0001590584-22-000139 | 10-Q | XBRL Viewer

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Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2022	Oct. 21, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2022
Document Transition Report	false
Entity File Number	001-36246
Entity Registrant Name	Civeo Corp
Entity Incorporation, State or Country Code	A1
Entity Tax Identification Number	98-1253716
Entity Address, Address Line One	Three Allen Center
Entity Address, Address Line Two	333 Clay Street
Entity Address, Address Line Three	Suite 4980
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77002
City Area Code	713
Local Phone Number	510-2400
Title of 12(b) Security	Common Shares, no par value
Trading Symbol	CVEO
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	true
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		13,712,661
Entity Central Index Key	0001590584
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Amendment Flag	false

Unaudited Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenues:
Total revenues	$ 184,227	$ 155,063	$ 534,859	$ 434,669
Costs and expenses:
Selling, general and administrative expenses	17,677	17,320	50,572	46,204
Depreciation and amortization expense	22,608	20,282	65,818	62,928
Impairment expense	0	0	0	7,935
Other operating (income) expense	(339)	21	(187)	122
Total costs and expenses	173,442	149,053	505,595	436,431
Operating income (loss)	10,785	6,010	29,264	(1,762)
Interest expense	(3,001)	(3,166)	(8,077)	(9,929)
Loss on extinguishment of debt	0	(416)	0	(416)
Interest income	13	0	15	2
Other income	2,179	364	4,290	6,066
Income (loss) before income taxes	9,976	2,792	25,492	(6,039)
Income tax expense	(3,713)	(1,770)	(7,091)	(2,354)
Net income (loss)	6,263	1,022	18,401	(8,393)
Less: Net income attributable to noncontrolling interest	546	478	1,706	534
Net income (loss) attributable to Civeo Corporation	5,717	544	16,695	(8,927)
Less: Dividends attributable to Class A preferred shares	492	482	1,469	1,440
Net income (loss) attributable to Civeo common shareholders	$ 5,225	$ 62	$ 15,226	$ (10,367)
Per Share Data (see Note 7)
Basic net income (loss) per share attributable to Civeo Corporation common shareholders (in dollars per share)	$ 0.32	$ 0	$ 0.92	$ (0.73)
Diluted net income (loss) per share attributable to Civeo Corporation common shareholders (in dollars per share)	$ 0.32	$ 0	$ 0.91	$ (0.73)
Weighted average number of common shares outstanding:
Basic (in shares)	13,932	14,277	14,058	14,255
Diluted (in shares)	14,064	14,361	14,220	14,255
Service and other
Revenues:
Total revenues	$ 177,504	$ 150,081	$ 514,328	$ 419,861
Costs and expenses:
Service and other costs	127,955	107,287	373,123	307,198
Rental
Revenues:
Total revenues	5,785	4,581	18,080	12,185
Costs and expenses:
Service and other costs	5,024	3,892	14,830	10,523
Product
Revenues:
Total revenues	938	401	2,451	2,623
Costs and expenses:
Service and other costs	$ 517	$ 251	$ 1,439	$ 1,521

Unaudited Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 6,263	$ 1,022	$ 18,401	$ (8,393)
Other comprehensive loss, net of taxes:
Foreign currency translation adjustment, net of zero taxes	(20,745)	(12,217)	(32,757)	(15,417)
Total other comprehensive loss, net of taxes	(20,745)	(12,217)	(32,757)	(15,417)
Comprehensive loss	(14,482)	(11,195)	(14,356)	(23,810)
Less: Comprehensive income attributable to noncontrolling interest	368	450	1,474	488
Comprehensive loss attributable to Civeo Corporation	$ (14,850)	$ (11,645)	$ (15,830)	$ (24,298)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income (loss) and other comprehensive income (loss), attributable to noncontrolling interests. Excludes changes in equity resulting from investments by owners and distributions to owners.

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- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

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- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

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The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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Unaudited Consolidated Statements of Comprehensive Income (Loss) (Parentheticals) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Statement of Comprehensive Income [Abstract]
Foreign currency translation charges, taxes	$ 0	$ 0	$ 0	$ 0

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 8,361	$ 6,282
Accounts receivable, net	122,280	114,859
Inventories	6,984	6,468
Prepaid expenses	9,487	6,876
Other current assets	3,850	10,946
Assets held for sale	13,759	11,762
Total current assets	164,721	157,193
Property, plant and equipment, net	309,752	389,996
Goodwill	7,322	8,204
Other intangible assets, net	81,997	93,642
Operating lease right-of-use assets	14,267	18,327
Other noncurrent assets	5,270	5,372
Total assets	583,329	672,734
Current liabilities:
Accounts payable	46,225	49,321
Accrued liabilities	32,432	33,564
Income taxes	111	171
Current portion of long-term debt	27,964	30,576
Deferred revenue	2,092	18,479
Other current liabilities	8,900	4,807
Total current liabilities	117,724	136,918
Long-term debt, less current maturities	96,727	142,602
Deferred income taxes	7,344	896
Operating lease liabilities	11,669	15,429
Other noncurrent liabilities	13,668	13,778
Total liabilities	247,132	309,623
Commitments and contingencies (Note 10)
Shareholders’ Equity:
Preferred shares (Class A Series 1, no par value; 50,000,000 shares authorized, 9,042 shares issued and outstanding, aggregate liquidation preference of $98,907,587 and $97,438,687 as of September 30, 2022 and December 31, 2021, respectively)	63,410	61,941
Common shares (no par value; 46,000,000 shares authorized, 14,079,336 shares and 14,431,819 shares issued, respectively, and 13,712,661 shares and 14,111,221 shares outstanding, respectively)	0	0
Additional paid-in capital	1,585,303	1,582,442
Accumulated deficit	(911,934)	(912,951)
Common shares held in treasury at cost, 366,675 and 320,598 shares, respectively	(9,063)	(8,050)
Accumulated other comprehensive loss	(394,408)	(361,883)
Total Civeo Corporation shareholders’ equity	333,308	361,499
Noncontrolling interest	2,889	1,612
Total shareholders’ equity	336,197	363,111
Total liabilities and shareholders’ equity	$ 583,329	$ 672,734

Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Preferred shares, par value (in dollars per share)	$ 0	$ 0
Preferred shares, authorized (in shares)	50,000,000	50,000,000
Preferred shares, issued (in shares)	9,042	9,042
Preferred shares, outstanding (in shares)	9,042	9,042
Preferred shares, liquidation preference	$ 98,907,587	$ 97,438,687
Common stock, par value (in dollars per share)	$ 0	$ 0
Common stock, shares authorized (in shares)	46,000,000	46,000,000
Common stock, shares issued (in shares)	14,079,336	14,431,819
Common stock, shares outstanding (in shares)	13,712,661	14,111,221
Treasury shares (in shares)	366,675	320,598

Unaudited Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands	Total	Preferred Shares	Common Shares	Additional Paid-in Capital	Accumulated Deficit	Treasury Shares	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interest
Beginning balance at Dec. 31, 2020	$ 375,357	$ 60,016		$ 1,578,315	$ (907,727)	$ (6,930)	$ (348,989)	$ 672
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(8,393)				(8,927)			534
Currency translation adjustment	(15,417)						(15,371)	(46)
Dividends paid	(130)							(130)
Dividends attributable to Class A preferred shares	0	1,440			(1,440)
Common shares repurchased	(445)				(445)
Share-based compensation	1,813			2,933		(1,120)
Ending balance at Sep. 30, 2021	352,785	61,456		1,581,248	(918,539)	(8,050)	(364,360)	1,030
Beginning balance at Jun. 30, 2021	363,405	60,974		1,580,213	(918,156)	(8,050)	(352,171)	595
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	1,022				544			478
Currency translation adjustment	(12,217)						(12,189)	(28)
Dividends paid	(15)							(15)
Dividends attributable to Class A preferred shares	0	482			(482)
Common shares repurchased	(445)				(445)
Share-based compensation	1,035			1,035
Ending balance at Sep. 30, 2021	352,785	61,456		1,581,248	(918,539)	(8,050)	(364,360)	1,030
Beginning balance at Dec. 31, 2021	363,111	61,941		1,582,442	(912,951)	(8,050)	(361,883)	1,612
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	18,401				16,695			1,706
Currency translation adjustment	(32,757)						(32,525)	(232)
Dividends paid	(197)							(197)
Dividends attributable to Class A preferred shares	0	1,469			(1,469)
Common shares repurchased	(14,209)				(14,209)
Share-based compensation	1,848			2,861		(1,013)
Ending balance at Sep. 30, 2022	$ 336,197	$ 63,410		1,585,303	(911,934)	(9,063)	(394,408)	2,889
Beginning balance (in shares) at Dec. 31, 2021	9,042	9,042
Beginning balance (in shares) at Dec. 31, 2021	14,111,221		14,111,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation (in shares)		0	100,000
Common shares repurchased (in shares)		0	(498,000)
Ending balance (in shares) at Sep. 30, 2022	9,042	9,042
Ending balance (in shares) at Sep. 30, 2022	13,712,661		13,713,000
Beginning balance at Jun. 30, 2022	$ 363,520	$ 62,918		1,584,416	(903,492)	(9,063)	(373,841)	2,582
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	6,263				5,717			546
Currency translation adjustment	(20,745)						(20,567)	(178)
Dividends paid	(61)							(61)
Dividends attributable to Class A preferred shares	0	492			(492)
Common shares repurchased	(13,667)				(13,667)
Share-based compensation	887			887
Ending balance at Sep. 30, 2022	$ 336,197	$ 63,410		$ 1,585,303	$ (911,934)	$ (9,063)	$ (394,408)	$ 2,889
Ending balance (in shares) at Sep. 30, 2022	9,042	9,042
Ending balance (in shares) at Sep. 30, 2022	13,712,661		13,713,000

