Civeo Corp (NYSE:CVEO), one of the largest integrated providers of workforce accommodations, logistics and facility management services to the natural resource industry, today announced that it has completed the previously announced redomiciling of the Company to Canada, which was approved by Civeo stockholders at the 2015 Annual Meeting.
Effective today, Civeo is a Canadian domiciled company. The Company’s stockholders now own shares in a British Columbia, Canada limited company rather than a Delaware corporation. Shares of the new Canadian company are scheduled to begin trading today on the NYSE under the symbol “CVEO.” The redomiciling to Canada will have no material impact on how the Company conducts its day-to-day operations. Further, the Company’s amended credit facility became effective with the completion of the redomiciling transaction (for further details on the amended credit facility, please refer to the Form 8-K filed by the Company on May 19, 2015).
Bradley J. Dodson, Civeo’s President and Chief Executive Officer, stated, “We are pleased to have completed the migration of Civeo to Canada, where we generate the majority of our earnings. This important transaction will allow us to more efficiently allocate capital to our operating subsidiaries and provides us with the advantage of a lower statutory tax rate. In addition, with the redomiciling complete, we now have access to our amended credit facility, which together with our existing cash balances we intend to use to reduce Civeo’s aggregate debt outstanding. Over the long term, as a Canadian domiciled company, we look forward to greater operational flexibility, administrative efficiencies, and enhanced prospects for growth and shareholder value creation.”
Civeo plans to report second quarter earnings and update investors on the Company’s reduced level of borrowings on its second quarter 2015 earnings conference call scheduled for Friday, July 31, 2015 at 10:30 am Eastern time. (Original Source)
Shares of Civeo Corp. closed yesterday at $2.77 . CVEO has a 1-year high of $26.45 and a 1-year low of $2.25. The stock’s 50-day moving average is $3.31 and its 200-day moving average is $3.50.
Civeo Corp is anintegrated provider of long-term and temporary remote site accommodations, logistics and facility management services to the natural resource industry.