Civeo Corporation reported financial results for the third quarter ended September 30, 2026, and raised its full-year guidance for revenue and Adjusted EBITDA. For the third quarter, the company generated revenues of $193.1 million, a 13% increase compared to the same period in 2025. Net income for the quarter was $5.2 million, or $0.50 per diluted share. Adjusted EBITDA for the third quarter was $30.1 million, and the company reported operating cash flow of $26.4 million.
Revenue growth was driven by higher occupancy and integrated services growth in Canada, as well as the strengthening of the Australian dollar. Canadian revenues increased 38% year-over-year to $63.6 million, with Adjusted EBITDA rising 47% to $11.1 million. The Australian segment reported revenues of $129.5 million, a 4% increase compared to the prior year, while Adjusted EBITDA decreased 7% to $23.2 million.
Regarding financial condition, Civeo’s total debt as of September 30, 2026, was $217.5 million, resulting in a net leverage ratio of 2.1x. The company had $126.9 million of availability under its revolving credit facility. During the quarter, Civeo invested $5.4 million in capital expenditures.
In terms of guidance, Civeo raised its full-year 2026 revenue guidance to $710 million to $720 million and Adjusted EBITDA guidance to $89 million to $92 million. The company also increased its capital expenditure guidance for the full year to $30 million to $35 million to prepare Canadian assets for contracted deployments. Concurrent with the release of these results, Civeo announced it secured contracts for the deployment of approximately 700 mobile fleet rooms across Canada.
