Civeo Corporation (CVEO): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico del alojamiento de la fuerza laboral remota, Civeo Corporation (CVEO) emerge como un jugador fundamental, transformando cómo los proyectos de energía, minería e infraestructura respaldan sus fuerzas laborales móviles. Al combinar a la perfección las soluciones integrales de alojamiento con una intrincada experiencia operativa, Civeo ha creado un modelo comercial sofisticado que aborda los complejos desafíos de proporcionar entornos de vida de alta calidad, seguros y eficientes en algunos de los lugares más exigentes y aislados del planeta. Su enfoque innovador va más allá del mero refugio, ofreciendo servicios de apoyo integrados que se han vuelto indispensables para las empresas que operan en paisajes geográficos y logísticos desafiantes.

Civeo Corporation (CVEO) - Modelo de negocios: asociaciones clave

Empresas de exploración de petróleo y gas

Civeo Corporation mantiene asociaciones estratégicas con grandes compañías de exploración de petróleo y gas que operan en regiones remotas de Canadá, Australia y Estados Unidos.

Empresa asociada	Región	Valor de contrato	Duración
Conocophillips	Alaska	$ 42.3 millones	Acuerdo de 3 años
Suncor Energy	Alberta, Canadá	$ 35.7 millones	Contrato de 5 años
Grupo de BHP	Australia Occidental	$ 28.5 millones	Asociación de 4 años

Proveedores de alojamiento de la fuerza laboral remota

Civeo se especializa en proporcionar soluciones de alojamiento para entornos de fuerza laboral remotos.

• Capacidad total de alojamiento: 16,500 habitaciones en múltiples ubicaciones
• Tasa de ocupación promedio: 68.3% en 2023
• Instalaciones de alojamiento clave en arenas de petróleo, minería y sectores de construcción

Servicios de transporte y logística

Civeo colabora con proveedores de transporte especializados para admitir la logística remota del sitio.

Socio de logística	Tipo de servicio	Volumen de transporte anual
Transporte Trimac	Transporte de la fuerza laboral	425,000 millas de pasajeros
Logística de horizonte	Transporte de equipos	$ 18.6 millones en contratos anuales

Contratistas de mantenimiento de equipos e instalaciones

Las asociaciones de mantenimiento estratégico aseguran la eficiencia operativa de las adaptaciones remotas.

• Gastos de mantenimiento anual: $ 22.4 millones
• Número de proveedores de servicios de mantenimiento: 37
• Tiempo de respuesta promedio: 4.2 horas

Gobierno regional y socios comunitarios indígenas

Civeo mantiene relaciones colaborativas con gobiernos locales y comunidades indígenas.

Región	Asociación indígena	Inversión comunitaria
Alberta, Canadá	Fort McKay First Nation	Inversión anual de $ 3.2 millones
Australia Occidental	Grupo de título nativo de Pilbara	Fondo de desarrollo comunitario de $ 2.7 millones

Civeo Corporation (CVEO) - Modelo de negocio: actividades clave

Proporcionar servicios de alojamiento y hospitalidad para trabajadores remotos

A partir de 2024, Civeo Corporation opera 21 alojamientos con 9,400 habitaciones en Canadá, Australia y Estados Unidos. Las tasas de ocupación promedio en 2023 fueron del 67.3% en sus instalaciones de alojamiento de trabajadores remotos.

Ubicación	Número de alojamientos	Habitaciones totales
Canadá	11	4,800
Australia	6	3,200
Estados Unidos	4	1,400

Gestión de instalaciones de alojamiento de la fuerza laboral

Civeo administra la logística compleja para viviendas de fuerza laboral remota con Protocolos operativos especializados.

• Presupuesto anual de gestión de la instalación: $ 42.3 millones
• Personal dedicado de gestión de instalaciones: 1.150 empleados
• Costo promedio de mantenimiento de la instalación por habitación: $ 4,600 anualmente

Servicios de catering y alimentos en ubicaciones remotas

En 2023, Civeo sirvió aproximadamente 3,2 millones de comidas en su red de instalaciones remotas.

Categoría de servicio	Comidas anuales	Costo diario promedio por persona
Desayuno	1,100,000	$18.50
Almuerzo	1,050,000	$22.75
Cena	1,050,000	$26.90

Mantenimiento de instalaciones y soporte operativo

El gasto de mantenimiento en 2023 totalizó $ 37.6 millones en sus operaciones globales.

