Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2017 | Oct. 23, 2017 | |
Document Information [Line Items] | ||
Entity Registrant Name | Civeo Corp | |
Entity Central Index Key | 1,590,584 | |
Trading Symbol | cveo | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Entity Common Stock, Shares Outstanding (in shares) | 132,259,000 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
Unaudited Consolidated Statemen
Unaudited Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Revenues: | ||||
Service and other | $ 95,564 | $ 97,792 | $ 274,438 | $ 290,307 |
Product | 1,925 | 6,446 | 6,490 | 16,002 |
Total revenues | 97,489 | 104,238 | 280,928 | 306,309 |
Costs and expenses: | ||||
Service and other costs | 62,668 | 61,534 | 179,044 | 181,510 |
Product costs | 2,859 | 6,430 | 7,639 | 16,983 |
Selling, general and administrative expenses | 15,871 | 13,644 | 44,141 | 42,056 |
Depreciation and amortization expense | 32,700 | 33,721 | 97,083 | 100,444 |
Impairment expense | 4,360 | 37,729 | 4,360 | 46,129 |
Other operating expense | 375 | 138 | 1,104 | 356 |
Total costs and expenses | 118,833 | 153,196 | 333,371 | 387,478 |
Operating loss | (21,344) | (48,958) | (52,443) | (81,169) |
Interest expense to third-parties | (5,441) | (6,072) | (15,697) | (16,941) |
Loss on extinguishment of debt | (842) | (302) | ||
Interest income | 49 | 26 | 69 | 140 |
Other income | 517 | 1,338 | 1,247 | 1,058 |
Loss before income taxes | (26,219) | (53,666) | (67,666) | (97,214) |
Income tax benefit | 4,011 | 11,697 | 9,875 | 17,217 |
Net loss | (22,208) | (41,969) | (57,791) | (79,997) |
Less: Net income attributable to noncontrolling interest | 123 | 162 | 343 | 442 |
Net loss attributable to Civeo Corporation. | $ (22,331) | $ (42,131) | $ (58,134) | $ (80,439) |
Per Share Data (see Note 6) | ||||
Basic net loss per share attributable to Civeo Corporation common shareholders (in dollars per share) | $ (0.17) | $ (0.39) | $ (0.46) | $ (0.75) |
Diluted net loss per share attributable to Civeo Corporation common shareholders. (in dollars per share) | $ (0.17) | $ (0.39) | $ (0.46) | $ (0.75) |
Weighted average number of common shares outstanding: | ||||
Basic (in shares) | 130,889 | 107,118 | 127,512 | 106,989 |
Diluted. (in shares) | 130,889 | 107,118 | 127,512 | 106,989 |
Unaudited Consolidated Stateme3
Unaudited Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Net loss | $ (22,208) | $ (41,969) | $ (57,791) | $ (79,997) |
Other comprehensive income: | ||||
Foreign currency translation adjustment, net of taxes of zero | 14,343 | 9,599 | 38,691 | 26,511 |
Total other comprehensive income | 14,343 | 9,599 | 38,691 | 26,511 |
Comprehensive loss | (7,865) | (32,370) | (19,100) | (53,486) |
Comprehensive income attributable to noncontrolling interest | (126) | (123) | (667) | (443) |
Comprehensive loss attributable to Civeo Corporation. | $ (7,991) | $ (32,493) | $ (19,767) | $ (53,929) |
Unaudited Consolidated Stateme4
Unaudited Consolidated Statements of Comprehensive Income (Loss) (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Foreign currency translation adjustment, taxes | $ 0 | $ 0 | $ 0 | $ 0 |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 54,002 | $ 1,785 |
Accounts receivable, net | 63,113 | 56,302 |
Inventories | 4,857 | 3,112 |
Prepaid expenses | 10,281 | 15,431 |
Other current assets | 5,948 | 5,938 |
Total current assets | 138,201 | 82,568 |
Property, plant and equipment, net | 756,138 | 789,710 |
Other intangible assets, net | 24,700 | 28,039 |
Other noncurrent assets | 10,711 | 10,129 |
Total assets | 929,750 | 910,446 |
Current liabilities: | ||
Accounts payable | 23,893 | 20,675 |
Accrued liabilities | 19,429 | 14,822 |
Income taxes | 407 | 111 |
Current portion of long-term debt | 16,671 | 15,471 |
Deferred revenue | 4,016 | 6,792 |
Other current liabilities | 1,625 | 2,572 |
Total current liabilities | 66,041 | 60,443 |
Long-term debt, less current maturities | 307,522 | 337,800 |
Deferred income taxes | 9,194 | |
Other noncurrent liabilities | 30,358 | 27,019 |
Total liabilities | 403,921 | 434,456 |
Commitments and contingencies (Note 9) | ||
Shareholders’ Equity: | ||
Common shares (no par value; 550,000,000 shares authorized, 132,424,451 shares and 108,171,329 shares issued, respectively, and 132,259,000 shares and 108,103,048 shares outstanding, respectively) | 0 | 0 |
Additional paid-in capital | 1,382,160 | 1,311,226 |
Accumulated deficit | (531,534) | (472,764) |
Common shares held in treasury at cost, 165,451 and 68,281 shares, respectively | (358) | (65) |
Accumulated other comprehensive loss | (324,563) | (362,930) |
Total Civeo Corporation shareholders’ equity | 525,705 | 475,467 |
Noncontrolling interest | 124 | 523 |
Total shareholders’ equity | 525,829 | 475,990 |
Total liabilities and shareholders’ equity | $ 929,750 | $ 910,446 |
Consolidated Balance Sheets (C6
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares $ / shares in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Common stock, par value (in dollars per share) | $ 0 | $ 0 |
Common stock, shares authorized (in shares) | 550,000,000 | 550,000,000 |
Common stock, shares issued (in shares) | 132,424,451 | 108,171,329 |
Common stock, shares outstanding (in shares) | 132,259,000 | 108,103,048 |
Treasury shares (in shares) | 165,451 | 68,281 |
Unaudited Consolidated Stateme7
Unaudited Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Treasury Stock [Member] | AOCI Attributable to Parent [Member] | Noncontrolling Interest [Member] | Total |
Balance at Dec. 31, 2015 | $ 1,305,930 | $ (376,376) | $ (366,309) | $ 525 | $ 563,770 | |
Net income (loss) | (80,439) | 442 | (79,997) | |||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | 26,510 | 1 | 26,511 | |||
Share-based compensation | 4,535 | $ (65) | 4,470 | |||
Balance at Sep. 30, 2016 | 1,310,465 | (456,815) | (65) | (339,799) | 968 | 514,754 |
Balance at Dec. 31, 2016 | 1,311,226 | (472,764) | (65) | (362,930) | 523 | 475,990 |
Net income (loss) | (58,134) | 343 | (57,791) | |||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | 38,367 | 324 | 38,691 | |||
Share-based compensation | 5,481 | (293) | 5,188 | |||
Dividends paid | (1,066) | (1,066) | ||||
Isssuance of common shares | 64,817 | 64,817 | ||||
Balance at Sep. 30, 2017 | 1,382,160 | (531,534) | $ (358) | $ (324,563) | $ 124 | 525,829 |
Cumulative effect of implementation of ASU 2016-09. | $ 636 | $ (636) |
Unaudited Consolidated Stateme8
Unaudited Consolidated Statements of Changes in Shareholders' Equity (Shares) - 9 months ended Sep. 30, 2017 - shares | Common Stock [Member] | Total |
