Civeo (CVEO) Amends and Extends Credit Agreement

Civeo Corporation (NYSE: CVEO) announced today the completion of an amendment and extension to its credit agreement which encompasses all of Civeo’s outstanding debt structure of three revolving credit facilities. The following are key aspects of the amended credit agreement:

• Extends the maturity date of the credit agreement to August 2028;
• Upsizes total revolving credit facility capacity to $245 million from $200 million; and
• Reduces borrowing costs and maintains previous max net leverage ratio and max interest coverage covenant levels.

“We are pleased to announce this amendment and extension, which allows Civeo more flexibility to execute on our capital allocation priorities such as our share repurchase program, quarterly dividend and potential growth opportunities. We would like to thank our lending group for their continued support,” stated Bradley J. Dodson, Civeo’s President and CEO.

Additional information on the terms of the amendment can be found in a separate Current Report on Form 8-K to be filed with the Securities and Exchange Commission today.

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