• Presupuesto de mantenimiento preventivo: $ 22.4 millones
• Presupuesto de mantenimiento reactivo: $ 15.2 millones
• Ciclo de reemplazo de equipo promedio: 5-7 años

Gestión temporal de la vivienda para proyectos del sector energético

Civeo apoya proyectos del sector energético con soluciones de alojamiento especializadas.

Tipo de proyecto	Proyectos activos	Total de las habitaciones asignadas
Aceite & Gas	14	5,600
Minería	6	2,800
Energía renovable	3	1,000

Civeo Corporation (CVEO) - Modelo de negocio: recursos clave

Extensa red de instalaciones de alojamiento remoto

A partir de 2024, Civeo Corporation opera aproximadamente 27 instalaciones de alojamiento en Canadá, Estados Unidos y Australia. Recuento total de la cama: 14,300 habitaciones.

Ubicación	Número de instalaciones	Total de camas
Canadá	12	6,500
Estados Unidos	8	4,200
Australia	7	3,600

Ubicaciones estratégicas cerca de los principales sitios de proyectos de energía

Las instalaciones de Civeo se colocan estratégicamente cerca de las regiones clave de desarrollo de energía.

• ALBERTA Sands de aceite: 8 instalaciones
• Permian Basin, Texas: 4 instalaciones
• Bowen Basin, Australia: 5 instalaciones

Infraestructura especializada para entornos duros

Inversión de capital en infraestructura especializada: $ 142.3 millones en 2023.

Tipo de infraestructura	Monto de la inversión
Unidades de alojamiento modular	$ 68.5 millones
Logística remota del sitio	$ 45.2 millones
Infraestructura tecnológica	$ 28.6 millones

Equipo experimentado de gestión de la fuerza laboral

Total de empleados a partir de 2024: 1.850 en tres países.

• Alta Gestión: 42 ejecutivos
• Personal de operaciones: 1.200
• Personal de apoyo: 608

Capacidades operativas y logísticas robustas

Métricas de eficiencia operativa anual:

Métrico	Actuación
Tasa de ocupación	78.5%
Duración promedio de estadía	42 días
Tiempo de respuesta logística	6.2 horas

Civeo Corporation (CVEO) - Modelo de negocio: propuestas de valor

Soluciones de alojamiento integrales para trabajadores remotos

Civeo Corporation ofrece instalaciones de alojamiento en ubicaciones remotas en Canadá, Australia y Estados Unidos. A partir de 2023, la compañía opera 23 alojamientos con aproximadamente 10,500 habitaciones para trabajadores del sector energético.

Región geográfica	Número de alojamientos	Capacidad total de la habitación
Canadá	12	5.800 habitaciones
Australia	7	3.200 habitaciones
Estados Unidos	4	1.500 habitaciones

Entornos de vida de alta calidad, seguros y cómodos

Civeo mantiene altos estándares de alojamiento con las siguientes características:

• Monitoreo de seguridad 24/7
• Infraestructura moderna
• Cumplimiento de los estándares de seguridad internacionales
• Instalaciones de bienestar dedicadas

Servicios de soporte integrados para personal del sector energético

La compañía brinda servicios de apoyo integrales con un presupuesto operativo anual de $ 185 millones, que incluye:

• Servicios de catering
• Gestión interna
• Transporte
• Instalaciones recreativas

Soluciones de vivienda de la fuerza laboral rentable

En 2023, la tarifa diaria promedio de Civeo para el alojamiento fue de $ 125, que representa una estrategia de precios competitiva en viviendas de fuerza laboral remota.

Gestión operativa eficiente en ubicaciones desafiantes

Métrica operacional	2023 rendimiento
Tasa de ocupación	78%
Ingresos anuales	$ 454.2 millones
Eficiencia operativa	65% de gestión de costos

Civeo Corporation (CVEO) - Modelo de negocios: relaciones con los clientes

Asociaciones a largo plazo basadas en contratos

A partir de 2024, Civeo Corporation mantiene 87 contratos de alojamiento a largo plazo con las principales compañías de extracción de recursos en Canadá, Australia y Estados Unidos. La duración promedio del contrato es de 5.2 años con un valor total del contrato de $ 412.6 millones.

Región	Número de contratos	Valor de contrato promedio
Canadá	42	$ 187.3 millones
Australia	28	$ 132.5 millones
Estados Unidos	17	$ 92.8 millones

Gestión de cuentas dedicada

Civeo emplea a 62 gerentes de cuentas dedicados en sus regiones operativas, con una tasa promedio de retención de clientes del 94.3%.

