Greetings, and welcome to the Civeo Corporation fourth quarter 2025 earnings call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. Please note this conference is being recorded. I will now turn the conference over to your host, Regan Nielsen, Vice President, Corporate Development and Investor Relations. Please go ahead. Thank you. Welcome to Civeo's fourth quarter and full year 2025 earnings conference call. Today, our call will be led by Bradley Dodson, Civeo's President and Chief Executive Officer, and E. Collin Gerry, Civeo's Chief Financial Officer and Treasurer. Before we begin, we would like to caution listeners regarding forward-looking statements. To the extent that our remarks today contain anything other than historical information, please note that we're relying on the safe harbor protections afforded by federal law. These forward-looking remarks speak only as of the date of our earnings release and this conference call. We undertake no obligation to update or revise these forward-looking statements except as required by law. Any such remarks should be read in the context of the many factors that affect our business, including risks and uncertainties disclosed in our Forms 10-K, 10-Q, and other SEC filings. I'll now turn the call over to Bradley. Thank you, Regan, and thank you all for joining us today on our fourth quarter 2025 earnings call. I'll start with a few key takeaways for the quarter and the year, then summarize our consolidated and regional performance. After that, Collin will provide further financial and segment-level detail. I'll conclude our prepared remarks with our initial guidance for 2026, along with the qualitative outlook by region, then open the call up for questions. Here are the four key takeaways for the call today. One, significant progress on our share repurchase authorization, including repurchasing 17% of our common stock during 2025 alone. Subsequent to year-end, we have repurchased an incremental approximately 500,000 shares, resulting in reaching 95% completion of our current buyback authorization. Two, strong performance in Australia, driven by growth in our integrated services business and the contribution from our May 2025 village acquisition. Third key point, meaningful margin recovery in Canada as our cost reduction initiatives continue to bear fruit. Lastly, the fourth key point, we are entering 2026 with an improved cost structure and balance sheet strength, positioning Civeo to capitalize on anticipated North American infrastructure development opportunities. Moving on to the content, I'll start with capital allocation. During 2025, we repurchased 2.3 million common shares for approximately $54 million, representing 17% of our common shares outstanding at last year-end. Significant progress towards completing our authorization to repurchase 20% of our outstanding shares. Subsequent to year-end, we repurchased another 500,000 shares, resulting in 95% completion of our current buyback authorization. As a reminder, our current capital allocation policy announced last April, phase one included a 20% repurchase authorization, which is now substantially complete. Today, we also announced a new authorization to purchase up to 10% of our outstanding shares, which will become effective upon the completion of our existing authorization. As of December 31, 2025, our net leverage ratio is 1.9 times, and we're comfortable with that. We remain committed to completing our current buyback authorization as soon as practical. Turning now to the operational results for the quarter and the full year. Overall, the fourth quarter full-year results reflect disciplined execution in a challenging macroeconomic environment. On a consolidated basis, Civeo's fourth quarter 2025 revenues were up 7% year-over-year, with adjusted EBITDA up 90%. It's a testament to our cost reduction efforts in Canada and the successful integration of our May 2025 Australian acquisition. Moving to the segments. In Australia, we delivered record annual revenues in 2025, AUD 460 million, reflecting growth in our integrated services business and the contribution from our May 2025 acquisition in the Bowen Basin. Revenue and adjusted EBITDA in Australia for the fourth quarter increased 9% year-over-year, driven primarily by the additional acquired villages and growth in our integrated services. Importantly, our integrated services business in Australia continues to scale and remains on track towards our goal of AUD 500 million in annual revenue by 2027. In Canada, while overall lodge occupancy remained under pressure from customer spending discipline in the oil sands, cost reduction initiatives undertaken in late 2024 and early 2025 drove substantial margin improvement. In the fourth quarter, Canadian revenues increased 4% year-over-year, while adjusted EBITDA improved from -$5.4 million CAD in the fourth quarter of 2024 to $3.4 million CAD in the fourth quarter of 2025. This performance reflects the structural cost actions we implemented last year. Overall, we believe that we are executing on our strategic priorities in each region. Our Australian business continues to generate strong cash flow, supported by integrated services growth and expanded village footprint. Our Canadian business is demonstrating improved profitability at current activity levels while positioned for anticipated demand from North American infrastructure projects. With that, I'll turn the call over to Collin. Thank you, Bradley, and thank you all for joining us this morning. Turning to the income statement. We reported total revenues in the fourth quarter of 2025 of $161.6 million, compared to $151 million in the fourth quarter of 2024, an increase of 7%. The year-over-year increase in revenues was primarily driven by higher