Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2018 | Apr. 23, 2018 | |
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) | 167,700,868 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Unaudited Consolidated Statemen
Unaudited Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Revenues: | ||
Total Revenues | $ 101,504 | $ 91,429 |
Costs and expenses: | ||
Selling, general and administrative expenses | 16,887 | 14,210 |
Depreciation and amortization expense | 30,764 | 32,829 |
Impairment expense | 28,661 | |
Other operating expense | 379 | 450 |
Total costs and expenses | 154,019 | 109,161 |
Operating loss | (52,515) | (17,732) |
Interest expense | (5,822) | (5,504) |
Loss on extinguishment of debt | (842) | |
Interest income | 58 | 10 |
Other income | 2,259 | 254 |
Loss before income taxes | (56,020) | (23,814) |
Income tax benefit | 685 | 2,948 |
Net loss | (55,335) | (20,866) |
Less: Net income attributable to noncontrolling interest | 122 | 121 |
Net loss attributable to Civeo Corporation. | $ (55,457) | $ (20,987) |
Per Share Data (see Note 8) | ||
Basic net loss per share attributable to Civeo Corporation common shareholders (in dollars per share) | $ (0.42) | $ (0.17) |
Diluted net loss per share attributable to Civeo Corporation common shareholders. (in dollars per share) | $ (0.42) | $ (0.17) |
Weighted average number of common shares outstanding: | ||
Basic (in shares) | 131,631 | 120,846 |
Diluted (in shares) | 131,631 | 120,846 |
Service and Other [Member] | ||
Revenues: | ||
Total Revenues | $ 96,404 | $ 89,861 |
Costs and expenses: | ||
Cost of goods and service sold | 72,955 | 59,532 |
Product [Member] | ||
Revenues: | ||
Total Revenues | 5,100 | 1,568 |
Costs and expenses: | ||
Cost of goods and service sold | $ 4,373 | $ 2,140 |
Unaudited Consolidated Stateme3
Unaudited Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Net loss | $ (55,335) | $ (20,866) |
Other comprehensive income (loss), net of tax: | ||
Foreign currency translation adjustment, net of taxes of zero | (7,821) | 18,035 |
Total other comprehensive income (loss), net of tax | (7,821) | 18,035 |
Comprehensive loss | (63,156) | (2,831) |
Comprehensive income attributable to noncontrolling interest | (122) | (469) |
Comprehensive loss attributable to Civeo Corporation. | $ (63,278) | $ (3,300) |
Unaudited Consolidated Stateme4
Unaudited Consolidated Statements of Comprehensive Loss (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Foreign currency translation adjustment, tax | $ 0 | $ 0 |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 41,977 | $ 32,647 |
Accounts receivable, net | 60,882 | 66,823 |
Inventories | 4,929 | 7,246 |
Prepaid expenses | 11,333 | 14,481 |
Other current assets | 1,523 | 1,553 |
Assets held for sale | 9,059 | 9,462 |
Total current assets | 129,703 | 132,212 |
Property, plant and equipment, net | 647,028 | 693,833 |
Other intangible assets, net | 29,152 | 22,753 |
Other noncurrent assets | 1,088 | 5,114 |
Total assets | 806,971 | 853,912 |
Current liabilities: | ||
Accounts payable | 26,337 | 27,812 |
Accrued liabilities | 12,418 | 22,208 |
Income taxes | 333 | 1,728 |
Current portion of long-term debt | 16,175 | 16,596 |
Deferred revenue | 3,490 | 5,442 |
Other current liabilities | 1,755 | 1,843 |
Total current liabilities | 60,508 | 75,629 |
Long-term debt, less current maturities | 302,215 | 277,990 |
Other noncurrent liabilities | 24,656 | 23,926 |
Total liabilities | 387,379 | 377,545 |
Commitments and contingencies (Note 11) | ||
Shareholders’ Equity: | ||
Common shares (no par value; 550,000,000 shares authorized, 135,257,269 shares and 132,427,885 shares issued, respectively, and 134,909,700 shares and 132,262,434 shares outstanding, respectively) | 0 | 0 |
Additional paid-in capital | 1,390,634 | 1,383,934 |
Accumulated deficit | (634,176) | (579,113) |
Common shares held in treasury at cost, 347,569 and 165,451 shares, respectively | (952) | (358) |
Accumulated other comprehensive loss | (336,034) | (328,213) |
Total Civeo Corporation shareholders’ equity | 419,472 | 476,250 |
Noncontrolling interest | 120 | 117 |
Total shareholders’ equity | 419,592 | 476,367 |
Total liabilities and shareholders’ equity | $ 806,971 | $ 853,912 |
Consolidated Balance Sheets (C6
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares $ / shares in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
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) | 135,257,269 | 132,427,885 |
Common stock, shares outstanding (in shares) | 134,909,700 | 132,262,434 |
Treasury shares (in shares) | 347,569 | 165,451 |
Unaudited Consolidated Stateme7
Unaudited Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Treasury Stock [Member] | AOCI Attributable to Parent [Member] | Noncontrolling Interest [Member] | Total |
Balance at Dec. 31, 2016 | $ 1,311,226 | $ (472,764) | $ (65) | $ (362,930) | $ 523 | $ 475,990 | |
Net income (loss) | (20,987) | 121 | (20,866) | ||||
Currency translation adjustment | 17,687 | 348 | 18,035 | ||||
Dividends paid | (868) | (868) | |||||
Equity offering | 64,847 | 64,847 | |||||
Share-based compensation | 1,867 | (279) | 1,588 | ||||
Balance at Mar. 31, 2017 | 1,378,576 | (494,387) | (344) | (345,243) | 124 | 538,726 | |
Cumulative effect of implementation of ASU 2016-09. | 636 | (636) | |||||
Balance at Dec. 31, 2017 | 1,383,934 | (579,113) | (358) | (328,213) | 117 | 476,367 | |
Net income (loss) | (55,457) | 122 | (55,335) | ||||
Currency translation adjustment | (7,821) | (7,821) | |||||
Dividends paid | (119) | (119) | |||||
Share-based compensation | 2,200 | (594) | 1,606 | ||||
Issuance of common shares for asset acquisition | 4,500 | 4,500 | |||||
Balance at Mar. 31, 2018 | 1,390,634 | (634,176) | (952) | (336,034) | 120 | 419,592 | |
Cumulative effect of implementation of ASU 2016-09. | $ 394 | $ 394 |
Unaudited Consolidated Stateme8