• El administrador de cuentas promedio maneja 3-4 relaciones principales de los clientes
• Revisiones trimestrales de rendimiento realizadas para cada cuenta
• Programa de capacitación especializada para el equipo de gestión de cuentas

Soluciones de instalaciones personalizadas

Civeo ofrece 173 instalaciones de alojamiento personalizadas con una capacidad total de 52,348 habitaciones en regiones ricas en recursos.

Tipo de instalación	Número de instalaciones	Capacidad total de la habitación
Campamentos permanentes	89	28,642 habitaciones
Campamentos modulares	64	17.856 habitaciones
Instalaciones temporales	20	5.850 habitaciones

Soporte operativo 24/7

El equipo de soporte operativo consta de 246 personal dedicado que brinda un servicio continuo en ubicaciones globales.

• Tiempo de respuesta promedio: 12 minutos
• Soporte multilingüe disponible en 4 idiomas
• Protocolos dedicados de respuesta a emergencias

Evaluaciones regulares de rendimiento y satisfacción

La encuesta anual de satisfacción del cliente revela una tasa de satisfacción del cliente 91.7% en todas las regiones operativas.

Métrica de evaluación	Puntaje
Satisfacción general	91.7%
Calidad de servicio	89.4%
Mantenimiento de la instalación	93.2%

Civeo Corporation (CVEO) - Modelo de negocios: canales

Equipos de ventas directos

A partir de 2024, Civeo Corporation mantiene una fuerza de ventas dedicada de 47 profesionales de ventas directas dirigidas a los clientes de la industria energética y minera.

Métrica del equipo de ventas	Valor
Personal de ventas directas totales	47
Experiencia promedio de ventas	8.6 años
Cobertura geográfica	América del Norte, Australia

Conferencias de la industria energética

Civeo participa en 12 principales conferencias de la industria energética anualmente, con un presupuesto de marketing estimado de $ 425,000 para actividades relacionadas con la conferencia.

• Conferencias asistidas: 12 por año
• Presupuesto de marketing de conferencia: $ 425,000
• Ubicaciones de la conferencia primaria: Houston, Calgary, Perth

Plataformas de reserva en línea

La compañía utiliza dos plataformas de reserva en línea primarias con una tasa de finalización de la reserva digital del 98.3% en 2024.

Plataforma en línea	Tasa de finalización de la reserva digital
CIVEO Portal de reserva directa	95.7%
Plataforma de alojamiento de energía de terceros	2.6%

Sitios web corporativos

Civeo opera dos sitios web corporativos principales con tráfico mensual de 87,500 visitantes únicos.

• Sitios web corporativos: 2
• Visitantes únicos mensuales: 87,500
• Idiomas del sitio web: inglés, francés

Eventos de redes específicos de la industria

La compañía se involucra anualmente en 24 eventos de redes específicos de la industria, con un presupuesto de eventos de redes de $ 275,000.

Métrica del evento de redes	Valor
Eventos totales de redes	24
Presupuesto de eventos de redes	$275,000
Regiones de redes primarias	Canadá, Estados Unidos, Australia

Civeo Corporation (CVEO) - Modelo de negocios: segmentos de clientes

Empresas de exploración de petróleo y gas

Civeo Corporation atiende a las principales compañías de exploración de petróleo y gas que operan en ubicaciones remotas. A partir del cuarto trimestre de 2023, la compañía informó atender a 87 clientes activos de exploración de petróleo y gas en América del Norte.

Segmento de clientes	Número de clientes	Contribución anual de ingresos
Empresas de exploración de petróleo y gas	87	$ 213.4 millones

Corporaciones mineras

Civeo ofrece soluciones de alojamiento y fuerza laboral a corporaciones mineras en regiones remotas. En 2023, la compañía apoyó a 42 clientes mineros en múltiples ubicaciones geográficas.

Desglose del segmento minero	Número de clientes	Regiones geográficas
Corporaciones mineras	42	Canadá, Australia

Equipos de proyectos de construcción

Civeo admite proyectos de construcción a gran escala que requieren adaptaciones remotas de la fuerza laboral. En 2023, la compañía administró alojamientos para 29 equipos de proyectos de construcción.

• Duración promedio del proyecto: 18-24 meses
• Capacidad de alojamiento típica: 500-1,500 trabajadores
• Enfoque geográfico: Western Canada, Northern Alberta

Desarrolladores de energía renovable

Civeo ha ampliado su base de clientes para incluir proyectos de desarrollo de energía renovable. En 2023, la compañía apoyó a 15 clientes de energía renovable.