Balance (in shares) at Dec. 31, 2016 | 108,103,000 | 108,171,329 |
Issuance of common shares (in shares) | 23,000,000 | |
Share-based compensation. (in shares) | 1,156,000 | |
Balance (in shares) at Sep. 30, 2017 | 132,259,000 | 132,424,451 |
Unaudited Consolidated Stateme9
Unaudited Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Cash flows from operating activities: | ||
Net loss | $ (57,791) | $ (79,997) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Depreciation and amortization | 97,083 | 100,444 |
Impairment charges | 4,360 | 46,129 |
Inventory write-down | 850 | |
Loss on extinguishment of debt | 842 | 302 |
Deferred income tax benefit | (11,026) | (25,239) |
Non-cash compensation charge | 5,481 | 4,535 |
(Gain) loss on disposal of assets | (1,193) | 259 |
Provision (benefit) for loss on receivables, net of recoveries | 8 | (74) |
Other, net | 3,307 | 2,546 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (2,845) | (2,920) |
Inventories | (1,507) | 1,484 |
Accounts payable and accrued liabilities | 5,910 | 2,766 |
Taxes payable | 9,928 | 4,832 |
Other current assets and liabilities, net | (7,032) | (7,062) |
Net cash flows provided by operating activities | 45,525 | 48,855 |
Cash flows from investing activities: | ||
Capital expenditures | (8,020) | (15,246) |
Proceeds from disposition of property, plant and equipment | 1,625 | 4,465 |
Other, net | 548 | (761) |
Net cash flows used in investing activities | (5,847) | (11,542) |
Cash flows from financing activities: | ||
Proceeds from issuance of common shares, net | 64,817 | |
Term loan repayments | (12,214) | (37,107) |
Revolving credit borrowings | 44,525 | 230,323 |
Revolving credit repayments | (84,462) | (236,939) |
Debt issuance costs | (1,795) | (2,037) |
Other, net | (293) | (65) |
Net cash flows provided by (used in) financing activities | 10,578 | (45,825) |
Effect of exchange rate changes on cash | 1,961 | 3,205 |
Net change in cash and cash equivalents | 52,217 | (5,307) |
Cash and cash equivalents, beginning of period | 1,785 | 7,837 |
Cash and cash equivalents, end of period | $ 54,002 | $ 2,530 |
Note 1 - Description of Busines
Note 1 - Description of Business and Basis of Presentation | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Business Description and Basis of Presentation [Text Block] | 1. DESC R IPTION OF BUSINESS AND BASIS OF PRESENTATION Description of the Business We are one workforce accommodations, logistics and facility management services to the natural resource industry. Our scalable modular facilities provide long-term and temporary accommodations where traditional accommodations and related infrastructure is insufficient, inaccessible or not three On February 7, 2017, 23,000,000 $3.00 $64.8 are using the remaining proceeds for general corporate purposes. On February 17, 2017, third added one 7 Basis of Presentation Unless otherwise stated or the context otherwise indicates : (i) all references in these consolidated financial statements to “Civeo,” “us,” “our” or “we” refer to Civeo Corporation and its consolidated subsidiaries; and (ii) all references in this report to “dollars” or “$” are to U.S. dollars. The accompanying unaudited consolidated financial statements of Civeo have been prepared pursuant to the rules and regulations of the S ecurities 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 December 31, 2016 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 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 December 31, 201 6. |
Note 2 - Recent Accounting Pron
Note 2 - Recent Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | 2. RECENT ACCOUNTING PRONOUNCEMENT S From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (the FASB), which are adopted by us as of the specified effective date. Unless otherwise discussed, management believes that the impact of recently issued standards or other guidance updates, which are not not In June 2016, 2016 13, 2016 13 not 2016 13 December 15, 2019 In March 2016, 2016 09, “Improvements to Employee Share-Based Payment Accounting” (ASU 2016 09 2016 09 December 15, 2016 10 March 31, 2017, January 1, 2017. no $0.6 September 30, 2017. December 31, 2016, 68,000 $0.1 2016 09, $0.1 nine September 30, 2016. In February 2016 , the FASB issued ASU 2016 02, 842 840 2016 02 12 The guidance is effective for financial statements issued for reporting periods beginning after December 15, 2018 In May 2014, 2014 09 606, 606 ASC 606 December 15, 2017. first 2018. 606 We are continuing to evaluate the impact of this new standard on our consolidated financial statements upon adoption. Our evaluation includes performing a detailed review of key contracts representative of our different businesses and comparing historical accounting policies and practices to the new standard. Through the third 2017, not |
Note 3 - Fair Value Measurement
Note 3 - Fair Value Measurements | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 3. 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, 2017 December 31, 2016, 2 During the third 2017 first third 2016, 3 third 2017 2016, third |
Note 4 - Details of Selected Ba
Note 4 - Details of Selected Balance Sheet Accounts | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Supplemental Balance Sheet Disclosures [Text Block] | 4. DETAILS OF SELECTED BALANCE SHEET ACCOUNTS Additional information regarding selected balance sheet accounts at September 30, 2017 December 31, 2016 September 30, 2017 December 31, 201 6 Accounts receivable, net: Trade $ 40,790 $ 39,442 Unbilled revenue 21,659 16,063 Other 1,309 1,435 Total accounts receivable 63,758 56,940 Allowance for doubtful accounts (645 ) (638 ) Total accounts receivable, net $ 63,113 $ 56,302 September 30, 2017 December 31, 201 6 Inventories: Finished goods and purchased products $ 2,371 $ 1,700 Work in process 882 3 Raw materials 1,604 1,409 Total inventories $ 4,857 $ 3,112 During the third 2016, $0.9 Service and other costs in our accompanying unaudited consolidated statements of operations. Estimated Useful Life (in years) September 30, 2017 December 31, 201 6 Property, plant and equipment, net: Land $ 42,563 $ 41,122 Accommodations assets 3 - 15 1,665,496 1,554,986 Buildings and leasehold improvements 5 - 20 31,015 28,104 Machinery and equipment 4 - 15 10,242 9,667 Office furniture and equipment 3 - 7 54,770 29,948 Vehicles 3 - 5 15,319 14,725 Construction in progress 3,163 23,016 Total property, plant and equipment 1,822,568 1,701,568 Accumulated depreciation (1,066,430 ) (911,858 ) Total property, plant and equipment, net $ 756,138 $ 789,710 September 30, 2017 December 31, 201 6 Accrued liabilities: Accrued compensation $ 16,270 $ 13,189 Accrued taxes, other than income taxes 1,568 917 Accrued interest 15 194 Other 1,576 522 Total accrued liabilities $ 19,429 $ 14,822 |
