Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2018 | Jul. 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) | 167,958,214 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false |
Unaudited Consolidated Statemen
Unaudited Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Revenues: | ||||
Total Revenues | $ 130,177 | $ 92,010 | $ 231,681 | $ 183,439 |
Costs and expenses: | ||||
Selling, general and administrative expenses | 22,539 | 14,060 | 39,426 | 28,270 |
Depreciation and amortization expense | 34,270 | 31,554 | 65,034 | 64,383 |
Impairment expense | 28,661 | |||
Other operating expense | 132 | 279 | 511 | 729 |
Total costs and expenses | 145,678 | 105,377 | 299,697 | 214,538 |
Operating loss | (15,501) | (13,367) | (68,016) | (31,099) |
Interest expense to third-parties | (7,103) | (4,752) | (12,925) | (10,256) |
Loss on extinguishment of debt | (748) | (748) | (842) | |
Interest income | 18 | 10 | 76 | 20 |
Other income | 252 | 476 | 2,511 | 730 |
Loss before income taxes | (23,082) | (17,633) | (79,102) | (41,447) |
Income tax benefit | 23,371 | 2,916 | 24,056 | 5,864 |
Net income (loss) | 289 | (14,717) | (55,046) | (35,583) |
Less: Net income attributable to noncontrolling interest | 122 | 99 | 244 | 220 |
Net income (loss) attributable to Civeo Corporation | 167 | (14,816) | (55,290) | (35,803) |
Less: Dividends attributable to Class A preferred shares | 48,488 | 48,488 | ||
Net loss attributable to Civeo common shareholders | $ (48,321) | $ (14,816) | $ (103,778) | $ (35,803) |
Per Share Data (see Note 10) | ||||
Basic net loss per share attributable to Civeo Corporation common shareholders (in dollars per share) | $ (0.29) | $ (0.11) | $ (0.70) | $ (0.28) |
Diluted net loss per share attributable to Civeo Corporation common shareholders (in dollars per share) | $ (0.29) | $ (0.11) | $ (0.70) | $ (0.28) |
Weighted average number of common shares outstanding: | ||||
Basic (in shares) | 165,373 | 130,692 | 148,595 | 125,796 |
Diluted (in shares) | 165,373 | 130,692 | 148,595 | 125,796 |
Service and Other [Member] | ||||
Revenues: | ||||
Total Revenues | $ 126,486 | $ 89,013 | $ 222,890 | $ 178,874 |
Costs and expenses: | ||||
Cost of goods and service sold | 86,294 | 56,844 | 159,249 | 116,376 |
Product [Member] | ||||
Revenues: | ||||
Total Revenues | 3,691 | 2,997 | 8,791 | 4,565 |
Costs and expenses: | ||||
Cost of goods and service sold | $ 2,443 | $ 2,640 | $ 6,816 | $ 4,780 |
Unaudited Consolidated Stateme3
Unaudited Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Net loss | $ 289 | $ (14,717) | $ (55,046) | $ (35,583) |
Other comprehensive income (loss): | ||||
Foreign currency translation adjustment, net of taxes of zero | (16,434) | 6,313 | (24,255) | 24,348 |
Total other comprehensive income (loss) | (16,434) | 6,313 | (24,255) | 24,348 |
Comprehensive loss | (16,145) | (8,404) | (79,301) | (11,235) |
Comprehensive income attributable to noncontrolling interest | (120) | (72) | (242) | (541) |
Comprehensive loss attributable to Civeo Corporation | $ (16,265) | $ (8,476) | $ (79,543) | $ (11,776) |
Unaudited Consolidated Stateme4
Unaudited Consolidated Statements of Comprehensive Income (Loss) (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Foreign currency translation adjustment, taxes | $ 0 | $ 0 | $ 0 | $ 0 |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 4,786 | $ 32,647 |
Accounts receivable, net | 75,789 | 66,823 |
Inventories | 4,720 | 7,246 |
Prepaid expenses | 15,998 | 14,481 |
Other current assets | 16,383 | 1,553 |
Assets held for sale | 12,519 | 9,462 |
Total current assets | 130,195 | 132,212 |
Property, plant and equipment, net | 734,242 | 693,833 |
Goodwill | 117,307 | |
Other intangible assets, net | 133,964 | 22,753 |
Other noncurrent assets | 2,240 | 5,114 |
Total assets | 1,117,948 | 853,912 |
Current liabilities: | ||
Accounts payable | 29,797 | 27,812 |
Accrued liabilities | 17,265 | 22,208 |
Income taxes | 1,568 | 1,728 |
Current portion of long-term debt | 27,643 | 16,596 |
Deferred revenue | 3,123 | 5,442 |
Other current liabilities | 4,520 | 1,843 |
Total current liabilities | 83,916 | 75,629 |
Long-term debt, less current maturities | 399,520 | 277,990 |
Deferred income taxes | 29,003 | |
Other noncurrent liabilities | 30,044 | 23,926 |
Total liabilities | 542,483 | 377,545 |
Commitments and contingencies (Note 14) | ||
Shareholders’ Equity: | ||
Preferred shares (Class A Series 1, no par value; 50,000,000 shares authorized, 9,679 shares and zero shares issued and outstanding, respectively; aggregate liquidation preference of $97,268,530 as of June 30, 2018) | 55,305 | |
Common shares (no par value; 550,000,000 shares authorized, 168,315,440 shares and 132,427,885 shares issued, respectively, and 167,958,214 shares and 132,262,434 shares outstanding, respectively) | 0 | 0 |
Additional paid-in capital | 1,555,994 | 1,383,934 |
Accumulated deficit | (682,497) | (579,113) |
Common shares held in treasury at cost, 357,226 and 165,451 shares, respectively | (990) | (358) |
Accumulated other comprehensive loss | (352,466) | (328,213) |
Total Civeo Corporation shareholders’ equity | 575,346 | 476,250 |
Noncontrolling interest | 119 | 117 |
Total shareholders’ equity | 575,465 | 476,367 |
Total liabilities and shareholders’ equity | $ 1,117,948 | $ 853,912 |
Consolidated Balance Sheets (C6
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ / shares in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Preferred shares, par value (in dollars per share) | $ 0 | |
Preferred shares, authorized (in shares) | 50,000,000 | |
Preferred shares, issued (in shares) | 9,679 | |
Preferred shares, outstanding (in shares) | 0 | |
Preferred shares, liquidation preference | $ 97,268,530 | |
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) | 168,315,440 | 132,427,885 |
Common stock, shares outstanding (in shares) | 167,958,214 | 132,262,434 |
Treasury shares (in shares) | 357,226 | 165,451 |
Unaudited Consolidated Stateme7
Unaudited Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands | Preferred Stock [Member] | 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) | (35,803) | 220 | (35,583) | |||||
Currency translation adjustment | 24,027 | 321 | 24,348 | |||||
Dividends paid | (962) | (962) | ||||||
Equity offering | 64,817 | 64,817 | ||||||
Share-based compensation | 3,750 | (293) | 3,457 | |||||
Balance at Jun. 30, 2017 | 1,380,429 | (509,203) | (358) | (338,903) | 102 | 532,067 | ||
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) | (55,290) | 244 | (55,046) | |||||
Currency translation adjustment | (24,253) | (2) | (24,255) | |||||
Dividends paid | (240) | (240) | ||||||
Share-based compensation | 5,013 | (632) | 4,381 | |||||
Issuance of shares for acquisitions | 6,972 | 166,892 | 173,864 | |||||
Dividends attributable to Class A preferred shares (Note 12) | 48,333 | 155 | (48,488) | |||||
Balance at Jun. 30, 2018 | 55,305 | 1,555,994 | (682,497) | (990) | (352,466) | 119 | 575,465 | |
Cumulative effect of implementation of ASU 2016-09 | $ 394 | $ 394 |
Unaudited Consolidated Stateme8
Unaudited Consolidated Statements of Changes in Shareholders' Equity (Shares) - 6 months ended Jun. 30, 2018 - shares shares in Thousands | Preferred Stock [Member] | Common Stock [Member] |
Balance (in shares) at Dec. 31, 2017 | 132,262 | |
Stock-based compensation (in shares) | 1,566 | |