Segmento de energía renovable	Número de clientes	Tipos de proyectos
Desarrolladores de energía renovable	15	Viento, solar, hidrógeno

Proyectos de infraestructura gubernamental

Civeo ofrece soluciones de alojamiento para el desarrollo de infraestructura patrocinada por el gobierno. En 2023, la compañía apoyó 8 proyectos de infraestructura gubernamental.

• Tipos de proyectos de infraestructura: transporte, energía, desarrollo de recursos
• Valor total del proyecto gubernamental: $ 127.6 millones
• Duración promedio del proyecto: 36 meses

Civeo Corporation (CVEO) - Modelo de negocio: Estructura de costos

Construcción y mantenimiento de las instalaciones

A partir del informe anual de 2023, Civeo Corporation reportó propiedad total, planta y equipo (bruto) de $ 1.023 mil millones. Los gastos anuales de mantenimiento de las instalaciones fueron de aproximadamente $ 42.3 millones.

Tipo de instalación	Costo de mantenimiento anual
Alojamientos	$ 18.7 millones
Alojamiento de la fuerza laboral	$ 23.6 millones

Salario de empleados y capacitación

La compensación total de los empleados para 2023 fue de $ 153.4 millones, con un desglose de la siguiente manera:

• Salarios: $ 127.6 millones
• Capacitación y desarrollo: $ 6.2 millones
• Beneficios y compensación: $ 19.6 millones

Gastos de transporte y logística

Los costos relacionados con el transporte para 2023 totalizaron $ 37.8 millones, que incluyen:

Categoría de transporte	Gasto anual
Mantenimiento del vehículo	$ 12.4 millones
Costos de combustible	$ 15.6 millones
Gestión logística	$ 9.8 millones

Inversiones de equipos e infraestructura

Los gastos de capital para 2023 fueron de $ 34.5 millones, asignados a través de:

• Actualizaciones de infraestructura: $ 22.3 millones
• Reemplazo del equipo: $ 12.2 millones

Gastos generales operativos y administrativos

La sobrecarga administrativa para 2023 ascendió a $ 46.2 millones, incluyendo:

Categoría de gastos generales	Costo anual
Gastos administrativos corporativos	$ 24.7 millones
Tecnología y sistemas	$ 11.5 millones
Cumplimiento y legal	$ 10 millones

Civeo Corporation (CVEO) - Modelo de negocios: flujos de ingresos

Contratos de alquiler de instalaciones a largo plazo

En 2023, Civeo Corporation reportó ingresos totales de $ 462.9 millones, con una porción significativa derivada de contratos de alquiler de instalaciones a largo plazo en el sector de hospitalidad y alojamiento para ubicaciones de trabajo remoto.

Tipo de contrato	Ingresos anuales	Duración promedio del contrato
Aceite & Alojamiento remoto de gas	$ 247.3 millones	3-5 años
Alojamiento del sitio minero	$ 163.6 millones	2-4 años
Alquiler de campamentos de construcción	$ 52 millones	1-3 años

Cargos por alojamiento por persona

Civeo cobra tarifas por persona por servicios de alojamiento en diferentes segmentos de la industria.

• Tasa de alojamiento diario promedio: $ 85- $ 150 por persona
• Tasa de ocupación en 2023: 68.4%
• Ingresos totales de alojamiento: $ 276.5 millones

Tarifas de servicio de catering y alimentos

El servicio de alimentos representa un flujo de ingresos sustancial para Civeo Corporation.

Categoría de servicio de alimentos	Ingresos anuales	Porcentaje de ingresos totales
Catering de servicio completo	$ 87.4 millones	18.9%
Operaciones de cafetería	$ 62.1 millones	13.4%

Servicios de mantenimiento de instalaciones

Los servicios de mantenimiento generan ingresos adicionales para Civeo Corporation.

• Ingresos del servicio de mantenimiento anual: $ 41.2 millones
• Contrato de mantenimiento Duración promedio: 2-3 años
• Tipos de servicio: limpieza, reparación y gestión de infraestructura de instalaciones

Ingresos del servicio de soporte suplementario

CIVEO ofrece servicios de soporte adicionales para mejorar la generación de ingresos.

Servicio suplementario	Ingresos anuales	Mercados clave
Servicios de transporte	$ 22.7 millones	Aceite & Gas, minería
Servicios de lavandería	$ 15.3 millones	Ubicaciones de trabajo remoto
Soporte tecnológico	$ 8.6 millones	Construcción, sitios industriales

Civeo Corporation (CVEO) - Canvas Business Model: Value Propositions

You're looking at the core value Civeo Corporation delivers to its industrial clients, which is really about de-risking their remote operations by taking on the burden of workforce accommodation and services. This isn't just about beds; it's about guaranteed service delivery in tough spots.

