Civeo -5% post Q2 results miss

• Civeo (NYSE:CVEO -4.8%) reports Q2 sales increase 41.5% to $130.18M primarily due to integration of Noralta
• Adjusted EBITDA increased 32% to $24.5M, however margins were compressed to 18.8%, down 135bps due to Noralta transaction costs.
• Outlook: Q3 sales of $122M-127M, with EBITDA of $24M-27M
• For FY18, the company expects revenues of $478M-495M; EBITDA of $85M-92M and Capex of ~$20M-25M.
• Previously: CVEO misses by $0.22, misses on revenue (July 27)
• Previously: Civeo +8% after awarding contracts for Coastal GasLink pipeline project (July 5)