Issuance of shares for acquisitions (in shares) | 9,679 | 34,130 |
Balance (in shares) at Jun. 30, 2018 | 9,679 | 167,958 |
Unaudited Consolidated Stateme9
Unaudited Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Cash flows from operating activities: | ||
Net loss | $ (55,046) | $ (35,583) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Depreciation and amortization | 65,034 | 64,383 |
Impairment expense | 28,661 | |
Loss on extinguishment of debt | 748 | 842 |
Deferred income tax benefit | (23,661) | (6,732) |
Non-cash compensation charge | 5,013 | 3,750 |
Gains on disposals of assets | (2,332) | (854) |
Provision for loss on receivables, net of recoveries | (58) | (57) |
Other, net | 3,065 | 2,147 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 10,661 | (1,639) |
Inventories | 3,111 | (664) |
Accounts payable and accrued liabilities | (16,668) | (4,499) |
Taxes payable | (1,250) | 639 |
Other current assets and liabilities, net | (3,301) | (7,332) |
Net cash flows provided by operating activities | 13,977 | 14,401 |
Cash flows from investing activities: | ||
Capital expenditures | (5,943) | (6,037) |
Payments related to acquisitions, net of cash acquired | (185,200) | |
Proceeds from disposition of property, plant and equipment | 3,438 | 1,160 |
Other, net | 110 | 375 |
Net cash flows used in investing activities | (187,595) | (4,502) |
Cash flows from financing activities: | ||
Proceeds from issuance of common shares, net | 64,817 | |
Revolving credit borrowings | 232,123 | 44,525 |
Revolving credit repayments | (70,067) | (84,462) |
Term loan repayments | (11,068) | (8,000) |
Debt issuance costs | (2,742) | (1,795) |
Other, net | (632) | (293) |
Net cash flows provided by financing activities | 147,614 | 14,792 |
Effect of exchange rate changes on cash | (1,857) | 850 |
Net change in cash and cash equivalents | (27,861) | 25,541 |
Cash and cash equivalents, beginning of period | 32,647 | 1,785 |
Cash and cash equivalents, end of period | 4,786 | 27,326 |
Non-cash financing activities: | ||
Preferred dividends paid-in-kind | 484 | |
Common Stock [Member] | ||
Non-cash investing activities: | ||
Value of shares issued as consideration for acquisitions | 119,297 | |
Preferred Stock [Member] | ||
Non-cash investing activities: | ||
Value of shares issued as consideration for acquisitions | $ 54,821 |
Note 1 - Description of Busines
Note 1 - Description of Business and Basis of Presentation | 6 Months Ended |
Jun. 30, 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 | 6 Months Ended |
Jun. 30, 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. 10 March 31, 2018, 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. 10 March 31, 2018, January 1, 2018 not January 1, 2018. January 1, 2018 606, not 606. $0.4 June 30, 2018. |
Note 3 - Revenue
Note 3 - Revenue | 6 Months Ended |
Jun. 30, 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 Months Ended Six Months Ended June 30 , June 30 , 2018 201 7 2018 201 7 Canada Accommodation revenues $ 80,620 $ 53,637 $ 131,267 $ 109,867 Mobile facility rental revenues 2,107 243 9,901 802 Catering and other services revenues 3,716 2,646 7,455 6,089 Manufacturing revenues 75 1,142 1,285 1,416 Total Canada revenues 86,518 57,668 149,908 118,174 Australia Accommodation revenues $ 29,966 $ 28,607 $ 57,664 $ 55,623 Catering and other services revenues 611 -- 788 -- Total Australia revenues 30,577 28,607 58,452 55,623 United States Accommodation revenues $ 5,177 $ 2,446 $ 8,343 $ 4,544 Mobile facility rental revenues 4,533 2,072 8,110 3,117 Manufacturing revenues 3,329 1,167 6,793 1,907 Catering and other services revenues 43 50 75 74 Total United States revenues 13,082 5,735 23,321 9,642 Total revenues $ 130,177 $ 92,010 $ 231,681 $ 183,439 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 June 30, 2018, one For the years ending December 31, 2018 2019 2020 T hereafter Total Revenue expected to be recognized as of June 30, 2018 $ 71,680 $ 81,789 $ 45,101 $ 1,857 $ 200,427 |
Note 4 - Fair Value Measurement
Note 4 - Fair Value Measurements | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 4. 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 June 30, 2018 December 31, 2017, 2 During the first 2018, 3 6 During the first second 2018, 7 |
Note 5 - Details of Selected Ba
Note 5 - Details of Selected Balance Sheet Accounts | 6 Months Ended |
Jun. 30, 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 June 30, 2018 December 31, 2017 June 30, 2018 December 31, 201 7 Accounts receivable, net: Trade $ 54,190 $ 46,692 Unbilled revenue 22,741 20,555 Other 158 914 Total accounts receivable 77,089 68,161 Allowance for doubtful accounts (1,300 ) (1,338 ) Total accounts receivable, net $ 75,789 $ 66,823 June 30, 2018 December 31, 201 7 Inventories: Finished goods and purchased products $ 2,581 $ 2,211 Work in process 1,040 4,096 Raw materials 1,099 939 Total inventories $ 4,720 $ 7,246 Estimated Useful Life (in years) June 30, 2018 December 31, 201 7 Property, plant and equipment, net: Land $ 47,929 $ 40,567 Accommodations assets 3 - 15 1,719,298 1,658,867 Buildings and leasehold improvements 5 - 20 24,229 24,181 Machinery and equipment 4 - 15 10,243 8,848 Office furniture and equipment 3 - 7 53,889 53,688 Vehicles 3 - 5 14,390 13,869 Construction in progress 4,480 2,770 Total property, plant and equipment 1,874,458 1,802,790 Accumulated depreciation (1,140,216 ) (1,108,957 ) Total property, plant and equipment, net $ 734,242 $ 693,833 June 30, 2018 December 31, 201 7 Accrued liabilities: Accrued compensation $ 15,459 $ 20,424 Accrued taxes, other than income taxes 1,538 1,224 Accrued interest 38 15 Other 230 545 Total accrued liabilities $ 17,265 $ 22,208 |
Note 6 - Impairment Charges
Note 6 - Impairment Charges | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Asset Impairment Charges [Text Block] | 6. IMPAIRMENT CHARGES Quarter ended March 31, 201 8. first 2018, may first 2018. two no not zero $28.7 |
Note 7 - Acquisitions
Note 7 - Acquisitions | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | 7. ACQUISITIONS Noralta Description of Transaction April 2, 2018, C$207.7 US$161.1 C$43.5 32.8 13.5 2.4 9,679 1 $96.8 692 11 The Noralta Acquisition was accounted for in accordance with the acquisition method of accounting for business combinations and, accordingly, the results of operations of Noralta were reported in our financial statements as part of our Canadian reportable business segment beginning on April 2, 2018, three six June 30, 2018, $32.0 $13.1 Calculation of Purchase Consideration April 2, 2018. March 29, 2018 ( April 2, 2018) $3.77 61% $96.79 A portion of the consideration paid, $11.6 2.4 692 April 2, 2018, 12 $11.6 no The purchase consideration and estimated fair value of Noralta’s net assets acquired as of April 2, 2018 (In thousands, except per share data) Common shares issued 32,791 Common share price as of March 29, 2018 $ 3.77 Common share consideration $ 123,622 Cash consideration 161,162 Preferred Share consideration 59,042 Total purchase consideration $ 343,826 Less: Common shares held in escrow, expected to be released to Civeo (8,825 ) Less: Cash held in escrow, expected to be released to Civeo (15,763 ) Less: Preferred Shares held in escrow, expected to be released to Civeo (4,221 ) Total purchase consideration $ 315,017 At the time the Preferred Shares were issued, we determined that a beneficial conversion feature existed because the fair value of the securities into which the Preferred Shares were convertible was greater than the effective conversion price on the issuance date. Accordingly, we recorded a beneficial conversion feature of $47.8 12 Purchase Price Allocation. 