Civeo Corp (CVEO) 2026 Q1 法說會逐字稿

Greetings, and welcome to the Civeo Corporation First Quarter 2026 Earnings Call. (Operator Instructions) As a reminder, this conference is being recorded.

各位好，歡迎參加 Civeo Corporation 2026 年第一季財報電話會議。（接線員指示）提醒各位，本次會議將被錄音。

It is now my pleasure to introduce Regan Nielsen, Vice President, Corporate Development and Investor Relations. Please go ahead.

現在我很榮幸介紹公司企業發展與投資人關係副總裁 Regan Nielsen。請開始。

Thank you, and welcome to Civeo's First Quarter 2026 Earnings Conference Call. Today, our call will be led by Bradley Dodson, Civeo's President and Chief Executive Officer; and Collin Gerry, Civeo's Chief Financial Officer and Treasurer.

謝謝，歡迎參加 Civeo 2026 年第一季財報電話會議。今天的會議將由 Civeo 總裁兼執行長 Bradley Dodson，以及 Civeo 財務長兼司庫 Collin Gerry 主持。

Before we begin, we would like to caution listeners regarding forward-looking statements. To the extent that our remarks today contain anything other than historical information, please note that we're relying on the safe harbour protections afforded by federal law.

在開始之前，我們提醒各位聽眾注意前瞻性陳述。若我們今天的發言包含任何非歷史資訊，請注意我們係依據聯邦法律所提供的「安全港」保護。

These forward-looking statements speak only as of the date of our earnings release and this conference call. We undertake no obligation to update or revise these statements, except as required by law.

這些前瞻性陳述僅截至我們發布財報新聞稿及本次電話會議之日有效。除法律要求外，我們不承擔更新或修訂這些陳述的任何義務。

Any such remarks should be read in the context of the many factors that affect our business, including risks and uncertainties disclosed in our Forms 10-K, 10-Q and other SEC filings.

任何此類發言都應在影響我們業務的多項因素背景下閱讀，包括我們在 Form 10-K、10-Q 及其他向 SEC 提交文件中所揭露的風險與不確定性。

I'll now turn the call over to Bradley.

接下來我把電話交給 Bradley。

Thank you, Regan, and thank you all for joining us today on our first quarter 2026 earnings call. I'll start with some key takeaways for the quarter and summarize our consolidated and regional performance, after that, Collin will provide further financial and segment level detail. And I'll conclude our prepared remarks with our outlook for 2026. We will then open the call for questions.

謝謝你，Regan，也謝謝各位今天參加我們 2026 年第一季財報電話會議。我將先分享本季幾項重點並總結我們的合併與各區域表現；之後 Collin 會提供更多財務與分部層級的細節。我將以 2026 年展望作為我們事先準備發言的結尾，接著開放提問。

There are four key takeaways from call today. First, we delivered a strong start to 2026, outperforming our expectations.

今天電話會議有四個重點。第一，我們在 2026 年開局強勁，表現優於預期。

For the quarter, consolidated revenue was up 20% and adjusted EBITDA was up 78%. Revenue growth was driven by a mixture of improved occupancy across the Canadian assets in both the oil sands and LNG markets.

本季合併營收成長 20%，調整後 EBITDA 成長 78%。營收成長主要來自加拿大資產在油砂與 LNG 市場的入住率提升所帶動的綜合效應。

Continued growth in our Australian Integrated Services business, contributions from acquired villages in Australia, improvements in our mobile camp fleet utilization. We also benefited from foreign currency improvements. This was all complemented by strong incremental margins in Canada as a result of our cost reduction initiatives that we took last year.

此外，澳洲整合服務業務持續成長、澳洲收購村落帶來的貢獻、行動營地車隊使用率改善。我們也受惠於外匯走勢改善。再加上我們去年推動的成本削減措施，使加拿大業務的增量利潤率表現強勁。

The second key takeaway is we continue to execute on our disciplined and balanced capital allocation strategy, returning capital to shareholders, while enhancing Civeo's financial flexibility.

第二個重點是，我們持續執行審慎且均衡的資本配置策略，在回饋股東的同時，也提升 Civeo 的財務彈性。

Third, we remain confident in the revenue trajectory of the business as a whole and are raising the lower end of our revenue guidance.

第三，我們對整體業務的營收走勢仍具信心，並上調營收指引區間的下緣。

The midpoint of the revised guidance implies 8% revenue growth for the year. Our confidence stems from continued momentum in the Australian integrated services platform and an increasingly robust bid pipeline for North America asset and service deployment.

修訂後指引的中位數意味著全年營收成長 8%。我們的信心來自澳洲整合服務平台的持續動能，以及北美資產與服務部署日益強勁的投標案源。

As of today, we are actively bidding on projects with total contract values in excess of $1.5 billion, which is the strongest we've seen to date.

截至今天，我們正積極投標的專案合約總價值超過 15 億美元，這是我們迄今所見最強勁的水準。

Well, much of this growth is dependent on customer reaching final investment decisions, which is outside of our control. We are excited about the opportunities that these present for later in 2026 and going into 2027.

當然，這些成長多半取決於客戶是否做出最終投資決策，而這不在我們控制範圍內。我們對這些機會在 2026 年下半年以及進入 2027 年所帶來的可能性感到振奮。

The last key point, the cost impacts of the ongoing conflict in Iran and associated dislocations of the global energy and raw materials trade will likely have an impact on our margins. Australia is highly dependent on normalized global seaborne energy trade for diesel and other fuels.

最後一個重點是，伊朗持續衝突及其引發的全球能源與原物料貿易錯位所造成的成本影響，可能會對我們的利潤率帶來壓力。澳洲高度依賴正常化的全球海運能源貿易以取得柴油及其他燃料。

As a result of this, the potential associated impact on inflation, energy prices and the impacts of those variables on our customers' activity. We are anticipating temporary inflationary impacts to our adjusted EBITDA and thus, we are maintaining our initial guidance of $85 million to $90 million of adjusted EBITDA for 2026.

因此，相關的通膨、能源價格，以及這些變數對客戶活動的影響，都可能帶來衝擊。我們預期調整後 EBITDA 將出現暫時性的通膨影響，因此我們維持 2026 年調整後 EBITDA 介於 8,500 萬至 9,000 萬美元的原始指引不變。

I'll start with some operational results for the quarter. On a consolidated basis, our first quarter results reflect strong year-over-year growth with revenues increasing 20% and adjusted EBITDA increasing 78% compared to the prior year period. In Australia, performance was strong for the first quarter, supported by the full quarter contribution from the villages we acquired in May 2025 as well as continued revenue growth in our integrated services business.

