Civeo Corporation (NYSE:CVEO, Financial) announced today that the Company has agreed to repurchase 40% of its outstanding Class A Series 1 preferred shares. The preferred shares are mandatorily convertible into common shares in April 2023. The preferred shares repurchased, which include accrued dividends, are convertible into approximately 999,000 common shares, or approximately 6% of the Company’s fully diluted common shares outstanding. The aggregate purchase price of the preferred shares is approximately $30.6 million, or $30.58 per common share on an as-converted basis. The repurchase is scheduled to close on November 1, 2022, and Civeo intends to fund the repurchase through its existing bank revolver. After the repurchase, Civeo will have repurchased approximately 10% of its fully diluted common shares outstanding since August 2021.
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