Civeo Corporation (CVEO): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico da acomodação da força de trabalho remota, a Civeo Corporation (CVEO) surge como um jogador fundamental, transformando como os projetos de energia, mineração e infraestrutura apóiam suas forças de trabalho móveis. Ao misturar perfeitamente soluções abrangentes de hospedagem com intrincada experiência operacional, a Civeo criou um modelo de negócios sofisticado que aborda os complexos desafios de fornecer ambientes de vida de alta qualidade, seguros e eficientes em alguns dos locais mais exigentes e isolados do planeta. Sua abordagem inovadora vai além do mero abrigo, oferecendo serviços de suporte integrados que se tornaram indispensáveis ​​para empresas que operam em um desafio de paisagens geográficas e logísticas.

Civeo Corporation (CVEO) - Modelo de Negócios: Principais Parcerias

Empresas de exploração de petróleo e gás

A Civeo Corporation mantém parcerias estratégicas com grandes empresas de exploração de petróleo e gás que operam em regiões remotas do Canadá, Austrália e Estados Unidos.

Empresa parceira	Região	Valor do contrato	Duração
ConocoPhillips	Alasca	US $ 42,3 milhões	Contrato de 3 anos
Energia Suncor	Alberta, Canadá	US $ 35,7 milhões	Contrato de 5 anos
Grupo BHP	Austrália Ocidental	US $ 28,5 milhões	Parceria de 4 anos

Provedores de acomodação da força de trabalho remotos

A Civeo é especializada em fornecer soluções de hospedagem para ambientes de força de trabalho remotos.

• Capacidade total de acomodação: 16.500 quartos em vários locais
• Taxa média de ocupação: 68,3% em 2023
• Principais instalações de acomodação em setores de areias petrolíferas, mineração e construção

Serviços de transporte e logística

A Civeo colabora com provedores de transporte especializados para apoiar a logística remota do site.

Parceiro de logística	Tipo de serviço	Volume anual de transporte
Transporte Trimac	Transporte da força de trabalho	425.000 milhas de passageiros
Horizon Logistics	Transporte de equipamentos	US $ 18,6 milhões em contratos anuais

Empreiteiros de manutenção de equipamentos e instalações

As parcerias de manutenção estratégica garantem a eficiência operacional de acomodações remotas.

• Despesas anuais de manutenção: US $ 22,4 milhões
• Número de provedores de serviços de manutenção: 37
• Tempo médio de resposta: 4,2 horas

Governo regional e parceiros comunitários indígenas

Civeo mantém relações colaborativas com governos locais e comunidades indígenas.

Região	Parceria indígena	Investimento comunitário
Alberta, Canadá	Fort McKay Primeira nação	Investimento anual de US $ 3,2 milhões
Austrália Ocidental	Grupo de títulos nativos de Pilbara	Fundo de Desenvolvimento Comunitário de US $ 2,7 milhões

Civeo Corporation (CVEO) - Modelo de Negócios: Atividades -chave

Fornecer serviços de hospedagem e hospitalidade para trabalhadores remotos

A partir de 2024, a Civeo Corporation opera 21 lojas com 9.400 quartos em todo o Canadá, Austrália e Estados Unidos. As taxas médias de ocupação em 2023 foram de 67,3% em suas instalações de acomodação de trabalhadores remotos.

Localização	Número de lojas	Total de quartos
Canadá	11	4,800
Austrália	6	3,200
Estados Unidos	4	1,400

Gerenciando instalações de acomodação da força de trabalho

Civeo gerencia logística complexa para moradia de força de trabalho remota com Protocolos operacionais especializados.

• Orçamento anual de gerenciamento de instalações: US $ 42,3 milhões
• Equipe de gerenciamento de instalações dedicadas: 1.150 funcionários
• Custo médio de manutenção da instalação por quarto: US $ 4.600 anualmente

Catering e serviços de alimentação em locais remotos

Em 2023, Civeo serviu aproximadamente 3,2 milhões de refeições em sua rede de instalações remotas.

Categoria de serviço	Refeições anuais	Custo médio diário por pessoa
Café da manhã	1,100,000	$18.50
Almoço	1,050,000	$22.75
Jantar	1,050,000	$26.90

Manutenção de instalações e suporte operacional

As despesas de manutenção em 2023 totalizaram US $ 37,6 milhões em suas operações globais.

