Civeo Corporation (CVEO): Canvas du modèle d'entreprise [Jan-2025 Mise à jour]

Dans le monde dynamique de l'hébergement à distance de la main-d'œuvre, Civeo Corporation (CVEO) émerge comme un acteur charnière, transformant comment les projets d'énergie, d'exploitation minière et d'infrastructure soutiennent leurs effectifs mobiles. En mélangeant de manière transparente des solutions d'hébergement complètes avec une expertise opérationnelle complexe, Civeo a conçu un modèle commercial sophistiqué qui relève les défis complexes de la fourniture d'environnements de vie de haute qualité, sûrs et efficaces dans certains des emplacements les plus exigeants et les plus isolés de la planète. Leur approche innovante va au-delà du simple abri, offrant des services de soutien intégrés qui sont devenus indispensables aux entreprises opérant dans des paysages géographiques et logistiques difficiles.

Civeo Corporation (CVEO) - Modèle d'entreprise: partenariats clés

Sociétés d'exploration du pétrole et du gaz

Civeo Corporation maintient des partenariats stratégiques avec les grandes sociétés d'exploration pétrolière et gazière opérant dans des régions éloignées du Canada, de l'Australie et des États-Unis.

Entreprise partenaire	Région	Valeur du contrat	Durée
Conocophillips	Alaska	42,3 millions de dollars	Accord de 3 ans
Énergie solaire	Alberta, Canada	35,7 millions de dollars	Contrat à 5 ans
Groupe BHP	Australie-Occidentale	28,5 millions de dollars	Partenariat sur 4 ans

Fournisseurs d'hébergement à distance

Civeo se spécialise dans la fourniture de solutions de logement pour les environnements de main-d'œuvre distants.

• Capacité totale d'hébergement: 16 500 chambres sur plusieurs emplacements
• Taux d'occupation moyen: 68,3% en 2023
• Installations de logements clés dans les secteurs des sables bitumineux, de l'exploitation minière et de la construction

Services de transport et de logistique

Civeo collabore avec des fournisseurs de transport spécialisés pour prendre en charge la logistique du site distant.

Partenaire de logistique	Type de service	Volume de transport annuel
Transport Trimac	Transport de la main-d'œuvre	425 000 miles de passagers
Horizon Logistics	Transport d'équipement	18,6 millions de dollars de contrats annuels

Entrepreneurs de l'entretien d'équipement et des installations

Les partenariats de maintenance stratégique garantissent l'efficacité opérationnelle des logements à distance.

• Dépenses de maintenance annuelles: 22,4 millions de dollars
• Nombre de prestataires de services de maintenance: 37
• Temps de réponse moyen: 4,2 heures

Gouvernement régional et partenaires communautaires autochtones

Civeo entretient des relations collaboratives avec les gouvernements locaux et les communautés autochtones.

Région	Partenariat indigène	Investissement communautaire
Alberta, Canada	Première nation de Fort McKay	Investissement annuel de 3,2 millions de dollars
Australie-Occidentale	Groupe de titre natif de Pilbara	Fonds de développement communautaire de 2,7 millions de dollars

Civeo Corporation (Cveo) - Modèle d'entreprise: activités clés

Fournir des services d'hébergement et d'hospitalité aux travailleurs à distance

En 2024, Civeo Corporation exploite 21 lodges avec 9 400 chambres à travers le Canada, l'Australie et les États-Unis. Les taux d'occupation moyens en 2023 étaient de 67,3% dans leurs installations d'hébergement à distance.

Emplacement	Nombre de lodges	Total Rooms
Canada	11	4,800
Australie	6	3,200
États-Unis	4	1,400

Gestion des installations d'hébergement de la main-d'œuvre

Civeo gère la logistique complexe pour le logement de la main-d'œuvre à distance avec protocoles opérationnels spécialisés.

• Budget annuel de gestion des installations: 42,3 millions de dollars
• Personnel de gestion des installations dédié: 1 150 employés
• Coût moyen d'entretien des installations par pièce: 4 600 $ par an

Services de restauration et de nourriture dans des endroits éloignés

En 2023, Civeo a servi environ 3,2 millions de repas dans leur réseau d'installations distantes.

Catégorie de service	Repas annuels	Coût quotidien moyen par personne
Petit-déjeuner	1,100,000	$18.50
Déjeuner	1,050,000	$22.75
Dîner	1,050,000	$26.90

Entretien des installations et soutien opérationnel

Les dépenses de maintenance en 2023 ont totalisé 37,6 millions de dollars dans leurs opérations mondiales.