805 April 2, 2018, 2018. not April 2, 2018 ( Cash and cash equivalents $ 24 Accounts receivable (1) 21,456 Inventories 839 Other current assets 4,550 Property, plant and equipment 132,888 Goodwill 119,858 Intangible assets 114,136 Total assets acquired 393,751 Accounts payable and accrued liabilities 15,305 Income taxes payable 1,226 Other current liabilities 2,079 Deferred income taxes 53,066 Other noncurrent liabilities 7,058 Total liabilities assumed 78,734 Net assets acquired $ 315,017 ( 1 The aggregate fair value of the acquired accounts receivable approximated the aggregate gross contractual amount. Goodwill has been recorded based on the amount by which the purchase price exceeded the fair value of the net assets acquired. The goodwill is primarily attributable to synergies expected to arise from the Noralta Acquisition. The goodwill is not not 3 The purchase price allocation to the identifiable intangible assets and liabilities is as follows (in thousands): Fair Value at April 2, 2018 Amortizable Intangible Assets Trade name $ 1,474 Contracts 110,258 Favorable lease contract 2,404 Total amortizable intangible assets $ 114,136 Amortizable Intangible Liabilities Unfavorable lease contracts $ 2,456 Total amortizable intangible liabilities $ 2,456 Net intangible assets $ 111,680 The contracts acquired consist of accommodations contracts with two 20 9 3.8 9.3 Supplemental Pro Forma Financial Information. January 1, 2017. not not THREE MONTHS ENDED SIX MONTHS ENDED JUNE 30, JUNE 30, (Unaudited) (Unaudited) (Actual) (Pro forma) (Pro forma) (Pro forma) 2018 201 7 201 8 201 7 Revenues $ 130,177 $ 124,100 $ 266,264 $ 235,215 Net loss attributable to Civeo Corporation common shareholders (48,321 ) (6,330 ) (101,846 ) (27,208 ) Basic net loss per share attributable to Civeo Corporation common shareholders $ (0.29 ) $ (0.04 ) $ (0.69 ) $ (0.17 ) Diluted net loss per share attributable to Civeo Corporation common shareholders $ (0.29 ) $ (0.04 ) $ (0.69 ) $ (0.17 ) Included in the pro forma results above are certain adjustments due to the following: (i) increases in depreciation and amortization expense due to acquired intangibles and the increased recorded value of property, plant and equipment, and (ii) increases in interest expense due to additional credit facility borrowings to fund the Noralta Acquisition, and (iii) decreases due to the exclusion of transaction costs. Transaction Costs. three June 30, 2018, $5.6 $0.2 $5.4 six June 30, 2018, $6.6 $0.2 $6.4 Acadian Acres On February 28, 2018, $28.0 $23.5 $4.5 December 2020 1.2 400 40 Intangible assets acquired in the Acadian Acres acquisition totaled $8.2 16 This acquisition was accounted for as an asset acquisition based on the principles described in ASC 805, not not |
Note 8 - Assets Held for Sale
Note 8 - Assets Held for Sale | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | 8. ASSETS HELD FOR SALE During the fourth 2017, $0.1 $0.3 three six June 30, 2017, 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 In addition, as a result of the Noralta Acquisition, Noralta’s corporate offices located in Nisku, Alberta, Canada were closed and are being held for sale. The related assets are recorded at the estimated fair value less costs to sell of approximately $3.2 The following table summarizes the carrying amount as of June 30, 2018 December 31, 2017 June 30, December 31, 201 8 201 7 Assets held for sale: Property, plant and equipment, net $ 12,519 $ 9,418 Inventories -- 44 Total assets held for sale $ 12,519 $ 9,462 |
Note 9 - Goodwill and Other Int
Note 9 - Goodwill and Other Intangible Assets | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | 9. GOODWILL AND OTHER INTANGIBLE ASSETS Changes in the carrying amount of goodwill from December 31, 2017 June 30, 2018 Canadian Australian U.S. Total Balance as of December 31, 2017 $ -- $ -- $ -- $ -- Noralta Acquisition (1) 119,858 -- -- 119,858 Foreign currency translation (2,551 ) -- -- (2,551 ) Balance as of June 30, 2018 $ 117,307 $ -- $ -- $ 117,307 ( 1 Please see Note 7 The following table presents the total amount of other intangible assets and the related accumulated amortization for major intangible asset classes as of June 30, 2018 December 31, 2017 ( June 30, 2018 December 31, 2017 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Amortizable Intangible Assets Customer relationships $ 43,331 $ (34,327 ) $ 45,209 $ (33,997 ) Trade name 1,443 (472 ) -- -- Contracts / agreements 152,373 (30,704 ) 38,362 (26,853 ) Favorable lease contract 2,353 (63 ) -- -- Noncompete agreements 675 (675 ) 675 (675 ) Total amortizable intangible assets $ 200,175 $ (66,241 ) $ 84,246 $ (61,525 ) Indefinite-Lived Intangible Assets Not Subject to Amortization Licenses 30 -- 32 -- Total indefinite-lived intangible assets 30 -- 32 -- Total intangible assets $ 200,205 $ (66,241 ) $ 84,278 $ (61,525 ) The weighted average remaining amortization period for all intangible assets, other than indefinite-lived intangibles, was 16.3 June 30, 2018 3.1 December 31, 2017. 7 As of June 30, 2018, Year Ending December 31, 2018 (remainder of the year) $ 10,422 2019 15,736 2020 12,728 2021 5,810 2022 5,797 Thereafter 83,441 Total $ 133,934 |
Note 10 - Earnings Per Share
Note 10 - Earnings Per Share | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 10. 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 Six Months Ended J une 30, J une 30, 201 8 201 7 201 8 201 7 Basic Loss per Share Net loss attributable to Civeo common shareholders $ (48,321 ) $ (14,816 ) $ (103,778 ) $ (35,803 ) Less: undistributed net income to participating securities -- -- -- -- Net loss attributable to Civeo common shareholders - basic $ (48,321 ) $ (14,816 ) $ (103,778 ) $ (35,803 ) Weighted average common shares outstanding - basic 165,373 130,692 148,595 125,796 Basic loss per share $ (0.29 ) $ (0.11 ) $ (0.70 ) $ (0.28 ) Diluted Loss per Share Net loss attributable to Civeo common shareholders - basic $ (48,321 ) $ (14,816 ) $ (103,778 ) $ (35,803 ) Less: undistributed net income to participating securities -- -- -- -- Net loss attributable to Civeo common shareholders - diluted $ (48,321 ) $ (14,816 ) $ (103,778 ) $ (35,803 ) Weighted average common shares outstanding - basic 165,373 130,692 148,595 125,796 Effect of dilutive securities (1 ) -- -- -- -- Weighted average common shares outstanding - diluted 165,373 130,692 148,595 125,796 Diluted loss per share $ (0.29 ) $ (0.11 ) $ (0.70 ) $ (0.28 ) ( 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 six June 30, 2018 2017. three June 30, 2018 2017, 4.1 2.3 six June 30, 2018 2017, 3.5 2.1 three six June 30, 2018, 29.3 |
Note 11 - Debt
