Civeo (CVEO) Proxy filing summary

Executive summary

• The annual general meeting will be held virtually on May 27, 2026, with shareholders voting on director elections, executive compensation, an amendment to the equity plan, and auditor ratification.

• 2025 saw strong growth in Australia, continued right-sizing in Canada, and significant capital returned to shareholders through share repurchases.

• Record Australian segment revenues reached $460 million, with a strategic acquisition expanding the village portfolio.

• Adjusted EBITDA increased 10% year-over-year to $88 million, and 2.3 million shares were repurchased, representing 17% of shares outstanding at year-end 2024.

• Safety performance remained strong, with a global TRIR of 0.27 for 2025, marking the sixth consecutive year under 0.50.

Voting matters and shareholder proposals

• Shareholders will vote to elect six directors for one-year terms, approve executive compensation on an advisory basis, amend the 2014 Equity Participation Plan to add 520,920 shares, and ratify Ernst & Young LLP as auditor for 2026.

• The board recommends voting FOR all proposals.

Board of directors and corporate governance

• The board consists of nine directors, eight of whom are independent; the CEO is the only non-independent member.

• Board declassification began in 2024 and will be completed by 2027, after which all directors will serve one-year terms.

• Separate Chair and CEO roles, robust director independence, and annual board and committee self-evaluations are in place.

• Committees include Audit, Compensation, Environmental/Social/Governance & Nominating, and Finance & Investment, all composed of independent directors.

• Director compensation includes cash and equity, with share ownership guidelines requiring directors to hold shares valued at five times the annual retainer.