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 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 said the deal is expected to close in Q2.
CVEO shares were 1.9% higher ahead of Wednesday's opening bell.
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