09:25 AM EST, 02/19/2025 (MT Newswires) -- Civeo ( CVEO ) said Wednesday that it has agreed to acquire from a private seller four villages with 1,340 rooms in the coal producing Bowen Basin in Queensland, Australia.

Under the terms of the deal, Civeo ( CVEO ) said it will acquire the assets and customer contracts for 105 million Australian dollars ($66.7 million), which it said it will fund with cash on hand and borrowings from its existing revolving credit facility. The company said it expects the deal to generate annualized revenue of $32 million.

Civeo ( CVEO ) said the deal is expected to close in Q2.

CVEO shares were 1.9% higher ahead of Wednesday's opening bell.