Civeo provides workforce accommodation and hospitality services to remote natural resource workers in Australia and Canada. The company operates lodges and villages near mining, oil sands, and LNG sites — locations too remote for conventional hotel infrastructure — and charges customers a daily rate per room that includes meals, housekeeping, laundry, and other amenities. Customers are primarily large mining and energy companies, including Fortescue Metals and Suncor Energy. Civeo operates through two models: owned lodges and villages (~26,500 rooms across 26 properties), where Civeo owns the physical asset and earns a daily room rate; and integrated services (~19,500 rooms across 24 customer-owned properties), where Civeo provides catering and facility management for a per-guest fee. Integrated services is asset-light and lower-margin but requires minimal capital. Australia (~72% of revenue) is the larger segment, anchored by owned coal and iron ore villages in Queensland, New South Wales, and Western Australia, plus a fast-growing integrated services business targeting AUD 500M in revenue by 2027. Canada (~28% of revenue) is centered on oil sands lodges near Fort McMurray, Alberta, where occupancy has declined and Civeo cut Canadian headcount by ~25% in 2025. Civeo's cost structure is heavily labor-intensive, making profitability sensitive to occupancy. Most owned-lodge revenue is underpinned by take-or-pay contracts with minimum room commitments. Demand is fundamentally tied to commodity prices — met coal in Australia and oil in Canada — and construction activity drives meaningfully higher occupancy than steady-state operations.