Unaudited Consolidated Statements of Changes in Shareholders' Equity (Shares) - 3 months ended Mar. 31, 2018 - shares | Common Stock [Member] | Total |
Balance (in shares) at Dec. 31, 2017 | 132,262,000 | 132,427,885 |
Stock-based compensation. (in shares) | 1,309,000 | |
Issuance of common shares for asset acquisition. (in shares) | 1,339,000 | |
Balance (in shares) at Mar. 31, 2018 | 134,910,000 | 135,257,269 |
Unaudited Consolidated Stateme9
Unaudited Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Cash flows from operating activities: | ||
Net loss | $ (55,335) | $ (20,866) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Depreciation and amortization | 30,764 | 32,829 |
Impairment expense | 28,661 | |
Loss on extinguishment of debt | 842 | |
Deferred income tax provision (benefit) | 2 | (3,120) |
Non-cash compensation charge | 2,200 | 1,867 |
Gains on disposals of assets | (2,147) | (416) |
Provision for loss on receivables, net of recoveries | (35) | (60) |
Other, net | 2,047 | 795 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 4,837 | 3,258 |
Inventories | 2,190 | (440) |
Accounts payable and accrued liabilities | (10,352) | (4,521) |
Taxes payable | (1,358) | 320 |
Other current assets and liabilities, net | 1,364 | (640) |
Net cash flows provided by operating activities | 2,838 | 9,848 |
Cash flows from investing activities: | ||
Capital expenditures, including capitalized interest | (2,696) | (3,883) |
Payments related to asset acquisition | (23,771) | |
Proceeds from disposition of property, plant and equipment | 2,718 | 578 |
Other, net | 110 | |
Net cash flows used in investing activities | (23,639) | (3,305) |
Cash flows from financing activities: | ||
Proceeds from issuance of common shares, net | 64,847 | |
Revolving credit borrowings | 47,166 | 34,904 |
Revolving credit repayments | (11,525) | (74,868) |
Term loan repayments | (4,079) | (3,947) |
Debt issuance costs | (1,772) | |
Other, net | (594) | (279) |
Net cash flows provided by financing activities | 30,968 | 18,885 |
Effect of exchange rate changes on cash | (837) | (77) |
Net change in cash and cash equivalents | 9,330 | 25,351 |
Cash and cash equivalents, beginning of period | 32,647 | 1,785 |
Cash and cash equivalents, end of period | 41,977 | 27,136 |
Non-cash investing activities: | ||
Value of common shares issued as consideration for asset acquisition | $ 4,500 |
Note 1 - Description of Busines
Note 1 - Description of Business and Basis of Presentation | 3 Months Ended |
Mar. 31, 2018 | |
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 not three 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 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, 2017. |
Note 2 - Recent Accounting Pron
Note 2 - Recent Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2018 | |
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 January 2017, 2017 01, 805 2017 01 not December 15, 2017. January 1, 2018. In June 2016, 2016 13, 2016 13 not 2016 13 December 15, 2019 In February 2016, 2016 02, 842 840 2016 02 12 December 15, 2018 In May 2014, 2014 09 606, 606 606 December 15, 2017. January 1, 2018 not January 1, 2018. January 1, 2018 606, not 606. $0.4 March 31, 2018. |
Note 3 - Revenue
Note 3 - Revenue | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 3. REVENUE We generally recognize accommodation, mobile facility rental and catering and other services revenues over time as our customers simultaneously receive and consume benefits as we serve our customers because of continuous transfer of control to the customer. Revenue is recognized when control of the promised goods or services is transferred to our customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. We transfer control and recognize a sale based on a periodic (usually daily) room rate each night a customer stays in our rooms or when the services are rendered. In some contracts, rates may may For significant projects, manufacturing revenues are recognized over time with progress towards completion measured using the cost based input method as the basis to recognize revenue and an estimated profit. Billings on such contracts in excess of costs incurred and estimated profits are classified as deferred revenue. Costs incurred and estimated profits in excess of billings on these contracts are recognized as unbilled receivables. Management believes this input method is the most appropriate measure of progress to the satisfaction of a performance obligation on larger modular construction and manufacturing contracts. Provisions for estimated losses on uncompleted contracts are made in the period in which such losses are determined. Changes in job performance, job conditions, estimated profitability and final contract settlements may may The following table disaggregates our revenue by our three three March 31, 2018 2017 Three Months Ended March 3 1 , 2018 201 7 Canada Accommodation revenues $ 50,647 $ 56,230 Mobile facility rental revenues 7,794 559 Catering and other services revenues 3,739 3,443 Manufacturing revenues 1,210 274 Total Canada revenues 63,390 60,506 Australia Accommodation revenues $ 27,698 $ 27,016 Catering and other services revenues 177 -- Total Australia revenues 27,875 27,016 United States Accommodation revenues $ 3,166 $ 2,098 Mobile facility rental revenues 3,577 1,045 Manufacturing revenues 3,464 740 Catering and other services revenues 32 24 Total United States revenues 10,239 3,907 Total revenues $ 101,504 $ 91,429 Because of control transferring over time, the majority of our revenue is recognized based on the extent of progress towards completion of the performance obligation. At contract inception, we assess the goods and services promised in our contracts with customers and identify a performance obligation for each promise to transfer our customers a good or service (or bundle of goods or services) that is distinct. Our customers typically contract for accommodation services under take-or-pay contracts with terms that most often range from several months to three Our payment terms vary by the type and location of our customer and the products or services offered. The term between invoicing and when our performance obligations are satisfied is not 30 not Revenues exclude taxes assessed based on revenues such as sales or value added taxes. As of March 31, 2018, one For the years ending December 31, 2018 2019 2020 Thereafter Total Revenue expected to be recognized as of March 31, 2018 $ 86,325 $ 76,789 $ 45,861 $ 1,913 $ 210,888 |