我先說明本季的營運成果。以合併口徑來看，我們第一季呈現強勁的年增成長，營收較去年同期增加 20%，調整後 EBITDA 較去年同期增加 78%。澳洲方面，第一季表現強勁，主要受惠於我們於 2025 年 5 月收購的村落在本季完整貢獻，以及整合服務業務持續的營收成長。

In Canada, we delivered strong year-over-year improvement with higher occupancy across key lodges and meaningful margin expansion. Importantly, this reflects both improved activity levels and the continued benefit of structural cost improvements we implemented last year.

加拿大方面，我們在關鍵宿舍的入住率提升下，實現顯著的年增改善並帶來有意義的利潤率擴張。重要的是，這反映了活動水準的改善，以及我們去年推動的結構性成本改善持續發揮效益。

From a macro perspective, our operating environment remains dynamic. Money prices, including oil and metallurgical coal have been volatile and customer spending remains disciplined in both Australia and Canada. We are focused, therefore, on maintaining our flexibility as conditions continue to evolve.

從總體角度來看，我們的營運環境仍然多變。大宗商品價格（包括原油與冶金煤）波動明顯，而澳洲與加拿大的客戶支出仍維持審慎。因此，在情勢持續演變之際，我們專注於維持彈性。

In Australia, met coal prices currently in the $230 per ton range, which is up approximately 25% from the second half of last year. Last quarter, we were optimistic that healthy commodity prices would drive higher occupancy in our villages in the back half of 2026.

澳洲方面，冶金煤價格目前約在每噸 230 美元區間，較去年下半年上升約 25%。上季我們曾樂觀認為，健康的大宗商品價格將在 2026 年下半年推動我們村落的入住率提升。

However, as the ongoing disruption to global supply chains as a result of the more in the Middle East, has likely to shift the timing of any such uplift into 2027.

然而，由於中東局勢導致全球供應鏈持續受擾，任何此類回升的時點很可能被推遲至 2027 年。

On the oil side, prices are undoubtedly higher. Activity levels have not changed, as our customers' planning requires much longer-term perspectives in terms of improved oil prices to adjust their activity levels.

在原油方面，價格無疑更高。但活動水準並未改變，因為客戶在規劃上需要更長期的視角，必須看到油價改善具有更長時間的可持續性，才會調整其活動水準。

Said differently, there is too much uncertainty in the oil market for our customers to change spending plans at this time and as such, cost discipline remains their priority. From a timing perspective, we will likely see a deferral of turnaround activity in Canada from what normally occurs in the second quarter into later in this year.

換句話說，目前油市不確定性過高，客戶此時不會改變支出計畫，因此成本紀律仍是其優先事項。就時點而言，我們可能會看到加拿大原本通常在第二季進行的歲修（turnaround）活動延後到今年稍晚。

Turning to capital allocation.

接下來談資本配置。

During the quarter, we repurchased approximately 500,000 shares, representing approximately 4% of Civeo's shares outstanding at year-end 2025. We have now completed approximately 96% of our current authorization and remain committed to completing it as soon as practical.

本季我們回購約 50 萬股，約占 Civeo 於 2025 年底流通在外股數的 4%。目前我們已完成現行授權額度約 96%，並仍致力於在可行的情況下盡快完成。

As a reminder, upon the completion of this current authorization, we have an additional authorization in place for repurchase up to 10% of the company's outstanding shares.

提醒各位，在完成本次現行授權後，我們另有一項授權，可回購最多達公司流通在外股數 10% 的股份。

Also during -- in April, we amended and extended our credit agreement, increasing the company's total revolving capacity and extending the maturity of our bank agreement to April 2030.

另外，在 4 月，我們修訂並展延了信貸協議，提高公司循環信用總額度，並將銀行協議到期日延長至 2030 年 4 月。

This further enhances Civeo's liquidity and provides additional flexibility as we evaluate capital deployment opportunities going forward. Stepping back, before I turn it over to Collin, I want to reiterate my tremendous confidence in Civeo's future.

這進一步提升了 Civeo 的流動性，並在我們評估未來資本部署機會時提供更多彈性。在我把電話交給 Collin 之前，我想退一步重申：我對 Civeo 的未來充滿信心。

The bid pipeline in North America is robust with levels of inbound inquiries for beds and services that I haven't seen since oil sand stays in the early 2000. Like then, this demand is highly dependent on -- highly project dependent, meaning dependent on positive final investment decisions.

北美的投標案源十分強勁，床位與服務的主動詢問量之高，是我自 2000 年代初期油砂熱潮以來未曾見過的。和當年一樣，這些需求高度取決於專案本身，也就是取決於最終投資決策能否正面落地。

However, unlike the 2015 to 2020 time frame when North America growth was almost exclusively pended on one major LNG project.

不過，不同於 2015 至 2020 年期間北美成長幾乎完全繫於單一大型 LNG 專案。

This time is especially exciting, given the variety and volume of different projects. While we recognize growth will not be linear, we are confident in our ability to weather the changes as they arise, just if we are navigating today's energy dislocation.

這一次特別令人振奮，因為專案種類與數量都更為多元且龐大。雖然我們認知到成長不會是線性的，但我們有信心在變化出現時能夠承受並因應，就如同我們正在應對當前能源錯位所帶來的挑戰。

I am confident that our values of service, quality and excellence, coupled with our world-class asset base and asset availability position Civeo well for the opportunities ahead. What we do best is take care of people.

我相信，我們以服務、品質與卓越為核心的價值觀，加上世界級的資產基礎與資產可用性，使 Civeo 能夠在未來機會中占得先機。我們最擅長的，就是照顧人。

If the industry demand materializes to even a fraction of what's outstanding today, there will be a lot more people for us to take care of. This is an exciting time for Civeo. We are more confident than ever in our actions, positioning and prospects for growth and value creation.

如果產業需求即便只實現到目前在手機會的一小部分，我們要照顧的人也會多得多。對 Civeo 而言，這是令人振奮的時刻。我們對自身的行動、定位，以及成長與價值創造前景，比以往任何時候都更有信心。

With that, I'll turn it over to Collin.

