Forbes – Barry Rosenstein-run Jana Partners has sold all of its shares in oilfield accommodations specialist Civeo Corporation, the activist hedge fund disclosed in a filing on New Years Eve. That sale comes just over two months after the firm nominated three independent directors to Civeo’s board, and it ends a tumultuous investment that plunged over over 80% since the company was spun from drilling equipment provider Oil States International in May.
In a filing with the Securities and Exchange Commission, Jana disclosed it sold over 12 million Civeo shares at a little over $4 apiece on December 30. Those sales came a day after Civeo dramatically cut its 2015 guidance amid a rout in oil prices that caused vacancy rates at the firm’s lodges serving far flung oilfields in Western Canada and the U.S. to rise as much as 50%. The company also suspended its dividend and announced that it would reduce headcount by between 30%-to-45% from beginning of year levels in North America.