Note 4 - Fair Value Measurement
Note 4 - Fair Value Measurements | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 4. F AIR 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 March 31, 2018 December 31, 2017, 2 During the first 2018, 3 |
Note 5 - Details of Selected Ba
Note 5 - Details of Selected Balance Sheet Accounts | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Supplemental Balance Sheet Disclosures [Text Block] | 5. DETAILS OF SELECTED BALANCE SHEET ACCOUNTS Additional information regarding selected balance sheet accounts at March 31, 2018 December 31, 2017 March 31, 2018 December 31, 201 7 Accounts receivable, net: Trade $ 38,922 $ 46,692 Unbilled revenue 22,082 20,555 Other 1,197 914 Total accounts receivable 62,201 68,161 Allowance for doubtful accounts (1,319 ) (1,338 ) Total accounts receivable, net $ 60,882 $ 66,823 March 31, 2018 December 31, 201 7 Inventories: Finished goods and purchased products $ 2,186 $ 2,211 Work in process 1,696 4,096 Raw materials 1,047 939 Total inventories $ 4,929 $ 7,246 Estimated Useful Life (in years) March 31, 2018 December 31, 201 7 Property, plant and equipment, net: Land $ 50,573 $ 40,567 Accommodations assets 3 - 15 1,630,872 1,658,867 Buildings and leasehold improvements 5 - 20 23,471 24,181 Machinery and equipment 4 - 15 8,694 8,848 Office furniture and equipment 3 - 7 53,063 53,688 Vehicles 3 - 5 13,605 13,869 Construction in progress 4,639 2,770 Total property, plant and equipment 1,784,917 1,802,790 Accumulated depreciation (1,137,889 ) (1,108,957 ) Total property, plant and equipment, net $ 647,028 $ 693,833 March 31, 2018 December 31, 201 7 Accrued liabilities: Accrued compensation $ 9,423 $ 20,424 Accrued taxes, other than income taxes 2,358 1,224 Accrued interest 385 15 Other 252 545 Total accrued liabilities $ 12,418 $ 22,208 |
Note 6 - Impairment Charges
Note 6 - Impairment Charges | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Asset Impairment Charges [Text Block] | 6. IMPAIRMENT CHARGES Quarter ended March 31, 2018. first 2018, may first 2018. two no not zero $28.7 |
Note 7 - Acquisitions and Asset
Note 7 - Acquisitions and Assets Held for Sale | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Business Combination and Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | 7. ACQUISITIONS AND ASSETS HELD FOR SALE Acquisitions Lakeland. February 28, 2018, $28.0 $23.5 $4.5 December 2020 1.2 400 40 Intangible assets acquired in the Lakeland acquisition totaled $9.2 16 This acquisition was accounted for as an asset acquisition based on the principles described in ASC 805, not not Assets H eld for S ale During the fourth 2017, $0.1 three March 31, 2017. In addition, certain undeveloped land positions in the British Columbia LNG market in our Canadian segment previously met the criteria of held for sale. These assets were recorded at the estimated fair value less costs to sell of approximately $4.2 The following table summarizes the carrying amount as of March 31, 2018 December 31, 2017 March 31, December 31, 201 8 201 7 Assets held for sale: Property, plant and equipment, net $ 9,059 $ 9,418 Inventories -- 44 Total assets held for sale $ 9,059 $ 9,462 |
Note 8 - Earnings Per Share
Note 8 - Earnings Per Share | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 8. 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 MARCH 31, 201 8 201 7 Basic Loss per Share Net loss attributable to Civeo $ (55,457 ) $ (20,987 ) Less: undistributed net income to participating securities -- -- Net loss attributable to Civeo’s common shareholders - basic $ (55,457 ) $ (20,987 ) Weighted average common shares outstanding - basic 131,631 120,846 Basic loss per share $ (0.42 ) $ (0.17 ) Diluted Loss per Share Net loss attributable to Civeo’s common shareholders - basic $ (55,457 ) $ (20,987 ) Less: undistributed net income to participating securities -- -- Net loss attributable to Civeo’s common shareholders - diluted $ (55,457 ) $ (20,987 ) Weighted average common shares outstanding - basic 131,631 120,846 Effect of dilutive securities (1 ) -- -- Weighted average common shares outstanding - diluted 131,631 120,846 Diluted loss per share $ (0.42 ) $ (0.17 ) ( 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 March 31, 2018 2017. three March 31, 2018 2017, 2.8 1.8 |
Note 9 - Debt
Note 9 - Debt | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 9. DEBT As of March 31, 2018 December 31, 2017, March 31, 201 8 December 31, 201 7 Canadian term loan, which matures on May 28, 2019; 1.25% of aggregate principal repayable per quarter; weighted average interest rate of 5.6% for the three-month period ended March 31, 2018 $ 285,517 $ 297,623 U.S. revolving credit facility, which matures on May 28, 2019, weighted average interest rate of 7.5% for the three-month period ended March 31, 2018 -- -- Canadian revolving credit facility, which matures on May 28, 2019, weighted average interest rate of 6.4% for the three-month period ended March 31, 2018 -- -- Canadian revolving credit facility, which matures on May 28, 2019, weighted average interest rate of 6.4% for the three-month period ended March 31, 2018 -- -- Australian revolving credit facility, which matures on May 28, 2019, weighted average interest rate of 5.7% for the three-month period ended March 31, 2018 35,328 -- 320,845 297,623 Less: Unamortized debt