HOUSTON and SYDNEY, Australia, July 01, 2019 (GLOBE NEWSWIRE) -- Civeo Corporation (NYSE:CVEO) today announced that it has acquired Action Industrial Catering, a provider of catering and managed services to the remote mining industry in Western Australia. The acquisition significantly enhances Civeo Australia’s service offering and geographic footprint by providing an entry point into the growing integrated services opportunities in the Western Australian remote mining market.
The terms of this cash transaction are not being disclosed by the parties.
Established in 1995, Action is based in Perth, Australia and currently operates approximately 900,000 room nights per year for leading iron ore, gold, nickel and battery mineral producers. This acquisition brings contract visibility and strong relationships with top tier customers in Western Australia who are poised to benefit significantly from market trends, including expansionary projects in Western Australian iron ore and increasing global demand for lithium-ion batteries.
Bradley J. Dodson, Civeo's President and Chief Executive Officer, commented, "We are pleased to welcome Action to the Civeo family and look forward to building on its strong customer relationships and its 20-year track record of high service standards for its customers in Western Australia. This acquisition significantly bolsters our Australian segment, providing a strategic foothold in the large integrated services and Western Australian markets, further strengthening Civeo’s market position as an integrated service provider across Australia.
“Our acquisition of Action underlines our focus on pursuing growth opportunities that fit within our core competencies and strategic direction, while further enabling organic growth opportunities. Importantly, we are well-positioned to continue to capitalize on opportunities to grow our catering and managed services footprint in Australia as we maintain our commitment to top-tier service for all of our customers.”
About Civeo
Civeo Corporation is a leading provider of hospitality services with prominent market positions in the Canadian oil sands and the Australian natural resource regions. Civeo offers comprehensive solutions for lodging hundreds or thousands of workers with its long-term and temporary accommodations and provides food services, housekeeping, facility management, laundry, water and wastewater treatment, power generation, communications systems, security and logistics services. Civeo currently operates a total of 33 lodges and villages in operation in Canada, Australia and the U.S., with an aggregate of approximately 33,000 rooms. Civeo is publicly traded under the symbol CVEO on the New York Stock Exchange. For more information, please visit Civeo's website at www.civeo.com.
