Houston, Nov 27 — Civeo Corporation (NYSE: CVEO) (“Civeo” or “the Company”) today appointed Jeffrey B. Scofield and Daniel B. Silvers to its Board of Directors (the “Board”), effective immediately. Mr. Silvers’ and Mr. Scofield’s appointments are made in conjunction with a cooperation agreement that the Company has reached with Engine Capital LP (“Engine Capital”) and certain of its affiliates.
Mr. Scofield will serve on the Audit and Finance and Investment Committees of the Board and Mr. Silvers will serve on the Compensation and Environmental, Social, Governance & Nominating Committees. With the appointments of Mr. Scofield and Mr. Silvers, the Board will temporarily increase to 11 directors. Two incumbent directors will not stand for reelection at the Company’s 2026 Annual Meeting, at which time the Board will once again comprise nine directors, eight of whom will be independent.
“We are excited to welcome Jeff and Daniel to the Board and look forward to benefitting from their unique perspectives in the boardroom,” said Richard A. Navarre, Chairman of the Board of Directors. “Given his more than two decades of global, natural-resource investment management and corporate governance experience, Jeff adds another seasoned, shareholder-focused voice to our Board. We particularly look forward to benefitting from his expertise in North American and international natural resources and infrastructure, Civeo’s core markets. Daniel brings a proven track record as an investor, executive and public company director. We expect that his capital allocation and boardroom experience will make him a valuable contributor to Civeo’s Board as we oversee the Company’s continued strategic execution. These appointments underscore our commitment to ongoing Board refreshment and rigorous governance practices, consistent with our focus on delivering enhanced long-term value for all shareholders.”
“We invested in Civeo because we believe in the Company’s growth profile in key markets and its strong customer relationships,” said Arnaud Ajdler, Founder and Managing Member of Engine Capital. “We trust that the appointment of these two highly accomplished individuals will further enhance Civeo’s focus on growth and value creation. We appreciate Civeo’s ongoing collaboration and look to build on this constructive relationship.”
“We appreciate the productive discussions we’ve had with Engine Capital,” continued Mr. Navarre. “We are pleased to have achieved an outcome that advances the interests of all Civeo shareholders.”
The Agreement includes customary standstill, voting and other provisions. The full text of the Agreement will be filed on Form 8-K with the U.S. Securities and Exchange Commission.