DEBT

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

DEBT

DEBT

As of December 31, 2025 and 2024, long-term debt consisted of the following (in thousands): 

	December 31, 2025		December 31, 2024
U.S. revolving credit facility; weighted average interest rate of 9.2% for the twelve-month period ended December 31, 2025	$	—	$	—
Canadian revolving credit facility; weighted average interest rate of 6.0% for the twelve-month period ended December 31, 2025	132,787		43,299
Australian revolving credit facility; weighted average interest rate of 6.7% for the twelve-month period ended December 31, 2025	50,055		—
Total debt	$	182,842	$	43,299

Scheduled maturities of long-term debt as of December 31, 2025 are as follows (in thousands): 

	Year Ending December 31,
2026	$	—
2027	—
2028	182,842
Thereafter	—
	$	182,842

Credit Agreement

On March 24, 2025, we amended our Syndicated Facility Agreement (as amended to date, the Credit Agreement), to increase the Australian revolving commitments by $20.0 million to an aggregate amount of $55.0 million.

As of December 31, 2025, our Credit Agreement provided for a $265.0 million revolving credit facility scheduled to mature on August 8, 2028, allocated as follows: (A) a $10.0 million senior secured revolving credit facility in favor of certain of our U.S. subsidiaries, as borrowers (the U.S. Facility); (B) a $200.0 million senior secured revolving credit facility in favor of Civeo and certain of our U.S. subsidiaries, as borrowers (the Canadian Facility); and (C) a $55.0 million senior secured revolving credit facility in favor of one of our Australian subsidiaries, as borrower.

U.S. dollar amounts outstanding under the facilities provided by the Credit Agreement bear interest at a variable rate equal to Adjusted Term Secured Overnight Financing Rate (SOFR), which is equal to Term SOFR plus a 10 basis point adjustment, plus a margin of 2.50% to 3.75%, or a base rate plus 1.50% to 2.75%, in each case based on a ratio of our total net debt to Consolidated EBITDA (as defined in the Credit Agreement). Canadian dollar amounts outstanding bear interest at a variable rate equal to Adjusted Term Canadian Overnight Repo Rate Average (CORRA) which is equal to the Term CORRA plus a 29.547 basis point adjustment for one month terms or 32.138 basis point adjustment for three month terms, plus a margin of 2.50% to 3.75%, or a Canadian Prime rate plus a margin of 1.50% to 2.75%, in each case based on a ratio of our total net debt to Consolidated EBITDA (as defined in the Credit Agreement). Australian dollar amounts outstanding under the Credit Agreement bear interest at a variable rate equal to the Bank Bill Swap Bid Rate plus a margin of 2.50% to 3.75%, based on a ratio of our total net debt to Consolidated EBITDA (as defined in the Credit Agreement).

The Credit Agreement contains customary affirmative and negative covenants that, among other things, limit or restrict: (i) indebtedness, liens and fundamental changes; (ii) asset sales; (iii) specified acquisitions; (iv) certain restrictive agreements; (v) transactions with affiliates; and (vi) investments and other restricted payments, including dividends and other distributions. In addition, we must maintain a minimum interest coverage ratio, defined as the ratio of consolidated EBITDA to consolidated interest expense, of at least 3.00 to 1.00 and a maximum net leverage ratio, defined as the ratio of total net debt to Consolidated EBITDA, of no greater than 3.00 to 1.00. Following a qualified offering of indebtedness, we will be required to maintain a maximum leverage ratio of no greater than 3.50 to 1.00 and a maximum senior secured ratio no greater than 2.00 to 1.00. Each of the factors considered in the calculations of these ratios are defined in the Credit Agreement. EBITDA and consolidated interest, as defined, exclude goodwill and asset impairments, debt discount amortization, amortization of intangibles and other non-cash charges. We were in compliance with our covenants as of December 31, 2025.

Borrowings under the Credit Agreement are secured by a pledge of substantially all of our assets and the assets of our subsidiaries subject to customary exceptions. The obligations under the Credit Agreement are guaranteed by our significant subsidiaries. As of December 31, 2025, we had six lenders that were parties to the Credit Agreement, with total revolving

commitments ranging from $35.0 million to $60.0 million. As of December 31, 2025, we had outstanding letters of credit of zero under the U.S. facility, zero under the Australian facility and $0.9 million under the Canadian facility. We also had outstanding bank guarantees of A$1.4 million under the Australian facility.