Note 5 - Impairment Charges
Note 5 - Impairment Charges | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Asset Impairment Charges [Text Block] | 5. IMPAIRMENT CHARGES 2017 The following summarizes pre-tax impairment charges recorded during the nine September 30, 2017, Canada Australia U.S. Total Quarter ended September 30, 2017 Long-lived assets $ 4,360 $ -- $ -- $ 4,360 Total $ 4,360 $ -- $ -- $ 4,360 Quarter ended September 30, 201 7 . third 2017, not zero $3.2 We also recorded an impairment expense of $1.2 2016 The following summarizes pre-tax impairment charges recorded during the nine month period ended September 30, 2016, Canada Australia U.S. Total Quarter ended March 31, 2016 Long-lived assets $ -- $ -- $ 8,400 $ 8,400 Quarter ended September 30, 2016 Long-lived assets 37,729 -- -- 37,729 Total $ 37,729 $ -- $ 8,400 $ 46,129 Quarter ended September 30, 2016. During the third 2016, may third 2016, not $26.6 $5.6 As a result of the analysis described above, we recorded an impairment expense of $ 37.7 Quarter ended March 31, 2016. During the first 2016, $8.4 $3.8 not |
Note 6 - Earnings Per Share
Note 6 - Earnings Per Share | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 6. EARNINGS PER SHARE The calculation of earnings per share attributable to Civeo is presented below for the periods indicated (in thousands, except per share amounts): Three Months Ended Nine Months Ended September 30, September 30, 201 7 201 6 201 7 201 6 Basic Loss per Share Net loss attributable to Civeo $ (22,331 ) $ (42,131 ) $ (58,134 ) $ (80,439 ) Less: undistributed net income to participating securities -- -- -- -- Net loss attributable to Civeo’s common shareholders - basic $ (22,331 ) $ (42,131 ) $ (58,134 ) $ (80,439 ) Weighted average common shares outstanding - basic 130,889 107,118 127,512 106,989 Basic loss per share $ (0.17 ) $ (0.39 ) $ (0.46 ) $ (0.75 ) Diluted Loss per Share Net loss attributable to Civeo’s common shareholders - basic $ (22,331 ) $ (42,131 ) $ (58,134 ) $ (80,439 ) Less: undistributed net income to participating securities -- -- -- -- Net loss attributable to Civeo’s common shareholders - diluted $ (22,331 ) $ (42,131 ) $ (58,134 ) $ (80,439 ) Weighted average common shares outstanding - basic 130,889 107,118 127,512 106,989 Effect of dilutive securities (1 ) -- -- -- -- Weighted average common shares outstanding - diluted 130,889 107,118 127,512 106,989 Diluted loss per share $ (0.17 ) $ (0.39 ) $ (0.46 ) $ (0.75 ) ( 1 ) When an entity has a net loss from continuing operations, it is prohibited from including potential common shares in the computation of diluted per share amounts. Accordingly, we have utilized the basic shares outstanding amount to calculate both basic and diluted loss per share for the three nine September 30, 2017 2016. three September 30, 2017 2016, 2.2 1.6 nine September 30, 2017 2016, 2.1 1.5 |
Note 7 - Debt
Note 7 - Debt | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 7. DEBT As of September 30, 2017 December 31, 2016, September 30, 2017 December 31, 2016 U.S . term loan, which matures on May 28, 2019; weighted average interest rate of 4.3% for the nine-month period ended September 30, 2017 $ 24,375 $ 24,375 Canadian term loan, which matures on May 28, 2019; 1.25% of aggregate principal repayable per quarter; weighted average interest rate of 4.3% for the nine-month period ended September 30, 2017 303,405 293,763 U.S. revolving credit facility, which matures on May 28, 2019, weighted average interest rate of 6.3% for the nine-month period ended September 30, 2017 -- -- Canadian revolving credit facility, which matures on May 28, 2019, weighted average interest rate of 5.1% for the nine-month period ended September 30, 2017 -- 23,089 Canadian revolving credit facility, which matures on May 28, 2019, weighted average interest rate of 5.1% for the nine-month period ended September 30, 2017 -- 9,533 Australian revolving credit facility, which matures on May 28, 2019, weighted average interest rate of 5.0% for the nine-month period ended September 30, 2017 -- 6,507 327,780 357,267 Less: Unamortized debt issuance costs 3,587 3,996 Total debt 324,193 353,271 Less: Current portion of long-term debt, including unamortized debt issuance costs, net 16,671 15,471 Long-term debt, less current maturities $ 307,522 $ 337,800 We did not three nine September 30, 2017 2016. Amended Credit Agreement As of December 31, 2016, (i) a $350.0 May 28, 2019, $50.0 $100.0 $100.0 $100.0 one $350.0 May 28, 2019 On February 17, 2017, third third ● p rovided for the reduction by $75 $275 1 $40.0 2 $90.0 3 $60.0 4 $85.0 one ● e stablished one 2.25% 5.50%, 0.51% 1.13% 0.51% 1.24% ● a djusted the maximum leverage ratio financial covenant for the relevant periods, as follows: Period Ended Maximum Leverage Ratio September 30, 2017 5.85 : 1.00 December 31, 2017 5.85 : 1.00 March 31, 2018 5.85 : 1.00 June 30, 2018 5.85 : 1.00 September 30, 2018 5.85 : 1.00 December 31, 2018 5.50 : 1.00 March 31, 2019 & thereafter 5.25 : 1.00 ; and ● provided for o ther technical changes and amendments to the Amended Credit Agreement. U.S. dollar amounts outstanding under the facilities provided by the Amended Credit Agreement bear interest at a variable rate equal to LIBOR plus a margin of 2.25% 5.50%, 1.25% 4.50%, 2.25% 5.50%, 1.25% 4.50%, 2.25% 5.50%, The Amended Credit Agreement contains customary affirmative and negative covenants that, among other things, limit or restrict: (i) subsidiary 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 an interest coverage ratio, defined as the ratio of consolidated EBITDA to consolidated interest expense, of at least 3.0 1.0 no 5.85 1.0 September 30, 2017). We were in compliance with all of these covenants as of September 30, 2017. Borrowings under the Amended Credit Agreement are secured by a pledge of substantially all of our assets and the assets of our subsidiaries. The obligations under the Amended Credit Agreement are guaranteed by our significant subsidiaries. There are 15 $1.1 $122.2 |
Note 8 - Income Taxes