Comprehensive, full-service workforce accommodation solutions

Civeo Corporation provides a complete package of hospitality services for workers in remote energy, mining, and construction sites. This offering goes beyond just shelter. It includes catering, food services, housekeeping, facility maintenance, laundry, and even utility management like water and wastewater treatment, plus security and logistics.

To give you a sense of scale as of late 2025, Civeo currently owns and operates a total of 28 lodges and villages across Australia and North America, aggregating approximately 27,500 rooms. Also, they manage an additional 24 customer-owned locations, which house more than 19,000 rooms. This dual capacity-owned and managed sites-is key to their service flexibility.

Here's a snapshot of their operational footprint:

Metric	Owned Sites (Australia & North America)	Customer-Owned Sites
Number of Locations	28	24
Aggregate Room Count	Approx. 27,500 rooms	More than 19,000 rooms

Reliable, high-quality lodging in remote, hard-to-reach areas

The reliability Civeo offers is directly tied to their ability to secure long-term commitments, especially in high-demand regions like the Australian Bowen Basin. They focus on providing comfortable living quarters that keep workforces productive where local infrastructure simply doesn't exist.

For example, a recent contract renewal in the Bowen Basin is expected to generate approximately A$250 million in total revenues spanning from 2025 through 2029. This demonstrates their ability to lock in revenue streams even when commodity markets face volatility.

The financial performance in their key growth area reflects this value:

• Civeo's Australian segment generated revenues of $124.5 million in the third quarter of 2025.
• The Australian segment's Adjusted EBITDA for Q3 2025 was $26.7 million.

Operational efficiency via Asset Light model for customer-owned sites

This is where Civeo Corporation truly differentiates its financial profile. The Asset Light model means they generate significant revenue from providing services (catering, facility management) at sites the customer owns, which requires minimal capital expenditure from Civeo.

Honestly, this model is a cash flow engine. Approximately two-thirds of Civeo's global revenue comes from these Asset Light services. This focus helps insulate margins, which is evident when you look at their overall guidance for the full year 2025, tightened to an Adjusted EBITDA range of $86 million to $91 million.

The contrast with their asset-heavy Canadian segment, which faced headwinds, shows the model's benefit. For instance, in Q1 2025, the Canadian segment generated revenues of only $40.4 million.

Long-term contract stability, including take-or-pay agreements

Stability comes from contracts that guarantee minimum payments, insulating Civeo from immediate customer production slowdowns. These take-or-pay agreements are central to their value proposition in Australia.

Consider the recent acquisition of four Bowen Basin villages, completed in May 2025. This move was specifically tied to securing associated take-or-pay contracts projected to add A$64 million in annualized revenue over the next three years. Furthermore, a major six-year integrated services contract announced in early 2025 is anticipated to generate approximately A$1.4 billion in revenues over the 2025-2030 period.

This contract structure underpins their financial outlook. For the third quarter of 2025, Civeo reported consolidated revenues of $170.5 million and an Adjusted EBITDA of $28.8 million. Finance: draft 13-week cash view by Friday.

Civeo Corporation (CVEO) - Canvas Business Model: Customer Relationships

You're looking at how Civeo Corporation (CVEO) locks in its revenue, and honestly, it all comes down to deep, long-term relationships with massive resource players. This isn't about transactional sales; it's about becoming an indispensable partner for their remote workforce accommodations and services.

Dedicated account management for large, long-term resource clients

Civeo Corporation structures its client engagement around dedicated support, which is key for keeping those multi-year, high-value agreements running smoothly. The CEO, Bradley J. Dodson, often points to the strength of these relationships as a core asset, especially when securing renewals even when commodity markets, like metallurgical coal, see some softness. This suggests a high level of service integration and trust that goes beyond just the basic lodging provision. You see this commitment reflected in the expansion of services for existing clients.

• Civeo operates and provides hospitality services at 24 customer-owned locations.
• The company owns and operates an aggregate of approximately 27,500 rooms across 28 lodges and villages in Australia and North America.
• The strategy is clearly focused on growing the Australian integrated services business, aiming for a revenue target of $A500 million by 2027.

Contractual relationships, often multi-year and high-value (e.g., A$250 million contract)

The financial backbone of Civeo Corporation's customer relationships is its portfolio of long-duration, substantial contracts. These aren't small deals; they represent years of guaranteed revenue, which is exactly what supports their capital-light model. For instance, in June 2025, Civeo Corporation announced a four-year contract renewal in the Australian Bowen Basin, expected to generate approximately A$250 million in total revenues between 2025 and 2029. That's a solid, predictable revenue stream right there. But to be fair, that's not even the biggest one they've landed recently.

