Stay Well. WorkWell.

INVESTOR PRESENTATION

May 2024

Forward Looking Statements

This presentation contains forward-looking statements within the meaning of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are those that do not state historical facts and are, therefore, inherently subject to risks and uncertainties. The forward- looking statements herein, including the statements regarding Civeo's future plans and outlook, guidance, current trends and liquidity needs, and expectations regarding the regular quarterly dividend and share repurchase program, are based on then current expectations and entail various risks and uncertainties that could cause actual results to differ materially from those expressed or implied by these forward-looking statements. Such risks and uncertainties include, among other things, risks associated with the general nature of the accommodations industry, risks associated with the level of supply and demand for oil, coal, iron ore and other minerals, including the level of activity, spending and developments in the Canadian oil sands, the level of demand for coal and other natural resources from, and investments and opportunities in, Australia, and fluctuations or sharp declines in the current and future prices of oil, natural gas, coal, iron ore and other minerals, risks associated with failure by our customers to reach positive final investment decisions on, or otherwise not complete, projects with respect to which we have been awarded contracts, which may cause those customers to terminate or postpone contracts, risks associated with currency exchange rates, risks associated with inflation and volatility in the banking sector, risks associated with the company's ability to integrate acquisitions, risks associated with labor shortages, risks associated with the development of new projects, including whether such projects will continue in the future, risks associated with the trading price of the company's common shares, availability and cost of capital, risks associated with general global economic conditions, inflation, global weather conditions, natural disasters, global health concerns, security threats and changes to government and environmental regulations, including climate change, and other factors discussed in the "Management's Discussion and Analysis of Financial Condition and Results of Operations" and

"Risk Factors" sections of Civeo's most recent annual report on Form 10-K and other reports the company may file from time to time with the U.S. Securities

and Exchange Commission. Each forward-looking statement contained herein speaks only as of the date of this presentation. Except as required by law, Civeo expressly disclaims any intention or obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise.

Investor Presentation

May 2024

2

Civeo at a Glance

Leading provider of hospitality services for key resource industries in Canada and Australia

Ticker

NYSE: CVEO

Valuation

Share price: $24.21 (as of 5/3/24)

Equity value: $354 million

Enterprise value: $416 million

Business

Provider of a full suite of hospitality services

for our guests including lodging, food

services, housekeeping and maintenance of

accommodations facilities that we or our

customers own

Markets

Natural resource producers in some of the

world's most active oil, met coal, LNG and

iron ore producing regions in Canada and

Australia.

Activity

Capital spending driven by oil and steel

Catalysts

demand as well as turnaround/ maintenance

levels in Canada and Australia, pipeline

activity in Canada and LNG development in

Canada

LTM March 31, 2024

Revenue

Adjusted EBITDA (1)(2)

Australia

Australia

61%

Canada (3)

50%

Canada (3)

50%

39%

$699 million

$99 million

  1. Adjusted EBITDA is a non-GAAP financial measure and is reconciled to the nearest GAAP financial measure in the Appendix
  2. Negative Adjusted EBITDA contributions from Corporate and Eliminations are allocated pro rata to Canada and Australia
  3. Canada includes legacy U.S. business, the majority of which has been divested

Investor Presentation

May 2024

3

Key Civeo Investor Themes

Management Focus on:

  • Operating safely
  • Supporting core operations and generating strong cash flow from existing diverse asset base
  • Returning capital to shareholders through: (1) recently initiated $0.25 quarterly dividend and (2) opportunistic share repurchases
  • Growing the business through attractive organic and inorganic opportunities while protecting the balance sheet

Diverse Asset Base with Solid Contract Coverage

  • Existing operations comprised of diversified activity drivers across multiple commodities and geographic markets
  • Majority of current cash flow supported by customer production and maintenance spending on multi-decade projects backed by solid contract coverage
  • Expecting continued strong cash flows from our core operations underpinned by revenue diversity, contract coverage and macroeconomic tailwinds in Australia

Strong Balance Sheet and Cash Flow Outlook

  • Full year 2024 free cash flow guidance range of $45 million to $60 million versus Civeo's May 3, 2024 market capitalization of $354 million (approximately 15% free cash flow yield at the midpoint)
  • Net leverage ratio¹ of 0.6x as of March 31, 2024 with approximately $137 million of liquidity

