HOUSTON AND CALGARY, Alberta – (COMMERCIAL THREAD) – Civeo Corporation (NYSE: CVEO) today announced that its board of directors has elected Jay Grewal and Michael Montelongo as members of its board of directors effective August 15, 2021. Ms. Grewal has been appointed Class III director with a term expiring in May 2023 and will serve on the audit committee and the finance and investment committee of the company. Mr. Montelongo has been appointed Category I Director with an initial term expiring in May 2024 and will serve on the Compensation Committee and the Nomination and Corporate Governance Committee of the Company. Prior to August 15, 2021, Ms. Grewal and Mr. Montelongo will serve as observers at board meetings.
“On behalf of our Board of Directors, I am very pleased to welcome Jay and Michael to Civeo. Jay brings decades of financial and executive leadership experience as well as significant experience in the North American energy and power industry to our Board of Directors and Audit Committee. His experience and contribution will be integral to the management and growth of our Canadian business. Michael brings his experience in the managed services industry as well as his governance expertise. Michael’s experience will be invaluable as we seek to grow our managed services business as well as continue our ESG efforts, ”said Richard A. Navarre, Chairman of the Board of Civeo.
About Jay Grewal
Ms. Grewal has served as President and Chief Executive Officer (CEO) of Manitoba Hydro, one of Canada’s largest integrated electricity and natural gas utilities, since February 2019. Jay is a recognized leader with over 26 years of leadership and business management experience. including at executive levels in the utilities, resources, finance and advisory sectors. She joined Manitoba Hydro after serving as President and CEO of Northwest Territories Power Corporation from June 2017 to February 2019. Prior to that, Jay held senior management positions at Capstone Mining Corp, Accenture , Inc., BC Hydro and CIBC World. Markets. Jay holds a BA (Honors) from the University of British Columbia and an MBA in Finance from the Richard Ivey School of Business at the University of Western Ontario. Jay sits on the boards of several industry associations. In 2019, she was named one of the Women of the Year by Chatelaine magazine.
About Michael Montelongo
Mr. Montelongo has been President and Chief Executive Officer of GRC Advisory Services, LLC, a board governance company, since July 2016, and previously served as Chief Administrative Officer and Senior Vice President, Public Policy and Corporate Affairs. company for Sodexo, Inc., a facilities and hospitality outsourcing solutions company, from January 2008 to July 2016. He was appointed by George W. Bush to the White House and served as the 19th Secretary US Air Force financial management assistant and chief financial officer from August 2001 to March 2005. Mr. Montelongo is a life member of the Council on Foreign Relations and was an executive in a global management consulting firm and a regional firm telecommunications. He completed a career in the United States Army that included line and staff assignments, a Congressional Fellowship in the United States Senate, and service as an assistant professor teaching economics and political science at West Point. Mr. Montelongo also serves on the board of directors of Conduent Incorporated (NASDAQ: CNDT), a business process outsourcing company, and privately held Larry H. Miller Management Corporation. He received his BS from West Point and an MBA from Harvard Business School.
Civeo Corporation is a leading hospitality service provider with significant market positions in the Canadian oil sands and Australian natural resource regions. Civeo offers complete solutions to house hundreds or thousands of workers with its long-term and temporary accommodation and provides catering, housekeeping, facility management, laundry, water treatment and laundry services. wastewater, power generation, communication systems, security and logistics. Civeo currently operates a total of 28 lodges and villages in Canada, Australia and the United States, with a total of approximately 30,000 rooms. Civeo is listed under the symbol CVEO on the New York Stock Exchange. For more information, please visit the Civeo website at www.civeo.com.
This press release 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 which do not state historical facts and are therefore inherently subject to change. risks and uncertainties. The forward-looking statements contained in this document include statements concerning Civeo’s future plans and prospects, are based on then-current expectations and involve various risks and uncertainties which could cause actual results to differ materially from those expressed or under- understood by these forward-looking statements. These risks and uncertainties include, among others, the risks associated with global health issues and pandemics, including the COVID-19 pandemic and the risk that room occupancy may decline if our guests are limited or limited in availability. staff who may fall ill or be subject to quarantine, risks associated with the general nature of the accommodation industry, risks associated with the level of supply and demand for petroleum, coal, ore of iron and other minerals, including the level of activity, expenditures and developments in the Canadian oil sands, the level of demand for coal and other natural resources from Australia, as well as investment and opportunities in Australia, and fluctuations or sharp declines in current and future prices for oil, natural gas, coal, iron ore and other minerals, the risks associated with failure by our clients to reach positive final investment decisions on projects for which contracts have been awarded to us, or not completed, w that may cause these clients to terminate or postpone contracts, the risks associated with exchange rates, the risks associated with associated with the company’s ability to integrate acquisitions, risks associated with labor shortages, risks associated with the development of new projects, including the continuation of such projects in the future, risks associated with Company’s common stock price, availability and cost of capital, risks associated with general global economic conditions, global weather conditions, natural disasters and security threats, and changes in government and environmental regulations, including climate change, and other factors discussed in the “Management review and analysis of the situation” sections. on financial and operating results ”and“ Risk Factors ”of Civeo’s annual report on Form 10-K for the year ended December 31, 2020 and other reports that the company may file from time to other with the United States Securities and Exchange Commission. Each forward-looking statement contained in this document speaks only as of the date of this press release. Except as required by law, Civeo expressly disclaims any intention or obligation to revise or update any forward-looking statement, whether as a result of new information, future events or otherwise.