Note 11 - Debt | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 11. DEBT As of June 30, 2018 December 31, 2017, June 30, 2018 December 31, 2017 Canadian term loan, which matures on November 30, 2020; 2.50% of aggregate principal repayable per quarter; weighted average interest rate of 5.5% for the six-month period ended June 30, 2018 $ 272,564 $ 297,623 U.S. revolving credit facility, which matures on November 30, 2020, weighted average interest rate of 7.2% for the six-month period ended June 30, 2018 -- -- Canadian revolving credit facility, which matures on November 30, 2020, weighted average interest rate of 6.1% for the six-month period ended June 30, 2018 132,516 -- Australian revolving credit facility, which matures on November 30, 2020, weighted average interest rate of 5.5% for the six-month period ended June 30, 2018 25,129 -- 430,209 297,623 Less: Unamortized debt issuance costs 3,046 3,037 Total debt 427,163 294,586 Less: Current portion of long-term debt, including unamortized debt issuance costs, net 27,643 16,596 Long-term debt, less current maturities $ 399,520 $ 277,990 We did not three June 30, 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 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. As a result of the Amended Credit Agreement, we recognized a loss during the second 2018 $0.7 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 June 30, 2018). June 30, 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 June 30, 2018, 9 $24.9 $110.6 |
Note 12 - Preferred Shares
Note 12 - Preferred Shares | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Preferred Stock [Text Block] | 12. PREFERRED SHARES As further discussed in Note 7 April 2, 2018, 9,679 $10,000 2% 3% The Preferred Shares are convertible into our common shares at a conversion price of US$3.30 15 two five may, The Preferred Shares do not During the three six June 30, 2018, Three and Six Months Ended J une 30, 2018 Deemed dividend on beneficial conversion feature at April 2, 2018 $ 47,849 In-kind dividend on June 30, 2018 484 Deemed dividend on beneficial conversion feature related to in-kind dividend 155 Total preferred dividends $ 48,488 As noted in Note 7 $47.8 $166.9 $7.0 As the Preferred Shares do not 15 $3.30 April 2, 2018, April 2, 2018. April 2, 2018 $47.8 The Board of Directors elected to pay the dividend due on June 30, 2018, $49.44 $0.5 three six June 30, 2018. In addition, at the time the dividend was deemed to be paid-in-kind, the fair value of the securities into which the Preferred Shares were convertible was greater than the effective conversion price on the deemed payment date. Accordingly, we recorded a beneficial conversion feature of $0.2 not 15 $3.30 June 30, 2018, June 30, 2018. June 30, 2018 $0.2 |
Note 13 - Income Taxes
Note 13 - Income Taxes | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 13. 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 June 30, 2018, As part of the acquisition of Noralta as described in Note 7 $53 June 30, 2018, no $4.9 Our income tax benefit for the six June 30, 2018 $24.1 30.4% $5.9 14.1% six June 30, 2017. six June 30, 2018 2017 5% 13%, Our income tax benefit for the three June 30, 2018 $23.4 101.3% $2.9 16.5% three June 30, 2017. three June 30, 2018 2018 no 740 270, |
Note 14 - Commitments and Conti
Note 14 - Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 14. 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 15 - Accumulated Other Com
Note 15 - Accumulated Other Comprehensive Loss | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | 15. ACCUMULATED OTHER COMPREHENSIVE LOSS Our accumulated other comprehensive loss increased $24.3 $328.2 December 31, 2017 $352.5 June 30, 2018, first 2018 C$0.3 A$0.4 June 30, 2018. |
Note 16 - Share Based Compensat
Note 16 - Share Based Compensation | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 16. S HARE BASED COMPENSATION Our employees and non-employee directors participate in the Amended and Restated 2014 No 18.7 may Outstanding Awards Options. three June 30, 2018 2017 zero $0.1 six June 30, 2018 2017 $0.1 June 30, 2018, Restricted S hare / Deferred S hare Awards. February 20, 2018, 2,018,990 three February 20, 2019. May 10, 2018, 265,153 May 10, 2019. Compensation expense associated with restricted share awards and deferred share awards recognized in the three June 30, 2018 2017 $1.6 $1.0 six June 30, 2018 2017 $2.9 $2.3 three June 30, 2018 2017 $1.0 $1.1 six June 30, 2018 2017 $3.4 $2.4 At June 30, 2018, $11.4 2.1 Phantom Share Awards . three June 30, 2018 2017, $2.6 $1.1 six June 30, 2018 2017, $6.0 $4.1 June 30, 2018, $6.8 June 30, 2018, 0.9 Performance Awards . February 20, 2018, 848,830 three February 20, 2021. 0% 200% 17 During the three June 30, 2018 2017, $1.2 $0.8 six June 30, 2018 2017, $2.2 $1.5 June 30, 2018, $7.4 2.0 |
Note 17 - Segment and Related I
Note 17 - Segment and Related Information | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 17. 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 six June 30, 2018 2017 Total Revenues Depreciation and amortization Operating income (loss) Capital expenditures Total assets Three months ended June 30, 201 8 Canada $ 86,518 $ 19,245 $ (6,718 ) $ 1,409 $ 860,149 Australia 30,577 10,649 (1,099 ) 475 314,446 United States 13,082 2,861 (1,832 ) 1,029 61,243 Corporate and eliminations -- 1,515 (5,852 ) 334 (117,890 ) Total $ 130,177 $ 34,270 $ (15,501 ) $ 3,247 $ 1,117,948 Three months ended June 30, 201 7 Canada $ 57,668 $ 17,559 $ (9,586 ) $ 465 $ 552,076 Australia 28,607 11,231 (3,416 ) 600 383,715 United States 5,735 1,194 (3,604 ) 212 30,978 Corporate and eliminations -- 1,570 3,239 877 (50,181 ) Total $ 92,010 $ 31,554 $ (13,367 ) $ 2,154 $ 916,588 Six months ended June 30, 201 8 Canada $ 149,908 $ 35,756 $ (46,648 ) $ 2,481 $ 860,149 Australia 58,452 21,766 (4,265 ) 1,069 314,446 United States 23,321 4,467 (5,096 ) 1,898 61,243 Corporate and eliminations -- 3,045 (12,007 ) 495 (117,890 ) Total $ 231,681 $ 65,034 $ (68,016 ) $ 5,943 $ 1,117,948 Six months ended June 30, 201 7 Canada $ 118,174 $ 35,972 $ (14,592 ) $ 1,516 $ 552,076 Australia 55,623 23,053 (4,617 ) 1,455 383,715 United States 9,642 2,384 (6,406 ) 636 30,978 Corporate and eliminations -- 2,974 (5,484 ) 2,430 (50,181 ) Total $ 183,439 $ 64,383 $ (31,099 ) $ 6,037 $ 916,588 |
Note 3 - Revenue (Tables)
Note 3 - Revenue (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended Six Months Ended June 30 , June 30 , 2018 201 7 2018 201 7 Canada Accommodation revenues $ 80,620 $ 53,637 $ 131,267 $ 109,867 Mobile facility rental revenues 2,107 243 9,901 802 Catering and other services revenues 3,716 2,646 7,455 6,089 Manufacturing revenues 75 1,142 1,285 1,416 Total Canada revenues 86,518 57,668 149,908 118,174 Australia Accommodation revenues $ 29,966 $ 28,607 $ 57,664 $ 55,623 Catering and other services revenues 611 -- 788 -- Total Australia revenues 30,577 28,607 58,452 55,623 United States Accommodation revenues $ 5,177 $ 2,446 $ 8,343 $ 4,544 Mobile facility rental revenues 4,533 2,072 8,110 3,117 Manufacturing revenues 3,329 1,167 6,793 1,907 Catering and other services revenues 43 50 75 74 Total United States revenues 13,082 5,735 23,321 9,642 Total revenues $ 130,177 $ 92,010 $ 231,681 $ 183,439 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Table Text Block] | For the years ending December 31, 2018 2019 2020 T hereafter Total Revenue expected to be recognized as of June 30, 2018 $ 71,680 $ 81,789 $ 45,101 $ 1,857 $ 200,427 |
Note 5 - Details of Selected 28
Note 5 - Details of Selected Balance Sheet Accounts (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | June 30, 2018 December 31, 201 7 Accounts receivable, net: Trade $ 54,190 $ 46,692 Unbilled revenue 22,741 20,555 Other 158 914 Total accounts receivable 77,089 68,161 Allowance for doubtful accounts (1,300 ) (1,338 ) Total accounts receivable, net $ 75,789 $ 66,823 |
