Civeo Corp

We include the following cautionary statement to take advantage of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 for any "forward-looking statement" made by us or on our behalf. All statements other than statements of historical facts included in this annual report are forward-looking statements. The forward-looking statements can be identified by the use of forward-looking terminology including “may,” “expect,” “anticipate,” “estimate,” “continue,” “believe” or other similar words. Such statements may include statements regarding our future financial position, budgets, capital expenditures, projected costs, plans and objectives of management for future operations and possible future strategic transactions. Where any such forward-looking statement includes a statement of the assumptions or bases underlying such forward-looking statement, we caution that, while we believe such assumptions or bases to be reasonable and make them in good faith, assumed facts or bases almost always vary from actual results. The differences between assumed facts or bases and actual results can be material, depending upon the circumstances. The factors identified in this cautionary statement are important factors (but not necessarily all of the important factors) that could cause actual results to differ materially from those expressed in any forward-looking statement made by us, or on our behalf.

In any forward-looking statement where we, or our management, express an expectation or belief as to future results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. However, there can be no assurance that the statement of expectation or belief will result or be achieved or accomplished. Taking this into account, the following are identified as important factors that could cause actual results to differ materially from those expressed in any forward-looking statement made by, or on behalf of, us:

•the ability to consummate our pending acquisition of four villages in Australia’s Bowen Basin and successfully integrate such assets into our existing operations;

•the level of supply and demand for metallurgical (met) coal, oil, natural gas, iron ore and other minerals;

•the level of activity, spending and natural resource development in Australia and Canada;

•the level of demand, particularly from China and India, for coal and other natural resources from Australia;

•the availability of attractive natural resource projects and assets, which may be affected by governmental actions, including changes in royalty or tax regimes, or environmental activists which may restrict drilling or development;

•fluctuations or sharp declines in the current and future prices of coal, oil, natural gas, iron ore and other minerals;

•failure by our customers to reach positive final investment decisions on, or otherwise not complete, projects with respect to which we have been awarded contracts to provide related hospitality services, which may cause those customers to terminate or postpone the contracts;

•fluctuations in currency exchange rates;

•general global economic conditions, such as the pace of global economic growth, a general slowdown in the global economy, supply chain disruptions, labor shortages, inflationary pressures and geopolitical events such as the ongoing Russia/Ukraine and Middle East conflicts;

•changes in tax laws, tax treaties or tax regulations or the interpretation or enforcement thereof, including taxing authorities not agreeing with our assessment of the effects of such laws, treaties and regulations;

•changes to government and environmental regulations, including climate change legislation and clean energy policies;

•global weather conditions, natural disasters, including wildfires, global health concerns and security threats, including cybersecurity incidents;

•our ability to hire and retain skilled personnel;

•the availability and cost of capital, including instability in the banking sector and the ability to access the debt and equity markets;

•our capital structure and our ability to return cash to shareholders through dividends or common share repurchases;

•our ability to integrate acquisitions;

•the development of new projects, including whether such projects will continue in the future; and

•other factors identified in Item 1A. - "Risk Factors" of this annual report.

Such risks and uncertainties are beyond our ability to control, and in many cases, we cannot predict the risks and uncertainties that could cause our actual results to differ materially from those indicated by the forward-looking statements.

All subsequent written and oral forward-looking statements attributable to us or to persons acting on our behalf are expressly qualified in their entirety by reference to these risks and uncertainties. You should not place undue reliance on forward-looking statements. Each forward-looking statement speaks only as of the date of the particular statement, and we do not undertake any obligation to publicly update or revise any forward-looking statements except as required by law.