Note 8 - Income Taxes | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 8. IN COME 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 primarily in three , Australia and the U.S., where statutory tax rates range from 27% 35%. 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. As Australia and the U.S. are loss jurisdictions for tax accounting purposes, Australia and the U.S. have been removed from the annual effective tax rate computation for purposes of computing the interim tax provision. Income taxes for any significant and unusual or extraordinary transactions are computed and recorded in the period that the specific transaction occurs. Our income tax benefit for the nine September 30, 2017 $9.9 14.6% $17.2 17.7% nine September 30, 2016. three September 30, 2017 $4 .0 15.3% $11.7 21.8% three September 30, 2016. nine September 30, 2017 2016 12% 1 0%, . |
Note 9 - Commitments and Contin
Note 9 - Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 9. COMMITMENTS AND CONTINGENCIES We are a party to various pending or threatened claims, lawsuits and administrative proceedings seeking damages or other remedies concerning o ur 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 may not not |
Note 10 - Accumulated Other Com
Note 10 - Accumulated Other Comprehensive Loss | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | 10. ACCUMULATED OTHER COMPREHENSIVE LOSS Our accumulated other comprehensive loss decreased $38.4 $362.9 December 31, 2016 $324.5 September 30, 2017, first nine 2017 C$0.2 A$0.5 September 30, 2017. |
Note 11 - Share Based Compensat
Note 11 - Share Based Compensation | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 11. S HARE BASED COMPENSATION O ur employees and non-employee directors participate in the Amended and Restated 2014 No 14.0 may Outstanding Awards Options. Compensation expense associated with options recognized in both the three September 30, 2017 2016 $0.1 nine September 30, 2017 2016 $0.1 September 30, 2017, $0.1 0.4 Restricted Share / Deferred Share Awards. On February 21, 2017, 1,322,934 three February 21, 2018. March 21, 2017, 47,529 one March 21, 2018. May 11, 2017, 243,190 May 11, 2018. C ompensation expense associated with restricted share awards and deferred share awards recognized in the three September 30, 2017 2016 $0.9 $1.0 nine September 30, 2017 2016 $3.2 $3.0 three September 30, 2017 2016 nine September 30, 2017 2016 $2.4 $0.6 At September 30, 2017, $5.5 1.9 Phantom Share Awards . February 21, 2017, 351,022 three February 21, 2018. 163,617 three February 21, 2018. During the three September 30, 2017 2016, $2.4 nine September 30, 2017 2016, $6.6 $1.8 September 30, 2017, $9.0 September 30, 2017, 1.5 Performance Awards . February 21, 2017, 762,497 three February 21, 2020. 0% 200% 14 During the three September 30, 2017 2016, 0.8 $0.5 nine September 30, 2017 2016, $2.3 $1.4 September 30, 2017, $5.9 1.9 |
Note 12 - Segment and Related I
Note 12 - Segment and Related Information | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 12. 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 U.S., which represent our strategic focus on workforce accommodations. Financial information by business segment for each of the three and nine September 30, 2017 2016 Total Revenues Depreciation and amortization Operating income (loss) Capital expenditures Total assets Three months ended September 30 , 201 7 Canada $ 63,832 $ 18,402 $ (11,691 ) $ 679 $ 579,593 Australia 27,541 11,561 (3,667 ) 756 391,520 United States 6,116 1,165 (3,941 ) 422 31,161 Corporate and eliminations -- 1,572 (2,045 ) 126 (72,524 ) Total $ 97,489 $ 32,700 $ (21,344 ) $ 1,983 $ 929,750 Three months ended September 30 , 201 6 Canada $ 73,539 $ 20,702 $ (44,742 ) $ 1,085 $ 576,945 Australia 27,679 11,736 (1,918 ) 2,132 409,982 United States 3,020 1,274 (3,271 ) -- 31,926 Corporate and eliminations -- 9 973 2,136 (40,802 ) Total $ 104,238 $ 33,721 $ (48,958 ) $ 5,353 $ 978,051 Nine months ended September 30 , 201 7 Canada $ 182,006 $ 54,374 $ (26,283 ) $ 2,195 $ 579,593 Australia 83,164 34,614 (8,284 ) 2,211 391,520 United States 15,758 3,549 (10,347 ) 1,058 31,161 Corporate and eliminations -- 4,546 (7,529 ) 2,556 (72,524 ) Total $ 280,928 $ 97,083 $ (52,443 ) $ 8,020 $ 929,750 Nine months ended September 30 , 201 6 Canada $ 216,168 $ 62,494 $ (53,758 ) $ 2,578 $ 576,945 Australia 80,694 34,348 (4,454 ) 3,833 409,982 United States 9,447 4,462 (20,662 ) -- 31,926 Corporate and eliminations -- (860 ) (2,295 ) 8,835 (40,802 ) Total $ 306,309 $ 100,444 $ (81,169 ) $ 15,246 $ 978,051 |
Note 4 - Details of Selected 22
Note 4 - Details of Selected Balance Sheet Accounts (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | September 30, 2017 December 31, 201 6 Accounts receivable, net: Trade $ 40,790 $ 39,442 Unbilled revenue 21,659 16,063 Other 1,309 1,435 Total accounts receivable 63,758 56,940 Allowance for doubtful accounts (645 ) (638 ) Total accounts receivable, net $ 63,113 $ 56,302 |
Schedule of Inventory, Current [Table Text Block] | September 30, 2017 December 31, 201 6 Inventories: Finished goods and purchased products $ 2,371 $ 1,700 Work in process 882 3 Raw materials 1,604 1,409 Total inventories $ 4,857 $ 3,112 |
Property, Plant and Equipment [Table Text Block] | Estimated Useful Life (in years) September 30, 2017 December 31, 201 6 Property, plant and equipment, net: Land $ 42,563 $ 41,122 Accommodations assets 3 - 15 1,665,496 1,554,986 Buildings and leasehold improvements 5 - 20 31,015 28,104 Machinery and equipment 4 - 15 10,242 9,667 Office furniture and equipment 3 - 7 54,770 29,948 Vehicles 3 - 5 15,319 14,725 Construction in progress 3,163 23,016 Total property, plant and equipment 1,822,568 1,701,568 Accumulated depreciation (1,066,430 ) (911,858 ) Total property, plant and equipment, net $ 756,138 $ 789,710 |
Schedule of Accrued Liabilities [Table Text Block] | September 30, 2017 December 31, 201 6 Accrued liabilities: Accrued compensation $ 16,270 $ 13,189 Accrued taxes, other than income taxes 1,568 917 Accrued interest 15 194 Other 1,576 522 Total accrued liabilities $ 19,429 $ 14,822 |
Note 5 - Impairment Charges (Ta
Note 5 - Impairment Charges (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Notes Tables | |
Asset Impairment Charges [Table Text Block] | Canada Australia U.S. Total Quarter ended September 30, 2017 Long-lived assets $ 4,360 $ -- $ -- $ 4,360 Total $ 4,360 $ -- $ -- $ 4,360 Canada Australia U.S. Total Quarter ended March 31, 2016 Long-lived assets $ -- $ -- $ 8,400 $ 8,400 Quarter ended September 30, 2016 Long-lived assets 37,729 -- -- 37,729 Total $ 37,729 $ -- $ 8,400 $ 46,129 |
Note 6 - Earnings Per Share (Ta