Unaudited Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Cash flows from operating activities:
Net income (loss)	$ 18,401	$ (8,393)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	65,818	62,928
Impairment charges	0	7,935
Loss on extinguishment of debt	0	416
Deferred income tax expense	6,930	2,105
Non-cash compensation charge	2,861	2,933
Gains on disposals of assets	(4,069)	(2,305)
Provision (benefit) for credit losses, net of recoveries	(23)	155
Other, net	2,397	2,436
Changes in operating assets and liabilities:
Accounts receivable	(19,138)	(21,516)
Inventories	(1,557)	(193)
Accounts payable and accrued liabilities	3,515	9,836
Taxes payable	(62)	61
Other current and noncurrent assets and liabilities, net	(12,701)	6,843
Net cash flows provided by operating activities	62,372	63,241
Cash flows from investing activities:
Capital expenditures	(17,466)	(9,645)
Proceeds from dispositions of property, plant and equipment	11,975	7,545
Other, net	190	0
Net cash flows used in investing activities	(5,301)	(2,100)
Cash flows from financing activities:
Revolving credit borrowings	204,951	367,622
Revolving credit repayments	(219,775)	(305,148)
Term loan repayments	(23,059)	(117,595)
Debt issuance costs	0	(4,407)
Repurchases of common shares	(14,209)	(445)
Taxes paid on vested shares	(1,013)	(1,120)
Net cash flows used in financing activities	(53,105)	(61,093)
Effect of exchange rate changes on cash	(1,887)	(1,255)
Net change in cash and cash equivalents	2,079	(1,207)
Cash and cash equivalents, beginning of period	6,282	6,155
Cash and cash equivalents, end of period	8,361	4,948
Non-cash financing activities:
Preferred dividends paid-in-kind	$ 1,469	$ 1,440

DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION	9 Months Ended
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION	DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION Description of the Business We provide hospitality services to the natural resources industry in Canada, Australia and the U.S. Our full suite of hospitality services for our guests includes lodging, catering and food service, housekeeping and maintenance at accommodation facilities that we or our customers own. In many cases, we provide services that support the day-to-day operations, such as laundry, facility management and maintenance, water and wastewater treatment, power generation, communication systems, security and logistics. We also offer development activities for workforce accommodation facilities, including site selection, permitting, engineering and design, manufacturing management and site construction, along with providing hospitality services once the facility is constructed. We primarily operate in some of the world’s most active oil, metallurgical (met) coal, liquefied natural gas (LNG) and iron ore producing regions, and our customers include major and independent oil companies, mining companies, engineering companies and oilfield and mining service companies. We operate in three principal reportable business segments – Canada, Australia and the U.S. Basis of Presentation Unless otherwise stated or the context otherwise indicates: (i) all references in these consolidated financial statements to “Civeo,” “us,” “our” or “we” refer to Civeo Corporation and its consolidated subsidiaries; and (ii) all references in this report to “dollars” or “$” are to U.S. dollars. The accompanying unaudited consolidated financial statements of Civeo have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the SEC) pertaining to interim financial information. Certain information in footnote disclosures normally included in financial statements prepared in accordance with Generally Accepted Accounting Principles (GAAP) has been condensed or omitted pursuant to those rules and regulations. The unaudited financial statements included in this report reflect all the adjustments, consisting of normal recurring adjustments, which Civeo considers necessary for a fair presentation of the results of operations for the interim periods covered and for the financial condition of Civeo at the date of the interim balance sheet. Results for the interim periods are not necessarily indicative of results for the full year. The preparation of consolidated financial statements in conformity with GAAP requires the use of estimates and assumptions by management in determining the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. If the underlying estimates and assumptions upon which the financial statements are based change in future periods, actual amounts may differ from those included in the accompanying consolidated financial statements. The financial statements included in this report should be read in conjunction with our audited financial statements and accompanying notes included in our Annual Report on Form 10-K for the year ended December 31, 2021.

REVENUE

9 Months Ended

Sep. 30, 2022

Revenue from Contract with Customer [Abstract]

REVENUE

The following table disaggregates our revenue by our three reportable segments: Canada, Australia and the U.S., and major categories for the periods indicated (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Canada
Accommodation revenues	$	72,724	$	60,511	$	219,349	$	176,800
Mobile facility rental revenues	25,283		19,075		73,359		38,240
Food service and other services revenues	5,002		4,471		15,276		14,183

Total Canada revenues	103,009		84,057		307,984		229,223

Australia
Accommodation revenues	$	38,316	$	38,104	$	114,967	$	109,559
Food service and other services revenues	35,489		27,014		90,187		79,215
Total Australia revenues	73,805		65,118		205,154		188,774

U.S.
Accommodation revenues	$	990	$	1,812	$	2,244	$	4,189
Mobile facility rental revenues	5,811		3,941		18,128		10,769
Manufacturing revenues	587		124		1,286		1,686
Food service and other services revenues	25		11		63		28
Total U.S. revenues	7,413		5,888		21,721		16,672

Total revenues	$	184,227	$	155,063	$	534,859	$	434,669

Our payment terms vary by the type and location of our customer and the products or services offered. The time between invoicing and when our performance obligations are satisfied is not significant. Payment terms are generally within 30 days and in most cases do not extend beyond 60 days. We do not have significant financing components or significant payment terms.

As of September 30, 2022, for contracts that are greater than one year, the table below discloses the estimated revenues related to performance obligations that are unsatisfied (or partially unsatisfied) and when we expect to recognize the revenue. The table only includes revenue expected to be recognized from contracts where the quantity of service is certain (in thousands):


	For the years ending December 31,
	2022		2023		2024		Thereafter		Total
Revenue expected to be recognized as of September 30, 2022	$	41,135	$	86,433	$	47,742	$	297,488	$	472,798

We applied the practical expedient and do not disclose consideration for remaining performance obligations with an original expected duration of one year or less. In addition, we do not estimate revenues expected to be recognized related to unsatisfied performance obligations for contracts without minimum room commitments. The table above represents only a portion of our expected future consolidated revenues and it is not necessarily indicative of the expected trend in total revenues.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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-Name Accounting Standards Codification
-Topic 606
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 12
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+ Details

IMPAIRMENT CHARGES	9 Months Ended
IMPAIRMENT CHARGES	Sep. 30, 2022
Asset Impairment Charges [Abstract]
IMPAIRMENT CHARGES	IMPAIRMENT CHARGES Quarter ended June 30, 2021. During the second quarter of 2021, we recorded impairment expense of $7.9 million related to various undeveloped land positions and related permitting costs in Australia. At June 30, 2021, we identified an impairment trigger related to certain of these properties due to the cancellation of a significant thermal coal project in Australia and our negative expectations related to other possible Australian thermal coal projects becoming viable in the near term. Accordingly, the assets were written down to their estimated fair value of $2.4 million.