issuance costs 2,455 3,037 Total debt 318,390 294,586 Less: Current portion of long-term debt, including unamortized debt issuance costs, net 16,175 16,596 Long-term debt, less current maturities $ 302,215 $ 277,990 We did not three March 31, 2018 2017. Amended Credit Agreement As of December 31, 2017, $275.0 May 28, 2019, $40.0 $90.0 $60.0 $85.0 one $350.0 May 28, 2019 On April 2, 2018, ● provided for the reduction by $35.5 $239.5 1 $20.0 2 $159.5 two one 3 $60.0 one ● extended the maturity date by 18 May 30, 2019 November 30, 2020; ● adjusted the maximum leverage ratio financial covenant, as follows: Period Ended Maximum Leverage Ratio March 31, 2018 4.50 : 1.00 June 30, 2018 4.50 : 1.00 September 30, 2018 4.25 : 1.00 December 31, 2018 3.75 : 1.00 March 31, 2019 & thereafter 3.50 : 1.00 ; and ● provided for other technical changes and amendments to the 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% 4.00%, 1.25% 3.00%, 2.25% 4.00%, 1.25% 3.00%, 2.25% 4.00%, 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 4.50 1.0 March 31, 2018). March 31, 2018. 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. As of March 31, 2018, 15 $0.7 $121.7 April 2, 2018, |
Note 10 - Income Taxes
Note 10 - Income Taxes | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 10. 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 primarily in three 21% 30%. 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 of March 31, 2018, Our income tax benefit for the three March 31, 2018 $0.7 1.2% $2.9 12.4% three March 31, 2017. 2018 2017 1.0 $0.6 On December 22, 2017, 2017 first 2018, §162 may may may |
Note 11 - Commitments and Conti
Note 11 - Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 11. 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 may not not |
Note 12 - Accumulated Other Com
Note 12 - Accumulated Other Comprehensive Loss | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | 12. ACCUMULATED OTHER COMPREHENSIVE LOSS Our accumulated other comprehensive loss increased $7.8 $328.2 December 31, 2017 $336.0 March 31, 2018, first 2018 C$0.1 A$0.4 March 31, 2018. |
Note 13 - Share Based Compensat
Note 13 - Share Based Compensation | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 13. S HARE BASED COMPENSATION Our employees and non-employee directors participate in the Amended and Restated 2014 No 14.0 may Outstanding Awards Options. three March 31, 2018 2017 $0.1 March 31, 2018, zero Restricted S hare / Deferred S hare Awards. February 20, 2018, 2,018,990 three February 20, 2019. Compensation expense associated with restricted share awards and deferred share awards recognized in the three March 31, 2018 2017 $1.2 three March 31, 2018 2017 $2.4 $1.3 At March 31, 2018, $10.6 2.4 Phantom Share Awards . three March 31, 2018 2017, $3.4 $3.0 March 31, 2018, $7.8 March 31, 2018, 1.0 Performance Awards . February 20, 2018, 848,830 three February 20, 2021. 0% 200% 17 During the three March 31, 2018 2017, $1.0 $0.6 March 31, 2018, $8.6 2.2 |
Note 14 - Segment and Related I
Note 14 - Segment and Related Information | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 14. 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 March 31, 2018 2017 Total Revenues Depreciation and A mortization Operating I ncome ( L oss) Capital E xpenditures Total A ssets Three months ended March 31, 201 8 Canada $ 63,390 $ 16,511 $ (39,930 ) $ 1,072 $ 502,998 Australia 27,875 11,117 (3,166 ) 595 338,239 U.S. 10,239 1,606 (3,264 ) 869 57,954 Corporate and eliminations -- 1,530 (6,155 ) 160 (92,220 ) Total $ 101,504 $ 30,764 $ (52,515 ) $ 2,696 $ 806,971 Three months ended March 31, 201 7 Canada $ 60,506 $ 18,413 $ (5,006 ) $ 1,051 $ 546,642 Australia 27,016 11,822 (1,201 ) 855 387,196 U.S. 3,907 1,190 (2,802 ) 424 30,523 Corporate and eliminations -- 1,404 (8,723 ) 1,553 (39,335 ) Total $ 91,429 $ 32,829 $ (17,732 ) $ 3,883 $ 925,026 |
Note 15 - Subsequent Events
Note 15 - Subsequent Events | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 15. SUBSEQUENT EVENTS On April 2, 2018, 9 On April 2, 2018, C$207.7 US$161.1 32.8 2.0% 29.3 $30.3 first 2018. second 2018. This acquisition will be accounted for in accordance with the acquisition method of accounting for business combinations, which requires us to record the assets acquired and the liabilities assumed at their fair values on the acquisition date. |
Note 3 - Revenue (Tables)
Note 3 - Revenue (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended March 3 1 , 2018 201 7 Canada Accommodation revenues $ 50,647 $ 56,230 Mobile facility rental revenues 7,794 559 Catering and other services revenues 3,739 3,443 Manufacturing revenues 1,210 274 Total Canada revenues 63,390 60,506 Australia Accommodation revenues $ 27,698 $ 27,016 Catering and other services revenues 177 -- Total Australia revenues 27,875 27,016 United States Accommodation revenues $ 3,166 $ 2,098 Mobile facility rental revenues 3,577 1,045 Manufacturing revenues 3,464 740 Catering and other services revenues 32 24 Total United States revenues 10,239 3,907 Total revenues $ 101,504 $ 91,429 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Table Text Block] | For the years ending December 31, 2018 2019 2020 Thereafter Total Revenue expected to be recognized as of March 31, 2018 $ 86,325 $ 76,789 $ 45,861 $ 1,913 $ 210,888 |
Note 5 - Details of Selected 26
Note 5 - Details of Selected Balance Sheet Accounts (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | March 31, 2018 December 31, 201 7 Accounts receivable, net: Trade $ 38,922 $ 46,692 Unbilled revenue 22,082 20,555 Other 1,197 914 Total accounts receivable 62,201 68,161 Allowance for doubtful accounts (1,319 ) (1,338 ) Total accounts receivable, net $ 60,882 $ 66,823 |
Schedule of Inventory, Current [Table Text Block] | March 31, 2018 December 31, 201 7 Inventories: Finished goods and purchased products $ 2,186 $ 2,211 Work in process 1,696 4,096 Raw materials 1,047 939 Total inventories $ 4,929 $ 7,246 |