Note 6 - Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended Nine Months Ended September 30, September 30, 201 7 201 6 201 7 201 6 Basic Loss per Share Net loss attributable to Civeo $ (22,331 ) $ (42,131 ) $ (58,134 ) $ (80,439 ) Less: undistributed net income to participating securities -- -- -- -- Net loss attributable to Civeo’s common shareholders - basic $ (22,331 ) $ (42,131 ) $ (58,134 ) $ (80,439 ) Weighted average common shares outstanding - basic 130,889 107,118 127,512 106,989 Basic loss per share $ (0.17 ) $ (0.39 ) $ (0.46 ) $ (0.75 ) Diluted Loss per Share Net loss attributable to Civeo’s common shareholders - basic $ (22,331 ) $ (42,131 ) $ (58,134 ) $ (80,439 ) Less: undistributed net income to participating securities -- -- -- -- Net loss attributable to Civeo’s common shareholders - diluted $ (22,331 ) $ (42,131 ) $ (58,134 ) $ (80,439 ) Weighted average common shares outstanding - basic 130,889 107,118 127,512 106,989 Effect of dilutive securities (1 ) -- -- -- -- Weighted average common shares outstanding - diluted 130,889 107,118 127,512 106,989 Diluted loss per share $ (0.17 ) $ (0.39 ) $ (0.46 ) $ (0.75 ) |
Note 7 - Debt (Tables)
Note 7 - Debt (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | September 30, 2017 December 31, 2016 U.S . term loan, which matures on May 28, 2019; weighted average interest rate of 4.3% for the nine-month period ended September 30, 2017 $ 24,375 $ 24,375 Canadian term loan, which matures on May 28, 2019; 1.25% of aggregate principal repayable per quarter; weighted average interest rate of 4.3% for the nine-month period ended September 30, 2017 303,405 293,763 U.S. revolving credit facility, which matures on May 28, 2019, weighted average interest rate of 6.3% for the nine-month period ended September 30, 2017 -- -- Canadian revolving credit facility, which matures on May 28, 2019, weighted average interest rate of 5.1% for the nine-month period ended September 30, 2017 -- 23,089 Canadian revolving credit facility, which matures on May 28, 2019, weighted average interest rate of 5.1% for the nine-month period ended September 30, 2017 -- 9,533 Australian revolving credit facility, which matures on May 28, 2019, weighted average interest rate of 5.0% for the nine-month period ended September 30, 2017 -- 6,507 327,780 357,267 Less: Unamortized debt issuance costs 3,587 3,996 Total debt 324,193 353,271 Less: Current portion of long-term debt, including unamortized debt issuance costs, net 16,671 15,471 Long-term debt, less current maturities $ 307,522 $ 337,800 |
Schedule Of Changes In Maximum Leverage Ratio [Table Text Block] | Period Ended Maximum Leverage Ratio September 30, 2017 5.85 : 1.00 December 31, 2017 5.85 : 1.00 March 31, 2018 5.85 : 1.00 June 30, 2018 5.85 : 1.00 September 30, 2018 5.85 : 1.00 December 31, 2018 5.50 : 1.00 March 31, 2019 & thereafter 5.25 : 1.00 |
Note 12 - Segment and Related26
Note 12 - Segment and Related Information (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Total Revenues Depreciation and amortization Operating income (loss) Capital expenditures Total assets Three months ended September 30 , 201 7 Canada $ 63,832 $ 18,402 $ (11,691 ) $ 679 $ 579,593 Australia 27,541 11,561 (3,667 ) 756 391,520 United States 6,116 1,165 (3,941 ) 422 31,161 Corporate and eliminations -- 1,572 (2,045 ) 126 (72,524 ) Total $ 97,489 $ 32,700 $ (21,344 ) $ 1,983 $ 929,750 Three months ended September 30 , 201 6 Canada $ 73,539 $ 20,702 $ (44,742 ) $ 1,085 $ 576,945 Australia 27,679 11,736 (1,918 ) 2,132 409,982 United States 3,020 1,274 (3,271 ) -- 31,926 Corporate and eliminations -- 9 973 2,136 (40,802 ) Total $ 104,238 $ 33,721 $ (48,958 ) $ 5,353 $ 978,051 Nine months ended September 30 , 201 7 Canada $ 182,006 $ 54,374 $ (26,283 ) $ 2,195 $ 579,593 Australia 83,164 34,614 (8,284 ) 2,211 391,520 United States 15,758 3,549 (10,347 ) 1,058 31,161 Corporate and eliminations -- 4,546 (7,529 ) 2,556 (72,524 ) Total $ 280,928 $ 97,083 $ (52,443 ) $ 8,020 $ 929,750 Nine months ended September 30 , 201 6 Canada $ 216,168 $ 62,494 $ (53,758 ) $ 2,578 $ 576,945 Australia 80,694 34,348 (4,454 ) 3,833 409,982 United States 9,447 4,462 (20,662 ) -- 31,926 Corporate and eliminations -- (860 ) (2,295 ) 8,835 (40,802 ) Total $ 306,309 $ 100,444 $ (81,169 ) $ 15,246 $ 978,051 |
Note 1 - Description of Busin27
Note 1 - Description of Business and Basis of Presentation (Details Textual) $ / shares in Units, $ in Thousands | Feb. 07, 2017USD ($)$ / sharesshares | Sep. 30, 2017USD ($) |
Number of Reportable Segments | 3 | |
Stock Issued During Period, Value, New Issues | $ 64,817 | |
Public Offering [Member] | ||
Stock Issued During Period, Shares, New Issues | shares | 23,000,000 | |
Share Price | $ / shares | $ 3 | |
Stock Issued During Period, Value, New Issues | $ 64,800 |
Note 2 - Recent Accounting Pr28
Note 2 - Recent Accounting Pronouncements (Details Textual) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Dec. 31, 2016 | |
Cumulative Effect of New Accounting Principle in Period of Adoption | ||
Shares Paid for Tax Withholding for Share Based Compensation | 68,000 | |
Adjustments Related to Tax Withholding for Share-based Compensation | $ 100 | |
Reclassification of Tax Withholdings from Operating Activities to Financing Activities [Member] | Six Months Ended June 30, 2016 [Member] | ||
Prior Period Reclassification Adjustment | 100 | |
Retained Earnings [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ (636) |
Note 4 - Details of Selected 29
Note 4 - Details of Selected Balance Sheet Accounts (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Inventory Write-down | $ 850 | ||
Cost of Sales [Member] | Canadian Segment [Member] | |||
Inventory Write-down | $ 900 |
Note 4 - Details of Selected 30
Note 4 - Details of Selected Balance Sheet Accounts - Accounts Receivable (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Accounts receivable, net: | ||
Accounts receivable | $ 63,758 | $ 56,940 |
Allowance for doubtful accounts | (645) | (638) |
Total accounts receivable, net | 63,113 | 56,302 |
Trade Accounts Receivable [Member] | ||
Accounts receivable, net: | ||
Accounts receivable | 40,790 | 39,442 |
Unbilled Revenue [Member] | ||
Accounts receivable, net: | ||
Accounts receivable | 21,659 | 16,063 |
Other Receivable [Member] | ||
Accounts receivable, net: | ||
Accounts receivable | $ 1,309 | $ 1,435 |
Note 4 - Details of Selected 31
Note 4 - Details of Selected Balance Sheet Accounts - Inventories (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Inventories: | ||
Finished goods and purchased products | $ 2,371 | $ 1,700 |
Work in process | 882 | 3 |
Raw materials | 1,604 | 1,409 |
