Civeo Corporation (NYSE:CVEO) Q3 2024 Earnings Conference Call October 30, 2024 11:00 AM ET

Company Participants

Regan Nielsen - Vice President, Corporate Development and Investor Relations
Bradley Dodson - President and CEO
Collin Gerry - Chief Financial Officer and Treasurer

Conference Call Participants

Stephen Gengaro - Stifel
Steve Ferazani - Sidoti & Company
Dave Storms - Stonegate
Sean Mitchell - Daniel Energy Partners

Operator

Greetings, and welcome to the Civeo Corporation Third Quarter 2024 Earnings Call. At this time, all participants are in a listen-only mode. A brief 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 your host, Mr. Regan Nielsen, Vice President, Corporate Development and Investor Relations. Thank you, sir. You may begin.

Regan Nielsen

Thank you, and welcome to Civeo's third quarter 2024 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.

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 the call today with a few key takeaways for the third quarter and then give a brief summary of our third quarter 2024 performance. Then Collin will provide a financial and segment level review, and I will conclude with our prepared comments with updated full year 2024 guidance, with the underlying regional assumptions. I'll also provide our preliminary outlook for 2025. We will then open the call for questions.

The key takeaways from our call today are: Australia adjusted EBITDA increased 19% from the third quarter of 2023, due to continued strong build rooms in our owned villages, and increased activity in our integrated services business as we expand existing customer relationships.

While we anticipated the decline in our Canadian segment, the decline in LNG and mobile camp activity, the segment performance was weaker than expected in the third quarter due to lower lodge billed rooms, which were negatively impacted by Canadian wildfires.