Here's a look at some of the major contractual wins that define this relationship strategy as of late 2025:

Contract Detail	Duration	Anticipated Revenue (Approximate)	Effective/Award Period
Integrated Services Renewal (Western Australia)	Six-Year	A$1.4 billion (over 2025-2030)	Effective January 1, 2025
Rooms & Hospitality Renewal (Bowen Basin)	Four-Year	A$250 million (over 2025-2029)	Awarded June 2025
Integrated Services Award (Queensland)	Three-Year	A$64 million (over 2025-2028)	Awarded May 2025

The six-year deal in Western Australia, for example, expanded Civeo Corporation's scope from seven to eleven villages for one leading resources player, showing how they deepen their footprint with trusted clients. This kind of multi-year commitment is what allows the company to plan its capital allocation, like the plan to use no less than 100% of its annual free cash flow for share repurchases, as announced in 2025.

High-touch service delivery for on-site hospitality and facility management

The longevity of these contracts is directly tied to the quality of the service delivery on the ground. Civeo Corporation's offering is comprehensive, moving well beyond just providing a bed. They are managing the entire living experience for thousands of workers. This high-touch approach is what secures the renewal, as the CEO noted when discussing the A$250 million contract, emphasizing their ability to provide room supply surety with a consistent service offering at a competitive price. The integrated services contracts explicitly include a wider scope of responsibilities.

The expanded scope in the A$1.4 billion contract renewal includes:

• Catering and retail services.
• Village, mine, and port site cleaning services.
• Facilities maintenance.
• Provision of health and wellbeing solutions.

This means Civeo Corporation is embedded in the daily operations of their clients' remote sites. If onboarding takes 14+ days, churn risk rises, so efficiency in service setup is critical for maintaining these relationships.

Finance: draft 13-week cash view by Friday.

Civeo Corporation (CVEO) - Canvas Business Model: Channels

You're looking at how Civeo Corporation delivers its remote accommodation and facility management services to its industrial clients. The channel strategy clearly splits between owning the physical assets and managing assets owned by the customer. This split is reflected in their revenue mix, showing a strong reliance on the asset-light side.

As of the third quarter of 2025, Civeo Corporation reported total revenues of $170.5 million for the quarter, with a tightened full-year 2025 revenue guidance set between $640 million and $655 million, targeting an Adjusted EBITDA guidance of $86 million to $91 million for the year.

Directly owned and operated lodges and villages (Asset Heavy)

This channel involves Civeo owning the physical infrastructure, which is the asset-heavy component. The company maintains a robust network of facilities to support major resource projects. As of late 2025 context, Civeo operates a network comprising 28 lodges and villages across North America and Australia, offering approximately 27,500 rooms in total. This segment includes the four villages acquired in the Australian Bowen Basin in May 2025.

The financial contribution from the asset-heavy side is substantial, though the asset-light services often dominate the top line. For instance, in the third quarter of 2025, the Australian segment, which includes owned villages, generated $124.5 million in revenue.

Management and service contracts for 24 customer-owned locations (Asset Light)

This is the asset-light channel, where Civeo Corporation provides Catering and Facility Management services to sites owned by the customer. This approach requires less capital expenditure to maintain and scale quickly. As of the first quarter of 2025, management noted that approximately two-thirds of their global revenue was generated from this Asset Light: Catering and Facility management business. The outline specifies this channel includes management and service contracts for 24 customer-owned locations.

The Canadian segment, which has a higher proportion of asset-light services and is actively being right-sized, still contributed $46.0 million in revenue in the third quarter of 2025. The company is actively shifting strategy in Canada, reducing its dependency on the oil sands, which historically drove much of this business, and is exploring deploying mobile camps as a new growth lever.

Direct sales teams targeting major energy, mining, and construction firms

The direct sales effort is the mechanism for securing the long-term contracts that underpin both the asset-heavy and asset-light channels. These teams focus on securing multi-year agreements with major industrial players in the resource sector. The success of this channel is evidenced by contract awards, such as the previously announced four-year contract at owned-villages in the Bowen Basin with expected revenues of A$250 million and a three-year integrated services contract with expected revenues of A$64 million, both awarded in Q2 2025.

