X0306 4 2018-12-19 0 0001590584 Civeo Corp CVEO 0001735901 Torgerson Lance 596 MCCLURE ROAD KELOWNA A1 V1W 1H3 BRITISH COLUMBIA, CANADA 0 0 1 0 0001736750 Torgerson Tammy 596 MCCLURE ROAD KELOWNA A1 V1W 1H3 BRITISH COLUMBIA, CANADA 0 0 1 0 Common Stock 2018-12-19 4 J 0 2156349 1.9839 D 5948213 I See Footnote Class A Series 1 Preferred Shares 3.30 2018-12-19 4 J 0 637 9448.33 D Common Stock 1930303.011 9042 I See Footnote Forfeiture of shares pursuant to escrow agreement entered into on April 2, 2018 in connection with the acquisition of Noralta Lodge Ltd. by the Issuer. The shares were forfeited in connection with a post-closing purchase price adjustment. Pursuant to the escrow agreement, the shares were to be valued at CAD$2.6684 for purposes of the purchase price adjustment. $1.9839 represents the the USD equivalent of CAD$2.6684 based on the exchange rate on December 19, 2018. Shares owned by 989677 Alberta Ltd., of which Lance Torgerson owns, indirectly, 100% of the voting shares. Tammy Torgerson disclaims beneficial ownership of the shares, which are beneficially owned, indirectly, by Lance Torgerson, her spouse. The Preferred Shares can be converted by the issuer at any time if the 15-day volume weighted average price of the Common Shares is equal to or exceeds the Conversion Price; the holders of the Preferred Shares will have the right to convert the Preferred Shares into Common Shares at any time after April 2, 2020. The Preferred Shares mandatorily convert after five years from the date of issuance. The Preferred Shares are convertible into the number of Common Shares at a rate of 3,030.3030 Common Shares per each $10,000 of Liquidation Preference. The Preferred Shares have an initial Liquidation Preference of $10,000 per share, which amount may be increased in connection with the accrual of dividends or the payment of in-kind dividends. Pursuant to the escrow agreement, the shares were to be valued at CAD$12,708 for purposes of the purchase price adjustment. $9,448.33 represents the the USD equivalent of CAD$12,708 based on the exchange rate on December 19, 2018. As trustees of the Torgerson Family Trust. Each of the reporting persons serves as a co-trustee of the trust and is a current or future beneficiary thereof. Each of the reporting persons disclaims beneficial ownership of the reported securities except to the extent of his/her pecuniary interest therein. /s/ Lance Torgerson 2019-03-08 /s/ Tammy Torgerson 2019-03-08