Schedule of Inventory, Current [Table Text Block] | June 30, 2018 December 31, 201 7 Inventories: Finished goods and purchased products $ 2,581 $ 2,211 Work in process 1,040 4,096 Raw materials 1,099 939 Total inventories $ 4,720 $ 7,246 |
Property, Plant and Equipment [Table Text Block] | Estimated Useful Life (in years) June 30, 2018 December 31, 201 7 Property, plant and equipment, net: Land $ 47,929 $ 40,567 Accommodations assets 3 - 15 1,719,298 1,658,867 Buildings and leasehold improvements 5 - 20 24,229 24,181 Machinery and equipment 4 - 15 10,243 8,848 Office furniture and equipment 3 - 7 53,889 53,688 Vehicles 3 - 5 14,390 13,869 Construction in progress 4,480 2,770 Total property, plant and equipment 1,874,458 1,802,790 Accumulated depreciation (1,140,216 ) (1,108,957 ) Total property, plant and equipment, net $ 734,242 $ 693,833 |
Schedule of Accrued Liabilities [Table Text Block] | June 30, 2018 December 31, 201 7 Accrued liabilities: Accrued compensation $ 15,459 $ 20,424 Accrued taxes, other than income taxes 1,538 1,224 Accrued interest 38 15 Other 230 545 Total accrued liabilities $ 17,265 $ 22,208 |
Note 7 - Acquisitions (Tables)
Note 7 - Acquisitions (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | (In thousands, except per share data) Common shares issued 32,791 Common share price as of March 29, 2018 $ 3.77 Common share consideration $ 123,622 Cash consideration 161,162 Preferred Share consideration 59,042 Total purchase consideration $ 343,826 Less: Common shares held in escrow, expected to be released to Civeo (8,825 ) Less: Cash held in escrow, expected to be released to Civeo (15,763 ) Less: Preferred Shares held in escrow, expected to be released to Civeo (4,221 ) Total purchase consideration $ 315,017 |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Cash and cash equivalents $ 24 Accounts receivable (1) 21,456 Inventories 839 Other current assets 4,550 Property, plant and equipment 132,888 Goodwill 119,858 Intangible assets 114,136 Total assets acquired 393,751 Accounts payable and accrued liabilities 15,305 Income taxes payable 1,226 Other current liabilities 2,079 Deferred income taxes 53,066 Other noncurrent liabilities 7,058 Total liabilities assumed 78,734 Net assets acquired $ 315,017 |
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block] | Fair Value at April 2, 2018 Amortizable Intangible Assets Trade name $ 1,474 Contracts 110,258 Favorable lease contract 2,404 Total amortizable intangible assets $ 114,136 Amortizable Intangible Liabilities Unfavorable lease contracts $ 2,456 Total amortizable intangible liabilities $ 2,456 Net intangible assets $ 111,680 |
Business Acquisition, Pro Forma Information [Table Text Block] | THREE MONTHS ENDED SIX MONTHS ENDED JUNE 30, JUNE 30, (Unaudited) (Unaudited) (Actual) (Pro forma) (Pro forma) (Pro forma) 2018 201 7 201 8 201 7 Revenues $ 130,177 $ 124,100 $ 266,264 $ 235,215 Net loss attributable to Civeo Corporation common shareholders (48,321 ) (6,330 ) (101,846 ) (27,208 ) Basic net loss per share attributable to Civeo Corporation common shareholders $ (0.29 ) $ (0.04 ) $ (0.69 ) $ (0.17 ) Diluted net loss per share attributable to Civeo Corporation common shareholders $ (0.29 ) $ (0.04 ) $ (0.69 ) $ (0.17 ) |
Note 8 - Assets Held for Sale (
Note 8 - Assets Held for Sale (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Disposal Groups, Including Discontinued Operations [Table Text Block] | June 30, December 31, 201 8 201 7 Assets held for sale: Property, plant and equipment, net $ 12,519 $ 9,418 Inventories -- 44 Total assets held for sale $ 12,519 $ 9,462 |
Note 9 - Goodwill and Other I31
Note 9 - Goodwill and Other Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | Canadian Australian U.S. Total Balance as of December 31, 2017 $ -- $ -- $ -- $ -- Noralta Acquisition (1) 119,858 -- -- 119,858 Foreign currency translation (2,551 ) -- -- (2,551 ) Balance as of June 30, 2018 $ 117,307 $ -- $ -- $ 117,307 |
Schedule of Indefinite-Lived Intangible Assets [Table Text Block] | June 30, 2018 December 31, 2017 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Amortizable Intangible Assets Customer relationships $ 43,331 $ (34,327 ) $ 45,209 $ (33,997 ) Trade name 1,443 (472 ) -- -- Contracts / agreements 152,373 (30,704 ) 38,362 (26,853 ) Favorable lease contract 2,353 (63 ) -- -- Noncompete agreements 675 (675 ) 675 (675 ) Total amortizable intangible assets $ 200,175 $ (66,241 ) $ 84,246 $ (61,525 ) Indefinite-Lived Intangible Assets Not Subject to Amortization Licenses 30 -- 32 -- Total indefinite-lived intangible assets 30 -- 32 -- Total intangible assets $ 200,205 $ (66,241 ) $ 84,278 $ (61,525 ) |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Year Ending December 31, 2018 (remainder of the year) $ 10,422 2019 15,736 2020 12,728 2021 5,810 2022 5,797 Thereafter 83,441 Total $ 133,934 |
Note 10 - Earnings Per Share (T
Note 10 - Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended Six Months Ended J une 30, J une 30, 201 8 201 7 201 8 201 7 Basic Loss per Share Net loss attributable to Civeo common shareholders $ (48,321 ) $ (14,816 ) $ (103,778 ) $ (35,803 ) Less: undistributed net income to participating securities -- -- -- -- Net loss attributable to Civeo common shareholders - basic $ (48,321 ) $ (14,816 ) $ (103,778 ) $ (35,803 ) Weighted average common shares outstanding - basic 165,373 130,692 148,595 125,796 Basic loss per share $ (0.29 ) $ (0.11 ) $ (0.70 ) $ (0.28 ) Diluted Loss per Share Net loss attributable to Civeo common shareholders - basic $ (48,321 ) $ (14,816 ) $ (103,778 ) $ (35,803 ) Less: undistributed net income to participating securities -- -- -- -- Net loss attributable to Civeo common shareholders - diluted $ (48,321 ) $ (14,816 ) $ (103,778 ) $ (35,803 ) Weighted average common shares outstanding - basic 165,373 130,692 148,595 125,796 Effect of dilutive securities (1 ) -- -- -- -- Weighted average common shares outstanding - diluted 165,373 130,692 148,595 125,796 Diluted loss per share $ (0.29 ) $ (0.11 ) $ (0.70 ) $ (0.28 ) |
Note 11 - Debt (Tables)
Note 11 - Debt (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | June 30, 2018 December 31, 2017 Canadian term loan, which matures on November 30, 2020; 2.50% of aggregate principal repayable per quarter; weighted average interest rate of 5.5% for the six-month period ended June 30, 2018 $ 272,564 $ 297,623 U.S. revolving credit facility, which matures on November 30, 2020, weighted average interest rate of 7.2% for the six-month period ended June 30, 2018 -- -- Canadian revolving credit facility, which matures on November 30, 2020, weighted average interest rate of 6.1% for the six-month period ended June 30, 2018 132,516 -- Australian revolving credit facility, which matures on November 30, 2020, weighted average interest rate of 5.5% for the six-month period ended June 30, 2018 25,129 -- 430,209 297,623 Less: Unamortized debt issuance costs 3,046 3,037 Total debt 427,163 294,586 Less: Current portion of long-term debt, including unamortized debt issuance costs, net 27,643 16,596 Long-term debt, less current maturities $ 399,520 $ 277,990 |
Schedule Of Changes In Maximum Leverage Ratio [Table Text Block] | Period Ended Maximum Leverage Ratio 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 12 - Preferred Shares (Tab