接下來我把電話交給 Collin。

Thank you, Bradley. Thank you all for joining us this morning. Turning to the income statement. Today, we reported total revenues in the first quarter of $172.7 million compared to $144 million in the first quarter of 2025, an increase of approximately 20%. Net loss for the quarter was $3.8 million or $0.34 per diluted share compared to a net loss of $9.8 million or $0.72 per diluted share in the prior year period.

謝謝你，Bradley。也謝謝各位今天早上加入我們。接著看損益表。我們今天公布第一季總營收為 1.727 億美元，較 2025 年第一季的 1.44 億美元增加約 20%。本季淨損為 380 萬美元，或稀釋後每股虧損 0.34 美元；相較之下，去年同期淨損為 980 萬美元，或稀釋後每股虧損 0.72 美元。

During the quarter, we had generated adjusted EBITDA of $22.5 million compared to $12.7 million in the first quarter of 2025, an increase of 78%. Operating cash flow in the quarter was negative $9.7 million, primarily reflecting expected seasonal working capital outflows in the first quarter.

本季我們產生的調整後 EBITDA 為 2,250 萬美元，相較於 2025 年第一季的 1,270 萬美元，增加 78%。本季營運現金流為負 970 萬美元，主要反映第一季預期的季節性營運資金流出。

The year-over-year increase in revenue was primarily driven by higher activity levels in both Australia and Canada. Including the contribution from the villages we acquired in May 2025 in Australia and higher occupancy across key lodges in Canada.

營收年增主要由澳洲與加拿大兩地活動水準提升所帶動，並包含我們於 2025 年 5 月在澳洲收購之村落的貢獻，以及加拿大主要旅宿的入住率提升。

The year-over-year increase in adjusted EBITDA was primarily driven by higher occupancy and improved margins in Canada as well as increased contributions from the Australian villages acquired in May of 2025.

調整後 EBITDA 的年增主要由加拿大較高的入住率與毛利率改善所帶動，並加上 2025 年 5 月收購之澳洲村落貢獻增加。

Looking at Australia specifically. First quarter revenues were $123 million, up 19% from $103.6 million in the prior year quarter. Adjusted EBITDA was $21.8 million compared to $19 million in the prior year period.

聚焦澳洲。第一季營收為 1.23 億美元，較去年同期的 1.036 億美元成長 19%。調整後 EBITDA 為 2,180 萬美元，相較去年同期的 1,900 萬美元。

The increase in revenues was primarily driven by the contribution from the villages acquired in May 2025 as well as continued growth in our integrated services business. These gains were partially offset by modest softness in portions of the legacy owned village portfolio.

營收增加主要來自 2025 年 5 月收購之村落貢獻，以及我們整合式服務業務的持續成長。上述增幅部分被既有自有村落組合中部分區塊的輕微疲弱所抵銷。

The increase in adjusted EBITDA was primarily driven by the contribution from the acquired villages, partially offset by modest softness in the portions of the legacy of villages -- legacy owned village portfolio. Australian build rooms in the quarter were approximately $676,000 compared to approximately $626,000 in the first quarter 2025.

調整後 EBITDA 的增加主要由收購村落的貢獻所帶動，但部分被既有村落（自有村落組合）中部分區塊的輕微疲弱所抵銷。本季澳洲建造房間（build rooms）約為 67.6 萬美元，相較於 2025 年第一季約 62.6 萬美元。

Our daily room rate for Australian owned villages was $83 compared to $75 in the prior year period, with the increase primarily reflecting the strengthening of the Australian dollar relative to the US dollar. Turning to Canada.

澳洲自有村落的每日房價為 83 美元，相較去年同期的 75 美元；上升主要反映澳幣兌美元走強。接著看加拿大。

First quarter revenues were $49.6 million compared to $40.4 million in the first quarter of 2025. Adjusted EBITDA was $5.2 million compared to negative $0.8 million in the prior year period.

第一季營收為 4,960 萬美元，相較於 2025 年第一季的 4,040 萬美元。調整後 EBITDA 為 520 萬美元，相較去年同期為負 80 萬美元。

The year-over-year improvement was driven by higher occupancy across key lodges as well as the continued benefits of cost reductions implemented during 2025.

年對年改善主要由主要旅宿的入住率提升所帶動，並持續受惠於 2025 年實施的成本削減措施。

Canadian build rooms totalled approximately $434,000 compared to approximately $359,000 in the prior year quarter. Our daily room rate was $99 compared to $93 in the prior year period.

加拿大建造房間（build rooms）合計約 43.4 萬美元，相較去年同期約 35.9 萬美元。我們的每日房價為 99 美元，相較去年同期的 93 美元。

Now if I turn to our capital structure, as of March 31, 2026, total liquidity was approximately $68 million. Total debt was $215 million and net debt was $199 million, resulting in a net leverage ratio of approximately 2.2times.

接著談資本結構。截至 2026 年 3 月 31 日，總流動性約為 6,800 萬美元。總債務為 2.15 億美元，淨債務為 1.99 億美元，淨槓桿比率約為 2.2 倍。

As Bradley mentioned, during the quarter, we amended and extended our credit group, increasing total revolving capacity to $285 million and extending the maturity to April 2030.

如 Bradley 所提，本季我們修訂並展延了聯貸（credit group），將循環額度總額提高至 2.85 億美元，並將到期日延長至 2030 年 4 月。

This enhances our liquidity profile and provide additional flexibility to support both shareholder returns and potential high-return growth investments.

此舉強化我們的流動性概況，並提供額外彈性，以同時支持股東回饋與潛在的高報酬成長投資。

Turning to capital allocation.

接著談資本配置。

Capital expenditures for the quarter were $4.1 million compared to $5.3 million in the prior year period and were primarily related to maintenance spending.

本季資本支出為 410 萬美元，相較去年同期的 530 萬美元，主要與維護性支出相關。

During the quarter, we purchased -- we repurchased approximately 500,000 shares at an average price of $28.06 for approximately $14.4 million.

本季我們回購約 50 萬股，平均價格為 28.06 美元，合計約 1,440 萬美元。

We will continue to take a disciplined and opportunistic approach to capital allocation, balancing shareholder returns with maintaining flexibility to support the business.