Total inventories | $ 4,857 | $ 3,112 |
Note 4 - Details of Selected 32
Note 4 - Details of Selected Balance Sheet Accounts - Property, Plant and Equipment (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2017 | Dec. 31, 2016 | |
Property, plant and equipment, gross | $ 1,822,568 | $ 1,701,568 |
Accumulated depreciation | (1,066,430) | (911,858) |
Total property, plant and equipment, net | 756,138 | 789,710 |
Land [Member] | ||
Property, plant and equipment, gross | 42,563 | 41,122 |
Accommodations Assets [Member] | ||
Property, plant and equipment, gross | $ 1,665,496 | 1,554,986 |
Accommodations Assets [Member] | Minimum [Member] | ||
Property, plant and equipment, useful life (Year) | 3 years | |
Accommodations Assets [Member] | Maximum [Member] | ||
Property, plant and equipment, useful life (Year) | 15 years | |
Building and Building Improvements [Member] | ||
Property, plant and equipment, gross | $ 31,015 | 28,104 |
Building and Building Improvements [Member] | Minimum [Member] | ||
Property, plant and equipment, useful life (Year) | 5 years | |
Building and Building Improvements [Member] | Maximum [Member] | ||
Property, plant and equipment, useful life (Year) | 20 years | |
Machinery and Equipment [Member] | ||
Property, plant and equipment, gross | $ 10,242 | 9,667 |
Machinery and Equipment [Member] | Minimum [Member] | ||
Property, plant and equipment, useful life (Year) | 4 years | |
Machinery and Equipment [Member] | Maximum [Member] | ||
Property, plant and equipment, useful life (Year) | 15 years | |
Furniture and Fixtures [Member] | ||
Property, plant and equipment, gross | $ 54,770 | 29,948 |
Furniture and Fixtures [Member] | Minimum [Member] | ||
Property, plant and equipment, useful life (Year) | 3 years | |
Furniture and Fixtures [Member] | Maximum [Member] | ||
Property, plant and equipment, useful life (Year) | 7 years | |
Vehicles [Member] | ||
Property, plant and equipment, gross | $ 15,319 | 14,725 |
Vehicles [Member] | Minimum [Member] | ||
Property, plant and equipment, useful life (Year) | 3 years | |
Vehicles [Member] | Maximum [Member] | ||
Property, plant and equipment, useful life (Year) | 5 years | |
Construction in Progress [Member] | ||
Property, plant and equipment, gross | $ 3,163 | $ 23,016 |
Note 4 - Details of Selected 33
Note 4 - Details of Selected Balance Sheet Accounts - Accrued Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Accrued liabilities: | ||
Accrued compensation | $ 16,270 | $ 13,189 |
Accrued taxes, other than income taxes | 1,568 | 917 |
Accrued interest | 15 | 194 |
Other | 1,576 | 522 |
Total accrued liabilities | $ 19,429 | $ 14,822 |
Note 5 - Impairment Charges (De
Note 5 - Impairment Charges (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2016 | |
Impairment of Long-Lived Assets Held-for-use | $ 4,360 | $ 37,729 | $ 8,400 | |
Property, Plant and Equipment, Net | 756,138 | $ 789,710 | ||
Canadian Segment [Member] | ||||
Impairment of Long-Lived Assets Held-for-use | 4,360 | 37,729 | ||
US Segment and Other [Member] | ||||
Impairment of Long-Lived Assets Held-for-use | 8,400 | |||
Open Camp Assets [Member] | Canadian Segment [Member] | ||||
Impairment of Long-Lived Assets Held-for-use | 3,200 | |||
Property, Plant and Equipment, Net | 0 | |||
Undeveloped Land Positions [Member] | Canadian Segment [Member] | ||||
Impairment of Long-Lived Assets Held-for-use | $ 1,200 | |||
Property, Plant and Equipment, Net | 5,600 | |||
Mobile Camp Assets [Member] | Canadian Segment [Member] | ||||
Property, Plant and Equipment, Net | $ 26,600 | |||
Impaired Fixed Assets [Member] | US Segment and Other [Member] | ||||
Property, Plant and Equipment, Net | $ 3,800 |
Note 5 - Impairment Charges - S
Note 5 - Impairment Charges - Summary of Pre-tax Impairment Charges Included in Impairment Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Mar. 31, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Long-lived assets | $ 4,360 | $ 37,729 | $ 8,400 | ||
Total | 4,360 | 37,729 | $ 4,360 | $ 46,129 | |
Impairment of Long-Lived Assets Held-for-use | 4,360 | 37,729 | 8,400 | ||
Canadian Segment [Member] | |||||
Long-lived assets | 4,360 | 37,729 | |||
Total | 4,360 | 37,729 | |||
Impairment of Long-Lived Assets Held-for-use | 4,360 | 37,729 | |||
Australian Segment [Member] | |||||
Long-lived assets | |||||
Total | |||||
Impairment of Long-Lived Assets Held-for-use | |||||
US Segment and Other [Member] | |||||
Long-lived assets | 8,400 | ||||
Total | $ 8,400 | ||||
Impairment of Long-Lived Assets Held-for-use | $ 8,400 |
Note 6 - Earnings Per Share (De
Note 6 - Earnings Per Share (Details Textual) - shares shares in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Employee Stock Option [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 2.2 | 1.6 | 2.1 | 1.5 |
Note 6 - Earnings Per Share - C
Note 6 - 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, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | ||
Net loss attributable to Civeo | $ (22,331) | $ (42,131) | $ (58,134) | $ (80,439) | |
Less: undistributed net income to participating securities | |||||
Net loss attributable to Civeo’s common shareholders - basic | $ (22,331) | $ (42,131) | $ (58,134) | $ (80,439) | |
Weighted average common shares outstanding - basic (in shares) | 130,889 | 107,118 | 127,512 | 106,989 | |
Basic net loss per share attributable to Civeo Corporation common shareholders (in dollars per share) | $ (0.17) | $ (0.39) | $ (0.46) | $ (0.75) | |
Net loss attributable to Civeo’s common shareholders - basic | $ (22,331) | $ (42,131) | $ (58,134) | $ (80,439) | |
Less: undistributed net income to participating securities | |||||
Net loss attributable to Civeo’s common shareholders - diluted | $ (22,331) | $ (42,131) | $ (58,134) | $ (80,439) | |
Effect of dilutive securities (1) (in shares) | [1] | ||||
Weighted average common shares outstanding - diluted (in shares) | 130,889 | 107,118 | 127,512 | 106,989 | |
Diluted net loss per share attributable to Civeo Corporation common shareholders. (in dollars per share) | $ (0.17) | $ (0.39) | $ (0.46) | $ (0.75) | |
[1] | When an entity has a net loss from continuing operations, it is prohibited from including potential common shares in the computation of diluted per share amounts. Accordingly, we have utilized the basic shares outstanding amount to calculate both basic and diluted loss per share for the three and nine months ended September 30, 2017 and 2016. In the three months ended September 30, 2017 and 2016, we excluded from the calculation 2.2 million and 1.6 million share based awards, respectively, since the effect would have been anti-dilutive. In the nine months ended September 30, 2017 and 2016, we excluded from the calculation 2.1 million and 1.5 million share based awards, respectively, since the effect would have been anti-dilutive. |
