Civeo Corp Files Definitive Proxy Statement for 2024 Annual Meeting

Ticker: CVEO · Form: DEF 14A · Filed: Apr 12, 2024 · CIK: 1590584

Civeo Corp DEF 14A Filing Summary
FieldDetail
CompanyCiveo Corp (CVEO)
Form TypeDEF 14A
Filed DateApr 12, 2024
Risk Levellow
Pages15
Reading Time18 min
Key Dollar Amounts$66 million, $97 million, $0.25, $36 million, $337 million
Sentimentneutral

Sentiment: neutral

Topics: Proxy Statement, Annual Meeting, Civeo Corp, Executive Compensation, Director Election

TL;DR

<b>Civeo Corporation has filed its Definitive Proxy Statement for the May 15, 2024 Annual Meeting, detailing director elections and executive compensation.</b>

AI Summary

Civeo Corp (CVEO) filed a Proxy Statement (DEF 14A) with the SEC on April 12, 2024. Civeo Corporation will hold its Annual Meeting of Shareholders on May 15, 2024, at 9:00 a.m. Houston time, virtually via www.virtualshareholdermeeting.com/CVEO2024. Shareholders of record as of March 18, 2024, are entitled to vote at the meeting. The meeting agenda includes the election of three Class I directors for three-year terms. Shareholders will also vote on an advisory basis regarding the compensation of Civeo's named executive officers. The filing is a Definitive Proxy Statement (DEF 14A) submitted on April 12, 2024.

Why It Matters

For investors and stakeholders tracking Civeo Corp, this filing contains several important signals. This filing provides shareholders with crucial information to make informed voting decisions on director nominees and executive compensation policies. The virtual format of the meeting aims to increase accessibility for shareholders to participate in corporate governance.

Risk Assessment

Risk Level: low — Civeo Corp shows low risk based on this filing. The filing is a routine proxy statement, indicating no immediate significant financial or operational changes requiring a higher risk assessment.

Analyst Insight

Shareholders should review the director nominees and executive compensation details to cast their votes at the upcoming annual meeting.

Key Numbers

  • May 15, 2024 — Annual Meeting Date (Date of Annual Meeting of Shareholders)
  • March 18, 2024 — Record Date (Shareholders of record on this date are entitled to vote)
  • 3 — Directors to be Elected (Number of Class I directors to be elected)
  • 3 — Director Term Length (Years for the term of each elected director)

Key Players & Entities

  • Civeo Corporation (company) — Registrant name and company name
  • May 15, 2024 (date) — Date of Annual Meeting of Shareholders
  • March 18, 2024 (date) — Record date for shareholders entitled to vote
  • 2027 (date) — Term end year for elected directors
  • April 12, 2024 (date) — Filing date of the proxy statement

FAQ

When did Civeo Corp file this DEF 14A?

Civeo Corp filed this Proxy Statement (DEF 14A) with the SEC on April 12, 2024.

What is a DEF 14A filing?

A DEF 14A is a definitive proxy statement sent to shareholders before annual meetings, covering executive compensation, board nominations, and shareholder votes. This particular DEF 14A was filed by Civeo Corp (CVEO).

Where can I read the original DEF 14A filing from Civeo Corp?

You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by Civeo Corp.

What are the key takeaways from Civeo Corp's DEF 14A?

Civeo Corp filed this DEF 14A on April 12, 2024. Key takeaways: Civeo Corporation will hold its Annual Meeting of Shareholders on May 15, 2024, at 9:00 a.m. Houston time, virtually via www.virtualshareholdermeeting.com/CVEO2024.. Shareholders of record as of March 18, 2024, are entitled to vote at the meeting.. The meeting agenda includes the election of three Class I directors for three-year terms..

Is Civeo Corp a risky investment based on this filing?

Based on this DEF 14A, Civeo Corp presents a relatively low-risk profile. The filing is a routine proxy statement, indicating no immediate significant financial or operational changes requiring a higher risk assessment.

What should investors do after reading Civeo Corp's DEF 14A?

Shareholders should review the director nominees and executive compensation details to cast their votes at the upcoming annual meeting. The overall sentiment from this filing is neutral.

How does Civeo Corp compare to its industry peers?

Civeo Corporation operates in the lodging places industry, providing workforce accommodation solutions.

Are there regulatory concerns for Civeo Corp?

The filing is made under Section 14(a) of the Securities Exchange Act of 1934, governing proxy solicitations.

Industry Context

Civeo Corporation operates in the lodging places industry, providing workforce accommodation solutions.

Regulatory Implications

The filing is made under Section 14(a) of the Securities Exchange Act of 1934, governing proxy solicitations.

What Investors Should Do

  1. Review the biographical information and qualifications of the director nominees.
  2. Understand the advisory vote on executive compensation, including the rationale behind it.
  3. Prepare to vote electronically during the virtual Annual Meeting of Shareholders on May 15, 2024.

Key Dates

  • 2024-05-15: Annual Meeting of Shareholders — Shareholders will vote on director elections and executive compensation.
  • 2024-03-18: Record Date — Determines which shareholders are eligible to vote at the annual meeting.
  • 2024-04-12: Filing Date — Date the Definitive Proxy Statement was filed with the SEC.

Year-Over-Year Comparison

This is a DEF 14A filing, which is a definitive proxy statement, typically filed annually to provide information for shareholder meetings.