我們將持續以嚴謹且把握時機的方式進行資本配置，在股東回饋與維持支持業務所需彈性之間取得平衡。

As we think about the market in front of us today, we are seeing opportunities to deploy capital at attractive returns, and we're prior time to conserving dry powder to pursue those, while maintaining a strong balance sheet and balanced approach to shareholder returns.

就目前市場而言，我們看到以具吸引力的報酬率部署資本的機會；同時我們也優先保留「乾火藥」以把握這些機會，並維持強健的資產負債表以及對股東回饋的均衡作法。

With that, I'll turn it back over to Bradley.

接下來我把時間交回給 Bradley。

Thank you, Collin. I would now like to turn to our outlook for 2026. For the full year 2026, we are raising the low end of our revenue guidance to $675 million to $700 million from our prior range of $650 million to $700 million.

謝謝你，Collin。接下來我想談談我們對 2026 年的展望。就 2026 全年而言，我們將營收指引區間下緣上調至 6.75 億至 7.00 億美元，先前區間為 6.50 億至 7.00 億美元。

This increase reflects continued momentum in our Australian integrated services platform and continued recovery in our Canadian business.

此上調反映我們澳洲整合式服務平台的持續動能，以及加拿大業務的持續復甦。

While we are encouraged by the strong start to the year and the underlying revenue trajectory of the business, we are maintaining our adjusted EBITDA guidance of $85 million to $90 million for 2026.

儘管我們對今年強勁開局與業務基本面營收走勢感到鼓舞，我們仍維持 2026 年調整後 EBITDA 指引為 8,500 萬至 9,000 萬美元。

This reflects the impact of higher input costs, particularly diesel as well as broader inflationary pressures associated with ongoing disruptions in the global energy markets. In addition, customer focus on cost discipline continues to influence activity levels and the timing of certain projects.

這反映投入成本上升的影響，特別是柴油，以及與全球能源市場持續受干擾相關的更廣泛通膨壓力。此外，客戶對成本紀律的重視仍持續影響活動水準與部分專案的時程。

As a result, despite improved revenue outlook, we are maintaining our adjusted EBITDA guidance and we feel is appropriate at this time. We also continue to expect capital expenditures for 2026 to be in the range of $25 million to $30 million. I'll now provide additional color on our expectations by region.

因此，儘管營收展望改善，我們仍維持調整後 EBITDA 指引，並認為目前這樣做是適當的。我們也仍預期 2026 年資本支出將落在 2,500 萬至 3,000 萬美元區間。接下來我將按地區補充我們預期的更多細節。

In Australia from a macro perspective, metallurgical coal prices remain at healthy economic levels. However, the recent increase to diesel prices has driven customers focus more on cost efficiency, which has tempered what we might otherwise have expected in terms of incremental upside to our initial occupancy guidance.

在澳洲，從總體角度來看，冶金煤價格仍處於健康的經濟水準。然而，近期柴油價格上升使客戶更聚焦於成本效率，進而抑制了原本在我們初始入住率指引上可能期待的額外上行空間。

As a result, activity levels continue to reflect a more conservative operating posture by our customers similar to what we would have expected in a sub $200 per ton met coal environment. Importantly, we have not experienced any material operational impacts from diesel supply dynamics to date.

因此，活動水準仍反映客戶較為保守的營運姿態，類似於我們在冶金煤價格低於每噸 200 美元環境下的預期。重要的是，截至目前我們尚未因柴油供應動態而遭遇任何重大營運影響。

While diesel prices have moderated some, we expect these dynamics to continue to limit near-term upside and activity levels relative to what we had initially contemplated when establishing our guidance range for 2026 and may delay any meaningful upside in occupancy.

雖然柴油價格已有所回落，但我們預期這些動態仍將限制短期上行空間，且相較於我們在建立 2026 年指引區間時的原先假設，活動水準可能偏弱，並可能延後入住率出現任何有意義的上行。

Based on current customer discussions in our contracted room nights, we continue to expect generally stable occupancy across our own billing portfolio through the balance of the year.

根據目前與客戶的討論以及我們已簽約的房晚（contracted room nights），我們仍預期在今年剩餘期間，我們自有計費組合的入住率整體將大致維持穩定。

In our Australian Integrated Services business, we continue to see a solid set of growth opportunities as we advance towards our goal of AUD500 million in annual rent services revenues by 2027.

在澳洲整合式服務業務方面，隨著我們朝 2027 年達成年度租賃服務營收 5 億澳元（AUD500 million）的目標邁進，我們仍看到一系列穩健的成長機會。

In Canada, we are encouraged by the strong start to the year with improved occupancy and continued benefits from the structural cost actions implemented during 2025.

在加拿大，我們對今年強勁開局感到鼓舞，入住率改善，並持續受惠於 2025 年實施的結構性成本措施。

As we look to the remainder of the year, we are continuing to refine our expectations around Canadian turnaround activity. At this point, we're seeing some activity that we have previously expected would occur in the second quarter shift to later in the year.

展望今年剩餘時間，我們持續精進對加拿大檢修（turnaround）活動的預期。目前我們看到部分原先預期會在第二季發生的活動，已延後至今年稍晚。

As a result, we expect a more back half-weighted cadence of activity relative to our initial expectations, though overall activity levels remain consistent with our full year outlook.

因此，相較於我們最初的預期，我們預期活動節奏將更偏向下半年，但整體活動水準仍與我們的全年展望一致。

We're also -- we also began mobilization under our previously announced contract supporting correctional facilities in Ontario at the beginning of April and we are pleased with the early execution on that contract. Importantly, this award represents a meaningful milestone for Civeo, marking our first integrated services contract in Eastern Canada and our entry into a new end market.

此外，我們也在 4 月初開始依照先前公告的合約進行動員，該合約為安大略省的矯正機構提供支援，我們對該合約的早期執行表現感到滿意。重要的是，這項得標對 Civeo 而言是一個重要里程碑，代表我們在加拿大東部的第一份整合式服務合約，並使我們進入新的終端市場。

We believe this is a strong proof of point for the stability of our integrated services platform in North -- scalability of our integrated services platform in North America.

我們相信這是北美整合式服務平台穩定性——以及可擴展性——的有力驗證。

We are actively pursuing additional opportunities to build on this momentum, further expanding and diversifying our revenue base.

我們正積極追求更多機會，以延續這股動能，進一步擴大並多元化我們的營收基礎。

More broadly, the oil sands activity remains stable, though customer focus on cost discipline continues to influence commercial dynamics across the region. Looking ahead, we remain encouraged by the level of business development activity tied to North America infrastructure projects.