Note 12 - Preferred Shares (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Dividends Declared [Table Text Block] | Three and Six Months Ended J une 30, 2018 Deemed dividend on beneficial conversion feature at April 2, 2018 $ 47,849 In-kind dividend on June 30, 2018 484 Deemed dividend on beneficial conversion feature related to in-kind dividend 155 Total preferred dividends $ 48,488 |
Note 17 - Segment and Related35
Note 17 - Segment and Related Information (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
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 June 30, 201 8 Canada $ 86,518 $ 19,245 $ (6,718 ) $ 1,409 $ 860,149 Australia 30,577 10,649 (1,099 ) 475 314,446 United States 13,082 2,861 (1,832 ) 1,029 61,243 Corporate and eliminations -- 1,515 (5,852 ) 334 (117,890 ) Total $ 130,177 $ 34,270 $ (15,501 ) $ 3,247 $ 1,117,948 Three months ended June 30, 201 7 Canada $ 57,668 $ 17,559 $ (9,586 ) $ 465 $ 552,076 Australia 28,607 11,231 (3,416 ) 600 383,715 United States 5,735 1,194 (3,604 ) 212 30,978 Corporate and eliminations -- 1,570 3,239 877 (50,181 ) Total $ 92,010 $ 31,554 $ (13,367 ) $ 2,154 $ 916,588 Six months ended June 30, 201 8 Canada $ 149,908 $ 35,756 $ (46,648 ) $ 2,481 $ 860,149 Australia 58,452 21,766 (4,265 ) 1,069 314,446 United States 23,321 4,467 (5,096 ) 1,898 61,243 Corporate and eliminations -- 3,045 (12,007 ) 495 (117,890 ) Total $ 231,681 $ 65,034 $ (68,016 ) $ 5,943 $ 1,117,948 Six months ended June 30, 201 7 Canada $ 118,174 $ 35,972 $ (14,592 ) $ 1,516 $ 552,076 Australia 55,623 23,053 (4,617 ) 1,455 383,715 United States 9,642 2,384 (6,406 ) 636 30,978 Corporate and eliminations -- 2,974 (5,484 ) 2,430 (50,181 ) Total $ 183,439 $ 64,383 $ (31,099 ) $ 6,037 $ 916,588 |
Note 1 - Description of Busin36
Note 1 - Description of Business and Basis of Presentation (Details Textual) | 6 Months Ended |
Jun. 30, 2018 | |
Number of Reportable Segments | 3 |
Note 2 - Recent Accounting Pr37
Note 2 - Recent Accounting Pronouncements (Details Textual) - USD ($) $ in Thousands | Jun. 30, 2018 | Jun. 30, 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) | 6 Months Ended |
Jun. 30, 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 | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Revenues | $ 130,177 | $ 92,010 | $ 231,681 | $ 183,439 |
Canadian Segment [Member] | ||||
Revenues | 86,518 | 57,668 | 149,908 | 118,174 |
Canadian Segment [Member] | Accommodation [Member] | ||||
Revenues | 80,620 | 53,637 | 131,267 | 109,867 |
Canadian Segment [Member] | Mobile Facility Rental [Member] | ||||
Revenues | 2,107 | 243 | 9,901 | 802 |
Canadian Segment [Member] | Catering and Other Services [Member] | ||||
Revenues | 3,716 | 2,646 | 7,455 | 6,089 |
Canadian Segment [Member] | Manufacturing [Member] | ||||
Revenues | 75 | 1,142 | 1,285 | 1,416 |
Australian Segment [Member] | ||||
Revenues | 30,577 | 28,607 | 58,452 | 55,623 |
Australian Segment [Member] | Accommodation [Member] | ||||
Revenues | 29,966 | 28,607 | 57,664 | 55,623 |
Australian Segment [Member] | Catering and Other Services [Member] | ||||
Revenues | 611 | 788 | ||
U.S. Segment [Member] | ||||
Revenues | 13,082 | 5,735 | 23,321 | 9,642 |
U.S. Segment [Member] | Accommodation [Member] | ||||
Revenues | 5,177 | 2,446 | 8,343 | 4,544 |
U.S. Segment [Member] | Mobile Facility Rental [Member] | ||||
Revenues | 4,533 | 2,072 | 8,110 | 3,117 |
U.S. Segment [Member] | Catering and Other Services [Member] | ||||
Revenues | 43 | 50 | 75 | 74 |
U.S. Segment [Member] | Manufacturing [Member] | ||||
Revenues | $ 3,329 | $ 1,167 | $ 6,793 | $ 1,907 |
Note 3 - Revenue - Revenue Rela
Note 3 - Revenue - Revenue Related to Performance Obligations (Details) $ in Thousands | Jun. 30, 2018USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2018-07-01 | |
Revenue expected to be recognized | $ 71,680 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-01-01 | |
Revenue expected to be recognized | 81,789 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01 | |
Revenue expected to be recognized | 45,101 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | |
Revenue expected to be recognized | 1,857 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: (nil) | |
Revenue expected to be recognized | $ 200,427 |
Note 5 - Details of Selected 41
Note 5 - Details of Selected Balance Sheet Accounts - Accounts Receivable (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Accounts receivable, net: | ||
Accounts receivable | $ 77,089 | $ 68,161 |
Allowance for doubtful accounts | (1,300) | (1,338) |
Total accounts receivable, net | 75,789 | 66,823 |
Trade Accounts Receivable [Member] | ||
Accounts receivable, net: | ||
Accounts receivable | 54,190 | 46,692 |
Unbilled Revenue [Member] | ||
Accounts receivable, net: | ||
Accounts receivable | 22,741 | 20,555 |
Other Receivable [Member] | ||
Accounts receivable, net: | ||
Accounts receivable | $ 158 | $ 914 |
Note 5 - Details of Selected 42
Note 5 - Details of Selected Balance Sheet Accounts - Inventories (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Inventories: | ||
Finished goods and purchased products | $ 2,581 | $ 2,211 |
Work in process | 1,040 | 4,096 |
Raw materials | 1,099 | 939 |
Total inventories | $ 4,720 | $ 7,246 |
Note 5 - Details of Selected 43
Note 5 - Details of Selected Balance Sheet Accounts - Property, Plant and Equipment (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2018 | Dec. 31, 2017 | |
Property, plant and equipment, gross | $ 1,874,458 | $ 1,802,790 |
Accumulated depreciation | (1,140,216) | (1,108,957) |
Total property, plant and equipment, net | 734,242 | 693,833 |
Land [Member] | ||
Property, plant and equipment, gross | 47,929 | 40,567 |
Accommodations Assets [Member] | ||
Property, plant and equipment, gross | $ 1,719,298 | 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 | $ 24,229 | 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 | $ 10,243 | 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 | $ 53,889 | 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 | $ 14,390 | 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 | $ 4,480 | $ 2,770 |
Note 5 - Details of Selected 44
Note 5 - Details of Selected Balance Sheet Accounts - Accrued Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Accrued liabilities: | ||
Accrued compensation | $ 15,459 | $ 20,424 |
Accrued taxes, other than income taxes | 1,538 | 1,224 |
Accrued interest | 38 | 15 |
Other | 230 | 545 |
Total accrued liabilities | $ 17,265 | $ 22,208 |
Note 6 - Impairment Charges (De
Note 6 - Impairment Charges (Details Textual) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2018 | Dec. 31, 2017 | |
Property, Plant and Equipment, Net, Ending Balance | $ 734,242 | $ 693,833 |
Two Lodges in Southern Alberta [Member] | Canadian Segment [Member] | ||
Property, Plant and Equipment, Net, Ending Balance | 0 | |
Impairment of Long-Lived Assets Held-for-use | $ 28,700 |
Note 7 - Acquisitions (Details
Note 7 - Acquisitions (Details Textual) $ / shares in Units, $ in Millions | Apr. 02, 2018USD ($)shares | Apr. 02, 2018CAD ($)shares | Feb. 28, 2018USD ($)ashares | Jun. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Dec. 31, 2017 | Mar. 29, 2018$ / shares |
Payments to Acquire Businesses, Gross, Held in Escrow | $ (15,763,000) | ||||||