• Orçamento de manutenção preventiva: US $ 22,4 milhões
• Orçamento de manutenção reativa: US $ 15,2 milhões
• Ciclo médio de substituição do equipamento: 5-7 anos

Gestão temporária de habitação para projetos do setor de energia

A Civeo suporta projetos do setor de energia com soluções especializadas de acomodação.

Tipo de projeto	Projetos ativos	Quartos totais alocados
Óleo & Gás	14	5,600
Mineração	6	2,800
Energia renovável	3	1,000

Civeo Corporation (CVEO) - Modelo de negócios: Recursos -chave

Rede extensa de instalações de hospedagem remota

A partir de 2024, a Civeo Corporation opera aproximadamente 27 instalações de hospedagem em todo o Canadá, Estados Unidos e Austrália. Contagem total da cama: 14.300 quartos.

Localização	Número de instalações	Total de camas
Canadá	12	6,500
Estados Unidos	8	4,200
Austrália	7	3,600

Locais estratégicos próximos aos principais sites de projetos energéticos

As instalações de Civeo estão estrategicamente posicionadas perto das principais regiões de desenvolvimento energético.

• Alberta Oil Sands: 8 instalações
• Bacia Permiana, Texas: 4 instalações
• Bacia de Bowen, Austrália: 5 instalações

Infraestrutura especializada para ambientes severos

Investimento de capital em infraestrutura especializada: US $ 142,3 milhões em 2023.

Tipo de infraestrutura	Valor do investimento
Unidades de acomodação modular	US $ 68,5 milhões
Logística do site remoto	US $ 45,2 milhões
Infraestrutura de tecnologia	US $ 28,6 milhões

Equipe experiente de gerenciamento da força de trabalho

Total de funcionários em 2024: 1.850 em três países.

• Gestão sênior: 42 executivos
• Equipe de operações: 1.200
• Pessoal de apoio: 608

Recursos operacionais e logísticos robustos

Métricas anuais de eficiência operacional:

Métrica	Desempenho
Taxa de ocupação	78.5%
Duração média da permanência	42 dias
Tempo de resposta logística	6,2 horas

Civeo Corporation (CVEO) - Modelo de Negócios: Proposições de Valor

Soluções abrangentes de acomodação para trabalhadores remotos

A Civeo Corporation fornece instalações de hospedagem em locais remotos no Canadá, Austrália e Estados Unidos. A partir de 2023, a empresa opera 23 lojas com aproximadamente 10.500 quartos para trabalhadores do setor de energia.

Região geográfica	Número de lojas	Capacidade total da sala
Canadá	12	5.800 quartos
Austrália	7	3.200 quartos
Estados Unidos	4	1.500 quartos

Ambientes de vida de alta qualidade, seguros e confortáveis

Civeo mantém altos padrões de acomodação com os seguintes recursos:

• Monitoramento de segurança 24/7
• Infraestrutura moderna
• Conformidade com os padrões internacionais de segurança
• Instalações de bem -estar dedicadas

Serviços de suporte integrados para pessoal do setor de energia

A empresa fornece serviços de suporte abrangentes com um orçamento operacional anual de US $ 185 milhões, incluindo:

• Serviços de catering
• Limpeza
• Transporte
• Instalações recreativas

Soluções de moradia com boa força de trabalho

Em 2023, a taxa média diária de acomodação de Civeo foi de US $ 125, representando uma estratégia de preços competitivos em moradias remotas da força de trabalho.

Gerenciamento operacional eficiente em locais desafiadores

Métrica operacional	2023 desempenho
Taxa de ocupação	78%
Receita anual	US $ 454,2 milhões
Eficiência operacional	65% de gerenciamento de custos

Civeo Corporation (CVEO) - Modelo de Negócios: Relacionamentos do Cliente

Parcerias baseadas em contratos de longo prazo

A partir de 2024, a Civeo Corporation mantém 87 contratos de acomodação de longo prazo com grandes empresas de extração de recursos no Canadá, Austrália e Estados Unidos. A duração média do contrato é de 5,2 anos, com o valor total do contrato de US $ 412,6 milhões.

Região	Número de contratos	Valor médio do contrato
Canadá	42	US $ 187,3 milhões
Austrália	28	US $ 132,5 milhões
Estados Unidos	17	US $ 92,8 milhões

Gerenciamento de conta dedicado

A Civeo emprega 62 gerentes de conta dedicados em suas regiões operacionais, com uma taxa média de retenção de clientes de 94,3%.

