Civeo Receives Continued Listing Standard Notice from NYSE

Civeo Corporation (NYSE: CVEO) today announced that on November 27, 2019, Civeo was notified by the New York Stock Exchange of its noncompliance with continued listing standards because the average closing price of its common shares over a prior 30 consecutive trading day period had fallen below $1.00 per share, which is the minimum average closing price per share required to maintain listing on the NYSE.

In response to the letter, Bradley J. Dodson, Civeo’s President and Chief Executive Officer, stated, “Oil prices have fallen since early summer due to continued demand growth volatility and fear of a global economic slowdown, creating increased pressure on energy capital markets, particularly for small-cap companies with operations in the U.S. and Canada such as Civeo. Our shares have traded below $1.00 per share for a period of time long enough for the NYSE to issue a non-compliance notice. In response, the Company’s Board of Directors is reviewing all available alternatives to return to compliance with the NYSE continued listing standards. If necessary, the Company’s Board of Directors intends to propose a reverse share split for shareholder approval at the Company’s annual meeting of shareholders currently scheduled for May 2020.”

As required by the NYSE, the Company has notified the NYSE of its intent to cure the deficiency and restore its compliance with the NYSE continued listing standards. In general, a listed company has a period of six months following the receipt of the notice to regain compliance. In order to regain compliance, on the last trading day in any calendar month during the cure period, the Company’s common shares must have (i) a closing price of at least $1.00 per share and (ii) an average closing price of at least $1.00 per share over the 30 trading day period ending on the last trading day of such month. If shareholder approval is required, the price condition will be deemed cured if the price promptly exceeds $1.00 per share, and the price remains above the level for at least the following 30 trading days. During this period, subject to Civeo’s compliance with other NYSE continued listing requirements, Civeo’s common shares will continue to be traded on the NYSE under the symbol “CVEO” but will have an added designation of “.BC” to indicate the status of the common shares as below compliance. If Civeo is unable to regain compliance, the NYSE will initiate procedures to suspend and delist Civeo’s common shares.