Filing Stats: 4,482 words · 18 min read · ~15 pages · Grade level 15.7 · Accepted 2024-04-12 08:26:57

Key Financial Figures

  • $66 million — the following: Reduced total debt by $66 million from December 31, 2022 to December 31,
  • $97 million — 1 times at December 31, 2022 Generated $97 million of Operating Cash Flow during the year
  • $0.25 — itiated a regular quarterly dividend of $0.25 per share as part the Company's updated
  • $36 million — y sold McClelland Lake Lodge assets for $36 million Secured a 5-year contract award in our
  • $337 million — owned-villages valued at approximately A$337 million Continued strong safety performance a
  • $64.0 million — MENT In 2023, we purchased more than C$64.0 million in goods and services from the Indigeno
  • $12.3 million — ocal spending. We spent approximately A$12.3 million with Indigenous-owned and operated comp

Filing Documents

Executive Compensation 31

Executive Compensation 31 PROPOSAL 2 Advisory Vote to Approve Executive Compensation 31 Compensation Discussion and Analysis 32 Compensation Committee Report 47

Executive Compensation Tables 48

Executive Compensation Tables 48 Pay Ratio Disclosure 55 Pay Versus Performance Disclosure 56 Audit Matters 59 PROPOSAL 3 Ratification of Auditors 59 Audit Fee Disclosure 59 Pre-Approval Policy 60 Audit Committee Report 60 PROPOSAL 4 Approval of an Amendment to the Articles to Declassify the Board and Phase-In Annual Elections 62 PROPOSAL 5 Approval of an Amendment to the Articles to Eliminate the Terms of the Class A Series 1 Preferred Shares 64

Security Ownership of Management and Certain Beneficial Owners 66

Security Ownership of Management and Certain Beneficial Owners 66 Additional Information 68 General Information about the Annual General Meeting 68 Future Shareholder Proposals 71 Householding 72 Appendix A - Amended and Restated Articles of the Company Appendix B - Non-GAAP Reconciliation Proxy Statement Summary T his proxy statement is being furnished to shareholders of Civeo Corporation ("Civeo") in connection with the solicitation of proxies by its board of directors for use at the 2024 annual general meeting of shareholders (the "annual general meeting"), which will be held online at www.virtualshareholdermeeting.com/CVEO2024 on May 15, 2024 at 9:00 a.m., local time. The annual general meeting will be held by virtual means only, and shareholders will not be able to attend the meeting in person. During the annual general meeting, shareholders will have the opportunity to vote on the proposals to elect the following three persons as Class I members of Civeo's board of directors: C. Ronald Blankenship, Michael Montelongo and Charles Szalkowski, each for a term of three years ending at the 2027 annual general meeting of shareholders or until their successors are duly elected and qualified (the "Director Proposal"); to approve, on an advisory basis, the compensation of Civeo's named executive officers (the "Say-on-Pay Proposal"); to ratify the appointment of Ernst & Young LLP as Civeo's independent registered public accounting firm for the year ending December 31, 2024 and until the next annual general meeting of shareholders and to authorize the directors, acting through the Audit Committee, to determine the remuneration to be paid to Ernst & Young LLP for 2024 (the "Auditor Proposal"); to approve an amendment to Civeo's Articles to declassify Civeo's board of directors and phase-in annual director elections (the "Declassification Amendment"); to approve an amendment to Civeo's Articles to remove the existing special rights and restrictions attaching

BUSINESS

BUSINESS We are a leading provider of a full suite of hospitality services, including lodging, catering and food service, housekeeping and maintenance of accommodations facilities that we or our customers own. MARKETS We serve natural resource producers in some of the world's most active oil, met coal, LNG and iron ore producing regions in Canada and Australia. GROSS PROFIT BY ACTIVITY DRIVER Global steel demand drives demand for met coal and iron ore, which are the primary commodities we serve in Australia. CANADA – 52% OF 2023 REVENUE 15 lodges with approximately 17,000 rooms Primary driver is oil sands production and activity Growth from Canadian LNG development AUSTRALIA – 48% OF 2023 REVENUE 8 owned villages with approximately 9,000 rooms Primary drivers are met coal and iron ore production and activity Growing presence in Western and South Australia managing customer assets Also serve gold, lithium, copper and LNG projects 2 Proxy Statement Summary 2023 Performance Highlights Despite continuing headwinds faced by the energy sector throughout 2023, we successfully completed a number of significant financial and operational objectives. We continued to strengthen our balance sheet, reduce our leverage, and return capital to shareholders through share repurchases and the initiation of a quarterly dividend while navigating a challenging economic landscape. In particular, during 2023 we achieved the following: Reduced total debt by $66 million from December 31, 2022 to December 31, 2023 Decreased our net leverage ratio to 0.6 times at December 31, 2023, from 1.1 times at December 31, 2022 Generated $97 million of Operating Cash Flow during the year Returned 23% of the Company's 2023 free cash flow to shareholders through share repurchases and dividends Initiated a regular quarterly dividend of $0.25 per share as part the Company's updated capital allocation strategy The Company achieved continuing improvements in a number of areas of

View Full Filing

View this DEF 14A filing on SEC EDGAR

View on ReadTheFiling | About | Contact | Privacy | Terms

Data from SEC EDGAR. Not affiliated with the SEC. Not investment advice. © 2026 OpenDataHQ.