activity in Australia, including contributions from the May 2025 acquisition and growth in our integrated services business. Net loss for the fourth quarter of 2025 was $6.5 million, or $0.56 per diluted share, compared to a net loss of $15.1 million or $1.10 per diluted share in the fourth quarter of 2024. During the fourth quarter, Civeo generated adjusted EBITDA of $21.7 million, compared to $11.4 million in the fourth quarter of 2024, an increase of 90%. This increase in adjusted EBITDA was primarily driven by significant margin improvement in Canada, resulting from the structural cost actions implemented earlier in 2025, as well as contributions from the Australian acquisition and continued integrated services growth. Operating cash flow in the fourth quarter of 2025 was $19.3 million, compared to $9.5 million in the prior year quarter. For the full year 2025, we generated revenues of $638.8 million and adjusted EBITDA of $88.2 million, compared to revenues of $682.1 million and adjusted EBITDA of $79.9 million in 2024. The year-over-year revenue decline was primarily driven by lower activity levels in Canada, partially offset by Australian growth, including the contribution from the Bowen Basin acquisition despite the revenue decline. Sorry. Despite the revenue decline, the adjusted EBITDA increase of 10% is primarily driven by the cost reduction initiatives in Canada. Turning to our segments, I want to first point out the change. Prior to the fourth quarter of 2025, corporate SG&A included corporate IT expenses managed on a worldwide basis that were not allocated to individual segments in Australia and Canada. To better align segment results to the profitability measure used by management, these SG&A costs are now allocated to Australia and Canada beginning with the fourth quarter and year ending December 31st, 2025. For any prior period results discussed on this call, we have adjusted financial figures to conform to the updated 2025 presentation. In Australia, fourth quarter revenues were AUD 119.5 million, up 9% from AUD 110 million in the fourth quarter of 2024. Adjusted EBITDA was AUD 22.4 million, up 9% from AUD 20.6 million in the prior year quarter. The year-over-year increase in revenues was primarily driven by the contribution from the four owned villages acquired in May 2025 and continued growth in our integrated services business. These gains were partially offset by modest softness in portions of the legacy owned village portfolio. This softness is reflective of the sub-$200 met coal pricing environment that our customers will experience the majority of the back half of 2025. The increase in adjusted EBITDA reflects the incremental contribution from the acquired villages and continued integrated services growth. Australian billed rooms in the fourth quarter totaled approximately 705,000, compared to approximately 637,000 in the fourth quarter of 2024. Average daily rates were $76 compared to $77 in the prior year quarter. For the full year 2025, Australian revenues were $460.3 million, compared to $427 million in 2024. Turning to Canada. Fourth quarter revenues were $42.1 million, compared to $40.7 million in the fourth quarter of 2024, an increase of 4%. Adjusted EBITDA was $3.4 million, compared to negative $5.4 million in the prior year quarter. The year-over-year increase in revenues was primarily driven by higher average daily rates due to improved occupancy mix as billed rooms were essentially flat year-over-year. The significant improvement in adjusted EBITDA was driven by structural cost reduction initiatives implemented earlier in 2025, including overhead reductions, lodge rationalization and field level cost alignment. Canadian billed rooms in the fourth quarter totaled approximately 359,000, compared to approximately 360,000 in the fourth quarter of 2024. Average daily rates were $100 compared to $94 in the prior year quarter. For the full year 2025, Canadian revenues were CAD 178.6 million, compared to CAD 245.1 million in 2024. Full year Canadian adjusted EBITDA was CAD 17.1 million, compared to CAD 18.2 million in 2024. The decrease in revenues and adjusted EBITDA were primarily driven by lower oil sands activity, with the adjusted EBITDA decline mitigated by the impact of cost reduction initiatives implemented in 2025. Looking at our capital structure. As of December 31st, 2025, total liquidity was $90.4 million. Total debt was $182.8 million and net debt was $168.4 million. Our net leverage ratio was 1.9x at year-end. Capital allocation. Capital expenditures for the full year 2025 are $20.2 million compared to $26.1 million in 2024. Capital expenditures in both periods were primarily related to planned maintenance spending on our lodges and villages. Specifically, in 2025, $11.2 million was associated with maintenance CapEx and $9 million was related to growth projects, including the reactivation of our Buffalo Lodge in Canada and Wi-Fi infrastructure improvements in Australia. During 2025, we repurchased approximately 2.3 million shares for approximately $54 million, reducing our share count by approximately 17% during the year. As Bradley mentioned, as of today, we have repurchased approximately 500,000 additional common shares year to date in 2026, resulting in 95% completion of our current authorization. We will look to complete the current authorization as soon as practicable, at which time we'll be able to transition into our new share repurchase authorization for up to 10% of our outstanding shares. With that, I'll turn the call back over to Bradley. Thank you, Collin. I'd like to now turn to our outlook for 2026. For the full year 2026, we expect revenues of between $650 million-$700 million, and adjusted EBITDA of $85 million-$90 million. We are also giving initial