更廣泛而言，油砂活動仍維持穩定，但客戶對成本紀律的重視仍持續影響該區域的商業動態。展望未來，我們仍對與北美基礎建設專案相關的業務開發活動水準感到鼓舞。

Our team continues to see strong engagement across LNG, power and data centerplate projects and we believe that we are well positioned to capture these opportunities as they progress. Civeo's well positioned to capitalize on opportunities of a potential infrastructure construction boom represents.

我們的團隊在 LNG、電力與資料中心園區（data centerplate）專案上持續看到強勁的互動，我們相信隨著這些機會推進，我們具備良好條件加以掌握。Civeo 也具備良好定位，可把握潛在基礎建設施工榮景所帶來的機會。

We have 2,500 mobile camp rooms, strategically located in Western Canada in both Alberta and British Columbia that are immediately ready to deploy.

我們擁有 2,500 間行動營地房間，策略性地分布於加拿大西部的亞伯達省與卑詩省，可立即部署。

We also have the ability to redeploy approximately 7,000 of our oil sands lodge rooms for the appropriate infrastructure project. Given their location configuration of these assets, which were purpose-built for colder climates, these are best suited for projects in Northern -- in the Northern US, Canada and Alaska, where transportation from Alberta and PC will be less of a factor.

我們也有能力將約 7,000 間油砂旅宿房間重新部署至合適的基礎建設專案。鑑於這些資產的所在地與配置，且其為寒冷氣候量身打造，最適合用於美國北部、加拿大與阿拉斯加的專案，因為從亞伯達省與卑詩省（BC）運輸的影響因素相對較小。

As the US market for workforce accommodations absorbs and fully utilizes existing capacity, our assets will become even more attractive than new build assets that said, these projects remain dependent on final investment decisions, and we continue to expect that any meaningful financial contribution will occur in 2027 and beyond.

隨著美國勞動力住宿市場吸收並充分利用既有產能，我們的資產將比新建資產更具吸引力。話雖如此，這些專案仍取決於最終投資決策，我們仍預期任何具實質意義的財務貢獻將發生在2027年及以後。

Overall, our outlook reflects a strong start to the year, combined with a continued focus on disciplined execution and maintaining financial flexibility while positioning the business for long-term value creation.

整體而言，我們的展望反映了今年強勁的開局，同時持續專注於紀律執行並維持財務彈性，並在此基礎上為企業的長期價值創造做好布局。

We'll now open the call for questions.

我們現在開放提問。

(Operator Instructions) Stephen Gangaro, Stifel.

（接線員指示）Stephen Gangaro，Stifel。

Thank you. Good morning, everybody.

謝謝。各位早安。

Hey, how are you, Bradley?

嘿，Bradley，你好嗎？

So when we think about the US Market and the, well, in Canada as well, one of your competitors, at least one of the big accommodations' players in North America, just lost a bunch of capacity and it seems like the data center demand is extremely strong and the supply is extremely low.

所以當我們思考美國市場，以及加拿大也是如此，你們的一位競爭對手——至少是北美大型住宿業者之一——剛剛失去了一大部分產能，而且看起來資料中心需求極為強勁、供給卻非常有限。

So I'm curious how you're thinking about that opportunity. Anything you can share on traction of maybe mobilizing assets to the US Market and starting to gain traction in that market.

因此我很好奇你們如何看待這個機會。你能否分享一些進展，例如將資產調度到美國市場並開始在該市場取得進展的情況？

In terms of the US Market and both data center opportunities as well as adjacencies to data centers around power, we continue to be extremely active in terms of bidding into those markets as I made comments and in the materials.

就美國市場而言，無論是資料中心機會，或是與資料中心相鄰、圍繞電力等方面的機會，我們持續非常積極地參與這些市場的投標，正如我在評論與資料中所提到的。

You know all of our available assets are in Western Canada, so proximity to where the assets are now helps our bidding posture because transportation costs to move assets into where the customer needs them it is a material portion of delivering a room ready for occupancy.

你知道，我們所有可用資產都在加拿大西部，因此資產目前所在位置的就近性有助於我們的投標態勢，因為將資產運送到客戶需要的地點，其運輸成本在交付一間可入住的房間成本中占了相當重要的比重。

So where I was alluding to, we continue to be -- we believe we're better positioned in the northern US And Canada and Alaska for those -- to redeploy those assets.

所以我想表達的是，我們持續——我們相信在美國北部、加拿大以及阿拉斯加等地，我們在重新部署這些資產方面具備更好的定位。

In terms of overall activity, it's as busy as we've seen it. As I mentioned, we've got 2,500 mobile camp rooms. We've bid those out multiple times and then we're seeing increased interest in our multi-story lodge rooms to be re-employed as well.

就整體活動而言，忙碌程度是我們所見過最高的之一。如我提到的，我們有2,500間行動營地房間。我們已多次就這些房間進行投標，同時也看到市場對我們多層式旅館房間重新投入使用的興趣增加。

Thanks, and have you seen from customers yet? I might actually ask you this last quarter, but have you seen from customers any kind of concerns about availability. I mean, we're seeing it clearly on the power side around data centers and pricing becomes less important than access to power, in your case, accommodations. But are you seeing any of that concern from your customers yet? And if not, do you think it's close?

謝謝。你是否已經從客戶那邊看到任何對可用性的擔憂？我想我上季可能也問過你這個問題，但你是否看到客戶對可用性有任何疑慮？我的意思是，我們在資料中心的電力端很明顯看到這種情況，價格的重要性低於取得電力；在你們這邊則是住宿。但你是否已經從客戶那邊看到這種擔憂？如果還沒有，你覺得快出現了嗎？

I think you summed it up well at the latter part of your question. I think it is an incredibly dynamic market right now. And as we've gotten our IR deck, we see 35,000 to 50,000 room demand across North America and that right now, there isn't that much capacity.

我認為你在問題後半段的總結很到位。我認為目前市場非常動態。而且從我們的投資人關係簡報中可以看到，北美的需求約在35,000到50,000間房，但目前並沒有那麼多產能。

So I would say that it hasn't tipped over into that fear of availability broadly. There's certainly, with certain customer projects, particularly on the US Side of things, expediency, being able to meet timeframes for first beds is more important than price, although price continues to be a consideration.

