Stonegate Capital Partners Updates Coverage on Civeo Corporation (NYSE: CVEO) 2024 Q3

Key Takeaways:

• The Australian segment continues to deliver strong growth, with revenues up 33% on a year-over-year basis.
• Announced a 33-month contract renewal with a major Canadian oil sands producer through June 2027 with expected revenues totaling approximately C$150 million.
• CVEO tightened its full-year 2024 guidance with revenue projected to range from $675M to $700M and adjusted EBITDA between $83M and $88M.