Note 7 - Debt (Details Textual)
Note 7 - Debt (Details Textual) $ in Thousands | Feb. 17, 2017USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($) | Dec. 31, 2016USD ($) |
Interest Costs Capitalized Adjustment | $ 0 | $ 0 | $ 0 | $ 0 | ||
Interest Coverage Ratio | 3 | |||||
Leverage Ratio | 5.85 | |||||
Number of Lenders | 15 | 15 | ||||
Minimum [Member] | ||||||
Lender Commitments, Within Credit Agreement | $ 1,100 | $ 1,100 | ||||
Maximum [Member] | ||||||
Lender Commitments, Within Credit Agreement | $ 122,200 | $ 122,200 | ||||
Third Amended Credit Facility [Member] | Minimum [Member] | ||||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.51% | |||||
Third Amended Credit Facility [Member] | Maximum [Member] | ||||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 1.24% | |||||
Third Amended Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 2.25% | |||||
Third Amended Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 5.50% | |||||
Second Amendment [Member] | Minimum [Member] | ||||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.51% | |||||
Second Amendment [Member] | Maximum [Member] | ||||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 1.13% | |||||
US Term Loan [Member] | ||||||
Debt Instrument, Face Amount | $ 350,000 | |||||
Line of Credit [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | United States of America, Dollars | ||||||
Debt Instrument, Basis Spread on Variable Rate | 2.25% | |||||
Line of Credit [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | United States of America, Dollars | ||||||
Debt Instrument, Basis Spread on Variable Rate | 5.50% | |||||
Line of Credit [Member] | Base Rate [Member] | Minimum [Member] | United States of America, Dollars | ||||||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | |||||
Line of Credit [Member] | Base Rate [Member] | Minimum [Member] | Canada, Dollars | ||||||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | |||||
Line of Credit [Member] | Base Rate [Member] | Maximum [Member] | United States of America, Dollars | ||||||
Debt Instrument, Basis Spread on Variable Rate | 4.50% | |||||
Line of Credit [Member] | Base Rate [Member] | Maximum [Member] | Canada, Dollars | ||||||
Debt Instrument, Basis Spread on Variable Rate | 4.50% | |||||
Line of Credit [Member] | Canadian Dealer Offered Rate (CDOR) [Member] | Minimum [Member] | Canada, Dollars | ||||||
Debt Instrument, Basis Spread on Variable Rate | 2.25% | |||||
Line of Credit [Member] | Canadian Dealer Offered Rate (CDOR) [Member] | Maximum [Member] | Canada, Dollars | ||||||
Debt Instrument, Basis Spread on Variable Rate | 5.50% | |||||
Line of Credit [Member] | Bank Bill Swap Bid Rate (BBSY) [Member] | Minimum [Member] | Australia, Dollars | ||||||
Debt Instrument, Basis Spread on Variable Rate | 2.25% | |||||
Line of Credit [Member] | Bank Bill Swap Bid Rate (BBSY) [Member] | Maximum [Member] | Australia, Dollars | ||||||
Debt Instrument, Basis Spread on Variable Rate | 5.50% | |||||
Revolving Credit Facility [Member] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | 350,000 | |||||
Revolving Credit Facility [Member] | Third Amended Credit Facility [Member] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 275,000 | |||||
Line of Credit Facility, Increase (Decrease), Net | (75,000) | |||||
U.S. Facility [Member] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | 50,000 | |||||
U.S. Facility [Member] | Third Amended Credit Facility [Member] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | 40,000 | |||||
Canadian Credit Facility [Member] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | 100,000 | |||||
Canadian Credit Facility [Member] | Third Amended Credit Facility [Member] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | 90,000 | |||||
Canadian Credit Facility 2 [Member] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | 100,000 | |||||
Canadian Credit Facility 2 [Member] | Third Amended Credit Facility [Member] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | 60,000 | |||||
Australian Credit Facility [Member] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 100,000 | |||||
Australian Credit Facility [Member] | Third Amended Credit Facility [Member] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 85,000 |
Note 7 - Debt - Long-term Debt
Note 7 - Debt - Long-term Debt (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Term loan | $ 327,780 | $ 357,267 |
Less: Unamortized debt issuance costs | 3,587 | 3,996 |
Total debt | 324,193 | 353,271 |
Less: Current portion of long-term debt, including unamortized debt issuance costs, net | 16,671 | 15,471 |
Long-term debt, less current maturities | 307,522 | 337,800 |
US Term Loan [Member] | ||
Term loan | 24,375 | 24,375 |
Canadian Term Loan [Member] | ||
Term loan | 303,405 | 293,763 |
US Revolving Credit Facility [Member] | ||
Term loan | ||
Canadian Credit Facility 1 [Member] | ||
Term loan | 23,089 | |
Canadian Credit Facility 2 [Member] | ||
Term loan | 9,533 | |
Australian Credit Facility [Member] | ||
Term loan | $ 6,507 |
Note 7 - Debt - Long-term Deb40
Note 7 - Debt - Long-term Debt (Details) (Parentheticals) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Dec. 31, 2016 | |
US Term Loan [Member] | ||
Term loan, maturity | May 28, 2019 | May 28, 2019 |
Term loan, weighted-average interest rate | 4.30% | 4.30% |
Canadian Term Loan [Member] | ||
Term loan, maturity | May 28, 2019 | May 28, 2019 |
Term loan, weighted-average interest rate | 4.30% | 4.30% |
Term loan, interest rate | 1.25% | 1.25% |
US Revolving Credit Facility [Member] | ||
Term loan, maturity | May 28, 2019 | May 28, 2019 |
Term loan, weighted-average interest rate | 6.30% | 6.30% |
Canadian Credit Facility 1 [Member] | ||
Term loan, maturity | May 28, 2019 | May 28, 2019 |
Term loan, weighted-average interest rate | 5.10% | 5.10% |
Canadian Credit Facility 2 [Member] | ||
Term loan, maturity | May 28, 2019 | May 28, 2019 |
Term loan, weighted-average interest rate | 5.10% | 5.10% |
Australian Credit Facility [Member] | ||
Term loan, maturity | May 28, 2019 | May 28, 2019 |
Term loan, weighted-average interest rate | 5.00% | 5.00% |
Note 7 - Debt - Changes to Maxi
Note 7 - Debt - Changes to Maximum Leverage Ratio (Details) | 3 Months Ended | 9 Months Ended | |||||
Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | |
Maximum Leverage Ratio | 5.85 | ||||||
Scenario, Forecast [Member] | |||||||
Maximum Leverage Ratio | 5.25 | 5.5 | 5.85 | 5.85 | 5.85 | 5.85 |
Note 8 - Income Taxes (Details
Note 8 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Income Tax Expense (Benefit) | $ (4,011) | $ (11,697) | $ (9,875) | $ (17,217) |
Effective Income Tax Rate Reconciliation, Percent | 15.30% | 21.80% | 14.60% | 17.70% |
Effective Income Tax Rate Reconciliation, Interim Tax Provison, Percent | (12.00%) | 0.00% | ||
Minimum [Member] | ||||
Statutory Tax Rate, Foreign and Domestic | 27.00% | 27.00% | ||
Maximum [Member] | ||||
Statutory Tax Rate, Foreign and Domestic | 35.00% | 35.00% |
Note 10 - Accumulated Other C43
Note 10 - Accumulated Other Comprehensive Loss (Details Textual) $ in Thousands, CAD in Billions, AUD in Billions | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($) | Sep. 30, 2017CAD | Sep. 30, 2017AUD | Dec. 31, 2016USD ($) | |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | $ 14,343 | $ 9,599 | $ 38,691 | $ 26,511 | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax | $ (324,563) | $ (324,563) | $ (362,930) | ||||
Translation Adjustment Functional to Reporting Currency, Net of Tax | CAD 0.2 | AUD 0.5 |
Note 11 - Share Based Compens44
Note 11 - Share Based Compensation (Details Textual) $ in Millions | May 11, 2017shares | Mar. 21, 2017shares | Feb. 21, 2017shares | Sep. 30, 2017USD ($)shares | Sep. 30, 2016USD ($) | Sep. 30, 2017USD ($)shares | Sep. 30, 2016USD ($) |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | shares | 14,000,000 | 14,000,000 | |||||
Allocated Share-based Compensation Expense | $ 0.1 | $ 0.1 | $ 0.1 | $ 0.1 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | 0.1 | $ 0.1 | |||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 146 days | ||||||
Restricted Stock and Deferred Stock Awards [Member] | |||||||
Allocated Share-based Compensation Expense | 0.9 | 1 | $ 3.2 | 3 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 328 days | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 2.4 | 0.6 | |||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options | 5.5 | 5.5 | |||||
Phantom Share Units (PSUs) [Member] | |||||||
Allocated Share-based Compensation Expense | 2.4 | 2.4 | 6.6 | 1.8 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | 9 | $ 9 | |||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 182 days | ||||||
Performance Shares [Member] | |||||||
Allocated Share-based Compensation Expense | 0.8 | $ 0.5 | $ 2.3 | $ 1.4 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 5.9 | $ 5.9 | |||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 328 days | ||||||
Civeo Plan [Member] | Restricted Stock and Deferred Stock Awards [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | shares | 1,322,934 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||||||
Civeo Plan [Member] | Restricted Stock [Member] | Director [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | shares | 243,190 | 47,529 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | shares | 243,190 | 47,529 | |||||
Civeo Plan [Member] | Phantom Share Units (PSUs) [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | shares | 351,022 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||||||
Civeo Plan [Member] | Performance Shares [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | shares | 762,497 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||||||
Peer Group, Number of Companies | 14 | ||||||
Civeo Plan [Member] | Performance Shares [Member] | Minimum [Member] | |||||||
Target Performance Share Award, Percentage | 0.00% | ||||||
Civeo Plan [Member] | Performance Shares [Member] | Maximum [Member] | |||||||
Target Performance Share Award, Percentage | 200.00% | ||||||
Canadian Long-Term Incentive Plan [Member] | Phantom Share Units (PSUs) [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | shares | 163,617 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years |
Note 12 - Segment and Related45
Note 12 - Segment and Related Information - Financial Information by Business Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Total revenues | $ 97,489 | $ 104,238 | $ 280,928 | $ 306,309 | |
Depreciation and amortization | 32,700 | 33,721 | 97,083 | 100,444 | |
Operating income (loss) | (21,344) | (48,958) | (52,443) | (81,169) | |
Capital expenditures | 1,983 | 5,353 | 8,020 | 15,246 | |
Total assets | 929,750 | 978,051 | 929,750 | 978,051 | $ 910,446 |
Operating Segments [Member] | |||||
Total revenues | 97,489 | 104,238 | 280,928 | 306,309 | |
Intersegment Eliminations [Member] | |||||
Depreciation and amortization | 32,700 | 33,721 | 97,083 | 100,444 | |
Canadian Segment [Member] | |||||
Operating income (loss) | (11,691) | (44,742) | (26,283) | (53,758) | |
Capital expenditures | 679 | 1,085 | 2,195 | 2,578 | |
Total assets | 579,593 | 576,945 | 579,593 | 576,945 | |
Canadian Segment [Member] | Operating Segments [Member] | |||||
Total revenues | 63,832 | 73,539 | 182,006 | 216,168 | |
Canadian Segment [Member] | Intersegment Eliminations [Member] | |||||
Depreciation and amortization | 18,402 | 20,702 | 54,374 | 62,494 | |
Australian Segment [Member] | |||||
Operating income (loss) | (3,667) | (1,918) | (8,284) | (4,454) | |
Capital expenditures | 756 | 2,132 | 2,211 | 3,833 | |
Total assets | 391,520 | 409,982 | 391,520 | 409,982 | |
Australian Segment [Member] | Operating Segments [Member] | |||||
Total revenues | 27,541 | 27,679 | 83,164 | 80,694 | |
Australian Segment [Member] | Intersegment Eliminations [Member] | |||||
Depreciation and amortization | 11,561 | 11,736 | 34,614 | 34,348 | |
US Segment [Member] | |||||
Operating income (loss) | (3,941) | (3,271) | (10,347) | (20,662) | |
Capital expenditures | 422 | 1,058 | |||
Total assets | 31,161 | 31,926 | 31,161 | 31,926 | |
US Segment [Member] | Operating Segments [Member] | |||||
Total revenues | 6,116 | 3,020 | 15,758 | 9,447 | |
US Segment [Member] | Intersegment Eliminations [Member] | |||||
Depreciation and amortization | 1,165 | 1,274 | 3,549 | 4,462 | |
Corporate and Other [Member] | |||||
Operating income (loss) | (2,045) | 973 | (7,529) | (2,295) | |
Capital expenditures | 126 | 2,136 | 2,556 | 8,835 | |
Total assets | (72,524) | (40,802) | (72,524) | (40,802) | |
Corporate and Other [Member] | Operating Segments [Member] | |||||
Total revenues | |||||
Corporate and Other [Member] | Intersegment Eliminations [Member] | |||||
Depreciation and amortization | $ 1,572 | $ 9 | $ 4,546 | $ (860) |