• Budget de maintenance préventive: 22,4 millions de dollars
• Budget de maintenance réactive: 15,2 millions de dollars
• Cycle de remplacement moyen de l'équipement: 5-7 ans

Gestion temporaire du logement pour les projets du secteur de l'énergie

Civeo soutient les projets du secteur de l'énergie avec des solutions d'hébergement spécialisées.

Type de projet	Projets actifs	Les pièces totales allouées
Huile & Gaz	14	5,600
Exploitation minière	6	2,800
Énergie renouvelable	3	1,000

Civeo Corporation (CVEO) - Modèle d'entreprise: Ressources clés

Réseau étendu d'installations d'hébergement à distance

En 2024, Civeo Corporation exploite environ 27 installations d'hébergement à travers le Canada, les États-Unis et l'Australie. Compte total de lit: 14 300 chambres.

Emplacement	Nombre d'installations	Lits totaux
Canada	12	6,500
États-Unis	8	4,200
Australie	7	3,600

Emplacements stratégiques à proximité des principaux sites du projet énergétique

Les installations de Civeo sont stratégiquement positionnées près des régions clés de développement de l'énergie.

• Sands pétroliers de l'Alberta: 8 installations
• Basin Permien, Texas: 4 installations
• Bowen Basin, Australie: 5 installations

Infrastructure spécialisée pour des environnements difficiles

Investissement en capital dans des infrastructures spécialisées: 142,3 millions de dollars en 2023.

Type d'infrastructure	Montant d'investissement
Unités d'hébergement modulaires	68,5 millions de dollars
Logistique du site distant	45,2 millions de dollars
Infrastructure technologique	28,6 millions de dollars

Équipe de gestion de la main-d'œuvre expérimentée

Total des employés en 2024: 1 850 dans trois pays.

• Haute haute direction: 42 dirigeants
• Personnel des opérations: 1 200
• Personnel de soutien: 608

Capacités opérationnelles et logistiques robustes

Métriques annuelles de l'efficacité opérationnelle:

Métrique	Performance
Taux d'occupation	78.5%
Durée du séjour moyen	42 jours
Temps de réponse logistique	6,2 heures

Civeo Corporation (CVEO) - Modèle d'entreprise: propositions de valeur

Solutions complètes d'hébergement pour les travailleurs à distance

Civeo Corporation fournit des installations d'hébergement dans des endroits éloignés à travers le Canada, l'Australie et les États-Unis. En 2023, la société exploite 23 lodges avec environ 10 500 chambres pour les travailleurs du secteur de l'énergie.

Région géographique	Nombre de lodges	Capacité totale de la pièce
Canada	12	5 800 chambres
Australie	7	3 200 chambres
États-Unis	4	1 500 chambres

Environnements de vie de haute qualité, sûrs et confortables

Civeo maintient des normes de logement élevées avec les caractéristiques suivantes:

• Surveillance de la sécurité 24/7
• Infrastructure moderne
• Conformité aux normes de sécurité internationales
• Installations de bien-être dédiées

Services de soutien intégrés pour le personnel du secteur de l'énergie

La société fournit des services de soutien complets avec un budget opérationnel annuel de 185 millions de dollars, notamment:

• Services de restauration
• Entretien ménager
• Transport
• Installations récréatives

Solutions de logement de la main-d'œuvre rentables

En 2023, le taux quotidien moyen pour l'hébergement de Civeo était de 125 $, ce qui représente une stratégie de tarification compétitive dans le logement à distance de la main-d'œuvre.

Gestion opérationnelle efficace dans des endroits difficiles

Métrique opérationnelle	Performance de 2023
Taux d'occupation	78%
Revenus annuels	454,2 millions de dollars
Efficacité opérationnelle	Gestion des coûts de 65%

Civeo Corporation (CVEO) - Modèle d'entreprise: relations avec les clients

Partenariats à long terme basés sur les contrats

En 2024, Civeo Corporation maintient 87 contrats d'hébergement à long terme avec des grandes sociétés d'extraction de ressources au Canada, en Australie et aux États-Unis. La durée moyenne du contrat est de 5,2 ans avec une valeur totale du contrat de 412,6 millions de dollars.

Région	Nombre de contrats	Valeur du contrat moyen
Canada	42	187,3 millions de dollars
Australie	28	132,5 millions de dollars
États-Unis	17	92,8 millions de dollars

Gestion de compte dédiée

Civeo emploie 62 gestionnaires de comptes dédiés dans ses régions opérationnelles, avec un taux moyen de rétention de la clientèle de 94,3%.