FAIR VALUE MEASUREMENTS	9 Months Ended
FAIR VALUE MEASUREMENTS	Sep. 30, 2022
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS Our financial instruments consist of cash and cash equivalents, receivables, payables and debt instruments. We believe that the carrying values of these instruments on the accompanying consolidated balance sheets approximate their fair values. As of September 30, 2022 and December 31, 2021, we believe the carrying value of our floating-rate debt outstanding under our term loans and revolving credit facilities approximates fair value because the terms include short-term interest rates and exclude penalties for prepayment. We estimated the fair value of our floating-rate term loan and revolving credit facilities using significant other observable inputs, representative of a Level 2 fair value measurement, including terms and credit spreads for these loans. In addition, the estimated fair value of our assets held for sale is based upon Level 2 fair value measurements, which include appraisals and previous negotiations with third parties. During the second quarter of 2021, we wrote down certain long-lived assets to fair value. Our estimate of the fair value of undeveloped land positions in Australia that were impaired was based on appraisals from third parties. See Note 3 – Impairment Charges for further information.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

DETAILS OF SELECTED BALANCE SHEET ACCOUNTS

9 Months Ended

Sep. 30, 2022

Balance Sheet Related Disclosures [Abstract]

DETAILS OF SELECTED BALANCE SHEET ACCOUNTS

Additional information regarding selected balance sheet accounts at September 30, 2022 and December 31, 2021 is presented below (in thousands):


	September 30, 2022		December 31, 2021
Accounts receivable, net:
Trade	$	69,833	$	75,740
Unbilled revenue	51,567		38,508
Other	1,184		972
Total accounts receivable	122,584		115,220
Allowance for credit losses	(304)		(361)
Total accounts receivable, net	$	122,280	$	114,859


	September 30, 2022		December 31, 2021
Inventories:
Finished goods and purchased products	$	5,586	$	5,346
Work in process	—		25
Raw materials	1,398		1,097
Total inventories	$	6,984	$	6,468


	Estimated Useful Life (in years)			September 30, 2022		December 31, 2021
Property, plant and equipment, net:
Land				$	25,896	$	30,556
Accommodations assets	3	—	15	1,426,704		1,657,577
Buildings and leasehold improvements	7	—	20	17,260		24,335
Machinery and equipment	4	—	15	10,752		14,983
Office furniture and equipment	3	—	7	61,187		63,228
Vehicles	3	—	5	8,227		14,578
Construction in progress				9,444		2,063
Total property, plant and equipment				1,559,470		1,807,320
Accumulated depreciation				(1,249,718)		(1,417,324)
Total property, plant and equipment, net				$	309,752	$	389,996


	September 30, 2022		December 31, 2021
Accrued liabilities:
Accrued compensation	$	27,577	$	28,877
Accrued taxes, other than income taxes	2,901		2,944

Other	1,954		1,743
Total accrued liabilities	$	32,432	$	33,564


	September 30, 2022		December 31, 2021
Deferred revenue:
Contract liabilities	$	2,092	$	18,479

Deferred revenue consists of contract liabilities resulting from upfront payments related to the mobilization of mobile assets to service pipeline projects in our Canadian business segment. The decrease in deferred revenue from December 31, 2021 to September 30, 2022 was primarily due to the recognition of deferred revenue over the contracted terms of these pipeline projects in Canada.

ASSETS AND LIABILITIES HELD FOR SALE

9 Months Ended

Sep. 30, 2022

Discontinued Operations and Disposal Groups [Abstract]

ASSETS AND LIABILITIES HELD FOR SALE

As of September 30, 2022, assets and liabilities held for sale included certain assets and liabilities in our U.S. business segment. As of December 31, 2021, assets and liabilities held for sale included certain assets in our U.S. business segment and undeveloped land holdings in our Australia business segment. These assets and liabilities were recorded at the estimated fair value less costs to sell, which exceeded their carry values.

The following table summarizes the carrying amount as of September 30, 2022 and December 31, 2021 of the assets and liabilities classified as held for sale (in thousands):


	September 30, 2022		December 31, 2021
Assets held for sale:
Assets
Accounts receivable, net	$	1,247	$	—
Inventories	321		—
Property, plant and equipment, net	12,010		11,762
Other noncurrent assets	181		—
Total assets held for sale	$	13,759	$	11,762

Liabilities held for sale:
Liabilities
Accounts payable	$	375	$	—
Accrued liabilities	470		—
Deferred revenue	122		—
Other current liabilities	44		—
Other noncurrent liabilities	114		—
Total liabilities held for sale (1)	$	1,125	$	—

(1)Liabilities held for sale are classified as a current liability on the unaudited consolidated balance sheets, under the caption "Other current liabilities."

EARNINGS PER SHARE

9 Months Ended

Sep. 30, 2022

Earnings Per Share [Abstract]

EARNINGS PER SHARE

We use the two-class method to calculate basic and diluted earnings per share because we have participating securities in the form of Class A preferred shares. The two-class method requires a proportional share of net income to be allocated between common shares and participating securities. The proportional share to be allocated to participating securities is determined by dividing total weighted average participating securities by the sum of total weighted average common shares and participating securities.

Basic earnings per share is computed under the two-class method by dividing the net income (loss) attributable to common shareholders by the weighted average number of common shares outstanding during the period. Net income attributable to common shareholders represents our net income reduced by an allocation of current period earnings to participating securities as described above. No such adjustment is made during periods with a net loss, as the adjustment would be anti-dilutive.

Diluted earnings per share is computed under the two-class method by dividing diluted net income (loss) attributable to common shareholders by the weighted average number of common shares outstanding, plus, for periods with net income attributable to common stockholders, the potential dilutive effects of share-based awards. In addition, we calculate the potential dilutive effect of any outstanding dilutive security under both the two-class method and the “if-converted” method, and we report the more dilutive of the methods as our diluted earnings per share. We also apply the treasury stock method with respect to certain share-based awards in the calculation of diluted earnings per share, if dilutive.

The calculation of earnings per share attributable to Civeo common shareholders is presented below for the periods indicated (in thousands, except per share amounts):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Numerator:
Net income (loss) attributable to Civeo common shareholders	$	5,225	$	62	$	15,226	$	(10,367)
Less: income allocated to participating securities	(794)		(9)		(2,297)		—
Basic net income (loss) attributable to Civeo Corporation common shareholders	$	4,431	$	53	$	12,929	$	(10,367)
Add: undistributed income attributable to participating securities	794		9		2,297		—
Less: undistributed income reallocated to participating securities	(788)		(9)		(2,275)		—
Diluted net income (loss) attributable to Civeo Corporation common shareholders	$	4,437	$	53	$	12,951	$	(10,367)

Denominator:
Weighted average shares outstanding - basic	13,932		14,277		14,058		14,255
Dilutive shares - share-based awards	132		84		162		—
Weighted average shares outstanding - diluted	14,064		14,361		14,220		14,255

Basic net income (loss) per share attributable to Civeo Corporation common shareholders (1)	$	0.32	$	—	$	0.92	$	(0.73)

Diluted net income (loss) per share attributable to Civeo Corporation common shareholders (1)	$	0.32	$	—	$	0.91	$	(0.73)

(1)Computations may reflect rounding adjustments.

The following common share equivalents have been excluded from the calculation of weighted-average common shares outstanding because the effect is anti-dilutive for the periods presented (in millions of shares):


	Three Months Ended September 30,		Nine Months Ended September 30,
	2022	2021	2022	2021
Share-based awards (1)	—	0.1	—	0.2
Preferred shares	2.5	2.4	2.5	2.4

(1)Share-based awards for the three and nine months ended September 30, 2022 totaled less than 0.1 million shares.

DEBT

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

DEBT

As of September 30, 2022 and December 31, 2021, long-term debt consisted of the following (in thousands):


	September 30, 2022		December 31, 2021
Canadian term loan; weighted average interest rate of 4.7% for the nine month period ended September 30, 2022	$	36,480	$	63,104

U.S. revolving credit facility; weighted average interest rate of 6.3% for the nine month period ended September 30, 2022	—		—

Canadian revolving credit facility; weighted average interest rate of 5.0% for the nine month period ended September 30, 2022	83,904		111,300

Australian revolving credit facility; weighted average interest rate of 3.8% for the nine month period ended September 30, 2022	5,832		726
	126,216		175,130
Less: Unamortized debt issuance costs	1,525		1,952
Total debt	124,691		173,178
Less: Current portion of long-term debt, including unamortized debt issuance costs, net	27,964		30,576
Long-term debt, less current maturities	$	96,727	$	142,602

Credit Agreement

As of September 30, 2022, our Credit Agreement (as then amended to date, the Credit Agreement) provided for: (i) a $200.0 million revolving credit facility scheduled to mature on September 8, 2025, allocated as follows: (A) a $10.0 million senior secured revolving credit facility in favor of one of our U.S. subsidiaries, as borrower; (B) a $155.0 million senior secured revolving credit facility in favor of Civeo, as borrower; and (C) a $35.0 million senior secured revolving credit facility in favor of one of our Australian subsidiaries, as borrower; and (ii) a C$100.0 million term loan facility scheduled to be fully repaid on December 31, 2023 in favor of Civeo.

