Civeo : October 2020 Investor Presentation

Investor Presentation

October 2020

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 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 our ability to remain in compliance with our financial covenants in our debt agreements, 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, 2019 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.

Investor Presentation	October 2020	2

Civeo at a Glance

Ticker

NYSE: CVEO

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 September 30, 2020

Revenue

Adjusted EBITDA (1)(2)

Activity Capital spending driven by oil, met coal Catalysts prices and iron ore 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
60%
Australia	America	52%
	48%
	40%

U.S. $545.0 million

U.S. $114.3 million

1. Adjusted EBITDA is a non-GAAP financial measure and is reconciled to the nearest GAAP financial measure in the Appendix
2. Negative Adjusted EBITDA contributions from Corporate and Eliminations allocated to North America and Australia

Investor Presentation	October 2020	3

Key Civeo Investor Themes

• Civeo is focused on continuing to operate safely, generating cash flow and reducing leverage
• Reacting quickly to the current oil & COVID-19 environment, Civeo has implemented safety protocols and cost reduction measures
• Increased diversification of underlying activity drivers across multiple commodities and geographic markets, with less than 50% of Civeo's 2019 gross profit tied to oil activity

▪ Pursuing Canadian mobile camp work to support Trans Mountain Expansion ("TMX")

• Supported by customers' maintenance spending, Australian occupancy continues to improve and

could materially increase should customers "green-light" expansionary projects

• Accretive, delevering acquisition of Action Catering in Australia expands market position and presents organic growth opportunities in "capital light" catering and managed services sector
• Revenue related to Canadian LNG pipeline markets in British Columbia:
• • Continued occupancy at Sitka Lodge in 2H20 and into FY2021
  • Mobile camp revenues of in 2020 - 2021 related to the Coastal Gaslink Pipeline
• Extended debt maturities to 2023
• Free cash flow positive each year from 2014 to 2019
• Expect to be free cash flow positive in 2020 and beyond

Investor Presentation	October 2020	4