- Civeo ( NYSE: CVEO ) has been awarded a contract renewal to continue providing rooms and hospitality services at its Wapasu Lodge in the Canadian oil sands for Imperial Oil Resources Limited.
- The new agreement commences November 1, 2022 and will terminate on October 31, 2034.
- It includes ~C$500M of guaranteed take-or-pay revenues, as well as significant upside in excess of take-or-pay based on current occupancy levels.
- In conjunction with this contract award, company expects to deploy approximately ~$5M in capital, primarily in 2022, which will include renovations and improvements to Wapasu Lodge.
For further details see:
Civeo bags a 12-year contract renewal in Canada