Civeo To Sell McClelland Lake Lodge Assets For $36 Mln

(RTTNews) - Civeo Corporation (CVEO), a hospitality service provider, said on Tuesday that it has inked a deal to sell its McClelland Lake Lodge assets to an undisclosed US-based mining project for around C$49 million or $36 million. The transaction is expected to be closed before January 31, 2024.

Bradley Dodson, CEO of Civeo, said: "After years of solid returns from this asset, we are pleased that, subject to the satisfaction of customary closing conditions, we will have additional financial flexibility to fund growth opportunities and return capital to shareholders while maintaining our strong balance sheet…"

The expected gains of around $35 million from the sale of assets will be recognized throughout the second half of 2023 and first quarter of 2024.