Civeo Corporation (NYSE: CVEO) announced today that its Board of Directors has renewed its share repurchase authorization for the Company to repurchase up to 5% of its total common shares outstanding over the next twelve months.
Civeo may repurchase shares through open market repurchases and/or privately negotiated transactions, and intends to fund repurchases through cash on hand and cash generated from operations.
The timing, price and quantity of repurchases under the repurchase plan will be at the discretion of Civeo and will depend on various factors, including the Company's capital position, liquidity, financial performance and alternative uses of capital, stock trading price, regulatory requirements and limitations, and general market conditions. The Company’s Board of Directors may increase the number of common shares that may be repurchased under the repurchase plan at any time. The repurchase plan does not obligate Civeo to repurchase any particular number of shares and it may be suspended or terminated at any time.
