Civeo (CVEO) Proxy Filing summary

Executive summary

• Annual general meeting scheduled for May 14, 2025, to be held virtually, with shareholders voting on director elections, executive compensation, and auditor ratification.

• 2024 marked the 10-year anniversary as an independent company, with significant business transformation and improved capital structure.

• Achieved $84 million in operating cash flow, reduced net leverage to 0.5x, and returned 64% of free cash flow to shareholders through buybacks and dividends.

• Australian operations saw 23% revenue growth and 81% occupancy, while Canadian operations faced headwinds due to oil sands market challenges.

• Announced acquisition of four villages in Australia for $67 million post-year-end.

Voting matters and shareholder proposals

• Shareholders to vote on electing three Class II directors for one-year terms, advisory approval of executive compensation, and ratification of Ernst & Young LLP as independent auditor.

• Board recommends voting FOR all proposals.

• Shareholders can vote online, by phone, or by mail; quorum requires majority of outstanding shares.

Board of directors and corporate governance

• Board consists of nine members, all independent except the CEO; diverse in skills, experience, and background.

• Board declassification began in 2024, to be completed by 2027; separate Chair and CEO roles.

• Committees: Audit, Compensation, Environmental/Social/Governance/Nominating, and Finance/Investment, all chaired by independent directors.

• Annual board and committee self-evaluations; robust director orientation and ongoing education.

• Director compensation includes cash and equity, with share ownership guidelines in place.