Share Price | $ / shares | $ 3.77 | ||||||
Business Combination, Acquisition Related Costs | $ 5,600,000 | $ 6,600,000 | |||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 16 years 109 days | 3 years 36 days | |||||
Service and Other Costs [Member] | |||||||
Business Combination, Acquisition Related Costs | 200,000 | $ 200,000 | |||||
Selling, General and Administrative Expenses [Member] | |||||||
Business Combination, Acquisition Related Costs | 5,400,000 | 6,400,000 | |||||
Noralta [Member] | |||||||
Payments to Acquire Businesses, Gross | $ 161,162,000 | $ 207.7 | |||||
Payments to Acquire Businesses, Gross, Held in Escrow | $ 43.5 | ||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | shares | 32,791,000 | 32,791,000 | |||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares, Held in Escrow, Contingent on Remaining Customer Contracts | shares | 13,500,000 | 13,500,000 | |||||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | 32,000,000 | 32,000,000 | |||||
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | $ 13,100,000 | $ 13,100,000 | |||||
Payments to Acquire Businesses, Gross, Held in Escrow, Contingent on Employee Compensation Costs | $ 11,600,000 | ||||||
Business Combination, Consideration Transferred, Total | 315,017,000 | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | $ 114,136,000 | ||||||
Noralta [Member] | Contract-Based Intangible Assets [Member] | |||||||
Finite-Lived Intangible Asset, Useful Life | 20 years | 20 years | |||||
Noralta [Member] | Trade Names [Member] | |||||||
Finite-Lived Intangible Asset, Useful Life | 270 days | 270 days | |||||
Noralta [Member] | Unfavorable Lease Contracts [Member] | Minimum [Member] | |||||||
Finite-Lived Intangible Asset, Useful Life | 3 years 292 days | 3 years 292 days | |||||
Noralta [Member] | Unfavorable Lease Contracts [Member] | Maximum [Member] | |||||||
Finite-Lived Intangible Asset, Useful Life | 9 years 109 days | 9 years 109 days | |||||
Noralta [Member] | Common Stock [Member] | |||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares, Held in Escrow, Contingent on Employee Compensation Cost | shares | 2,400,000 | 2,400,000 | |||||
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | $ 123,622,000 | ||||||
Noralta [Member] | Preferred Stock [Member] | |||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares, Held in Escrow, Contingent on Employee Compensation Cost | shares | 692 | 692 | |||||
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | $ 59,042,000 | ||||||
Noralta [Member] | Preferred Stock [Member] | Series A Preferred Stock [Member] | |||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | shares | 9,679 | 9,679 | |||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares, Held in Escrow, Contingent on Employee Compensation Cost | shares | 692 | 692 | |||||
Business Acquisition, Equity Interest Issued or Issuable, Beneficial Conversion Feature | $ 47,800,000 | ||||||
Noralta [Member] | Preferred Stock [Member] | Class A Series 1 Preferred Stock [Member] | |||||||
Business Acquisition, Equity Interest Issued or Issuable, Liquidation Preference | $ 96,800,000 | ||||||
Business Acquisition, Equity Interest Issued or Issuable, Liquidation Preference, Percent | 61.00% | ||||||
Business Acquisition, Equity Interest Issued or Issuable, Beneficial Conversion Feature | $ 47,800,000 | ||||||
Lakeland [Member] | |||||||
Payments to Acquire Businesses, Gross | $ 23,500,000 | ||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | shares | 1,200,000 | ||||||
Business Combination, Consideration Transferred, Total | $ 28,000,000 | ||||||
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | $ 4,500,000 | ||||||
Number of Rooms | 400 | ||||||
Area of Land | a | 40 | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | $ 8,200,000 | ||||||
Lakeland [Member] | Customer Contracts [Member] | |||||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 1 year 120 days |
Note 7 - Acquisitions - Purchas
Note 7 - Acquisitions - Purchase Consideration and Estimated Fair Value (Details) $ / shares in Units, shares in Thousands, $ in Thousands, $ in Millions | Apr. 02, 2018USD ($)shares | Apr. 02, 2018CAD ($)shares | Mar. 29, 2018$ / shares |
Common share price as of March 29, 2018 (in dollars per share) | $ / shares | $ 3.77 | ||
Less: Common shares held in escrow, expected to be released to Civeo | $ (8,825) | ||
Less: Cash held in escrow, expected to be released to Civeo | (15,763) | ||
Less: Preferred Shares held in escrow, expected to be released to Civeo | $ (4,221) | ||
Noralta [Member] | |||
Common shares issued (in shares) | shares | 32,791 | 32,791 | |
Cash consideration | $ 161,162 | $ 207.7 | |
Total purchase consideration | 343,826 | ||
Less: Cash held in escrow, expected to be released to Civeo | $ 43.5 | ||
Total purchase consideration | 315,017 | ||
Noralta [Member] | Common Stock [Member] | |||
Share consideration | 123,622 | ||
Noralta [Member] | Preferred Stock [Member] | |||
Share consideration | $ 59,042 |
Note 7 - Acquisitions - Estimat
Note 7 - Acquisitions - Estimated Fair Values of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Apr. 02, 2018 | Dec. 31, 2017 | |
Goodwill | $ 117,307 | |||
Noralta [Member] | ||||
Cash and cash equivalents | $ 24 | |||
Accounts receivable | [1] | 21,456 | ||
Inventories | 839 | |||
Other current assets | 4,550 | |||
Property, plant and equipment | 132,888 | |||
Goodwill | 119,858 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | 114,136 | |||
Total assets acquired | 393,751 | |||
Accounts payable and accrued liabilities | 15,305 | |||
Income taxes payable | 1,226 | |||
Other current liabilities | 2,079 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities Noncurrent | 53,066 | |||
Other noncurrent liabilities | 7,058 | |||
Total liabilities assumed | 78,734 | |||
Net assets acquired | $ 315,017 | |||
[1] | The aggregate fair value of the acquired accounts receivable approximated the aggregate gross contractual amount. |
Note 7 - Acquisitions - Identif
Note 7 - Acquisitions - Identifiable Assets and Liabilities (Details) - Noralta [Member] $ in Thousands | Apr. 02, 2018USD ($) |
Intangible assets | $ 114,136 |
Intangible liabilities | 2,456 |
Net intangible assets | 111,680 |
Unfavorable Lease Contracts [Member] | |
Intangible liabilities | 2,456 |
Trade Names [Member] | |
Intangible assets | 1,474 |
Contract-Based Intangible Assets [Member] | |
Intangible assets | 110,258 |
Off-Market Favorable Lease [Member] | |
Intangible assets | $ 2,404 |
Note 7 - Acquisitions - Pro For
Note 7 - Acquisitions - Pro Forma Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Revenues | $ 130,177 | $ 92,010 | $ 231,681 | $ 183,439 |
Net loss attributable to Civeo Corporation common shareholders | (48,321) | (14,816) | (103,778) | (35,803) |
Noralta [Member] | ||||
Revenues | 130,177 | |||
Revenues | 124,100 | 266,264 | 235,215 | |
Net loss attributable to Civeo Corporation common shareholders | $ (48,321) | |||
Net loss attributable to Civeo Corporation common shareholders | $ (6,330) | $ (101,846) | $ (27,208) | |
Basic net loss per share attributable to Civeo Corporation common shareholders (in dollars per share) | $ (0.29) | |||
Basic net loss per share attributable to Civeo Corporation common shareholders (in dollars per share) | $ (0.04) | $ (0.69) | $ (0.17) | |