Returning Capital To Shareholders

  • Quarterly dividend of $0.25 per share
  • Repurchased the equivalent of 2.4 million Civeo common shares, or 14.4% of fully diluted shares outstanding over the last two and a half years

Growing The Business

  • Strong balance sheet and cash flow outlook allows the Company to support existing operations, pay a $0.25 quarterly dividend² and fund attractive organic and inorganic growth opportunities
  • Target net leverage ratio range of 1.00x - 1.25x with flexibility to increase up to 2.0x to pursue accretive growth opportunities
    1. Net Debt / Adjusted EBITDA (Bank def). Please see Appendix for reconciliation to the nearest GAAP measure
    2. Subject to quarterly review and approval by the Board of Directors

Investor Presentation

May 2024

4

Civeo Overview

Where We Operate | Geography

Broad sector and geographic exposure with ~26,000 rooms and leading positions in key industries

Canada

Australia

50% of LTM Revenue(1)

50% of LTM Revenue(1)

Exposure to long-life, stable

Diverse exposure to key resource industries

oil sands and LNG resource development projects

(met coal, iron ore, gold, copper, lithium, LNG, etc.)

15 lodges with ~17,000 rooms

8 villages with ~9,000 rooms

  1. As of March 31, 2024

Investor Presentation

May 2024

6

Exposure to Full Project Life Cycle

Primarily focused on supporting ongoing operations and seasonal / annual maintenance activity

Recurring revenue

• Room demand: Stable, recurring personnel needs for ongoing

Operations

operations and production

•

Commercial opportunities:

Increases ability to service operator-owned facilities

− Enhances capability to scale up and down to meet the needs of

customers, while providing wider variety of accommodation

options for workforces

• Room demand: Planned/unplanned maintenance can drive temporary

Maintenance and

increases in manpower requirements

Turnaround

• Commercial opportunities: Turnaround cycles generate 45-90 day surges in demand for 3rd party accommodations

− Customer turnarounds typically occur during second and third quarter each year

•

Room demand:

Construction

Current demand primarily supported by Canadian LNG-related activity

− Next customer expansion spending cycle potentially in 2025 in

Australia and 3-7 years out in Canada (excluding LNG Canada

project)

•

Commercial opportunities:

Established customers plan to deploy significant incremental capital on

debottlenecking and optimization of existing facilities

Investor Presentation

May 2024

7

Exposure to Multiple Commodity Markets

Civeo supports key projects in the Canadian oil sands, Canadian LNG, Australian met coal and Australian iron ore markets

Revenue By Activity Driver

5%

38%

47%

Gross Profit By Activity Driver

6%

31%

53% 10%

10%

Civeo's activity drivers are diversified across multiple commodities and geographic markets,

with approximately 30% of the LTM 3/31/24 gross profit related to oil activity

Investor Presentation

May 2024

8

Blue-Chip Customer Base

Large, long-term projects supported by multi-year contracts with large, well-capitalized clients

Critical supplier of hospitality and infrastructure services to oil sands, LNG, met coal, and other resource developments in Canada and Australia

Canada: 50% of LTM Revenue

Australia: 50% of LTM Revenue

Key North American Customers(1)

Key Australian Customers(1)

(A-, A2)

(AA-, n.r.)

(BBB-, Ba1)

(BBB, Baa2)

(BBB, Baa1)

(BBB+, Baa2)

(BB+, Ba1)

(BBB-, Baa3)

Lodges & Villages

Contract Structure

  • Permanent infrastructure supporting multi-year projects
  • Size range from 200 rooms to 5,000 rooms
  • Asset life matches customer demand: designed to serve long-term needs of clients throughout the project lifecycle
  • Located in areas of significant resource development to support multiple customers
  • Typical "take-or-pay" or exclusivity contract structure
  • May contain minimum occupancy requirement
  • Annual price escalation provisions in multi-year contracts cover increases in labor, food and consumables costs
  • Contracts can have termination provisions, where customers incur termination fees
  • "Services only" contracts at customer-owned locations based on a per guest per day basis
  1. Ratings as of December 31, 2022

Investor Presentation

May 2024

9

The Civeo Lodge Experience

Investor Presentation

May 2024

10

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Disclaimer

Civeo Corporation published this content on 07 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 07 May 2024 22:13:07 UTC.