Property, Plant and Equipment [Table Text Block] | Estimated Useful Life (in years) March 31, 2018 December 31, 201 7 Property, plant and equipment, net: Land $ 50,573 $ 40,567 Accommodations assets 3 - 15 1,630,872 1,658,867 Buildings and leasehold improvements 5 - 20 23,471 24,181 Machinery and equipment 4 - 15 8,694 8,848 Office furniture and equipment 3 - 7 53,063 53,688 Vehicles 3 - 5 13,605 13,869 Construction in progress 4,639 2,770 Total property, plant and equipment 1,784,917 1,802,790 Accumulated depreciation (1,137,889 ) (1,108,957 ) Total property, plant and equipment, net $ 647,028 $ 693,833 |
Schedule of Accrued Liabilities [Table Text Block] | March 31, 2018 December 31, 201 7 Accrued liabilities: Accrued compensation $ 9,423 $ 20,424 Accrued taxes, other than income taxes 2,358 1,224 Accrued interest 385 15 Other 252 545 Total accrued liabilities $ 12,418 $ 22,208 |
Note 7 - Acquisitions and Ass27
Note 7 - Acquisitions and Assets Held for Sale (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Disposal Groups, Including Discontinued Operations [Table Text Block] | March 31, December 31, 201 8 201 7 Assets held for sale: Property, plant and equipment, net $ 9,059 $ 9,418 Inventories -- 44 Total assets held for sale $ 9,059 $ 9,462 |
Note 8 - Earnings Per Share (Ta
Note 8 - Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | THREE MONTHS ENDED MARCH 31, 201 8 201 7 Basic Loss per Share Net loss attributable to Civeo $ (55,457 ) $ (20,987 ) Less: undistributed net income to participating securities -- -- Net loss attributable to Civeo’s common shareholders - basic $ (55,457 ) $ (20,987 ) Weighted average common shares outstanding - basic 131,631 120,846 Basic loss per share $ (0.42 ) $ (0.17 ) Diluted Loss per Share Net loss attributable to Civeo’s common shareholders - basic $ (55,457 ) $ (20,987 ) Less: undistributed net income to participating securities -- -- Net loss attributable to Civeo’s common shareholders - diluted $ (55,457 ) $ (20,987 ) Weighted average common shares outstanding - basic 131,631 120,846 Effect of dilutive securities (1 ) -- -- Weighted average common shares outstanding - diluted 131,631 120,846 Diluted loss per share $ (0.42 ) $ (0.17 ) |
Note 9 - Debt (Tables)
Note 9 - Debt (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | March 31, 201 8 December 31, 201 7 Canadian term loan, which matures on May 28, 2019; 1.25% of aggregate principal repayable per quarter; weighted average interest rate of 5.6% for the three-month period ended March 31, 2018 $ 285,517 $ 297,623 U.S. revolving credit facility, which matures on May 28, 2019, weighted average interest rate of 7.5% for the three-month period ended March 31, 2018 -- -- Canadian revolving credit facility, which matures on May 28, 2019, weighted average interest rate of 6.4% for the three-month period ended March 31, 2018 -- -- Canadian revolving credit facility, which matures on May 28, 2019, weighted average interest rate of 6.4% for the three-month period ended March 31, 2018 -- -- Australian revolving credit facility, which matures on May 28, 2019, weighted average interest rate of 5.7% for the three-month period ended March 31, 2018 35,328 -- 320,845 297,623 Less: Unamortized debt issuance costs 2,455 3,037 Total debt 318,390 294,586 Less: Current portion of long-term debt, including unamortized debt issuance costs, net 16,175 16,596 Long-term debt, less current maturities $ 302,215 $ 277,990 |
Schedule Of Changes In Maximum Leverage Ratio [Table Text Block] | Period Ended Maximum Leverage Ratio March 31, 2018 4.50 : 1.00 June 30, 2018 4.50 : 1.00 September 30, 2018 4.25 : 1.00 December 31, 2018 3.75 : 1.00 March 31, 2019 & thereafter 3.50 : 1.00 |
Note 14 - Segment and Related30
Note 14 - Segment and Related Information (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Total Revenues Depreciation and A mortization Operating I ncome ( L oss) Capital E xpenditures Total A ssets Three months ended March 31, 201 8 Canada $ 63,390 $ 16,511 $ (39,930 ) $ 1,072 $ 502,998 Australia 27,875 11,117 (3,166 ) 595 338,239 U.S. 10,239 1,606 (3,264 ) 869 57,954 Corporate and eliminations -- 1,530 (6,155 ) 160 (92,220 ) Total $ 101,504 $ 30,764 $ (52,515 ) $ 2,696 $ 806,971 Three months ended March 31, 201 7 Canada $ 60,506 $ 18,413 $ (5,006 ) $ 1,051 $ 546,642 Australia 27,016 11,822 (1,201 ) 855 387,196 U.S. 3,907 1,190 (2,802 ) 424 30,523 Corporate and eliminations -- 1,404 (8,723 ) 1,553 (39,335 ) Total $ 91,429 $ 32,829 $ (17,732 ) $ 3,883 $ 925,026 |
Note 1 - Description of Busin31
Note 1 - Description of Business and Basis of Presentation (Details Textual) | 3 Months Ended |
Mar. 31, 2018 | |
Number of Reportable Segments | 3 |
Note 2 - Recent Accounting Pr32
Note 2 - Recent Accounting Pronouncements (Details Textual) - USD ($) $ in Thousands | Mar. 31, 2018 | Mar. 31, 2017 |
Cumulative Effect of New Accounting Principle in Period of Adoption | $ 394 | |
Retained Earnings [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ 394 | $ (636) |
Note 3 - Revenue (Details Textu
Note 3 - Revenue (Details Textual) | 3 Months Ended |
Mar. 31, 2018 | |
Number of Reportable Segments | 3 |
Note 3 - Revenue - Disaggregati
Note 3 - Revenue - Disaggregation of Revenue by Major Categories (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Revenues | $ 101,504 | $ 91,429 |
Canadian Segment [Member] | ||
Revenues | 63,390 | 60,506 |
Canadian Segment [Member] | Accommodation [Member] | ||
Revenues | 50,647 | 56,230 |
Canadian Segment [Member] | Mobile Facility Rental [Member] | ||
Revenues | 7,794 | 559 |
Canadian Segment [Member] | Catering and Other Services [Member] | ||
Revenues | 3,739 | 3,443 |
Canadian Segment [Member] | Manufacturing [Member] | ||
Revenues | 1,210 | 274 |
Australian Segment [Member] | ||
Revenues | 27,875 | 27,016 |
Australian Segment [Member] | Accommodation [Member] | ||
