Civeo repurchased 660K shares for $22.3M in July concurrent with convertible offering
Completion of 20% program authorization; 50% through on 10% additional authorization announced previously.
What the filing says
In July 2026, Civeo Corporation (NYSE: CVEO) repurchased 660,297 common shares for approximately $22.3 million, executed concurrently with the company's issuance of $115 million of 4.50% convertible senior notes due 2031. The repurchase comprised two tranches: approximately 111,000 shares completed a previously authorized 20% share repurchase program approved by the Board in April 2025, while the remaining approximately 549,000 shares were applied to a 10% additional authorization announced previously, bringing that authorization to approximately 50% complete.
Civeo funded the share repurchase using net proceeds from the convertible notes offering, which also provided capital to repay borrowings under its revolving credit facility and restore undrawn capacity. The company intends to satisfy the convertible notes' principal amount in cash, and management stated that the concurrent repurchase is expected to result in no common shareholder dilution unless Civeo's stock price exceeds approximately $53 per share.
The execution mechanism was not explicitly specified in the filing. The repurchase was announced in Civeo's second-quarter 2026 earnings release dated July 30, 2026, filed on Form 8-K with Item 2.02 (Results of Operations and Related Results).
Concurrent with the convertible notes offering, Civeo repurchased 660,297 of its common shares for approximately $22.3 million. Approximately 111,000 of these shares completed the 20% share repurchase authorization approved by the Board of Directors in April 2025. Upon completion of that authorization, the Company began executing on its previously announced authorization to repurchase up to an additional 10% of its outstanding common shares. The remaining approximately 549,000 shares were applied to the new authorization, bringing it to approximately 50% complete. — Civeo Corp 8-K filing · View on SEC EDGAR →
What this means
Civeo executed 660,297 share repurchases totaling $22.3 million (an average of approximately $33.77 per share) in July 2026, funded by proceeds from a concurrent $115 million convertible notes offering. The buyback was split between completing a 20% authorization from April 2025 and advancing a 10% additional authorization to the 50%-complete mark. Management emphasized that the concurrent buyback offsets expected dilution from the convertible notes, provided no stock price appreciation above $53 per share occurs. For context, Civeo had approximately 10.9 billion weighted-average shares outstanding in Q2 2026, down from 13.2 billion shares a year prior, reflecting ongoing buyback activity.</what_this_means> <parameter name="faqs">[ { "question": "Why did Civeo repurchase shares concurrently with issuing convertible notes?", "answer": "Civeo issued the convertible notes to refinance higher-cost, floating-rate debt with fixed-rate, unsecured capital. Management used a portion of the proceeds to repurchase shares concurrently to offset expected dilution from the convertible notes if redeemed in stock rather than cash. This mechanism allowed Civeo to improve its capital structure while maintaining near-term share-count discipline." }, { "question": "What is the significance of the $53 per share threshold mentioned in the filing?", "answer": "Civeo stated the concurrent repurchase is expected to result in no dilution to common shareholders unless stock price exceeds $53 per share. This is the initial conversion price of the convertible notes (a 20% premium to the July 1, 2026 closing price). If the stock appreciates above that level, note holders would likely convert to equity, causing dilution that the buyback would not fully offset." }, { "question": "What percentage of Civeo's authorized buyback programs was completed in this July transaction?", "answer": "The July repurchase completed the 20% authorization approved by the Board in April 2025 (with approximately 111,000 shares) and advanced a previously announced 10% additional authorization to 50% complete (with approximately 549,000 shares). Together, the two programs represent up to 30% of shares outstanding at the time of authorization." }, { "question": "How much has Civeo's share count declined due to buyback activity?", "answer": "Civeo's weighted-average diluted shares outstanding fell from 13.2 billion in Q2 2025 to 10.9 billion in Q2 2026, a reduction of approximately 2.3 billion shares or 17% year-over-year. This reflects ongoing repurchase activity under both authorizations." }, { "question": "Did the filing disclose the average price paid per share in the July repurchase?", "answer": "The filing disclosed total repurchase amount ($22.3 million) and share count (660,297 shares) but did not explicitly state the average price. Dividing total amount by shares yields approximately $33.77 per share, which represents a reasonable calculation based on disclosed figures." } ]