First, Oil States:
Oil States International, Inc. today announced that it has completed the spin-off of its accommodations business, Civeo Corporation, through the distribution of all the shares of Civeo common stock to the holders of Oil States common stock. Civeo Corporation will begin “regular way” trading on the New York Stock Exchange (the “NYSE”) today under the ticker symbol “CVEO”.
“The spin-off of Civeo into a separate, publicly traded company is a significant step in our corporate history which will allow both Oil States and Civeo to pursue growth opportunities in each of their respective businesses. This strategic achievement will allow both companies to capitalize on their respective market opportunities and further enhance shareholder value creation. We congratulate the Civeo management team and wish them well as a stand-alone public company.”
To effect the spin-off, on May 30, 2014, Oil States’ shareholders received two shares of Civeo common stock for each share of Oil States common stock held by such shareholders as of the close of business on May 21, 2014. Civeo is now an independent, publicly traded company listed on the NYSE in which Oil States retains no continuing ownership interest.
And the new company, Civeo:
Civeo Corporation today announced that it has successfully completed its previously announced spin-off from Oil States International, Inc. , and emerged as an independent, publicly traded company and one of the largest integrated providers of workforce accommodations, logistics and facility management services to the natural resource industry. Civeo, which was formerly the accommodations business of Oil States, will begin “regular way” trading on the New York Stock Exchange (the “NYSE”) today under the ticker symbol “CVEO”. Bradley J. Dodson, Civeo’s President and CEO, will join other Civeo employees today on the floor of the NYSE to ring the opening bell to begin trading at 8:30 a.m. CDT.
“After growing our business more than ten-fold as part of Oil States, we are very excited for Civeo to begin its next chapter as an independent, public company,” stated Mr. Dodson. “Civeo’s more than 4,000 employees deliver first–class service every day to more than 20,000 guests in Canada, Australia and the United States, and we are focused on solidifying and extending our position as one of the world’s premier providers of workforce accommodations.”
Civeo has a history of operational excellence spanning more than twenty years in the Canadian oil sands region and more than fifteen years in the Australian natural resources market. With its solid reputation for providing premium accommodations and services in its more than 20,000 lodge and village rooms, Civeo is well-positioned to continue to grow organically and through acquisitions in its existing regions of operations as well as assess opportunities in additional geographic and end markets.
After the market closed on May 30, 2014, shareholders of Oil States received two shares of Civeo common stock for each share of Oil States common stock held by such stockholder as of the close of business on May 21, 2014. The spin-off was structured to qualify as a tax-free distribution to Oil States stockholders for U.S. federal tax purposes.
Disclosure: The author holds no position in any stock mentioned
