Civeo Repurchases 2.6% Of Its Shares For $10.7M

August 15, 2022 1:48 PM | 1 min read | Make a Comment

Civeo Corp CVEO has agreed to repurchase ~375 thousand common shares, representing 2.6% of the fully-diluted common shares outstanding, from a shareholder, for ~$10.7 million.
"Today's announcement reflects our confidence in Civeo's business outlook, and this transaction provides an opportunity to deploy our free cash flow to acquire shares of the Company at an attractive valuation," said CEO Bradley Dodson.
CVEO held $4.8 million in cash and equivalents as of June 30, 2022.
During Q2, Civeo produced an operating cash flow of $21.7 million and a free cash flow of $17.6 million.
Price Action: CVEO shares are trading lower by 0.81% at $28.34 on the last check Monday.

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