• O gerente médio de contas lida com 3-4 relacionamentos principais do cliente
• Revisões trimestrais de desempenho realizadas para cada conta
• Programa de treinamento especializado para a equipe de gerenciamento de contas

Soluções de instalações personalizadas

A Civeo fornece 173 instalações de acomodação personalizadas com capacidade total de 52.348 quartos em regiões ricas em recursos.

Tipo de instalação	Número de instalações	Capacidade total da sala
Campos permanentes	89	28.642 quartos
Campos modulares	64	17.856 quartos
Instalações temporárias	20	5.850 quartos

Suporte operacional 24/7

A equipe de suporte operacional consiste em 246 pessoal dedicado, prestando serviços contínuos em locais globais.

• Tempo médio de resposta: 12 minutos
• Suporte multilíngue disponível em 4 idiomas
• Protocolos dedicados de resposta a emergências

Avaliações regulares de desempenho e satisfação

A pesquisa anual de satisfação do cliente revela 91,7% da taxa de satisfação do cliente em todas as regiões operacionais.

Métrica de avaliação	Pontuação
Satisfação geral	91.7%
Qualidade de serviço	89.4%
Manutenção da instalação	93.2%

Civeo Corporation (CVEO) - Modelo de Negócios: Canais

Equipes de vendas diretas

A partir de 2024, a Civeo Corporation mantém uma força de vendas dedicada de 47 profissionais de vendas diretas direcionadas aos clientes do setor de energia e mineração.

Métrica da equipe de vendas	Valor
Pessoal de vendas diretas totais	47
Experiência média de vendas	8,6 anos
Cobertura geográfica	América do Norte, Austrália

Conferências do setor de energia

Civeo participa de 12 principais conferências do setor de energia anualmente, com um orçamento estimado de marketing de US $ 425.000 para atividades relacionadas à conferência.

• Conferências comparecidas: 12 por ano
• Orçamento de marketing da conferência: US $ 425.000
• Locais da conferência primária: Houston, Calgary, Perth

Plataformas de reserva on -line

A empresa utiliza duas plataformas principais de reserva on -line com taxa de conclusão de reservas digitais de 98,3% em 2024.

Plataforma online	Taxa de conclusão de reserva digital
Portal de reserva direta civeo	95.7%
Plataforma de acomodação energética de terceiros	2.6%

Sites corporativos

A Civeo opera dois sites corporativos principais com tráfego mensal de 87.500 visitantes únicos.

• Sites corporativos: 2
• Visitantes únicos mensais: 87.500
• Idiomas do site: inglês, francês

Eventos de rede específicos do setor

A empresa se envolve em 24 eventos de rede específicos do setor anualmente, com um orçamento de eventos de rede de US $ 275.000.

Métrica de evento de rede	Valor
Total de eventos de rede	24
Orçamento de eventos de rede	$275,000
Regiões de rede primárias	Canadá, Estados Unidos, Austrália

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

Empresas de exploração de petróleo e gás

A Civeo Corporation serve importantes empresas de exploração de petróleo e gás que operam em locais remotos. A partir do quarto trimestre 2023, a empresa relatou atender 87 clientes ativos de exploração de petróleo e gás na América do Norte.

Segmento de clientes	Número de clientes	Contribuição anual da receita
Empresas de exploração de petróleo e gás	87	US $ 213,4 milhões

Corporações de mineração

A Civeo fornece soluções de acomodação e força de trabalho para as empresas de mineração em regiões remotas. Em 2023, a empresa apoiou 42 clientes de mineração em vários locais geográficos.

A quebra do segmento de mineração	Número de clientes	Regiões geográficas
Corporações de mineração	42	Canadá, Austrália

Equipes de projeto de construção

A Civeo suporta projetos de construção em larga escala que exigem acomodações remotas da força de trabalho. Em 2023, a empresa gerenciava acomodações para 29 equipes de projeto de construção.

• Duração média do projeto: 18-24 meses
• Capacidade de acomodação típica: 500-1.500 trabalhadores
• Foco geográfico: oeste do Canadá, norte de Alberta

Desenvolvedores de energia renovável

A Civeo expandiu sua base de clientes para incluir projetos de desenvolvimento de energia renovável. Em 2023, a empresa apoiou 15 clientes de energia renovável.

