February 2, 2017 / 3:10 PM / in a year

BUZZ-Civeo Corp: Biggest intraday pct fall in nearly a year

(Updates, adds pricing info)

** Civeo Corp shares down about 11 pct, but trading above issue after co prices its follow-on

** Stock on track for biggest one-day pct drop since Mar 8; has traded more than triple the 30-day avg

** Real estate operator offers 20 mln shares at $3.00, a 16.7 pct discount to stock’s Weds last sale

** Underwritten block gets done at bottom of range marketed by RBC; represents about 19 pct of Civeo’s 108.1 mln shares outstanding

** Civeo expects to use proceeds to pay down debt under revolving credit facilities and for general purposes

** Houston-based co provides workforce accommodations primarily in the Canadian oil sands and the Australian natural resource regions

** Even with today’s decline, CVEO up 44 pct YTD. Shares bolstered by President Trump’s signing of executive orders last week to move forward with construction of the Keystone XL and Dakota Access oil pipelines

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