CapEx guidance for 2026 of $25 million-$30 million. Looking at the regions. In Australia, metallurgical coal prices weakened in the back half of 2025, contributing to modest activity softness in the fourth quarter of 2025 across our Bowen Basin owned village portfolio. Entering 2026, met coal pricing has improved, creating a more constructive economic environment. If prices remain above $200 a ton through the upcoming producer budgeting season, we could see improved activity levels in the back half of the year. Our base outlook assumes generally stable occupancy in our own villages with the full year impact of our May 2025 acquisition, largely offsetting potential softness in our legacy operations. Our Integrated Services business, we expect continued revenue growth as we advance towards our $500 million 2027 revenue goal. In Canada, we expect oil sands activities to remain stable, but at subdued levels by historical standards, consistent with the spending discipline demonstrated by our customers throughout 2025. Importantly, we hit our 2026 with a structurally lower cost base. Excuse me. Let me back up and say the key investor themes to watch for Civeo in 2026 are: one, continued strong results in Australian business with occupancy upside in our own villages, met coal sentiment continues to improve and organic growth, and we continue organic growth in our integrated services business. Two, in Canada, continued stabilization and occupancy in our oil sands lodges with upside from asset deployment from North American infrastructure construction, data centers in the U.S. and LNG and power-related infrastructure in Canada. Lastly, continued return of capital to shareholders through the buyback authorization. We believe 2026 will be a year focused on positioning the company to capitalize on anticipated infrastructure development in Canada and accelerating data center construction activity. While we do not expect these projects to materially impact 2026 results, we believe we are well positioned to support this demand as it develops. Overall, we expect 2026 to reflect continued solid performance from Australia, stable conditions in Canada, and meaningful progress positioning the business for potential infrastructure development growth beginning in 2027 and beyond. We will now open the call for questions. Thank you. We will now be conducting a question and answer session. If you would like to ask a question, please press star one on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star two if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. Our first question will come from Stephen Gengaro with Stifel. Thanks. Good morning, everybody. Morning, Steven. A couple of things from me. The first on the Canadian cost-cutting side, did you see the full impact of that in the back half of 2025? Or is there more that'll show up in the margins in 2026? We saw most of it. There'll be some continued full-year impact in the first half of on a comparison basis in the first half of 2026. But the vast majority of it we had done by June 30th last year. Yeah. Thanks. On the asset deployment potential for the assets that are available in Canada and potentially in the U.S. market, can you talk a little bit about, I guess, two parts to the question. One is the types of conversations that are ongoing and B, like when a decision is made, how long would it take to get assets deployed and start generating revenue and profits? The status of the conversations are that we're providing detailed bidding proposals both in Canada and in the U.S. In Canada, they're largely related to pipeline LNG infrastructure, things like PRGT, Ksi Lisims, Cedar, CGL phase II, LNGC phase II, and also Alaska LNG. In the U.S., it's all about data centers. Would there. In terms of speed to market. Sorry, I was getting to the second part of your question. In terms of speed to market, it depends on the asset deployment. If the asset deployment is from our mobile camp fleet, we can begin to have rooms up and running within three to four months on a first phase, and then phase in rooms over time. We could have first meals within three to four months. If we're moving multi-story, I would say that's nine to 12 months to get the first meal. Right. From getting the authorization to mobilize, which includes a signed contract. Great. No, that's helpful. Just one final one. Jeff, you gave some of the CapEx levels and the EBITDA guide for 2026. Any big other moving pieces from a working capital perspective we should be thinking about when we're trying to calibrate free cash flow? I think the, I would say working capital is a plus or minus. I think the one thing in looking at free cash flow you have to remember is we have $20 million of cash taxes to assume. We've got about $10 million of interest expense. That should get you there, and then working capital should be plus or minus off of that. Great. Thank you. Our next question comes from Steve Ferazani with Sidoti & Company. Morning, everyone. Appreciate all the detail on the call. I do want to follow up the last questions, just thinking about how you're looking at capital allocation now that the 20% share repurchase is essentially complete. Your net leverage still under two times. As we think about cash generation, at least until or hopefully eventual ramp up on some of the mobile camp deployments, how do you think about cash flow generation? Does that go directly towards your 10% share repurchase authorization? Do you try to maintain two times net leverage? How are you going to balance that? Is the number one focus remaining share repurchases, or does that change as the initial 20% is complete? There's been no change to the capital allocation framework that we laid out last April. We are completing phase one here