Civeo Divests McClelland Lake Lodge Assets For $36M
Portfolio Pulse from Shivani Kumaresan
Civeo Corp (CVEO) has agreed to sell its McClelland Lake Lodge assets to a US-based mining project for $36 million. The company expects to recognize gains of approximately $35 million from the sale throughout H2 2023 and Q1 2024. The transaction is expected to close before January 31, 2024, and increase the company's 2023 cash flow by approximately $20 million. The remaining net proceeds will be received in 2024. Following the news, CVEO shares rose by 4.04%.
September 12, 2023 | 2:27 pm
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Civeo Corp's sale of its McClelland Lake Lodge assets for $36 million is expected to generate gains of $35 million and increase 2023 cash flow by $20 million. The news led to a 4.04% increase in CVEO shares.
The sale of the McClelland Lake Lodge assets is a significant financial move for Civeo Corp, expected to generate substantial gains and increase cash flow. This positive financial news has already impacted the company's stock price, leading to a 4.04% increase. The impact is likely to continue in the short term as the market reacts to the news.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100