Revenues | 27,698 | 27,016 |
Australian Segment [Member] | Catering and Other Services [Member] | ||
Revenues | 177 | |
U.S. Segment [Member] | ||
Revenues | 10,239 | 3,907 |
U.S. Segment [Member] | Accommodation [Member] | ||
Revenues | 3,166 | 2,098 |
U.S. Segment [Member] | Mobile Facility Rental [Member] | ||
Revenues | 3,577 | 1,045 |
U.S. Segment [Member] | Catering and Other Services [Member] | ||
Revenues | 32 | 24 |
U.S. Segment [Member] | Manufacturing [Member] | ||
Revenues | $ 3,464 | $ 740 |
Note 3 - Revenue - Revenue Rela
Note 3 - Revenue - Revenue Related to Performance Obligations (Details) $ in Thousands | Mar. 31, 2018USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2018-04-01 | |
Revenue expected to be recognized | $ 86,325 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-01-01 | |
Revenue expected to be recognized | 76,789 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01 | |
Revenue expected to be recognized | 45,861 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | |
Revenue expected to be recognized | 1,913 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: (nil) | |
Revenue expected to be recognized | $ 210,888 |
Note 5 - Details of Selected 36
Note 5 - Details of Selected Balance Sheet Accounts - Accounts Receivable (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Accounts receivable, net: | ||
Accounts receivable | $ 62,201 | $ 68,161 |
Allowance for doubtful accounts | (1,319) | (1,338) |
Total accounts receivable, net | 60,882 | 66,823 |
Trade Accounts Receivable [Member] | ||
Accounts receivable, net: | ||
Accounts receivable | 38,922 | 46,692 |
Unbilled Revenue [Member] | ||
Accounts receivable, net: | ||
Accounts receivable | 22,082 | 20,555 |
Other Receivable [Member] | ||
Accounts receivable, net: | ||
Accounts receivable | $ 1,197 | $ 914 |
Note 5 - Details of Selected 37
Note 5 - Details of Selected Balance Sheet Accounts - Inventories (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Inventories: | ||
Finished goods and purchased products | $ 2,186 | $ 2,211 |
Work in process | 1,696 | 4,096 |
Raw materials | 1,047 | 939 |
Total inventories | $ 4,929 | $ 7,246 |
Note 5 - Details of Selected 38
Note 5 - Details of Selected Balance Sheet Accounts - Property, Plant and Equipment (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Dec. 31, 2017 | |
Property, plant and equipment, gross | $ 1,784,917 | $ 1,802,790 |
Accumulated depreciation | (1,137,889) | (1,108,957) |
Total property, plant and equipment, net | 647,028 | 693,833 |
Land [Member] | ||
Property, plant and equipment, gross | 50,573 | 40,567 |
Accommodations Assets [Member] | ||
Property, plant and equipment, gross | $ 1,630,872 | 1,658,867 |
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 | $ 23,471 | 24,181 |
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 | $ 8,694 | 8,848 |
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 | $ 53,063 | 53,688 |
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 | $ 13,605 | 13,869 |
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 | $ 4,639 | $ 2,770 |
Note 5 - Details of Selected 39
Note 5 - Details of Selected Balance Sheet Accounts - Accrued Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Accrued liabilities: | ||
Accrued compensation | $ 9,423 | $ 20,424 |
Accrued taxes, other than income taxes | 2,358 | 1,224 |
Accrued interest | 385 | 15 |
Other | 252 | 545 |
Total accrued liabilities | $ 12,418 | $ 22,208 |
Note 6 - Impairment Charges (De
Note 6 - Impairment Charges (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Dec. 31, 2017 | |
Property, Plant and Equipment, Net, Ending Balance | $ 647,028 | $ 693,833 |
Two Lodges in Southern Alberta [Member] | Canadian Segment [Member] | ||
Impairment of Long-Lived Assets Held-for-use | 28,700 | |
Property, Plant and Equipment, Net, Ending Balance | $ 0 |
Note 7 - Acquisitions and Ass41
Note 7 - Acquisitions and Assets Held for Sale (Details Textual) $ in Thousands | Feb. 28, 2018USD ($)a | Mar. 31, 2017USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2017USD ($) |
Disposal Group, Including Discontinued Operation, Assets, Current, Total | $ 9,059 | $ 9,462 | ||
Modular Construction and Manufacturing Plant Near Edmonton, Alberta, Canada [Member] | Canadian Segment [Member] | ||||
Disposal Group, Including Discontinued Operation, Depreciation and Amortization | $ 100 | |||
Undeveloped Land Positions in the British Columbia Segment [Member] | Canadian Segment [Member] | ||||
Disposal Group, Including Discontinued Operation, Assets, Current, Total | $ 4,200 | |||
Lakeland [Member] | ||||
Business Combination, Consideration Transferred, Total | $ 28,000 | |||
Payments to Acquire Businesses, Gross | 23,500 | |||
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | 4,500 | |||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | $ 1,200 | |||
Number of Rooms | 400 | |||
Area of Land | a | 40 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | $ 9,200 | |||
Lakeland [Member] | Customer Contracts [Member] | ||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 1 year 120 days |
Note 7 - Acquisitions and Ass42
Note 7 - Acquisitions and Assets Held for Sale - Carrying Amount of Assets Held for Sale (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Assets held for sale: | ||
Property, plant and equipment, net | $ 9,059 | $ 9,418 |
Inventories | 44 | |
Total assets held for sale | $ 9,059 | $ 9,462 |
Note 8 - Earnings Per Share (De
Note 8 - Earnings Per Share (Details Textual) - shares shares in Millions | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Employee Stock Option [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 2.8 | 1.8 |
Note 8 - Earnings Per Share - C
Note 8 - Earnings Per Share - Calculation of Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | ||
Net loss attributable to Civeo | $ (55,457) | $ (20,987) | |
Less: undistributed net income to participating securities | |||
