Civeo Corp. said late Monday it expects cuts in energy-company spending to affect its 2015 results. Civeo provides workforce accommodations in the Canadian oil sands and the Australian natural-resource regions. Civeo shares fell 15% to $7 on moderate volume. The company expects first-quarter revenue of $160 million to $175 million, and revenue $540 million to $600 million for the year. Analysts surveyed by FactSet had forecast $227.9 million in revenue for the first quarter and $817.2 million for the year.
Copyright © 2014 MarketWatch, Inc.
Continue Reading Below