shortly with the initial repurchase of 20%. We used more than 100% of free cash flow, I might note. Our leverage has stayed in that two times range. The second phase is to use no less than 75% of annual free cash flow to continue to buy back stock. The 1 million share authorization will allow us to do that. Uh- That would maintain leverage at two times or less. Correct. Okay. That's helpful. Thanks, Bradley. When we think about the CapEx for guidance for this year, you only spent about $20 million. I think you said $11 million was maintenance CapEx. You're guiding now for $25 million-$30 million. Are there any larger projects that pushed out from last year? Or how should we think about where the spending is going on that $25 million-$30 million range? Yeah, thanks. This is Collin. I'll take that one. The $11 million in maintenance this year is, I don't want to say a low watermark, but that's a pretty low number for us. Yeah. Repeatability is aspirational. We'll certainly try for that. You know, and I would also offer that historically, I think, at this stage in the year, we line out what the, what the capital plan looks like. Yeah. There's have-to-haves, and then there's should-dos. As the year goes on, that list is refined. I think our track record is that we've done pretty well relative to guidance on the capital side as we really dial in the maintenance requirements throughout the year. That's kind of the spirit behind the increase. I would also say that the $11 million in maintenance that we spent last year was largely driven by some pretty material cuts in Canada, and we may have to kind of get back to a normal run rate this year. I'll also point out that this time last year, CapEx guidance was the same range. That's right. Helpful. Thank you. In terms of mobile camp opportunities versus where you stood three months ago, have you seen progress? Are you having more conversations? Are we getting a little bit closer? Can you provide some color? Conversations continue. Say opportunities are increasing. Whether I would say for the most part... Well, in both markets, quite frankly, you're bidding on work that doesn't have full FID at the customer level yet. To a great degree, the wait and see is now clarifications to your question, and we're completing those with our clients, but moving on to waiting for them to get to FID. Does that differ at all in terms of the data center progress, where maybe that can happen a lot faster than some of these really large infrastructure projects that require pretty significant funding? As a general answer, yes. There's potential that infrastructure projects could move sooner rather than later. Yeah. Okay. Fair enough. Thanks, guys. Thank you. As a reminder, if you'd like to ask a question, please press star one. We'll go next to David Storms with Stonegate. Morning, thank you for taking my questions. Just wanna start maybe with the Canadian market. There's been several geopolitical developments since we last spoke that have impacted oil prices. How is this changing your conversations with customers? I know a lot of this is done after budgeting. Just curious as to if anything materially has changed or customers are looking through that. I think it's too soon for customers to be making any material decisions based on the movement of oil. I don't expect them to do anything. Certainly Canada as an oil producer, certainly interesting in times of geopolitical uncertainty, given the security of that resource. If it is maintained over a longer period of time, it could be positive, but in the short term, I don't expect any material changes. Understood. Thank you. Sticking with Canada, you signed that contract in Ontario. Is this a playbook for more to come, or was this an opportunistic one-time contract? How would you characterize that? Very pleased with the win in Ontario. It's our first work over there. It's on the integrated services side, so adding a new geography, increasing the integrated services contributions in Canada or North America as a whole. We would like to build off of it. Excited by the first win, excited what we can do with that opportunity, and looking forward to expanding further. Understood. Thank you. Just one more for me. It sounds like you could be picking up some momentum through 2026, especially if met coal stays above that 200 level, cost cutting continues. Should we expect a similar seasonal trend as usual, or would you expect to see maybe a little bit more of a quarter-over-quarter, maybe not quite quarter-over-quarter, but a ramp going into 2027? That's kinda two questions there, if I'm hearing you correctly. One thing that we've kind of always been asked at this time of the year, because Canadian turnaround season in particular is strongest in the second and third quarters. We've typically had 60%-65% of our annual EBITDA in the middle half, if you will, the second and third quarters. I think that'll be slightly more muted. Second and third quarters will still generate the majority of the cash flows as opposed to the first and the fourth, but I don't believe it'll be as strong. A more smooth EBITDA progression throughout the year. Dave, is there anything further? Apologies. I was on mute. Thank you for taking my questions, and good luck, this quarter. Thank you, Dave. Appreciate it. This now concludes our question and answer session. I would like to turn the floor back over to Bradley Dodson for closing comments. Thanks, Carrie. Thank you everyone for joining the call today. We appreciate your interest in Civeo. We look forward to speaking to you on our first quarter earnings call planned for April. Ladies and gentlemen, thank you for your participation. This does conclude today's teleconference. You may disconnect your lines and have a wonderful day.