Tender Offer - Civeo Corp

Form Type: SCHEDULE 13D/A

Filing Date: 2025-03-20

Corporate Action: Tender-offer

Type: Update

Accession Number: 000092189525000839

Filing Summary: Amendment No. 2 to Schedule 13D filed by Engine Capital, Engine Jet, and Engine Lift reflects their belief that Civeo Corp is undervalued and outlines proposed actions for the company's Board of Directors. A letter delivered on March 18, 2025, urged the Board to adopt a new capital allocation model, eliminate dividends, target a leverage ratio of 1.75x, and initiate a significant tender offer to repurchase approximately 25% of outstanding shares. It advocates for an automatic repurchase program post-tender offer and further cost reduction measures, followed by a potential review of strategic alternatives. The document also provides updated ownership percentages for Engine Capital and affiliated entities, detailing voting and disposal powers associated with their shares, which total to 1,338,114 shares among the reporting persons. This filing does not imply admission of beneficial ownership of securities not directly owned.