlining several opportunities to close Civeo’s significant valuation gap and unlock value for shareholders.

The letter can be viewed and downloaded here.

About Engine Capital

Engine Capital LP is a value-oriented special situations fund that invests both actively and passively in companies undergoing change.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250318374774/en/

Contacts

For Investors:
Engine Capital LP
212-321-0048
info@enginecap.com

For Media:
Longacre Square Partners
Charlotte Kiaie / Bela Kirpalani, 646-386-0091
ckiaie@longacresquare.com / bkirpalani@longacresquare.com

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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NEW YORK, March 18, 2025----Engine Capital LP , which owns approximately 9.8% of Civeo Corporation’s   outstanding shares, today sent a letter to the Company’s Board of Directors outlining several opportunities to close Civeo’s significant valuation gap and unlock value for shareholders.The letter can be viewed and downloaded here.Engine Capital LP is a value-oriented special situations fund that invests both actively and passively in companies undergoing change.","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"CVEO":"Civeo Corporation","BK4137":"综合支持服务"},"translate_title":"Engine Capital评级加入Civeo董事会，立即采取行动缩小公司估值差距","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"CVEO":1},"content_text":"Asserts that Civeo Is Meaningfully Undervalued in the Public Market at ~3.6x EV to 2025 EBITDA Multiple\nBelieves the Board Should Eliminate the Dividend, Aggressively Repurchase Shares, Target a 1.75x Leverage Ratio and Significantly Reduce Costs to Deliver ~$47 per Share for Shareholders in Standalone Scenario\nHighlights How a Sale of Civeo Could Provide an Alternate Path to Delivering Significant Value\nNEW YORK, March 18, 2025--(BUSINESS WIRE)--Engine Capital LP (together with its affiliates, \"Engine\" or \"we\"), which owns approximately 9.8% of Civeo Corporation’s (NYSE: CVEO) (\"Civeo\" or the \"Company\") outstanding shares, today sent a letter to the Company’s Board of Directors outlining several opportunities to close Civeo’s significant valuation gap and unlock value for shareholders.\nThe letter can be viewed and downloaded here.\nAbout Engine Capital\nEngine Capital LP is a value-oriented special situations fund that invests both actively and passively in companies undergoing change.\nView source version on businesswire.com: https://www.businesswire.com/news/home/20250318374774/en/\nContacts\nFor Investors: Engine Capital LP212-321-0048info@enginecap.com\nFor Media: Longacre Square PartnersCharlotte Kiaie / Bela Kirpalani, 646-386-0091ckiaie@longacresquare.com / bkirpalani@longacresquare.com","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"code":"91000000","status":"200"}}}