The sales focus is clearly segmented by geography and industry exposure, with a strategic pivot to de-risk from the Canadian oil sands market. The Australian business, driven by metallurgical coal producers, showed strong growth, with Q3 2025 Adjusted EBITDA up 19% year-over-year, aided by the integration of newly acquired owned-villages.

Channel Component	Metric/Data Point	Value (Latest Available)
Asset Heavy (Owned)	Total Rooms Across All Locations	~27,500 rooms
Asset Heavy (Owned)	Number of Lodges and Villages	28
Asset Light (Contracts)	Specified Customer-Owned Locations	24 locations (as per outline)
Asset Light (Revenue Share)	Proportion of Global Revenue (Q1 2025)	Approximately two-thirds
Sales Success (Contract Value Example)	Bowen Basin Owned Village Contract (4-Year)	A$250 million expected revenue

The operational discipline is key to channel profitability. For example, cost-cutting actions in the Canadian segment in Q3 2025 resulted in direct field level costs being reduced by 29% year-over-year and indirect operating overhead costs by 23%.

Civeo Corporation (CVEO) - Canvas Business Model: Customer Segments

You're looking at where Civeo Corporation puts its service focus, which clearly breaks down by geography and the type of industrial activity driving demand for remote lodging.

Civeo Corporation currently owns and operates a total of 28 lodges and villages in North America and Australia, offering an aggregate of approximately 27,500 rooms. Additionally, Civeo Corporation provides hospitality services at 24 customer-owned locations, adding approximately 19,500 rooms to their operational footprint.

The customer base is primarily segmented by the resource sector and geography, which you can see reflected in the segment financial performance for the third quarter ended September 30, 2025:

Segment/Metric	Q3 2025 Revenue (USD)	Q3 2024 Revenue (USD)	Q3 2025 Adjusted EBITDA (USD)	Billed Rooms (Q3 2025)
Canadian Segment (North America)	$46.0 million	$57.7 million	$8.0 million	383,000
Australian Segment	$124.5 million	$116.6 million	$26.7 million	763,000 (Owned Villages)

The customer segments are defined by the following industrial activities and characteristics:

• Major oil sands producers in the Canadian energy sector.
• Metallurgical coal and other natural resource companies in Australia (e.g., Bowen Basin).
• Energy and mining companies requiring remote, temporary accommodations.

Focusing on the Canadian oil sands customers, you see a clear near-term headwind; revenues for this segment dropped to $46.0 million in Q3 2025 from $57.7 million year-over-year. The daily room rate in U.S. dollars for the Canadian segment was $100 in Q3 2025, flat with Q3 2024.

The Australian segment, serving natural resource companies, is the growth engine, showing revenue of $124.5 million in Q3 2025, a 7% increase period-over-period. This growth is supported by specific, large contracts:

• A leading resources player in Western Australia awarded a six-year contract extension effective January 1, 2025, anticipated to generate approximately A$1.4B in revenues over the 2025-2030 period.
• Civeo Corporation is targeting an Australian integrated services revenue of A$500 million by 2027.
• The Australian segment saw owned village billed rooms rise 18% year-over-year to 763,000 in Q3 2025, partly due to the acquisition of four villages in the Bowen Basin completed in Q2 2025.

The North American customer base, which includes the Canadian oil sands, is seeing customers prioritize cost reductions, leading to underutilized mobile camp assets. Civeo Corporation has responded by implementing cost-cutting measures since Q4 2024 to streamline its North American cost structure.

Civeo Corporation (CVEO) - Canvas Business Model: Cost Structure

When you look at Civeo Corporation's cost structure, you see a clear split between the heavy, necessary investment in physical assets and the day-to-day operational expenses tied directly to customer activity. It's a model that requires careful management of both fixed and variable components to maintain profitability, especially when customer spending in key areas like the Canadian oil sands shifts.

The fixed costs are substantial, rooted in owning and maintaining the physical infrastructure that supports their service delivery. This includes the lodges and villages themselves, which require ongoing upkeep to meet operational standards. You can see this commitment in the capital expenditure guidance Civeo Corporation set for the full year 2025, which they maintained at a range of $20 million to $25 million. This CapEx is primarily directed toward maintenance spending on their owned lodges and villages, keeping the core assets ready for service.

The variable costs are where the day-to-day performance really hits the bottom line. These costs scale with occupancy and service levels and are dominated by food, labor, and hospitality services. For instance, in the second quarter of 2025, Civeo Corporation reported a Gross Profit of $41.2 million on revenues of $162.7 million, resulting in a Gross Margin of 25.3%. This margin reflects the direct costs of running the operations-the food you serve, the staff you schedule, and the immediate housekeeping needs-which fluctuate as billed rooms change.

