Civeo Corp
For the period ended Dec 31, 2023. Filed Feb 29, 2024.
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FY2023 · Filed Feb 29, 2024
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Item 2. Properties
The following table presents information about our principal properties and facilities as of December 31, 2023. Except as indicated, we own all of the properties or facilities listed below. Each of the properties is encumbered by our secured credit facilities. See“Management’s Discussion and Analysis of Financial Condition and Results of Operations”in Item 7 and Note 11 – Debt to the notes to consolidated financial statements included in Item 8 of this annual report for additional information concerning our credit facilities. For a discussion about how each of our business segments utilizes its respective properties, see Item 1, “Business” of this annual report.
| Location | Approximate SquareFootage/Acreage | Description |
|---|---|---|
| Canada: | ||
| Fort McMurray, Alberta (leased land) | 240 acres | Wapasu Creek Lodge |
| Fort McMurray, Alberta (leased land) | 138 acres | Fort McMurray Village |
| Fort McMurray, Alberta (leased land) | 135 acres | Conklin Lodge |
| Fort McMurray, Alberta (leased land) | 128 acres | Beaver River and Athabasca Lodges |
| Kitimat, British Columbia | 59 acres | Sitka Lodge |
| Fort McMurray, Alberta (leased land and lodges) | 58 acres | Hudson and Borealis Lodges |
| Acheson, Alberta (lease) | 40 acres | Office and warehouse |
| Vanderhoof, British Columbia | 33 acres | Storage yard |
| Fort McMurray, Alberta (leased land) | 30 acres | Greywolf Lodge |
| Fort McMurray, Alberta (leased land) | 18 acres | Anzac Lodge |
| Edmonton, Alberta (lease) | 86,376 sq. feet | Office and commercial production kitchen |
| Calgary, Alberta (lease) | 7,000 sq. feet | Office |
| Australia: | ||
| Coppabella, Queensland, Australia | 192 acres | Coppabella Village |
| Narrabri, New South Wales, Australia | 82 acres | Narrabri Village |
| Boggabri, New South Wales, Australia | 52 acres | Boggabri Village |
| Dysart, Queensland, Australia | 50 acres | Dysart Village |
| Middlemount, Queensland, Australia | 37 acres | Middlemount Village |
| Karratha, Western Australia, Australia (owned and leased land) | 34 acres | Karratha Village |
| Nebo, Queensland, Australia | 26 acres | Nebo Village |
| Moranbah, Queensland, Australia | 17 acres | Moranbah Village |
| Sydney, New South Wales, Australia (lease) | 11,518 sq. feet | Office |
| Perth, Western Australia, Australia (lease) | 6,921 sq. feet | Office |
| Brisbane, Queensland, Australia (lease) | 5,543 sq. feet | Office |
| U.S.: | ||
| Houston, Texas (lease) | 8,900 sq. feet | Principal executive offices |
| Sulphur, Louisiana | 44 acres | Acadian Acres land only |
| Killdeer, North Dakota | 39 acres | Killdeer Lodge |
We also own various undeveloped properties in British Columbia.
We believe that our leases are at competitive or market rates and do not anticipate any difficulty in leasing additional suitable space upon expiration of our current lease terms.
Leased land for our lodge properties in Canada refers to land leased from the Alberta government. We also lease land for our Karratha Village from the state government in Australia. Generally, these leases have an initial term of ten years and are scheduled to expire between 2024 and 2030.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.