Net loss attributable to Civeo’s common shareholders - basic | $ (55,457) | $ (20,987) | |
Weighted average common shares outstanding - basic (in shares) | 131,631 | 120,846 | |
Basic net loss per share attributable to Civeo Corporation common shareholders (in dollars per share) | $ (0.42) | $ (0.17) | |
Net loss attributable to Civeo’s common shareholders - basic | $ (55,457) | $ (20,987) | |
Less: undistributed net income to participating securities | |||
Net loss attributable to Civeo’s common shareholders - diluted | $ (55,457) | $ (20,987) | |
Effect of dilutive securities (in shares) | [1] | ||
Weighted average common shares outstanding - diluted (in shares) | 131,631 | 120,846 | |
Diluted net loss per share attributable to Civeo Corporation common shareholders. (in dollars per share) | $ (0.42) | $ (0.17) | |
[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 months ended March 31, 2018 and 2017. In the three months ended March 31, 2018 and 2017, we excluded from the calculation 2.8 million and 1.8 million share based awards, respectively, since the effect would have been anti-dilutive. |
Note 9 - Debt (Details Textual)
Note 9 - Debt (Details Textual) $ in Thousands | Apr. 02, 2018USD ($) | Mar. 31, 2018USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2017USD ($) |
Interest Costs Capitalized Adjustment | $ 0 | $ 0 | ||
Interest Coverage Ratio | 3 | |||
Leverage Ratio | 4.5 | |||
Line of Credit [Member] | Subsequent Event [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] | Subsequent Event [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | United States of America, Dollars | ||||
Debt Instrument, Basis Spread on Variable Rate | 4.00% | |||
Line of Credit [Member] | Subsequent Event [Member] | Base Rate [Member] | Minimum [Member] | United States of America, Dollars | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | |||
Line of Credit [Member] | Subsequent Event [Member] | Base Rate [Member] | Minimum [Member] | Canada, Dollars | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | |||
Line of Credit [Member] | Subsequent Event [Member] | Base Rate [Member] | Maximum [Member] | United States of America, Dollars | ||||
Debt Instrument, Basis Spread on Variable Rate | 3.00% | |||
Line of Credit [Member] | Subsequent Event [Member] | Base Rate [Member] | Maximum [Member] | Canada, Dollars | ||||
Debt Instrument, Basis Spread on Variable Rate | 3.00% | |||
Line of Credit [Member] | Subsequent Event [Member] | Canadian Dealer Offered Rate (CDOR) [Member] | Minimum [Member] | Canada, Dollars | ||||
Debt Instrument, Basis Spread on Variable Rate | 2.25% | |||
Line of Credit [Member] | Subsequent Event [Member] | Canadian Dealer Offered Rate (CDOR) [Member] | Maximum [Member] | Canada, Dollars | ||||
Debt Instrument, Basis Spread on Variable Rate | 4.00% | |||
Line of Credit [Member] | Subsequent Event [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] | Subsequent Event [Member] | Bank Bill Swap Bid Rate (BBSY) [Member] | Maximum [Member] | Australia, Dollars | ||||
Debt Instrument, Basis Spread on Variable Rate | 4.00% | |||
Amended Credit Facility [Member] | ||||
Number of Lenders | 15 | |||
Amended Credit Facility [Member] | Minimum [Member] | ||||
Lender Commitments, Within Credit Agreement | $ 700 | |||
Amended Credit Facility [Member] | Maximum [Member] | ||||
Lender Commitments, Within Credit Agreement | $ 121,700 | |||
Amended Credit Facility [Member] | US Term Loan [Member] | ||||
Debt Instrument, Face Amount | $ 350,000 | |||
Revolving Credit Facility [Member] | Amended Credit Facility [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 275,000 | |||
Revolving Credit Facility [Member] | Amended Credit Facility [Member] | Subsequent Event [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 239,500 | |||
Line of Credit Facility, Maximum Borrowing Capacity, Increase (Decrease) | (35,500) | |||
Revolving Credit Facility, U.S. Subsidiaries [Member] | Amended Credit Facility [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 40,000 | |||
Revolving Credit Facility, U.S. Subsidiaries [Member] | Amended Credit Facility [Member] | Subsequent Event [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 20,000 | |||
Revolving Credit Facility, Canadian Subsidiaries [Member] | Amended Credit Facility [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 90,000 | |||
Revolving Credit Facility, Canadian Subsidiaries [Member] | Amended Credit Facility [Member] | Subsequent Event [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 159,500 | |||
Revolving Credit Facility, The Company [Member] | Amended Credit Facility [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 60,000 | |||
Revolving Credit Facility, Australian Subsidiaries [Member] | Amended Credit Facility [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 85,000 | |||
Revolving Credit Facility, Australian Subsidiaries [Member] | Amended Credit Facility [Member] | Subsequent Event [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 60,000 |
Note 9 - Debt - Long-term Debt
Note 9 - Debt - Long-term Debt (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Total debt, including unamortized debt issuance costs | $ 320,845 | $ 297,623 |
Less: Unamortized debt issuance costs | 2,455 | 3,037 |
Total debt | 318,390 | 294,586 |
Less: Current portion of long-term debt, including unamortized debt issuance costs, net | 16,175 | 16,596 |
Long-term debt, less current maturities | 302,215 | 277,990 |
Canadian Term Loan [Member] | ||
Term loan | 285,517 | 297,623 |
US Revolving Credit Facility [Member] | ||
Revolving credit facility | ||
Canadian Credit Facility 1 [Member] | ||
Revolving credit facility | ||
Canadian Credit Facility 2 [Member] | ||
Revolving credit facility | ||
Australian Credit Facility [Member] | ||
Revolving credit facility | $ 35,328 |
Note 9 - Debt - Long-term Deb47
