The last time 24/7 Wall St. checked in on Civeo Corp. (NYSE: CVEO) in March, we were worried that the company might have been doomed. The fourth-quarter earnings that the company reported in March were less than stellar, but Civeo’s first-quarter financials have just about made up for that.

Civeo reported its first-quarter financial results as virtually no earnings per share (EPS), but on $171.0 million in revenue. That compares to Thomson Reuters consensus estimates of a net loss of $0.02 per share and $162.75 million in revenue.

The company Thursday issued second-quarter 2015 guidance of $135 million to $144 million in revenues and $29 million to $33 million in EBITDA. The full-year 2015 guidance calls for revenues of $520 million to $560 million and EBITDA of $130 million to $150 million. The consensus estimates are a net loss of $0.14 per share on $176.15 million in revenue for the second quarter, and a net loss of $0.54 per share on revenue of $546.27 million for the full year.

Previously, Civeo announced in December that due to the fall in oil prices it has cut its 2015 guidance and suspended its dividend. Adding more to the woes, Civeo forecast that revenue could fall by as much as one-third if oil prices remained where they were (in the $40s). The company also stated that major oil companies were cutting their capital budgets for the following year due to falling oil prices.

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In terms of its segments, Civeo reported for the first quarter:

• The Canadian segment generated revenues of $116.9 million and EBITDA of $37.5 million for the first quarter of 2015, compared to revenues and EBITDA of $180.3 million and $61.8 million, respectively, in the first quarter of 2014.
• The Australian segment generated revenues of $41.9 million and EBITDA of $20.7 million for the first quarter of 2015, compared to revenues of $55.5 million and EBITDA of $30.8 million in the previous first quarter.
• The U.S. segment generated revenues of $12.2 million, EBITDA of -$3.6 million and adjusted EBITDA of $0.1 million for the first quarter of 2015, compared to revenues, EBITDA and adjusted EBITDA of $17.0 million, $3.1 million and $3.2 million, respectively, in the year-ago quarter.

Bradley J. Dodson, president and CEO of Civeo, commented on earnings:

We are pleased with our results for the first quarter 2015, in light of difficult market conditions, as well as our ability to increase operating cash flows after capital expenditures when compared to the first quarter 2014. We remain confident in our team’s ability to manage through the headwinds and continue meeting and exceeding the needs of our clients to generate the best possible results for shareholders.

The question is if Civeo can continue to navigate through this difficult period and continue to aggressively pursue opportunities for both new and existing assets, while vigilantly managing operating costs and capital spending.

A little background on Civeo: The company provides workforce accommodations for workers in oil fields and other locales. The company services the Canadian oil sands and Australian mining and natural resource regions. Ideally, this company could be seen as a barometer at these locations of how the oil market is faring.

As mentioned, Civeo suspended its dividend last December to give the company more financial flexibility. It had paid a $0.13 per share quarterly cash dividend.

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CFO and Treasurer Frank Steininger commented on the company’s position going forward after these earnings:

The amendment of our credit facility will be an important milestone for Civeo as it will permit our migration to Canada. We plan to use our existing cash to significantly reduce our overall indebtedness. Once finalized, the amended credit agreement will give Civeo increased borrowing capacity and access to capital in Canada, the jurisdiction where we conduct the majority of our business, and allow for better operating flexibility.

Shares of Civeo were up 10.7% at $4.35 approaching the noon hour on Thursday, in a 52-week trading range of $2.25 to $28.40. The stock has a consensus analyst price target of $4.13.

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