HOUSTON – Today, Civeo Corporation (NYSE:CVEO), a provider of workforce accommodations in the lodging sector, announced a change in its executive team. Andrew "Andy" S. Fraser has been appointed as Senior Vice President, Canada, effective August 19, 2024. Fraser will be taking over from Allan Schoening, who has held the position since November 2018 and is set to retire. Schoening is expected to stay on as a consultant to ensure a smooth transition.
Fraser, an experienced executive with a 30-year tenure at Finning International, has held a variety of leadership roles and brings extensive expertise in sales, marketing, operations, and customer relations. His former positions include CEO and Executive Chair of NCSG Crane & Heavy Haul and CEO of Camex Equipment Sales and Rentals. Additionally, Fraser has been active in governance, earning an ICD.D designation from the Institute of Corporate Directors at the University of Alberta/Rotman and a GCB.D in ESG governance from Global Competent Boards. He has also completed the Stanford Directors’ College Program.
The company's filing disclosed no arrangements or understandings between Fraser and any other persons in relation to his appointment. Moreover, there are no familial ties between Fraser and any of Civeo's directors or executive officers, nor is Fraser involved in any transactions requiring disclosure under SEC regulations.
Civeo's announcement comes as part of a routine disclosure in accordance with SEC requirements. The information is based on a press release statement. The appointment marks a continuation of Civeo's leadership in the lodging and accommodations sector, as the company seeks to maintain its market position and foster growth in the Canadian market.
In other recent news, Civeo Corporation has undergone significant leadership changes with the appointment of Andrew Fraser as President for Canadian operations and E. Collin Gerry as Senior Vice President, Chief Financial Officer, and Treasurer. Both appointments are set to commence in August 2024. Analyst firm Stifel has raised its price target for Civeo to $31, noting the company's consistent generation of strong free cash flow and its strategy of returning cash to shareholders.
In terms of financial performance, Civeo reported mixed results in the first quarter of 2024, with growth in its Australian operations and a decline in the Canadian segment. Despite this, the company maintained its full-year guidance. The Australian segment saw a 43% increase in adjusted EBITDA, driven by contract wins and improved margins.
Civeo is also actively exploring expansion opportunities in Alberta, Canada, and the Western US, aiming to grow its integrated services business in Australia to AUD 500 million by 2027. These recent developments underscore Civeo Corporation's commitment to its shareholders and its strategic growth initiatives.
InvestingPro Insights
As Civeo Corporation (NYSE:CVEO) welcomes Andrew "Andy" S. Fraser into its executive team, investors may be interested in the financial health and market performance of the company. According to current data, Civeo boasts a robust market capitalization of $350.53 million, indicating its substantial presence in the industry. The company's Price to Earnings (P/E) ratio stands at 11.39, suggesting that the stock may be reasonably valued compared to earnings. Additionally, Civeo's revenue for the last twelve months as of Q1 2024 is reported at $699.33 million, with a modest revenue growth of 0.05%.
An InvestingPro Tip highlights that the company's valuation implies a strong free cash flow yield, which could be a positive signal for investors looking for companies with the potential to generate cash. Moreover, the tip that Civeo's liquid assets exceed short-term obligations provides reassurance about the company's ability to meet its immediate financial commitments. These financial metrics and insights could be particularly relevant for stakeholders considering the strategic significance of the new leadership appointment.
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