所以我會說，整體而言尚未全面轉變成對可用性的恐懼。當然，對某些客戶專案而言，特別是在美國那邊，速度——能否在「第一批床位」的時程內交付——比價格更重要，儘管價格仍然是考量因素。

So having available assets has a lot of value today and to your point, the market is starting to tighten up and concerns about availability are that theme is starting to come out in customer conversations.

因此，擁有可用資產在今天具有很高的價值；如你所說，市場開始收緊，對可用性的擔憂這個主題也開始在與客戶的對話中浮現。

Thanks, Riley. And then maybe just one more, and this might be a little bit harder, but when we go back in time, right, you built out the oil sands, and I forget the exact numbers, but if you needed 1,000 folks to construct the facility and develop the asset, the operating personnel was something less than that.

謝謝，Riley。那再問最後一個，可能有點難：回到過去，你們曾擴建油砂業務，我忘了確切數字，但如果你需要1,000人來建造設施並開發資產，營運人員會少於這個數字。

I don't know if it's 50% or 60%, if I don't remember correctly, but when and your Canada business seems to be pretty baseload right now.

我不確定是50%或60%，我記不太清楚，但你們的加拿大業務現在看起來相當像基載。

When you think about these other opportunities, is there any way to think about that dynamic? Like if you deploy 2000 rooms, there's, three, four or five years of demand and then the operating side is X or is it not too early in the process to get that set?

當你思考這些其他機會時，有沒有辦法用類似的動態來看？例如你部署2,000間房，會有三、四或五年的需求，然後進入營運階段的需求是X？還是說現在還太早，無法做出這樣的判斷？

No, let me frame it this way the opportunity set in North America right now is construction-related and construction work is great, but it does have a finite life, right?

不，我這樣說來框架化：目前北美的機會集合主要與建設相關，而建設工作很棒，但它確實有有限的生命週期，對吧？

So I see the next three to five years there with the current bidding pipeline or opportunity set, it looks like it's going to be strong for three to five years.

所以以目前的投標管線或機會集合來看，我認為未來三到五年看起來都會很強勁。

But to your point, whether it's a data center, an LNG facility, an oil sands mine, a pipeline, once construction is complete, there's not a need for accommodations anymore.

但如你所說，不論是資料中心、LNG設施、油砂礦場或管線，一旦建設完成，就不再需要住宿了。

So, construction work is great. It's a great shot in the arm. We have an opportunity set, as we said in our prepared comments, that is this large by a factor of two or three than we've seen since the early 2000s.

所以，建設工作很棒，是很好的強心針。我們的機會集合——如我們在事先準備的發言中所說——其規模是自2000年代初以來我們所見的兩到三倍。

But it is going to be construction related. So it's deployed assets and earn a return on those assets. And then, should the construction projects start to space out, then we could see a longer than three to five-year period of demand for accommodations in North America for construction and that would be favourable for a longer-term utilization, particularly the mobile camera.

但它將會是建設相關。因此就是部署資產並在這些資產上賺取報酬。然後，如果建設專案開始拉開間隔，那麼我們可能會看到北美建設住宿需求的期間超過三到五年，這將有利於更長期的使用率，特別是行動營地。

Great, thank you. Everything seems to be extending longer than we think, which is a positive, but that's a great call. Thanks for taking the questions.

很好，謝謝。很多事情似乎都比我們想像的延續更久，這是正面的，但你的說法很到位。謝謝回答問題。

Hey, Tom. Good to talk to you, Steve.

嘿，Tom。很高興跟你聊，Steve。

Steve Ferazani, Sidoti and Company.

Steve Ferazani，Sidoti and Company。

Hi, good morning. This is [Alex] on for Steve. Thanks for taking questions. You alluded to this in the prepared remarks, but maybe I could follow-up a little bit just for clarity on how much of the strong Canadian, 1Q performance you would attribute to customer timing, aka pull forwards?

嗨，早安。我是代替Steve的[Alex]。謝謝讓我提問。你在事先準備的發言中提到過這點，但我想再追問一下以釐清：你認為加拿大第一季強勁表現中，有多少可以歸因於客戶時點因素，也就是所謂的提前拉貨（pull forwards）？

I would say very little was a pull forward there was one in the first quarter, a customer had an unexpected situation which added some occupancy during the quarters.

我會說提前拉貨的成分很少。第一季有一個案例：某位客戶發生了意外狀況，導致該季度的入住率增加了一些。

April has started off pretty strong. Well, we're done with April, but April was a pretty strong start to the second quarter.

4月開局相當強勁。嗯，我們已經結束4月了，但4月確實是第二季一個相當強的開始。

What we tried to allude to in the prepared comments was, look, oil's gone from $60 to $65 to, at times, close to $100 that's great for our customer base.

我們在事先準備的發言中想表達的是：你看，油價從60美元到65美元，有時甚至接近100美元，這對我們的客戶群很有利。

They're focused on producing as much as they can into that price dynamic, but that does not -- which has two implications Q1, Q2 and Q3. Three are usually the time period in Canada when the customers do planned annual maintenance.

他們專注於在這樣的價格環境下盡可能提高產量，但這並不——這帶來兩個影響：在加拿大，第一季、第二季和第三季通常是客戶進行年度計畫性維護的期間。

As we've mentioned in the comments, we see that that's likely pushing out into later in the year as opposed to being stronger in the second quarter as they focus on production. It also has them continue to be focused on cost containment.

如我們在評論中提到的，我們看到這些維護很可能會往年內較晚的時間推遲，而不是在第二季更強，因為他們把重心放在生產上。同時也讓他們持續專注於成本控制。

Because they're not making -- well, other than trying to push production, they're not making changes to spinning activity as if it's a $90 a barrel market.

因為除了努力提高產量之外，他們並沒有像在每桶90美元市場那樣去改變、加速活動。

Very helpful context and then one more from us on Australia. You've continued to report strong and growing Australian services revenue. Could you talk a little bit, about what the labor market is like there now, any challenges with staffing or any room to expand?

這些背景資訊很有幫助。那我們再問一個關於澳洲的問題：你們持續回報澳洲服務收入強勁且成長。你能否談談目前那邊的勞動市場狀況、在人力配置上是否有任何挑戰，或是否有擴張空間？

Yeah, labor continues, availability of labor continues to be a struggle across our Australian business, which are. Our HR team down there, they're hyper-focused on recruitment and retainment. It's one thing to get people hired. It's another thing to keep them in the business long-term.

