There “Is” Blood: Energy Services Firm Civeo Cuts Headcount 45% & Guidance By 30%, Suspends Dividend

by Tyler Durden
ZeroHedge.com
12/29/2014

In what we suspect will be the first of many, Houston-based Civeo (which provides workforce accomodation to the oil industry) has crashed over 20% after-hours (after being down over 65% since September already) following the total carnage of its earnings report.

*CIVEO HAS CUT U.S., CANADA HEADCOUNT BY 45%, 30% FROM EARLY ’14
*CIVEO SEES 2015 REV $540M-$600M, EST. $817.3M

Apparently having not only (Jana) but two (Einhorn) activist hedge funds is not nearly sufficient to send a stock soaring to all time highs, especially when said stock can no longer afford to buy back its own stock.

The Rest…HERE

This entry was posted on Monday, December 29th, 2014 at 7:20 pm and is filed under Economics, Oil. You can follow any responses to this entry through the RSS 2.0 feed.