• Le gestionnaire de compte moyen gère 3 à 4 relations clients majeures
• Revues de performances trimestrielles effectuées pour chaque compte
• Programme de formation spécialisé pour l'équipe de gestion des comptes

Solutions d'installation personnalisées

Civeo fournit 173 installations d'hébergement personnalisées d'une capacité totale de 52 348 chambres dans les régions riches en ressources.

Type d'installation	Nombre d'installations	Capacité totale de la pièce
Camps permanents	89	28 642 chambres
Camps modulaires	64	17 856 chambres
Installations temporaires	20	5 850 chambres

Support opérationnel 24/7

L'équipe de soutien opérationnel se compose de 246 membres du personnel dédié fournissant un service continu dans les emplacements mondiaux.

• Temps de réponse moyen: 12 minutes
• Support multilingue disponible en 4 langues
• Protocoles d'intervention d'urgence dédiés

Évaluations régulières des performances et de la satisfaction

L'enquête annuelle sur la satisfaction du client révèle le taux de satisfaction des clients de 91,7% dans toutes les régions opérationnelles.

Métrique d'évaluation	Score
Satisfaction globale	91.7%
Qualité du service	89.4%
Entretien d'installation	93.2%

Civeo Corporation (CVEO) - Modèle d'entreprise: canaux

Équipes de vente directes

Depuis 2024, Civeo Corporation maintient une force de vente dédiée de 47 professionnels de la vente directe ciblant les clients de l'industrie énergétique et minière.

Métrique de l'équipe de vente	Valeur
Personnel de vente directe total	47
Expérience de vente moyenne	8,6 ans
Couverture géographique	Amérique du Nord, Australie

Conférences de l'industrie de l'énergie

Civeo participe à 12 grandes conférences de l'industrie de l'énergie par an, avec un budget marketing estimé à 425 000 $ pour les activités liées à la conférence.

• Conférences assistées: 12 par an
• Budget marketing de la conférence: 425 000 $
• Emplacements de la conférence primaire: Houston, Calgary, Perth

Plateformes de réservation en ligne

La société utilise deux plates-formes de réservation en ligne principales avec un taux d'achèvement de réservation numérique de 98,3% en 2024.

Plate-forme en ligne	Taux d'achèvement de la réservation numérique
Portail de réservation directe civeo	95.7%
Plate-forme d'hébergement énergétique tierce	2.6%

Sites Web d'entreprise

Civeo exploite deux sites Web d'entreprise principaux avec un trafic mensuel de 87 500 visiteurs uniques.

• Sites Web d'entreprise: 2
• Visiteurs uniques mensuels: 87 500
• Langues du site Web: anglais, français

Événements de réseautage spécifiques à l'industrie

La société organise 24 événements de réseautage spécifiques à l'industrie par an, avec un budget d'événements de réseautage de 275 000 $.

Métrique de l'événement de réseautage	Valeur
Événements de réseautage total	24
Budget de l'événement de réseautage	$275,000
Régions de réseautage primaires	Canada, États-Unis, Australie

Civeo Corporation (CVEO) - Modèle d'entreprise: segments de clientèle

Sociétés d'exploration du pétrole et du gaz

Civeo Corporation dessert les grandes sociétés d'exploration pétrolière et gazière opérant dans des emplacements éloignés. Au quatrième trimestre 2023, la société a déclaré avoir servi 87 clients actifs d'exploration de pétrole et de gaz à travers l'Amérique du Nord.

Segment de clientèle	Nombre de clients	Contribution annuelle des revenus
Sociétés d'exploration du pétrole et du gaz	87	213,4 millions de dollars

Sociétés minières

Civeo fournit des solutions d'hébergement et de main-d'œuvre aux sociétés minières dans les régions éloignées. En 2023, la société a soutenu 42 clients miniers dans plusieurs emplacements géographiques.

Répartition des segments d'exploitation	Nombre de clients	Régions géographiques
Sociétés minières	42	Canada, Australie

Équipes de projet de construction

Civeo prend en charge des projets de construction à grande échelle nécessitant des logements à distance de la main-d'œuvre. En 2023, la société a géré l'hébergement pour 29 équipes de projet de construction.

• Durée moyenne du projet: 18-24 mois
• Capacité d'hébergement typique: 500-1 500 travailleurs
• Focus géographique: Western Canada, nord de l'Alberta

Développeurs d'énergies renouvelables

Civeo a élargi sa clientèle pour inclure des projets de développement des énergies renouvelables. En 2023, l'entreprise a soutenu 15 clients d'énergie renouvelable.