U.S. dollar amounts outstanding under the facilities provided by the Credit Agreement bear interest at a variable rate equal to the London Inter-Bank Offered Rate (LIBOR) plus a margin of 3.00% to 4.00%, or a base rate plus 2.00% to 3.00%, in each case based on a ratio of our total net debt to Consolidated EBITDA (as defined in the Credit Agreement). Canadian dollar amounts outstanding bear interest at a variable rate equal to a Bankers’ Acceptance Discount Rate (as defined in the Credit Agreement) based on the Canadian Dollar Offered Rate (CDOR) plus a margin of 3.00% to 4.00%, or a Canadian Prime rate plus a margin of 2.00% to 3.00%, in each case based on a ratio of our total debt to Consolidated EBITDA. Australian dollar amounts outstanding under the Credit Agreement bear interest at a variable rate equal to the Bank Bill Swap Bid Rate plus a margin of 3.00% to 4.00%, based on a ratio of our total net debt to Consolidated EBITDA. The future transitions from LIBOR and CDOR as interest rate benchmarks are addressed in the Credit Agreement and at such time the transition from (i) LIBOR takes place, an alternate benchmark will be established based on the first alternative of the following, plus a benchmark replacement adjustment, Term Secured Overnight Financing Rate (SOFR), Daily Simple SOFR and an alternative benchmark selected by the administrative agent and the applicable borrowers giving due consideration to any selection or recommendation by a government body or any evolving or then-prevailing market convention for determining a benchmark rate as a replacement for the then-current Benchmark for U.S. dollar-denominated syndicated credit facilities at such time or (ii) CDOR takes place, we will endeavor with the administrative agent to establish an alternate rate of interest to CDOR that gives due consideration to any evolving or then existing convention for similar Canadian Dollar denominated syndicated credit facilities for the replacement of CDOR.

The Credit Agreement contains customary affirmative and negative covenants that, among other things, limit or restrict: (i) indebtedness, liens and fundamental changes; (ii) asset sales; (iii) acquisitions of margin stock; (iv) specified acquisitions; (v) certain restrictive agreements; (vi) transactions with affiliates; and (vii) investments and other restricted payments, including dividends and other distributions. In addition, we must maintain a minimum interest coverage ratio, defined as the ratio of Consolidated EBITDA to consolidated interest expense, of at least 3.00 to 1.00 and our maximum net leverage ratio, defined as

the ratio of total net debt to Consolidated EBITDA, of no greater than 3.00 to 1.00. Following a qualified offering of indebtedness, we will be required to maintain a maximum leverage ratio of no greater than 3.50 to 1.00 and a maximum senior secured ratio less than 2.00 to 1.00. Each of the factors considered in the calculations of these ratios are defined in the Credit Agreement. EBITDA and consolidated interest, as defined, exclude goodwill and asset impairments, debt discount amortization, amortization of intangibles and other non-cash charges. We were in compliance with our covenants as of September 30, 2022.

Borrowings under the Credit Agreement are secured by a pledge of substantially all of our assets and the assets of our subsidiaries subject to customary exceptions. The obligations under the Credit Agreement are guaranteed by our significant subsidiaries. As of September 30, 2022, we had seven lenders that were parties to the Credit Agreement, with total commitments (including both revolving commitments and term commitments) ranging from $22.5 million to $52.0 million. As of September 30, 2022, we had outstanding letters of credit of $0.3 million under the U.S. facility, zero under the Australian facility and $1.1 million under the Canadian facility. We also had outstanding bank guarantees of A$0.8 million under the Australian facility.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

INCOME TAXES	9 Months Ended
INCOME TAXES	Sep. 30, 2022
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES Our operations are conducted through various subsidiaries in a number of countries throughout the world. We have provided for income taxes based upon the tax laws and rates in the countries in which operations are conducted and income is earned. We operate in three jurisdictions, Canada, Australia and the U.S., where statutory tax rates range from 15% to 30%. Our effective tax rate will vary from period to period based on changes in earnings mix between these different jurisdictions. We compute our quarterly taxes under the effective tax rate method by applying an anticipated annual effective rate to our year-to-date income, except for significant unusual or extraordinary transactions. Income taxes for any significant and unusual or extraordinary transactions are computed and recorded in the period in which the specific transaction occurs. As of September 30, 2022, the U.S. was considered a loss jurisdiction for tax accounting purposes and was removed from the annual effective tax rate computation for purposes of computing the interim tax provision. As of September 30, 2021, Canada and the U.S. were considered loss jurisdictions for tax accounting purposes and were removed from the annual effective tax rate computation for purposes of computing the interim tax provision. Our income tax expense for the three months ended September 30, 2022 totaled $3.7 million, or 37.2% of pretax income, compared to income tax expense of $1.8 million, or 63.4% of pretax income, for the three months ended September 30, 2021. Our effective tax rate for the three months ended September 30, 2022 was impacted by considering the U.S. a loss jurisdiction that was removed from the annual effective tax rate computation for purposes of computing the interim tax provision. For the three months ended September 30, 2021, our effective tax rate was impacted by considering Canada and the U.S. loss jurisdictions that were removed from the annual effective tax rate computation for purposes of computing the interim tax provision. Additionally, under Accounting Standards Codification 740-270, “Accounting for Income Taxes,” the quarterly tax provision is based on our current estimate of the annual effective tax rate less the prior quarter’s year to date provision. Our income tax expense for nine months ended September 30, 2022 totaled $7.1 million, or 27.8% of pretax income, compared to income tax expense of $2.4 million, or (39.0)% of pretax loss, for the nine months ended September 30, 2021. Our effective tax rate for the nine months ended September 30, 2022 was impacted by considering the U.S. a loss jurisdiction that was removed from the annual effective tax rate computation for the purposes of computing the interim tax provision. Our effective tax rate for the nine months ended September 2021 was impacted by considering Canada and the U.S. loss jurisdictions that were removed from the annual effective tax rate computation for the purposes of computing the interim tax provision.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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+ Details

COMMITMENTS AND CONTINGENCIES	9 Months Ended
COMMITMENTS AND CONTINGENCIES	Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES We are a party to various pending or threatened claims, lawsuits and administrative proceedings seeking damages or other remedies concerning our commercial operations, products, employees and other matters, including warranty and product liability claims as a result of our products or operations. Although we can give no assurance about the outcome of pending legal and administrative proceedings and the effect such outcomes may have on us, management believes that any ultimate liability resulting from the outcome of such proceedings, to the extent not otherwise provided for or covered by insurance, will not have a material adverse effect on our consolidated financial position, results of operations or liquidity.

ACCUMULATED OTHER COMPREHENSIVE LOSS	9 Months Ended
ACCUMULATED OTHER COMPREHENSIVE LOSS	Sep. 30, 2022
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
ACCUMULATED OTHER COMPREHENSIVE LOSS	ACCUMULATED OTHER COMPREHENSIVE LOSS Our accumulated other comprehensive loss increased $32.5 million from $361.9 million at December 31, 2021 to $394.4 million at September 30, 2022, as a result of foreign currency exchange rate fluctuations. Changes in other comprehensive loss during the first nine months of 2022 were primarily driven by the Australian dollar and Canadian dollar decreasing in value compared to the U.S. dollar. Excluding intercompany balances, our Canadian dollar and Australian dollar functional currency net assets totaled approximately C$232 million and A$232 million, respectively, at September 30, 2022.

SHARE REPURCHASES	9 Months Ended
SHARE REPURCHASES	Sep. 30, 2022
Equity [Abstract]
SHARE REPURCHASES	SHARE REPURCHASES In August 2021, our Board of Directors (Board) authorized a common share repurchase program (the 2021 Share Repurchase Program) to repurchase up to 5.0% of our total common shares which are issued and outstanding, or approximately 715,000 common shares, over a twelve month period. In August 2022, our Board authorized a new common share repurchase program (the 2022 Share Repurchase Program) to repurchase up to 5.0% of our total common shares which are issued and outstanding, or approximately 685,000 common shares, over a twelve month period. The 2022 Share Repurchase Program and the 2021 Share Repurchase Program are collectively referred to as the "Share Repurchase Programs." The repurchase authorization allows repurchases from time to time in open market transactions, including pursuant to trading plans adopted in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934. We have funded, and intend to continue to fund, repurchases through cash on hand and cash generated from operations. The common shares repurchased under the Share Repurchase Programs are cancelled in the periods they are acquired and the payment is accounted for as an increase to accumulated deficit in our Unaudited Consolidated Statements of Changes in Shareholders’ Equity in the period the payment is made. Pursuant to our 2021 Share Repurchase Program, during the nine months ended September 30, 2022, we repurchased an aggregate of 123,882 of our common shares outstanding at a weighted average price of $28.54 per share, for a total of approximately $3.5 million. We repurchased an aggregate of 341,061 of our common shares outstanding at a weighted average price of $23.98 per share for a total cost of $8.2 million during the twelve month period comprising the 2021 Share Repurchase Program. We have not repurchased any shares under the 2022 Share Repurchase Program as of September 30, 2022. In addition to the Share Repurchase Programs, we repurchased 374,753 common shares from a shareholder for approximately $10.7 million during the three months ended September 30, 2022.