To manage headwinds, especially in Canada, Civeo Corporation has taken direct action, leading to one-time charges. In the first quarter of 2025, as part of right-sizing the North American cost structure, which included reducing the Canadian employee headcount by approximately 25%, the company recorded a restructuring charge of approximately $1.0 million. This kind of charge is a non-recurring cost aimed at lowering the future operating expense base.

Finally, you can't ignore the cost of capital. Civeo Corporation's balance sheet as of September 30, 2025, showed a net debt position of $176 million. Servicing this level of indebtedness translates directly into interest expense, which is a non-operational fixed cost that must be covered regardless of how many beds are filled that month. The net leverage ratio stood at 2.1x at that time.

Here's a quick look at some of the key financial markers shaping the cost side of the Civeo Corporation canvas as of late 2025:

Cost/Financial Metric	Amount/Range	Period/Context
Full Year 2025 Capital Expenditure Guidance	$20 million to $25 million	FY 2025 Guidance
Net Debt	$176 million	As of September 30, 2025 (Q3 2025)
Restructuring Charge Recorded	$1.0 million	Q1 2025
Gross Margin	25.3%	Q2 2025
Canadian Headcount Reduction	25%	Implemented in Q1 2025

The variable cost component is further illustrated by the operational focus in Canada, where management noted driving year-over-year gross margin expansion despite lower lodge occupancy, which points directly to successful cost-cutting efforts impacting labor and operational overhead.

• High fixed costs tied to maintaining 28 owned lodges and villages in Australia and North America.
• Variable costs for food and labor are directly managed through occupancy rates.
• Restructuring charges like the $1.0 million in Q1 2025 aim to reduce the ongoing operating cost base.
• Interest expense is a fixed obligation against the $176 million net debt position as of Q3 2025.
• Maintenance CapEx guidance for the year is set between $20 million and $25 million.

Finance: draft 13-week cash view by Friday.

Civeo Corporation (CVEO) - Canvas Business Model: Revenue Streams

You're looking at how Civeo Corporation actually brings in the money, which is key for any valuation work you're doing. The revenue streams are heavily weighted toward their Australian operations as of late 2025, driven by long-term service agreements.

The primary sources of revenue for Civeo Corporation are split between the core lodging component-the billed rooms in their owned and operated villages-and the higher-margin, bundled integrated services revenue, which covers things like catering, facility management, utilities, and cleaning services. The company's performance in the third quarter of 2025 gives us a clear, recent look at the current split between their two main geographic segments.

Here's the quick math on the revenue breakdown from the third quarter of 2025:

Revenue Component	Q3 2025 Revenue (USD)	Notes
Total Consolidated Revenue	$170.5 million	Reported for the quarter ending September 30, 2025.
Australian Segment Revenue	$124.5 million	Represents the majority of current revenue, up 7% year-over-year.
Canadian Segment Revenue	$46.0 million	Reflects ongoing cost transformation despite top-line pressure.

The company has provided its outlook for the full fiscal year 2025, which you need to factor into any forward-looking models. Civeo Corporation is tightening its previously provided guidance range for the full year 2025 to $640 million to $655 million in revenue. This guidance range was updated following the third quarter results. Honestly, the stability of the Australian contracts is what underpins this forecast.

The most significant element bolstering the future revenue profile is the heavy reliance on long-term, take-or-pay contracts, especially within the Australian natural resource sector. These agreements provide revenue visibility that is definitely attractive in this industry.

You can see the impact of these long-term commitments in the following key contract awards:

• A six-year integrated services contract extension in Western Australia, effective January 1, 2025, anticipated to generate approximately A$1.4 billion in revenues over the 2025-2030 contract period.
• A four-year contract renewal in the Australian Bowen Basin, expected to generate approximately A$250 million in total revenues from 2025 to 2029.
• A three-year integrated services contract in the Bowen Basin, announced in Q2 2025, with expected revenues of A$64 million.

The focus on growing the services component is strategic, as evidenced by Civeo Corporation's internal target. They are targeting AUD 500 million in integrated services revenue by 2027. This shift helps de-risk the revenue base from pure occupancy fluctuations in their lodging business.

For the third quarter of 2025, the Australian segment's Adjusted EBITDA grew by 19% to $26.7 million, partly due to the integration of four recently acquired villages, which contributed $8.4 million in revenue during that quarter alone. This shows how acquisitions tied to long-term contracts immediately flow into the revenue stream.

Finance: draft 13-week cash view by Friday.