Civeo Corporation (NYSE:CVEO) Q3 2023 Earnings Conference Call October 27, 2023 11:00 AM ET

Company Participants

Regan Nielsen - Vice President, Corporate Development and Investor Relations

Bradley Dodson - President and Chief Executive Officer

Carolyn Stone - Senior Vice President, Chief Financial Officer and Treasurer

Conference Call Participants

Steve Ferazani - Sidoti & Company

Alec Scheibelhoffer - Stifel

David Storms - Stonegate Capital Markets

Operator

Greetings, and welcome to Civeo Corporation Third Quarter 2023 Earnings Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions]. As a reminder, this conference is being recorded. It is now my pleasure to introduce Regan Nielsen, Vice President, Corporate Development and Investor Relations. Thank you. You may begin.

Regan Nielsen

Thank you, and welcome to Civeo's third quarter 2023 earnings conference call. Today, our call will be led by Bradley Dodson, Civeo's President and Chief Executive Officer; and Carolyn Stone, Civeo's Senior Vice President, Chief Financial Officer and Treasurer.

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 harbor protections afforded by federal law. 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.

I'll now turn the call over to Bradley.

Bradley Dodson

Thank you, Regan, and thank you all for joining us today on our third quarter earnings call. I'll start with the key takeaways for the third quarter and then give a brief summary of our third quarter 2023 performance. Then Carolyn will provide a financial and segment-level review, and I'll conclude with our updated full-year 2023 guidance with its underlying assumptions, and I'll also provide a preliminary outlook for 2024. Then we'll open up the call for questions.

The four key takeaways from our call today are the third quarter 2023 financial results exceeded our expectations, strong operational execution in both Canada and Australia. Australia demonstrating strong year-over-year growth. During the quarter, we secured an economically attractive solution for our McClelland Lake assets, which we are optimistic will also lead to additional opportunities. We announced our capital allocation framework, including initiating a $0.25 per share quarterly dividend to provide a consistent form of capital return to our shareholders, and we renewed our share buyback growth. The last key point is we'll provide a qualitative assessment of our initial outlook for 2023.