Activist investor JANA Partners sold a 20% stake in the firm to Neuberger Berman’s Dyal Capital Partners. Dyal holds a passive interest in JANA Partners.
The value of Greenlight Capital’s US long portfolio in the last reported 3Q14 13F was $6.9 billion.
Civeo is also expected to benefit in 2015 from its recently completed McClelland Lake Lodge, the majority of whose rooms are under contract through the first quarter of 2017.
Due to decreasing demand and declining revenues, Civeo has cut its workforce by 30% in Canada and by 45% in the US. More than 1,000 employees have lost their jobs in total.
Civeo said the demand for its services depends on its customers’ capital spending programs. As a result, it’s one of the first to suffer losses when oil drillers pare back exploration.
JANA’s share sale also comes a day after Civeo announced that the firm faces a gloomy 2015. The company cut its financial projections due to a steep decline in oil prices.
Greenlight disclosed a new position in AerCap Holdings NV (AER). It accounts for 1.42% of the fund’s 2Q14 portfolio. Netherlands-based AerCap is an integrated global aviation company. It has a leading market position in aircraft leasing.
According to a Newswire report, Greenlight Capital reported a 2.9% decline last month. However, it’s up 3.6% for the year. The fund’s second quarter investor letter noted that its technology positions have robust prospects.
Relational Investors LLC was co-founded by Ralph Whitworth and David Batchelder. It filed a 13D with the SEC last week and said it acquired 11.5 million shares, or an 8.52% stake, in Manitowoc (MTW)