SHARE-BASED COMPENSATION	9 Months Ended
SHARE-BASED COMPENSATION	Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]
SHARE-BASED COMPENSATION	SHARE-BASED COMPENSATION Certain key employees and non-employee directors participate in the Amended and Restated 2014 Equity Participation Plan of Civeo Corporation (the Civeo Plan). The Civeo Plan authorizes our Board and the Compensation Committee of our Board to approve grants of options, awards of restricted shares, performance awards, phantom share awards and dividend equivalents, awards of deferred shares, and share payments to our employees and non-employee directors. No more than 2.4 million Civeo common shares are authorized to be issued under the Civeo Plan. Outstanding Awards Restricted Share Awards / Restricted Share Units / Deferred Share Awards. On May 18, 2022, we granted 39,032 restricted share awards to our non-employee directors, which vest in their entirety on May 17, 2023. Compensation expense associated with restricted share awards, restricted share units and deferred share awards recognized in the three months ended September 30, 2022 and 2021 totaled $0.3 million and $0.4 million, respectively. Compensation expense associated with restricted share awards, restricted share units and deferred share awards recognized in the nine months ended September 30, 2022 and 2021 totaled $0.9 million and $1.2 million, respectively. The total fair value of restricted share awards, restricted share units and deferred share awards that vested during both the three months ended September 30, 2022 and 2021 was less than $0.1 million. The total fair value of restricted share awards, restricted share units and deferred share awards that vested during the nine months ended September 30, 2022 and 2021 was $2.1 million and $1.5 million, respectively. At September 30, 2022, unrecognized compensation cost related to restricted share awards, restricted share units and deferred share awards was $0.6 million, which is expected to be recognized over a weighted average period of 0.6 years. Phantom Share Awards. On February 25, 2022, we granted 255,034 phantom share awards under the Civeo Plan, which vest in three equal annual installments beginning on February 25, 2023. We also granted 77,574 phantom share awards under the Canadian Long-Term Incentive Plan, which vest in three equal annual installments beginning on February 25, 2023. Phantom share awards are settled in cash upon vesting. During the three months ended September 30, 2022 and 2021, we recognized compensation expense associated with phantom shares totaling $2.3 million and $2.1 million, respectively. During the nine months ended September 30, 2022 and 2021, we recognized compensation expense associated with phantom shares totaling $7.2 million and $5.0 million, respectively. At September 30, 2022, unrecognized compensation cost related to phantom shares was $11.7 million, as remeasured at September 30, 2022, which is expected to be recognized over a weighted average period of 1.9 years. Performance Awards. On February 25, 2022, we granted 122,555 performance awards under the Civeo Plan, which cliff vest in three years on February 25, 2025 subject to attainment of applicable performance criteria. These awards will be earned in amounts between 0% and 200% of the participant’s target performance share award, based equally on (i) the payout percentage associated with Civeo’s relative total shareholder return rank among a peer group that includes 17 other companies and (ii) the payout percentage associated with Civeo's cumulative operating cash flow over the performance period relative to a preset target. The portion of the performance awards tied to cumulative operating cash flow includes a performance-based vesting requirement. The fair value of these awards is based on the closing market price of our common shares on the date of grant. We evaluate the probability of achieving the performance criteria throughout the performance period and will adjust share-based compensation expense based on the number of shares expected to vest based on our estimate of the most probable performance outcome. During the three months ended September 30, 2022 and 2021, we recognized compensation expense associated with performance awards totaling $0.6 million and $0.6 million, respectively. During the nine months ended September 30, 2022 and 2021, we recognized compensation expense associated with performance awards totaling $1.9 million and $1.7 million, respectively. No performance share awards vested during the three months ended September 30, 2022 and 2021. The total fair value of performance share awards that vested during the nine months ended September 30, 2022 and 2021 was $2.4 million and $1.9 million, respectively. At September 30, 2022, unrecognized compensation cost related to performance shares was $4.6 million, which is expected to be recognized over a weighted average period of 2.0 years.

SEGMENT AND RELATED INFORMATION

9 Months Ended

Sep. 30, 2022

Segment Reporting [Abstract]

SEGMENT AND RELATED INFORMATION

In accordance with current accounting standards regarding disclosures about segments of an enterprise and related information, we have identified the following reportable segments: Canada, Australia and the U.S., which represent our strategic focus on hospitality services and workforce accommodations.

Financial information by business segment for each of the three and nine months ended September 30, 2022 and 2021 is summarized in the following table (in thousands):


	Total revenues		Depreciation and amortization		Operating income (loss)		Capital expenditures		Total assets
Three months ended September 30, 2022
Canada	$	103,009	$	14,749	$	7,846	$	3,580	$	718,981
Australia	73,805		7,599		5,859		4,921		191,557
U.S.	7,413		312		(1,690)		286		20,159
Corporate and eliminations	—		(52)		(1,230)		32		(347,368)
Total	$	184,227	$	22,608	$	10,785	$	8,819	$	583,329

Three months ended September 30, 2021
Canada	$	84,057	$	11,511	$	6,131	$	1,344	$	754,223
Australia	65,118		8,033		4,422		1,647		231,427
U.S.	5,888		567		(2,124)		336		26,699
Corporate and eliminations	—		171		(2,419)		62		(328,307)
Total	$	155,063	$	20,282	$	6,010	$	3,389	$	684,042

Nine months ended September 30, 2022
Canada	$	307,984	$	41,344	$	23,081	$	7,433	$	718,981
Australia	205,154		23,284		17,446		8,969		191,557
U.S.	21,721		1,089		(4,594)		1,010		20,159
Corporate and eliminations	—		101		(6,669)		54		(347,368)
Total	$	534,859	$	65,818	$	29,264	$	17,466	$	583,329

Nine months ended September 30, 2021
Canada	$	229,223	$	35,750	$	5,924	$	3,667	$	754,223
Australia	188,774		25,004		5,073		4,348		231,427
U.S.	16,672		1,675		(5,831)		1,187		26,699
Corporate and eliminations	—		499		(6,928)		443		(328,307)
Total	$	434,669	$	62,928	$	(1,762)	$	9,645	$	684,042

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

REVENUE (Tables)

9 Months Ended

Sep. 30, 2022

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

The following table disaggregates our revenue by our three reportable segments: Canada, Australia and the U.S., and major categories for the periods indicated (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Canada
Accommodation revenues	$	72,724	$	60,511	$	219,349	$	176,800
Mobile facility rental revenues	25,283		19,075		73,359		38,240
Food service and other services revenues	5,002		4,471		15,276		14,183

Total Canada revenues	103,009		84,057		307,984		229,223

Australia
Accommodation revenues	$	38,316	$	38,104	$	114,967	$	109,559
Food service and other services revenues	35,489		27,014		90,187		79,215
Total Australia revenues	73,805		65,118		205,154		188,774

U.S.
Accommodation revenues	$	990	$	1,812	$	2,244	$	4,189
Mobile facility rental revenues	5,811		3,941		18,128		10,769
Manufacturing revenues	587		124		1,286		1,686
Food service and other services revenues	25		11		63		28
Total U.S. revenues	7,413		5,888		21,721		16,672

Total revenues	$	184,227	$	155,063	$	534,859	$	434,669

Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction


	For the years ending December 31,
	2022		2023		2024		Thereafter		Total
Revenue expected to be recognized as of September 30, 2022	$	41,135	$	86,433	$	47,742	$	297,488	$	472,798

DETAILS OF SELECTED BALANCE SHEET ACCOUNTS (Tables)

9 Months Ended

Sep. 30, 2022

Balance Sheet Related Disclosures [Abstract]

Schedule of Accounts Receivable

Additional information regarding selected balance sheet accounts at September 30, 2022 and December 31, 2021 is presented below (in thousands):


	September 30, 2022		December 31, 2021
Accounts receivable, net:
Trade	$	69,833	$	75,740
Unbilled revenue	51,567		38,508
Other	1,184		972
Total accounts receivable	122,584		115,220
Allowance for credit losses	(304)		(361)
Total accounts receivable, net	$	122,280	$	114,859

Schedule of Inventories


	September 30, 2022		December 31, 2021
Inventories:
Finished goods and purchased products	$	5,586	$	5,346
Work in process	—		25
Raw materials	1,398		1,097
Total inventories	$	6,984	$	6,468

Property, Plant and Equipment


	Estimated Useful Life (in years)			September 30, 2022		December 31, 2021
Property, plant and equipment, net:
Land				$	25,896	$	30,556
Accommodations assets	3	—	15	1,426,704		1,657,577
Buildings and leasehold improvements	7	—	20	17,260		24,335
Machinery and equipment	4	—	15	10,752		14,983
Office furniture and equipment	3	—	7	61,187		63,228
Vehicles	3	—	5	8,227		14,578
Construction in progress				9,444		2,063
Total property, plant and equipment				1,559,470		1,807,320
Accumulated depreciation				(1,249,718)		(1,417,324)
Total property, plant and equipment, net				$	309,752	$	389,996

Schedule of Accrued Liabilities


	September 30, 2022		December 31, 2021
Accrued liabilities:
Accrued compensation	$	27,577	$	28,877
Accrued taxes, other than income taxes	2,901		2,944

Other	1,954		1,743
Total accrued liabilities	$	32,432	$	33,564

Schedule of Deferred Revenue


	September 30, 2022		December 31, 2021
Deferred revenue:
Contract liabilities	$	2,092	$	18,479

ASSETS AND LIABILITIES HELD FOR SALE (Tables)

9 Months Ended

Sep. 30, 2022

Discontinued Operations and Disposal Groups [Abstract]

Disposal Groups, Including Discontinued Operations

The following table summarizes the carrying amount as of September 30, 2022 and December 31, 2021 of the assets and liabilities classified as held for sale (in thousands):


	September 30, 2022		December 31, 2021
Assets held for sale:
Assets
Accounts receivable, net	$	1,247	$	—
Inventories	321		—
Property, plant and equipment, net	12,010		11,762
Other noncurrent assets	181		—
Total assets held for sale	$	13,759	$	11,762

Liabilities held for sale:
Liabilities
Accounts payable	$	375	$	—
Accrued liabilities	470		—
Deferred revenue	122		—
Other current liabilities	44		—
Other noncurrent liabilities	114		—
Total liabilities held for sale (1)	$	1,125	$	—

(1)Liabilities held for sale are classified as a current liability on the unaudited consolidated balance sheets, under the caption "Other current liabilities."