Segmento de energia renovável	Número de clientes	Tipos de projeto
Desenvolvedores de energia renovável	15	Vento, solar, hidrogênio

Projetos de infraestrutura do governo

A Civeo fornece soluções de acomodação para o desenvolvimento de infraestrutura patrocinado pelo governo. Em 2023, a empresa apoiou 8 projetos de infraestrutura do governo.

• Tipos de projeto de infraestrutura: transporte, energia, desenvolvimento de recursos
• Valor total do projeto do governo: US $ 127,6 milhões
• Duração média do projeto: 36 meses

Civeo Corporation (CVEO) - Modelo de Negócios: Estrutura de Custo

Construção de instalações e manutenção

A partir de 2023 Relatório Anual, a Civeo Corporation relatou propriedades, plantas e equipamentos totais (bruto) de US $ 1,023 bilhão. As despesas anuais de manutenção das instalações foram de aproximadamente US $ 42,3 milhões.

Tipo de instalação	Custo de manutenção anual
LODGES	US $ 18,7 milhões
Acomodações da força de trabalho	US $ 23,6 milhões

Salários e treinamento de funcionários

A remuneração total dos funcionários em 2023 foi de US $ 153,4 milhões, com o colapso da seguinte maneira:

• Salários: US $ 127,6 milhões
• Treinamento e desenvolvimento: US $ 6,2 milhões
• Benefícios e compensação: US $ 19,6 milhões

Despesas de transporte e logística

Os custos relacionados ao transporte para 2023 totalizaram US $ 37,8 milhões, incluindo:

Categoria de transporte	Despesa anual
Manutenção do veículo	US $ 12,4 milhões
Custos de combustível	US $ 15,6 milhões
Gerenciamento de logística	US $ 9,8 milhões

Investimentos de equipamentos e infraestrutura

As despesas de capital para 2023 foram de US $ 34,5 milhões, alocadas de forma alta:

• Atualizações de infraestrutura: US $ 22,3 milhões
• Substituição do equipamento: US $ 12,2 milhões

Overhead operacional e administrativo

A sobrecarga administrativa de 2023 totalizou US $ 46,2 milhões, incluindo:

Categoria de sobrecarga	Custo anual
Despesas administrativas corporativas	US $ 24,7 milhões
Tecnologia e sistemas	US $ 11,5 milhões
Conformidade e legal	US $ 10 milhões

Civeo Corporation (CVEO) - Modelo de negócios: fluxos de receita

Contratos de aluguel de instalações de longo prazo

Em 2023, a Civeo Corporation registrou receita total de US $ 462,9 milhões, com uma parcela significativa derivada de contratos de aluguel de instalações de longo prazo no setor de hospitalidade e hospedagem para locais de trabalho remoto.

Tipo de contrato	Receita anual	Duração média do contrato
Óleo & Localização remota de gás	US $ 247,3 milhões	3-5 anos
Acomodação no local de mineração	US $ 163,6 milhões	2-4 anos
Aluguel de acampamento de construção	US $ 52 milhões	1-3 anos

Cobranças de acomodação por pessoa

Civeo cobra taxas por pessoa por serviços de acomodação em diferentes segmentos da indústria.

• Taxa média de acomodação diária: US $ 85 a US $ 150 por pessoa
• Taxa de ocupação em 2023: 68,4%
• Receita total de acomodação: US $ 276,5 milhões

Taxas de catering e serviço de alimentação

O serviço de alimentação representa um fluxo de receita substancial para a Civeo Corporation.

Categoria de serviço de alimentação	Receita anual	Porcentagem da receita total
Catering de serviço completo	US $ 87,4 milhões	18.9%
Operações de cafeteria	US $ 62,1 milhões	13.4%

Serviços de manutenção de instalações

Os serviços de manutenção geram receita adicional para a Civeo Corporation.

• Receita anual do serviço de manutenção: US $ 41,2 milhões
• Contrato de manutenção Duração média: 2-3 anos
• Tipos de serviço: Limpeza, reparo e gerenciamento de infraestrutura de instalações

Receitas de serviço de suporte suplementar

A Civeo oferece serviços de suporte adicionais para aprimorar a geração de receita.

Serviço Suplementar	Receita anual	Mercados -chave
Serviços de transporte	US $ 22,7 milhões	Óleo & Gás, mineração
Serviços de lavanderia	US $ 15,3 milhões	Locais de trabalho remotos
Suporte tecnológico	US $ 8,6 milhões	Construção, locais industriais

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.