Civeo’s near-term strategy of suspending its dividend and paying down debt is prudent and will enable the company to remain compliant with its debt covenants. Management expects 2015 capital spending of $75-85 million versus $260-280 million in 2014, including $55-60 million of maintenance. With about $250 million in cash on its balance sheet and our expectation the company is cash flow positive in 2015 even with depressed expectations, the company should be able to lower its debt levels to $450-500 million.
Just Shutup or learn how to spell
This will be uncovered and create a huge black eye for the Company. Lawsuits and Investigations will continue throughout the 4th Quarter and deep into the !st and 2nd. Just saying!
Not sure what the play is here but it does look undervalued. One thing you can be sure of when it comes to this market: It never does quite like you think it will. My instinct says that you are 100% correct, this should be trading in the $3 - $3.50 range.
Well Said! Watching now on Level II and it appears the hate piling continues with a battle for the lowest ask and 12K shares ready to unload. Poor Longterm holders, you have my sympathy and my misfortune in participating in your stock today.