Segment d'énergie renouvelable	Nombre de clients	Types de projet
Développeurs d'énergies renouvelables	15	Vent, solaire, hydrogène

Projets d'infrastructure gouvernementale

Civeo fournit des solutions d'hébergement pour le développement des infrastructures parrainé par le gouvernement. En 2023, la société a soutenu 8 projets d'infrastructure gouvernementale.

• Types de projets d'infrastructure: transport, énergie, développement des ressources
• Valeur totale du projet gouvernemental: 127,6 millions de dollars
• Durée moyenne du projet: 36 mois

Civeo Corporation (CVEO) - Modèle d'entreprise: Structure des coûts

Construction et entretien des installations

À partir du rapport annuel de 2023, Civeo Corporation a déclaré que les biens, l'usine et l'équipement totaux (brut) de 1,023 milliard de dollars. Les frais de maintenance des installations annuels étaient d'environ 42,3 millions de dollars.

Type d'installation	Coût de maintenance annuel
Loges	18,7 millions de dollars
Agent de main-d'œuvre	23,6 millions de dollars

Salaire et formation des employés

La rémunération totale des employés pour 2023 était de 153,4 millions de dollars, avec une rupture comme suit:

• Salaires: 127,6 millions de dollars
• Formation et développement: 6,2 millions de dollars
• Avantages et rémunération: 19,6 millions de dollars

Frais de transport et de logistique

Les coûts liés aux transports pour 2023 ont totalisé 37,8 millions de dollars, notamment:

Catégorie de transport	Dépenses annuelles
Entretien des véhicules	12,4 millions de dollars
Coût de carburant	15,6 millions de dollars
Gestion de la logistique	9,8 millions de dollars

Investissements d'équipement et d'infrastructure

Les dépenses en capital pour 2023 étaient de 34,5 millions de dollars, allouées entre:

• Mises à niveau des infrastructures: 22,3 millions de dollars
• Remplacement de l'équipement: 12,2 millions de dollars

Frais généraux opérationnels et administratifs

Les frais généraux administratifs pour 2023 s'élevaient à 46,2 millions de dollars, notamment:

Catégorie aérienne	Coût annuel
Frais administratifs d'entreprise	24,7 millions de dollars
Technologie et systèmes	11,5 millions de dollars
Conformité et légal	10 millions de dollars

CIVEO CORPORATION (CVEO) - Modèle d'entreprise: Strots de revenus

Contrats de location à long terme

En 2023, Civeo Corporation a déclaré un chiffre d'affaires total de 462,9 millions de dollars, avec une partie importante dérivée des contrats de location à long terme dans le secteur de l'hôtellerie et de l'hébergement pour les emplacements de travail à distance.

Type de contrat	Revenus annuels	Durée du contrat moyen
Huile & Hébergement à distance à gaz	247,3 millions de dollars	3-5 ans
Logement du site minier	163,6 millions de dollars	2-4 ans
Location de camp de construction	52 millions de dollars	1 à 3 ans

Frais d'hébergement par personne

Civeo facture des tarifs par personne pour les services d'hébergement dans différents segments de l'industrie.

• Taux d'hébergement quotidien moyen: 85 $ - 150 $ par personne
• Taux d'occupation en 2023: 68,4%
• Revenu total d'hébergement: 276,5 millions de dollars

Frais de restauration et de nourriture

Le service alimentaire représente une source de revenus substantielle pour Civeo Corporation.

Catégorie de services alimentaires	Revenus annuels	Pourcentage du total des revenus
Restauration à service complet	87,4 millions de dollars	18.9%
Opérations de cafétéria	62,1 millions de dollars	13.4%

Services de maintenance des installations

Les services de maintenance génèrent des revenus supplémentaires pour Civeo Corporation.

• Revenus de services de maintenance annuels: 41,2 millions de dollars
• Contrat de maintenance Durée moyenne: 2-3 ans
• Types de services: Nettoyage des installations, gestion et gestion des infrastructures

Revenus de service de soutien supplémentaire

Civeo offre des services de support supplémentaires pour améliorer la génération de revenus.

Service supplémentaire	Revenus annuels	Marchés clés
Services de transport	22,7 millions de dollars	Huile & Gaz, minier
Services de blanchisserie	15,3 millions de dollars	Emplacements de travail à distance
Support technologique	8,6 millions de dollars	Construction, sites industriels

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.