Engine Capital reached cooperation agreement with Civeo Corp (CVEO)

Market Cap: $280 million | Civeo Corporation provides hospitality services to the natural resource industry in Canada, Australia, and the United States. 

On March 18, 2025, Engine Capital (9.8%) sent a letter to the Board stating that despite the company's strong assets and cash flow potential, it has failed to generate adequate shareholder returns. Engine proposes a major shift in Civeo's capital allocation, including eliminating its dividend, repurchasing 25% of shares through a tender offer, and reducing operational costs. They also recommend abandoning further M&A and prioritizing share buybacks. Engine believes these actions will unlock significant value, potentially increasing the stock's value between $40 and $54 per share, an upside of nearly 130% by 2027. They also suggest exploring strategic alternatives, including a sale of the company, to realize its full value. Engine requests a meeting with Civeo’s Board to discuss these initiatives.

On June 18, 2025, Engine Capital stated its belief that the Board would benefit from a highly qualified, independent director and are in ongoing discussions with the company regarding such an appointment. Source

On November 25, 2025, Engine Capital reached a cooperation agreement with the company under which the board will add Daniel Silvers (Class III, term through 2026) and Jeffrey Scofield (Class I, term through 2027), with Silvers joining the Compensation and ESG/Nominating committees and Scofield joining the Audit and Finance/Investment committees.