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

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+ Details

EARNINGS PER SHARE (Tables)

9 Months Ended

Sep. 30, 2022

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

The calculation of earnings per share attributable to Civeo common shareholders is presented below for the periods indicated (in thousands, except per share amounts):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Numerator:
Net income (loss) attributable to Civeo common shareholders	$	5,225	$	62	$	15,226	$	(10,367)
Less: income allocated to participating securities	(794)		(9)		(2,297)		—
Basic net income (loss) attributable to Civeo Corporation common shareholders	$	4,431	$	53	$	12,929	$	(10,367)
Add: undistributed income attributable to participating securities	794		9		2,297		—
Less: undistributed income reallocated to participating securities	(788)		(9)		(2,275)		—
Diluted net income (loss) attributable to Civeo Corporation common shareholders	$	4,437	$	53	$	12,951	$	(10,367)

Denominator:
Weighted average shares outstanding - basic	13,932		14,277		14,058		14,255
Dilutive shares - share-based awards	132		84		162		—
Weighted average shares outstanding - diluted	14,064		14,361		14,220		14,255

Basic net income (loss) per share attributable to Civeo Corporation common shareholders (1)	$	0.32	$	—	$	0.92	$	(0.73)

Diluted net income (loss) per share attributable to Civeo Corporation common shareholders (1)	$	0.32	$	—	$	0.91	$	(0.73)

(1)Computations may reflect rounding adjustments.

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share


	Three Months Ended September 30,		Nine Months Ended September 30,
	2022	2021	2022	2021
Share-based awards (1)	—	0.1	—	0.2
Preferred shares	2.5	2.4	2.5	2.4

(1)Share-based awards for the three and nine months ended September 30, 2022 totaled less than 0.1 million shares.

DEBT (Tables)

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

As of September 30, 2022 and December 31, 2021, long-term debt consisted of the following (in thousands):


	September 30, 2022		December 31, 2021
Canadian term loan; weighted average interest rate of 4.7% for the nine month period ended September 30, 2022	$	36,480	$	63,104

U.S. revolving credit facility; weighted average interest rate of 6.3% for the nine month period ended September 30, 2022	—		—

Canadian revolving credit facility; weighted average interest rate of 5.0% for the nine month period ended September 30, 2022	83,904		111,300

Australian revolving credit facility; weighted average interest rate of 3.8% for the nine month period ended September 30, 2022	5,832		726
	126,216		175,130
Less: Unamortized debt issuance costs	1,525		1,952
Total debt	124,691		173,178
Less: Current portion of long-term debt, including unamortized debt issuance costs, net	27,964		30,576
Long-term debt, less current maturities	$	96,727	$	142,602

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details

SEGMENT AND RELATED INFORMATION (Tables)

9 Months Ended

Sep. 30, 2022

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

Financial information by business segment for each of the three and nine months ended September 30, 2022 and 2021 is summarized in the following table (in thousands):


	Total revenues		Depreciation and amortization		Operating income (loss)		Capital expenditures		Total assets
Three months ended September 30, 2022
Canada	$	103,009	$	14,749	$	7,846	$	3,580	$	718,981
Australia	73,805		7,599		5,859		4,921		191,557
U.S.	7,413		312		(1,690)		286		20,159
Corporate and eliminations	—		(52)		(1,230)		32		(347,368)
Total	$	184,227	$	22,608	$	10,785	$	8,819	$	583,329

Three months ended September 30, 2021
Canada	$	84,057	$	11,511	$	6,131	$	1,344	$	754,223
Australia	65,118		8,033		4,422		1,647		231,427
U.S.	5,888		567		(2,124)		336		26,699
Corporate and eliminations	—		171		(2,419)		62		(328,307)
Total	$	155,063	$	20,282	$	6,010	$	3,389	$	684,042

Nine months ended September 30, 2022
Canada	$	307,984	$	41,344	$	23,081	$	7,433	$	718,981
Australia	205,154		23,284		17,446		8,969		191,557
U.S.	21,721		1,089		(4,594)		1,010		20,159
Corporate and eliminations	—		101		(6,669)		54		(347,368)
Total	$	534,859	$	65,818	$	29,264	$	17,466	$	583,329

Nine months ended September 30, 2021
Canada	$	229,223	$	35,750	$	5,924	$	3,667	$	754,223
Australia	188,774		25,004		5,073		4,348		231,427
U.S.	16,672		1,675		(5,831)		1,187		26,699
Corporate and eliminations	—		499		(6,928)		443		(328,307)
Total	$	434,669	$	62,928	$	(1,762)	$	9,645	$	684,042

DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION - Narrative (Details)	9 Months Ended
	Sep. 30, 2022 segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of reportable segments	3

REVENUE - Narrative (Details)	9 Months Ended
REVENUE - Narrative (Details)	Sep. 30, 2022 segment
Revenue from Contract with Customer [Abstract]
Number of reportable segments	3

REVENUE - Disaggregation of revenue by major categories (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Disaggregation of Revenue [Line Items]
Total revenues	$ 184,227	$ 155,063	$ 534,859	$ 434,669
Mobile facility rental revenues
Disaggregation of Revenue [Line Items]
Total revenues	5,785	4,581	18,080	12,185
Canada
Disaggregation of Revenue [Line Items]
Total revenues	103,009	84,057	307,984	229,223
Canada \| Accommodation revenues
Disaggregation of Revenue [Line Items]
Total revenues	72,724	60,511	219,349	176,800
Canada \| Mobile facility rental revenues
Disaggregation of Revenue [Line Items]
Total revenues	25,283	19,075	73,359	38,240
Canada \| Food service and other services revenues
Disaggregation of Revenue [Line Items]
Total revenues	5,002	4,471	15,276	14,183
Australia
Disaggregation of Revenue [Line Items]
Total revenues	73,805	65,118	205,154	188,774
Australia \| Accommodation revenues
Disaggregation of Revenue [Line Items]
Total revenues	38,316	38,104	114,967	109,559
Australia \| Food service and other services revenues
Disaggregation of Revenue [Line Items]
Total revenues	35,489	27,014	90,187	79,215
U.S.
Disaggregation of Revenue [Line Items]
Total revenues	7,413	5,888	21,721	16,672
U.S. \| Accommodation revenues
Disaggregation of Revenue [Line Items]
Total revenues	990	1,812	2,244	4,189
U.S. \| Mobile facility rental revenues
Disaggregation of Revenue [Line Items]
Total revenues	5,811	3,941	18,128	10,769
U.S. \| Manufacturing revenues
Disaggregation of Revenue [Line Items]
Total revenues	587	124	1,286	1,686
U.S. \| Food service and other services revenues
Disaggregation of Revenue [Line Items]
Total revenues	$ 25	$ 11	$ 63	$ 28

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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+ Details

REVENUE - Revenue related to performance obligations (Details) $ in Thousands	Sep. 30, 2022 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue expected to be recognized as of September 30, 2022	$ 472,798
Revenue, remaining performance obligation, expected timing of satisfaction, start date [Axis]: 2022-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue expected to be recognized as of September 30, 2022	$ 41,135
Revenue expected to be recognized, period	3 months
Revenue, remaining performance obligation, expected timing of satisfaction, start date [Axis]: 2023-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue expected to be recognized as of September 30, 2022	$ 86,433
Revenue expected to be recognized, period	1 year
Revenue, remaining performance obligation, expected timing of satisfaction, start date [Axis]: 2024-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue expected to be recognized as of September 30, 2022	$ 47,742
Revenue expected to be recognized, period	1 year
Revenue, remaining performance obligation, expected timing of satisfaction, start date [Axis]: 2025-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue expected to be recognized as of September 30, 2022	$ 297,488
Revenue expected to be recognized, period