Note 9 - Debt - Long-term Debt (Details) (Parentheticals) | 3 Months Ended |
Mar. 31, 2018 | |
Canadian Term Loan [Member] | |
Maturity date | May 28, 2019 |
Term loan, interest rate | 1.25% |
Term loan, weighted-average interest rate | 5.60% |
US Revolving Credit Facility [Member] | |
Maturity date | May 28, 2019 |
Line of credit facility, interest rate | 7.50% |
Canadian Credit Facility 1 [Member] | |
Maturity date | May 28, 2019 |
Line of credit facility, interest rate | 6.40% |
Canadian Credit Facility 2 [Member] | |
Maturity date | May 28, 2019 |
Line of credit facility, interest rate | 6.40% |
Australian Credit Facility [Member] | |
Maturity date | May 28, 2019 |
Line of credit facility, interest rate | 5.70% |
Note 9 - Debt - Changes to Maxi
Note 9 - Debt - Changes to Maximum Leverage Ratio (Details) | 3 Months Ended | ||||
Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | |
Maximum Leverage Ratio | 4.5 | ||||
Scenario, Forecast [Member] | |||||
Maximum Leverage Ratio | 3.5 | 3.75 | 4.25 | 4.5 |
Note 10 - Income Taxes (Details
Note 10 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Income Tax Expense (Benefit), Total | $ (685) | $ (2,948) |
Effective Income Tax Rate Reconciliation, Percent, Total | 1.20% | 12.40% |
Effective Income Tax Rate Reconciliation, Repatriation of Foreign Earnings, Amount | $ 1,000 | $ 600 |
Minimum [Member] | ||
Statutory Tax Rate, Foreign and Domestic | 21.00% | |
Maximum [Member] | ||
Statutory Tax Rate, Foreign and Domestic | 30.00% |
Note 12 - Accumulated Other C50
Note 12 - Accumulated Other Comprehensive Loss (Details Textual) $ in Thousands, $ in Billions, $ in Billions | Mar. 31, 2018USD ($) | Mar. 31, 2018CAD ($) | Mar. 31, 2018AUD ($) | Dec. 31, 2017USD ($) |
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax, Ending Balance | $ 7,800 | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax, Total | $ (336,034) | $ (328,213) | ||
Translation Adjustment Functional to Reporting Currency, Net of Tax, Ending Balance | $ 0.1 | $ 0.4 |
Note 13 - Share Based Compens51
Note 13 - Share Based Compensation (Details Textual) $ in Thousands | Feb. 20, 2018shares | Mar. 31, 2018USD ($)shares | Mar. 31, 2017USD ($) |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | shares | 14,000,000 | ||
Allocated Share-based Compensation Expense, Total | $ 100 | $ 100 | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total | 0 | ||
Restricted Stock and Deferred Stock Awards [Member] | |||
Allocated Share-based Compensation Expense, Total | 1,200 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | 2,400 | 1,300 | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options | $ 10,600 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 146 days | ||
Restricted Stock and Deferred Stock Awards [Member] | Civeo Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | shares | 2,018,990 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||
Phantom Share Units (PSUs) [Member] | |||
Allocated Share-based Compensation Expense, Total | $ 3,400 | 3,000 | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total | $ 7,800 | ||
Performance Shares [Member] | |||
Allocated Share-based Compensation Expense, Total | $ 1,000 | $ 600 | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 73 days | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total | $ 8,600 | ||
Performance Shares [Member] | Civeo Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | shares | 848,830 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||
Peer Group, Number of Companies | 17 | ||
Performance Shares [Member] | Civeo Plan [Member] | Minimum [Member] | |||
Target Performance Share Award, Percentage | 0.00% | ||
Performance Shares [Member] | Civeo Plan [Member] | Maximum [Member] | |||
Target Performance Share Award, Percentage | 200.00% |
Note 14 - Segment and Related52
Note 14 - Segment and Related Information - Financial Information by Business Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Total Revenues | $ 101,504 | $ 91,429 | |
Depreciation and amortization | 30,764 | 32,829 | |
Operating income (loss) | (52,515) | (17,732) | |
Capital expenditures | 2,696 | 3,883 | |
Total assets | 806,971 | 925,026 | $ 853,912 |
Canadian Segment [Member] | |||
Total Revenues | 63,390 | 60,506 | |
Depreciation and amortization | 16,511 | 18,413 | |
Operating income (loss) | (39,930) | (5,006) | |
Capital expenditures | 1,072 | 1,051 | |
Total assets | 502,998 | 546,642 | |
Australian Segment [Member] | |||
Total Revenues | 27,875 | 27,016 | |
Depreciation and amortization | 11,117 | 11,822 | |
Operating income (loss) | (3,166) | (1,201) | |
Capital expenditures | 595 | 855 | |
Total assets | 338,239 | 387,196 | |
U.S. Segment [Member] | |||
Total Revenues | 10,239 | 3,907 | |
Depreciation and amortization | 1,606 | 1,190 | |
Operating income (loss) | (3,264) | (2,802) | |
Capital expenditures | 869 | 424 | |
Total assets | 57,954 | 30,523 | |
Corporate and Other [Member] | |||
Total Revenues | |||
Depreciation and amortization | 1,530 | 1,404 | |
Operating income (loss) | (6,155) | (8,723) | |
Capital expenditures | 160 | 1,553 | |
Total assets | $ (92,220) | $ (39,335) |
Note 15 - Subsequent Events (De
Note 15 - Subsequent Events (Details Textual) $ in Thousands, shares in Millions, $ in Millions | Apr. 02, 2018USD ($)shares | Apr. 02, 2018CAD ($)shares | Mar. 31, 2018USD ($) | Mar. 31, 2017USD ($) |
Proceeds from Lines of Credit, Total | $ | $ 47,166 | $ 34,904 | ||
Revolving Credit Facility [Member] | Amended Credit Facility [Member] | ||||
Proceeds from Lines of Credit, Total | $ | $ 30,300 | |||
Noralta [Member] | Subsequent Event [Member] | ||||
Payments to Acquire Businesses, Gross | $ 161,100 | $ 207.7 | ||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | shares | 32.8 | 32.8 | ||
Preferred Stock, Dividend Rate, Percentage | 2.00% | 2.00% | ||
Stock Issued During Period, Shares, Convertible | shares | 29.3 | 29.3 |