Civeo announces award of four contracts

Civeo Corporation (Civeo) has been awarded contracts to supply accommodations for four locations along the Coastal GasLink pipeline project in British Colombia, Canada. The Coastal GasLink pipeline project is an approximately 670-kilometre pipeline from the Dawson Creek area to the west coast of B.C. The proposed pipeline will transport natural gas to the proposed LNG Canada facility near Kitimat. These contracts are subject to a positive final investment decision (FID) from the LNG Canada joint venture; the timing of the FID is expected later in 2018.

The accommodation facilities are collectively expected to reach total peak room count of over 2,000, and revenue for the full-term of the contract is expected to be approximately CAD 100M over 2019-2021. Civeo will partner with a First Nation for each facility through its network of leading First Nation and community partnerships.

Civeo expects to deploy approximately CAD 10M in capital, primarily in 2019, across all four facilities, which will include maintenance to existing assets, new site service equipment and a limited number of new modular assets.

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