可以。勞動力——勞動力的可得性——在我們澳洲業務仍然是一個難題。我們那邊的人資團隊非常專注於招募與留任。把人招進來是一回事，讓他們長期留在公司又是另一回事。

And so labor costs are still -- are labor availability and therefore costs because we have to use temporary labor when we can't have -- when we don't have full complement of full-time employees.

因此，勞動成本仍然——勞動力可得性，進而影響成本——因為當我們無法——當我們沒有足夠的全職員工編制時，就必須使用臨時人力。

Labor costs are something that we're focused on. So we're recruiting -- one of the tough positions for our business is your head chef at each location. We're recruiting foreign chefs to come in and work rotations for us, and that has helped some, but it's still -- we're still not to the labor costs that we'd like to have there.

勞動成本是我們關注的重點。因此我們正在招募——我們業務中較難補足的職位之一，是各據點的主廚。我們正在招募外籍主廚來為我們輪班工作，這在某種程度上有所幫助，但我們仍然——勞動成本仍未達到我們希望的水準。

Understood. Thanks for taking ours, Lisa.

了解。謝謝你接我們的問題，Lisa。

Thank you.

謝謝。

Dave Storms, Stonegate Capital Partners.

Dave Storms，Stonegate Capital Partners。

Hi, Dave.

嗨，Dave。

Dave, your line is?

Dave，你的線路是？

Oh, Jesus, is that better?

喔，天啊，這樣好一點嗎？

Yes, we can hear you now.

是的，我們現在聽得到你了。

Perfect. Okay, sorry about that wanted to hold on Australia for a second here. We've talked in the past about 200 Met Cole being an important benchmark. I know you mentioned the challenge cost environment.

太好了。好，抱歉，剛才想先在澳洲那邊稍微等一下。我們過去談過，200 美元的冶金煤（Met Coal）是一個重要的基準。我知道你提到成本環境的挑戰。

Can you help us maybe understand a little better about how that push and pull looks now? Is $225 or $250 Met Cole a better benchmark? Going forward in the current environment or maybe just help us understand the pleasure pool there?

你能不能幫我們更清楚理解一下，現在這種拉鋸的狀況是什麼樣子？在目前環境下，225 或 250 美元的冶金煤會是更好的基準嗎？往前看，或是也請你幫我們理解一下那個「愉悅池」的情況？

It really depends customer by customer, both their inherent cost structure as it relates to production costs as well as where their balance sheets are. I think where you're headed is generally correct. The old $200,000 is probably $225,000 in this market.

這真的要看每一個客戶而定，包含他們本身與生產成本相關的固有成本結構，以及他們的資產負債表狀況。我想你要問的方向大致是對的。過去的 200 美元，大概在這個市場會變成 225 美元。

The other factor that you have to keep in mind from a customer standpoint, it's not a factor for us and I'll explain why, is that they sell their commodities in US Dollars and they've got largely all Australian dollar costs.

另外一個你必須從客戶角度記住的因素，對我們不是因素，我也會解釋原因：他們用美元出售大宗商品，但成本大多是澳幣。

So we've got diesel costs, which are more impactful to our customers' cost structure than it is to ours, coupled with if the Aussie dollar continues to appreciate, for instance, the US Dollar, our customers will have effectively.

所以像柴油成本，對我們客戶的成本結構影響比對我們更大；再加上如果澳幣持續升值、例如相對美元升值，我們的客戶等於會面臨——

A cost structure increase without a revenue increase because it's Aussie dollar costs and US dollar revenues. For us, we're naturally hedged we're largely Australian. We're all Australian dollar revenues down there and Australian dollar costs.

在沒有收入增加的情況下，成本結構上升，因為成本是澳幣、收入是美元。對我們而言，我們天然避險：我們在那邊的收入大多是澳幣，成本也都是澳幣。

So the concern really is how do fuel prices impact customer activity levels? And it's, I would say early on. We've had effectively two months, and I expect that Australia will continue to see inflationary pressures for the balance of the year.

所以真正的擔憂是燃料價格如何影響客戶的活動水準。我會說目前還算早期。我們實際上才經歷兩個月，我預期澳洲在今年剩餘時間仍會持續面臨通膨壓力。

Understood. That's great, Colin. Thank you circling back to the US, and I recognize that this is maybe a bit of a crystal ball question, but you mentioned there's a large volume of different types of contracts that could be gained in the US Between LNG, power, data centers.

了解。很棒，Colin。謝謝。回到美國這邊，我也知道這可能有點像水晶球問題，但你提到美國有大量不同類型的合約可能拿到，包含 LNG、電力、資料中心。

When you're looking across that universe, is there maybe a field or a geography or a type of contract that you would expect to drop first, maybe in the earlier 2027? Or are they all just super different and, kind of hard to judge?

當你放眼整個範圍時，有沒有某個領域、地理區域或某種類型的合約，你會預期最先落地，可能在 2027 年初？還是它們都差異很大、很難判斷？

Well, we always have to go off what our customers tell us the timeline is and I think embedded in your question is, do we think that they're going to hit the timeline? These are major investment projects, which historically have always had a tendency to push to the right.

嗯，我們一向只能依據客戶告訴我們的時程來判斷。我想你的問題裡也包含：我們是否認為他們會如期。這些都是重大投資專案，歷史上往往都有往後延的傾向。

We continue to believe that there's a fair. Amount of work that will be let in 2026, that will be announce able in 2026, but may not, as we said in our prepared comments, may not materially hit us financially until going into 2027 and 2028.

我們仍然相信，2026 年會釋出相當數量的工作，2026 年也會有可對外宣布的案子，但可能——如同我們在事先準備的發言中所說——在財務上要到 2027、2028 年才會有實質貢獻。

But the FID time period, as we understand it now, the time to mobilize, the time to first meals and first beds. Some of it could hit in 2026, but as we sit here on May 1, that's got to hit pretty soon. Mobile camps can typically be deployed within 90 days and start earning money, but if it involves multi-story, that's going to take longer.