IMPAIRMENT CHARGES (Details) - USD ($) $ in Thousands	3 Months Ended
IMPAIRMENT CHARGES (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Sep. 30, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Property, plant and equipment, net		$ 309,752	$ 389,996
Australia
Property, Plant and Equipment [Line Items]
Impairment expense of long-lived assets	$ 7,900
Property, plant and equipment, net	$ 2,400

DETAILS OF SELECTED BALANCE SHEET ACCOUNTS - Accounts Receivable (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total accounts receivable	$ 122,584	$ 115,220
Allowance for credit losses	(304)	(361)
Total accounts receivable, net	122,280	114,859
Trade
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total accounts receivable	69,833	75,740
Unbilled revenue
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total accounts receivable	51,567	38,508
Other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total accounts receivable	$ 1,184	$ 972

DETAILS OF SELECTED BALANCE SHEET ACCOUNTS - Inventories (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Inventories:
Finished goods and purchased products	$ 5,586	$ 5,346
Work in process	0	25
Raw materials	1,398	1,097
Total inventories	$ 6,984	$ 6,468

DETAILS OF SELECTED BALANCE SHEET ACCOUNTS - Property, Plant and Equipment (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	$ 1,559,470	$ 1,807,320
Accumulated depreciation	(1,249,718)	(1,417,324)
Total property, plant and equipment, net	309,752	389,996
Land
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	25,896	30,556
Accommodations assets
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	$ 1,426,704	1,657,577
Accommodations assets \| Minimum
Property, Plant and Equipment [Line Items]
Estimated Useful Life (in years)	3 years
Accommodations assets \| Maximum
Property, Plant and Equipment [Line Items]
Estimated Useful Life (in years)	15 years
Buildings and leasehold improvements
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	$ 17,260	24,335
Buildings and leasehold improvements \| Minimum
Property, Plant and Equipment [Line Items]
Estimated Useful Life (in years)	7 years
Buildings and leasehold improvements \| Maximum
Property, Plant and Equipment [Line Items]
Estimated Useful Life (in years)	20 years
Machinery and equipment
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	$ 10,752	14,983
Machinery and equipment \| Minimum
Property, Plant and Equipment [Line Items]
Estimated Useful Life (in years)	4 years
Machinery and equipment \| Maximum
Property, Plant and Equipment [Line Items]
Estimated Useful Life (in years)	15 years
Office furniture and equipment
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	$ 61,187	63,228
Office furniture and equipment \| Minimum
Property, Plant and Equipment [Line Items]
Estimated Useful Life (in years)	3 years
Office furniture and equipment \| Maximum
Property, Plant and Equipment [Line Items]
Estimated Useful Life (in years)	7 years
Vehicles
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	$ 8,227	14,578
Vehicles \| Minimum
Property, Plant and Equipment [Line Items]
Estimated Useful Life (in years)	3 years
Vehicles \| Maximum
Property, Plant and Equipment [Line Items]
Estimated Useful Life (in years)	5 years
Construction in progress
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	$ 9,444	$ 2,063

DETAILS OF SELECTED BALANCE SHEET ACCOUNTS - Accrued Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Accrued liabilities:
Accrued compensation	$ 27,577	$ 28,877
Accrued taxes, other than income taxes	2,901	2,944
Other	1,954	1,743
Total accrued liabilities	$ 32,432	$ 33,564

DETAILS OF SELECTED BALANCE SHEET ACCOUNTS - Deferred Revenue (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Balance Sheet Related Disclosures [Abstract]
Deferred revenue	$ 2,092	$ 18,479

ASSETS AND LIABILITIES HELD FOR SALE - Carrying Amount of Assets Held for Sale (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Assets held for sale:
Accounts receivable, net	$ 1,247	$ 0
Inventories	321	0
Property, plant and equipment, net	12,010	11,762
Other noncurrent assets	181	0
Total assets held for sale	13,759	11,762
Liabilities held for sale:
Accounts payable	375	0
Accrued liabilities	470	0
Deferred revenue	122	0
Other current liabilities	44	0
Other noncurrent liabilities	114	0
Total liabilities held for sale	$ 1,125	$ 0

EARNINGS PER SHARE - Calculation of Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Numerator:
Net income (loss) attributable to Civeo common shareholders	$ 5,225	$ 62	$ 15,226	$ (10,367)
Less: income allocated to participating securities	(794)	(9)	(2,297)	0
Basic net income (loss) attributable to Civeo Corporation common shareholders	4,431	53	12,929	(10,367)
Add: undistributed income attributable to participating securities	794	9	2,297	0
Less: undistributed income reallocated to participating securities	(788)	(9)	(2,275)	0
Diluted net income (loss) attributable to Civeo Corporation common shareholders	$ 4,437	$ 53	$ 12,951	$ (10,367)
Denominator:
Weighted average shares outstanding - basic (in shares)	13,932	14,277	14,058	14,255
Dilutive shares - share-based awards (in shares)	132	84	162	0
Weighted average shares outstanding - diluted (in shares)	14,064	14,361	14,220	14,255
Basic net income (loss) per share attributable to Civeo Corporation common shareholders (in dollars per share)	$ 0.32	$ 0	$ 0.92	$ (0.73)
Diluted net income (loss) per share attributable to Civeo Corporation common shareholders (in dollars per share)	$ 0.32	$ 0	$ 0.91	$ (0.73)

EARNINGS PER SHARE - Schedule of Antidilutive Securities Excluded from Computation of Earnings per Share (Details) - shares shares in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Share-based awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	0.1	0.1	0.1	0.2
Preferred Shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	2.5	2.4	2.5	2.4

DEBT - Long-term Debt (Details) - USD ($) $ in Thousands	9 Months Ended
DEBT - Long-term Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Long-term debt, gross	$ 126,216	$ 175,130
Less: Unamortized debt issuance costs	1,525	1,952
Total debt	124,691	173,178
Less: Current portion of long-term debt, including unamortized debt issuance costs, net	27,964	30,576
Long-term debt, less current maturities	96,727	142,602
Canadian term loan; weighted average interest rate of 4.7% for the nine month period ended September 30, 2022
Debt Instrument [Line Items]
Canadian term loan	$ 36,480	63,104
Weighted average interest rate of term loan	4.70%
U.S. revolving credit facility; weighted average interest rate of 6.3% for the nine month period ended September 30, 2022
Debt Instrument [Line Items]
Revolving credit facility	$ 0	0
Interest rate on line of credit facility	6.30%
Canadian revolving credit facility; weighted average interest rate of 5.0% for the nine month period ended September 30, 2022
Debt Instrument [Line Items]
Revolving credit facility	$ 83,904	111,300
Interest rate on line of credit facility	5.00%
Australian revolving credit facility; weighted average interest rate of 3.8% for the nine month period ended September 30, 2022
Debt Instrument [Line Items]
Revolving credit facility	$ 5,832	$ 726
Interest rate on line of credit facility	3.80%

DEBT - Credit Agreement (Details) $ in Millions, $ in Millions	9 Months Ended
	Sep. 30, 2022 USD ($) lender	Sep. 30, 2022 CAD ($) lender	Sep. 30, 2022 AUD ($) lender	Dec. 31, 2021 USD ($)
Line of Credit Facility [Line Items]
Interest coverage ratio	3.00
Long-term debt	$ 124,691,000			$ 173,178,000
Syndicated Facility Agreement \| US term loan
Line of Credit Facility [Line Items]
Term loan, face amount		$ 100.0
Third Amendment to the Credit Agreement
Line of Credit Facility [Line Items]
Leverage ratio	3.00
Third Amendment to the Credit Agreement \| Minimum
Line of Credit Facility [Line Items]
Leverage ratio	2.00
Third Amendment to the Credit Agreement \| Maximum
Line of Credit Facility [Line Items]
Leverage ratio	3.50
Third Amendment to the Credit Agreement \| Eurodollar Applicable Margin Rate, Bank Bill Swap Bid Rate (BBSY), and US Base Rate \| Minimum
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate	3.00%
Third Amendment to the Credit Agreement \| Eurodollar Applicable Margin Rate, Bank Bill Swap Bid Rate (BBSY), and US Base Rate \| Maximum
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate	4.00%
Third Amendment to the Credit Agreement \| Alternative Base Rate (ABR), Canadian Prime Rate, and US Base Rate \| Minimum
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate	2.00%
Third Amendment to the Credit Agreement \| Alternative Base Rate (ABR), Canadian Prime Rate, and US Base Rate \| Maximum
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate	3.00%
Credit facility
Line of Credit Facility [Line Items]
Number of lenders \| lender	7	7	7
Credit facility \| Minimum
Line of Credit Facility [Line Items]
Lender commitments, within credit agreement	$ 22,500,000
Credit facility \| Maximum
Line of Credit Facility [Line Items]
Lender commitments, within credit agreement	52,000,000
Revolving credit facility \| Syndicated Facility Agreement
Line of Credit Facility [Line Items]
Revolving credit facility, maximum borrowing capacity	200,000,000
Revolving credit facility, U.S. subsidiaries \| Syndicated Facility Agreement
Line of Credit Facility [Line Items]
Revolving credit facility, maximum borrowing capacity	10,000,000
Revolving credit facility, U.S. subsidiaries \| Credit facility
Line of Credit Facility [Line Items]
Outstanding letters of credit	300,000
Revolving credit facility, Canadian subsidiaries \| Syndicated Facility Agreement
Line of Credit Facility [Line Items]
Revolving credit facility, maximum borrowing capacity	155,000,000
Revolving credit facility, Canadian subsidiaries \| Credit facility
Line of Credit Facility [Line Items]
Outstanding letters of credit	1,100,000
Revolving credit facility, Australian subsidiaries \| Syndicated Facility Agreement
Line of Credit Facility [Line Items]
Revolving credit facility, maximum borrowing capacity	35,000,000
Revolving credit facility, Australian subsidiaries \| Credit facility
Line of Credit Facility [Line Items]
Outstanding letters of credit	$ 0
Bank Guarantee Facility
Line of Credit Facility [Line Items]
Long-term debt			$ 0.8

