Civeo : August 2021 Investor Presentation

Investor Presentation

August 2021

Forward Looking Statements

This presentation contains forward-looking statements within the meaning of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are those that do not state historical facts and are, therefore, inherently subject to risks and uncertainties. The forward-looking statements herein include the statements regarding Civeo's future plans and outlook, including guidance, current trends and liquidity needs, are based on then current expectations and entail various risks and uncertainties that could cause actual results to differ materially from those expressed or implied by these forward-looking statements. Such risks and uncertainties include, among other things, risks associated with global health concerns and pandemics, including the COVID-19 pandemic and the risk that room occupancy may decline if our customers are limited or restricted in the availability of personnel who may become ill or be subjected to quarantine, risks associated with the general nature of the accommodations industry, risks associated with the level of supply and demand for oil, coal, iron ore and other minerals, including the level of activity, spending and developments in the Canadian oil sands, the level of demand for coal and other natural resources from, and investments and opportunities in, Australia, and fluctuations or sharp declines in the current and future prices of oil, natural gas, coal, iron ore and other minerals, risks associated with 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, which may cause those customers to terminate or postpone contracts, risks associated with currency exchange rates, risks associated with the company's ability to integrate acquisitions, risks associated with labor shortages,

risks associated with the development of new projects, including whether such projects will continue in the future, risks associated with the trading

price of the company's common shares, availability and cost of capital, risks associated with general global economic conditions, global weather conditions, natural disasters and security threats and changes to government and environmental regulations, including climate change, and other factors discussed in the "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Risk Factors" sections of Civeo's annual report on Form 10-K for the year ended December 31, 2020 and other reports the company may file from time to time with the U.S.

Securities and Exchange Commission. Each forward-looking statement contained herein speaks only as of the date of this presentation. Except as

required by law, Civeo expressly disclaims any intention or obligation to revise or update any forward-looking statements, whether as a result of

new information, future events or otherwise.

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Civeo at a Glance

Leading provider of hospitality services for key resource industries in North America and Australia

Ticker

NYSE: CVEO

Valuation Share price: $23.34 (as of 8/3/21) FD Equity value¹: $386 million Enterprise value: $609 million

Business Provider of a full suite of hospitality services for our guests including lodging, food services, housekeeping and maintenance of accommodations facilities that we or our customers own

Markets Natural resource producers in some of

the world's most active oil, met coal,

LNG and iron ore producing regions in

Canada, Australia and the U.S.

LTM June 30, 2021

Revenue

Adjusted EBITDA (2)(3)

Activity Capital spending driven by oil and steel Catalysts demand as well as turnaround/

maintenance in Canada and Australia, pipeline activity in Canada, Canadian LNG, and U.S. drilling and completion activity

North
America		North	Australia
55%	Australia	America	51%
	45%	49%

U.S. $555.8 million

U.S. $108.2 million

1. Fully diluted shares include common shares outstanding as well as common shares assumed to be converted from preferred shares on an as converted basis
2. Adjusted EBITDA is a non-GAAP financial measure and is reconciled to the nearest GAAP financial measure in the Appendix
3. Negative Adjusted EBITDA contributions from Corporate and Eliminations allocated to North America and Australia

Investor Presentation	August 2021	3

Key Civeo Investor Themes

Focus on:

• Operating safely
• Generating cash flow from diverse asset base
• Reducing leverage

Diverse Asset Base

• Diversified activity drivers across multiple commodities and geographic markets with less

than 40% of Civeo's LTM gross profit tied to oil activity

Diverse Asset Base - Australia

▪ Australian occupancy supported by current customer production and maintenance spending

• Integrated services business recently awarded several key contract renewals - focused on continuing to gain market share in the "capital light" catering and managed services sector

Diverse Asset Base - Canada

• Supporting Canadian LNG pipeline markets in British Columbia:
• • Continued occupancy at Sitka Lodge through FY2021 [and beyond]
  • Mobile camp revenues expected through 2022 related to the Coastal Gaslink Pipeline
• Supporting TMX pipeline expansion

Reducing Leverage

• Free cash flow positive each year from 2014 to 2020
• Expect to remain cash flow positive in 2021
• No significant debt maturities until May 2023
• Decreased leverage ratio to 2.0x at June 30, 2021

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Civeo Overview