但就我們目前理解的 FID 時點、動員時間、到第一批餐食與第一批床位的時間來看，有些可能在 2026 年就會開始貢獻。不過以 5 月 1 日的時間點來看，那就得很快發生。行動營地通常 90 天內就能部署並開始賺錢，但如果涉及多層建築，那就會花更久。

Understood. Appreciate that. And then maybe just one more. You mentioned some of the turnaround activity in Canada being pushed out due to commodity prices. Just looking across your customers, is there a potential for that to be pushed out again further should commodity prices remain elevated? Or is there maybe a hard backstop in the Q3, Q4 that would require customers to bring in that turnaround activity?

了解。謝謝說明。再問最後一個：你提到加拿大部分的歲修（turnaround）活動因商品價格而被延後。從你們客戶整體來看，如果商品價格仍維持高檔，這是否可能再度往後延？還是說在 Q3、Q4 有某個硬性底線，會要求客戶必須進行那些歲修活動？

It's a tough question to answer. It's always possible for turnaround work to be pushed out. It's always a variability. It can even -- even when you don't have the dislocations we're experiencing today, even in a more normalized market, customers can get in and have various idiosyncratic reasons to either accelerate or defer turnaround work.

這很難回答。歲修工作確實總是有可能被往後推，變動性一直存在。甚至——即使沒有我們今天所經歷的這些錯位，即使在更正常化的市場裡，客戶也可能因各種特定原因而加速或延後歲修。

I think we feel good about what's embedded in our guidance Canada is going to face a smoother year this year in terms of the cadence of occupancy than we would historically have seen.

我想我們對指引中所反映的情況感到有信心：加拿大今年在入住率節奏上，會比我們過往通常看到的更平順。

So the rule of thumb that we've given the market in the past multiple times was that 60%, 65% of annual EBITDA for us would happen in Q2 and Q3, largely driven by turnaround activity ramping up in Canada.

所以我們過去多次給市場的經驗法則是：我們全年 EBITDA 的 60% 到 65% 會發生在 Q2 和 Q3，主要是由加拿大歲修活動拉升所帶動。

I would say this year it's going to look a lot more smooth. So, closer to, yeah, well, just flattered throughout the year as it relates, particularly to Canadian occupants.

我會說今年看起來會平順得多。所以更接近——對，就是更平均地分布在全年，特別是就加拿大入住率而言。

Understood. I think that's a very fair answer. Thank you for taking my questions, and good luck in the next quarter.

了解。我覺得這是很合理的回答。謝謝你回答我的問題，也祝你們下一季順利。

Thank you.

謝謝。

Thanks, Brad. The next question will come again from the line of Stephen Gangaro with Stifel.

謝謝，Brad。下一個問題再次來自 Stifel 的 Stephen Gangaro。

Thanks. Two follow-ups, one to the question you just answered. When we think about the difference between the high-end and low-end, the guidance, is that primarily related to the turnaround activity.

謝謝。兩個追問，其中一個是針對你剛剛回答的問題。當我們思考指引高端與低端的差異時，這主要是與歲修活動有關嗎？

It would be turnaround activity. It would be inflationary pressures in Australia, more so than Canada and then to a prior comment, it would also be if any project work kicks off this year.

會是歲修活動。也會是澳洲的通膨壓力——相較之下比加拿大更明顯——另外呼應先前的評論，也會取決於今年是否有任何專案型工作啟動。

We've won a little bit of work for our mobile camp business, which we have budgeted for later in the year. So that speculative amount of work that we had budgeted, we feel much better about now that project will kick off here in the next 60 days.

我們在行動營地業務上贏得了一點工作，我們原本預算是安排在今年稍晚。因此，對於我們原先以較具推測性納入預算的那部分工作，現在我們更有把握，因為該專案將在接下來 60 天內啟動。

Now works in Alberta so I would think it's Canadian turnaround activity, Australian inflation, and when do we get any benefit from infrastructure projects that are won this year, efficient mobilize this year, and then, as I mentioned, set up for a stronger 2027?

目前是在亞伯達省，所以我會認為主要因素是加拿大歲修活動、澳洲通膨，以及我們何時能從今年贏得的基礎建設專案中受益——是否能在今年有效動員——然後如我所提，為更強勁的 2027 年做準備。

Great. Thank you and the second question.

很好，謝謝。第二個問題。

I'm not sure if you can answer this directly, but when we think about the types of projects you're bidding on in North America and aggregate Canada and the US, are there types of projects that would tend to be longer-term in nature?

我不確定你能不能直接回答，但當我們思考你們在北美投標的專案類型（加拿大與美國合計）時，是否有一些專案類型通常會偏向較長期？

And would that, how do you balance maybe the term of the contract versus maybe something which could be a little more profitable for two or three years versus a longer-term? Relationship and/or contract.

如果是的話，你們如何在合約期限與可能較高獲利（例如兩到三年）之間做平衡，與較長期的合作關係和／或合約相比？

Well, the term of deploying assets for a construction project is that's a material consideration and so obviously we would be, we had our brothers, we would win work that has a longer duration. I would say generally what we're seeing.

嗯，把資產部署到一個建設專案的期限，是一個重要考量。所以很明顯地，如果可以的話，我們會更希望贏得期限更長的工作。我會說一般我們目前看到的——

Today is two-to-four-year projects some are a little bit longer, but I haven't seen a lot that are over five years. So these are construction projects and the need for accommodations is typically in that two to four, two-to-five-year time frame.

是兩到四年的專案，有些會更長一點，但我沒有看到很多超過五年的。所以這些是建設專案，對住宿的需求通常落在兩到四年、或兩到五年的時間範圍。

Great. This is a very helpful caller. Thank you, Bradley.

很好。這位來電者的問題非常有幫助。謝謝你，Bradley。

Thanks, Steve.

謝謝，Steve。

Thank you. Ladies and gentlemen, this concludes the Q&A session. I would like to hand the call back to Bradley Dodson for closing remarks.

謝謝。各位女士先生，問答環節到此結束。我想把電話交回給 Bradley Dodson 做結語。

Thank you so much. And thank you, everyone, for joining the call today. We appreciate your interest in Civeo, and we look forward to speaking to you on the second quarter earnings call, which would expect to happen late in July. Have a good day.

非常感謝。也謝謝各位今天參加電話會議。我們感謝各位對 Civeo 的關注，並期待在第二季財報電話會議上再與各位交流，預計會在 7 月下旬舉行。祝各位有美好的一天。

This concludes today's conference. You may disconnect your lines at this time, and we thank you for your participation

今天的會議到此結束。您現在可以掛斷電話線，並感謝您的參與。