INCOME TAXES - Narrative (Details) $ in Thousands	3 Months Ended		9 Months Ended
INCOME TAXES - Narrative (Details) $ in Thousands	Sep. 30, 2022 USD ($) jurisdiction	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) jurisdiction	Sep. 30, 2021 USD ($)
Schedule of Income Taxes [Line Items]
Number of tax jurisdictions \| jurisdiction	3		3
Income tax expense (benefit) \| $	$ (3,713)	$ (1,770)	$ (7,091)	$ (2,354)
Income tax benefit, percent of pretax loss	37.20%	63.40%	27.80%	(39.00%)
Minimum
Schedule of Income Taxes [Line Items]
Statutory tax rate, Canada, Australia and the U.S.	15.00%		15.00%
Maximum
Schedule of Income Taxes [Line Items]
Statutory tax rate, Canada, Australia and the U.S.	30.00%		30.00%

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

ACCUMULATED OTHER COMPREHENSIVE LOSS - Narrative (Details) $ in Thousands, $ in Millions, $ in Millions	9 Months Ended
	Sep. 30, 2022 USD ($)	Sep. 30, 2022 CAD ($)	Sep. 30, 2022 AUD ($)	Dec. 31, 2021 USD ($)
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Increase in other comprehensive loss, foreign currency exchange rate fluctuations during the period	$ 32,500
Accumulated other comprehensive loss	$ (394,408)			$ (361,883)
International functional currency net assets		$ 232	$ 232

- Definition

Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at period end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, unrealized gains and losses on certain investments in debt and equity securities, other than temporary impairment (OTTI) losses related to factors other than credit losses on available-for-sale and held-to-maturity debt securities that an entity does not intend to sell and it is not more likely than not that the entity will be required to sell before recovery of the amortized cost basis, as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge.

+ References + Details

SHARE REPURCHASES (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended		3 Months Ended		9 Months Ended
	Aug. 31, 2022	Aug. 31, 2021	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Equity, Class of Treasury Stock [Line Items]
Stock repurchase program, authorized amount, percentage	5.00%	5.00%
Stock repurchase program, authorized amount (in shares)	685,000	715,000
Stock repurchase program, purchase period	12 months	12 months
Common shares repurchased value			$ 13,667	$ 445	$ 14,209	$ 445
Share Repurchase Program, Tranche One
Equity, Class of Treasury Stock [Line Items]
Common shares repurchased (in shares)					123,882
Common shares purchased weighted average price (in dollars per share)					$ 28.54
Common shares repurchased value					$ 3,500
Share Repurchase Program, Tranche Two
Equity, Class of Treasury Stock [Line Items]
Common shares repurchased (in shares)					341,061
Common shares purchased weighted average price (in dollars per share)					$ 23.98
Common shares repurchased value					$ 8,200
Share Repurchase Program, Shareholder Repurchases
Equity, Class of Treasury Stock [Line Items]
Common shares repurchased (in shares)			374,753
Common shares repurchased value			$ 10,700

SHARE-BASED COMPENSATION - Narrative (Details)			3 Months Ended		9 Months Ended
SHARE-BASED COMPENSATION - Narrative (Details)	May 18, 2022 shares	Feb. 25, 2022 company shares	Sep. 30, 2022 USD ($) shares	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) shares	Sep. 30, 2021 USD ($)
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Share-based compensation arrangement, number of shares authorized (in shares) \| shares			2,400,000		2,400,000
Restricted stock and deferred stock awards
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Share awards granted (in shares) \| shares	39,032
Allocated share-based compensation expense			$ 300,000	$ 400,000	$ 900,000	$ 1,200,000
Fair value of restricted share awards and deferred compensation that vested during the period			100,000	100,000	2,100,000	1,500,000
Unrecognized compensation cost related to share awards			600,000		$ 600,000
Unrecognized compensation cost related to share awards, expected weighted average vesting period					7 months 6 days
Phantom share units (PSUs)
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Allocated share-based compensation expense			2,300,000	2,100,000	$ 7,200,000	5,000,000
Unrecognized compensation cost related to share awards			11,700,000		$ 11,700,000
Unrecognized compensation cost related to share awards, expected weighted average vesting period					1 year 10 months 24 days
Phantom share units (PSUs) \| Civeo Plan
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Share awards granted (in shares) \| shares		255,034
Vesting period of share awards		3 years
Phantom share units (PSUs) \| Canadian Long-Term Incentive Plan
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Share awards granted (in shares) \| shares		77,574
Vesting period of share awards		3 years
Performance shares
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Allocated share-based compensation expense			600,000	600,000	$ 1,900,000	1,700,000
Fair value of restricted share awards and deferred compensation that vested during the period			0	$ 0	2,400,000	$ 1,900,000
Unrecognized compensation cost related to share awards			$ 4,600,000		$ 4,600,000
Unrecognized compensation cost related to share awards, expected weighted average vesting period					2 years
Number of companies \| company		17
Performance shares \| Civeo Plan
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Share awards granted (in shares) \| shares		122,555
Vesting period of share awards		3 years
Performance shares \| Civeo Plan \| Minimum
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Target performance, share award percentage		0.00%
Performance shares \| Civeo Plan \| Maximum
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Target performance, share award percentage		200.00%

SEGMENT AND RELATED INFORMATION - Financial Information by Business Segment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Segment Reporting Information [Line Items]
Total revenues	$ 184,227	$ 155,063	$ 534,859	$ 434,669
Depreciation and amortization	22,608	20,282	65,818	62,928
Operating income (loss)	10,785	6,010	29,264	(1,762)
Capital expenditures	8,819	3,389	17,466	9,645
Total assets	583,329	684,042	583,329	684,042	$ 672,734
Canada
Segment Reporting Information [Line Items]
Total revenues	103,009	84,057	307,984	229,223
Australia
Segment Reporting Information [Line Items]
Total revenues	73,805	65,118	205,154	188,774
U.S.
Segment Reporting Information [Line Items]
Total revenues	7,413	5,888	21,721	16,672
Operating segments \| Canada
Segment Reporting Information [Line Items]
Total revenues	103,009	84,057	307,984	229,223
Depreciation and amortization	14,749	11,511	41,344	35,750
Operating income (loss)	7,846	6,131	23,081	5,924
Capital expenditures	3,580	1,344	7,433	3,667
Total assets	718,981	754,223	718,981	754,223
Operating segments \| Australia
Segment Reporting Information [Line Items]
Total revenues	73,805	65,118	205,154	188,774
Depreciation and amortization	7,599	8,033	23,284	25,004
Operating income (loss)	5,859	4,422	17,446	5,073
Capital expenditures	4,921	1,647	8,969	4,348
Total assets	191,557	231,427	191,557	231,427
Operating segments \| U.S.
Segment Reporting Information [Line Items]
Total revenues	7,413	5,888	21,721	16,672
Depreciation and amortization	312	567	1,089	1,675
Operating income (loss)	(1,690)	(2,124)	(4,594)	(5,831)
Capital expenditures	286	336	1,010	1,187
Total assets	20,159	26,699	20,159	26,699
Corporate and eliminations
Segment Reporting Information [Line Items]
Total revenues	0	0	0	0
Depreciation and amortization	(52)	171	101	499
Operating income (loss)	(1,230)	(2,419)	(6,669)	(6,928)
Capital expenditures	32	62	54	443
Total assets	$ (347,368)	$ (328,307)	$ (347,368)	$ (328,307)