NEW YORK (TheStreet) -- Shares of Civeo (CVEO) are surging, up 5.61% to $4.14 in early market trading on Tuesday, rebounding from yesterday's losses following the company's profit warning and spending cuts due to lower oil prices.
The provider of housing for oil service workers said yesterday that declining oil prices would negatively impact its earnings in 2015 as it also suspended its dividend.
The company added that slowing construction in Canada and Australia would cause its clients to spend less on oil exploration projects, hurting its bottom line.
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Houston, TX-based Civeo is a wholly owned subsidiary of Oil States International (OIS) .