Diluted net loss per share attributable to Civeo Corporation common shareholders (in dollars per share) | $ (0.29) | |||
Diluted net loss per share attributable to Civeo Corporation common shareholders (in dollars per share) | $ (0.04) | $ (0.69) | $ (0.17) |
Note 8 - Assets Held for Sale51
Note 8 - Assets Held for Sale (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2017 | Jun. 30, 2018 | Dec. 31, 2017 | |
Disposal Group, Including Discontinued Operation, Assets, Current, Total | $ 12,519 | $ 9,462 | ||
Modular Construction and Manufacturing Plant Near Edmonton, Alberta, Canada [Member] | Canadian Segment [Member] | ||||
Disposal Group, Including Discontinued Operation, Depreciation and Amortization | $ 100 | $ 300 | ||
Undeveloped Land Positions in the British Columbia Segment [Member] | Canadian Segment [Member] | ||||
Disposal Group, Including Discontinued Operation, Assets, Current, Total | 4,200 | 4,200 | ||
Noralta [Member] | ||||
Disposal Group, Including Discontinued Operation, Assets, Current, Total | $ 3,200 | $ 3,200 |
Note 8 - Assets Held for Sale -
Note 8 - Assets Held for Sale - Carrying Amount of Assets Held for Sale (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Assets held for sale: | ||
Property, plant and equipment, net | $ 12,519 | $ 9,418 |
Inventories | 44 | |
Total assets held for sale | $ 12,519 | $ 9,462 |
Note 9 - Goodwill and Other I53
Note 9 - Goodwill and Other Intangible Assets (Details Textual) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2018 | Dec. 31, 2017 | |
Finite-Lived Intangible Assets, Remaining Amortization Period | 16 years 109 days | 3 years 36 days |
Note 9 - Goodwill and Other I54
Note 9 - Goodwill and Other Intangible Assets - Goodwill (Details) $ in Thousands | 6 Months Ended | |
Jun. 30, 2018USD ($) | ||
Balance | ||
Noralta Acquisition (1) | 119,858 | [1] |
Foreign currency translation | (2,551) | |
Balance | 117,307 | |
Canadian Segment [Member] | ||
Balance | ||
Noralta Acquisition (1) | 119,858 | [1] |
Foreign currency translation | (2,551) | |
Balance | 117,307 | |
Australian Segment [Member] | ||
Balance | ||
Noralta Acquisition (1) | [1] | |
Foreign currency translation | ||
Balance | ||
U.S. Segment [Member] | ||
Balance | ||
Noralta Acquisition (1) | [1] | |
Foreign currency translation | ||
Balance | ||
[1] | Please see Note 7 - Acquisitions for further information. |
Note 9 - Goodwill and Other I55
Note 9 - Goodwill and Other Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Amortizable Intangible Assets, Gross Carrying Amount | $ 200,175 | $ 84,246 |
Amortizable Intangible Assets, Accumulated Amortization | (66,241) | (61,525) |
Indefinite-Lived Intangible Assets Not Subject to Amortization | 30 | 32 |
Total Intangible Assets, Gross Carrying Amount | 200,205 | 84,278 |
Licensing Agreements [Member] | ||
Indefinite-Lived Intangible Assets Not Subject to Amortization | 30 | 32 |
Customer Relationships [Member] | ||
Amortizable Intangible Assets, Gross Carrying Amount | 43,331 | 45,209 |
Amortizable Intangible Assets, Accumulated Amortization | (34,327) | (33,997) |
Trade Names [Member] | ||
Amortizable Intangible Assets, Gross Carrying Amount | 1,443 | |
Amortizable Intangible Assets, Accumulated Amortization | (472) | |
Customer Contracts [Member] | ||
Amortizable Intangible Assets, Gross Carrying Amount | 152,373 | 38,362 |
Amortizable Intangible Assets, Accumulated Amortization | (30,704) | (26,853) |
Off-Market Favorable Lease [Member] | ||
Amortizable Intangible Assets, Gross Carrying Amount | 2,353 | |
Amortizable Intangible Assets, Accumulated Amortization | (63) | |
Noncompete Agreements [Member] | ||
Amortizable Intangible Assets, Gross Carrying Amount | 675 | 675 |
Amortizable Intangible Assets, Accumulated Amortization | $ (675) | $ (675) |
Note 9 - Goodwill and Other I56
Note 9 - Goodwill and Other Intangible Assets - Remaining Amortization of Intangible Assets (Details) $ in Thousands | Jun. 30, 2018USD ($) |
2018 (remainder of the year) | $ 10,422 |
2,019 | 15,736 |
2,020 | 12,728 |
2,021 | 5,810 |
2,022 | 5,797 |
Thereafter | 83,441 |
Total | $ 133,934 |
Note 10 - Earnings Per Share (D
Note 10 - Earnings Per Share (Details Textual) - shares shares in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Employee Stock Option [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 4.1 | 2.3 | 3.5 | 2.1 |
Preferred Shares [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 29.3 | 29.3 |
Note 10 - Earnings Per Share -
Note 10 - Earnings Per Share - Calculation of Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | ||
Net loss attributable to Civeo’s common shareholders | $ (48,321) | $ (14,816) | $ (103,778) | $ (35,803) | |
Less: undistributed net income to participating securities | |||||
Net loss attributable to Civeo common shareholders | $ (48,321) | $ (14,816) | $ (103,778) | $ (35,803) | |
Weighted average common shares outstanding - basic (in shares) | 165,373 | 130,692 | 148,595 | 125,796 | |
Basic net loss per share attributable to Civeo Corporation common shareholders (in dollars per share) | $ (0.29) | $ (0.11) | $ (0.70) | $ (0.28) | |
Net loss attributable to Civeo common shareholders - basic | $ (48,321) | $ (14,816) | $ (103,778) | $ (35,803) | |
Less: undistributed net income to participating securities | |||||
Net loss attributable to Civeo common shareholders - diluted | $ (48,321) | $ (14,816) | $ (103,778) | $ (35,803) | |
Effect of dilutive securities (in shares) | [1] | ||||
Weighted average common shares outstanding - diluted (in shares) | 165,373 | 130,692 | 148,595 | 125,796 | |
Diluted net loss per share attributable to Civeo Corporation common shareholders (in dollars per share) | $ (0.29) | $ (0.11) | $ (0.70) | $ (0.28) | |
[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 six months ended June 30, 2018 and 2017. In the three months ended June 30, 2018 and 2017, we excluded from the calculation 4.1 million and 2.3 million share based awards, respectively, since the effect would have been anti-dilutive. In the six months ended June 30, 2018 and 2017, we excluded from the calculation 3.5 million and 2.1 million share based awards, respectively, since the effect would have been anti-dilutive. In the three and six months ended June 30, 2018, we excluded from the calculation the impact of converting the Preferred Shares into 29.3 million common shares, since the effect would have been anti-dilutive. |
Note 11 - Debt (Details Textual
Note 11 - Debt (Details Textual) $ in Thousands | Apr. 02, 2018USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2017USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2017USD ($) | Dec. 31, 2017USD ($) |
Interest Costs Capitalized Adjustment | $ 0 | $ 0 | ||||
Gain (Loss) on Extinguishment of Debt, Total | $ (748) | $ (748) | $ (842) | |||
Interest Coverage Ratio | 3 | |||||
Leverage Ratio | 4.5 | 4.5 | ||||
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 | 4.00% | |||||
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 | 3.00% | |||||
Line of Credit [Member] | Base Rate [Member] | Maximum [Member] | Canada, Dollars | ||||||
Debt Instrument, Basis Spread on Variable Rate | 3.00% | |||||
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 | 4.00% | |||||
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 | 4.00% | |||||
Amended Credit Facility [Member] | ||||||
Number of Lenders | 9 | 9 | ||||
Amended Credit Facility [Member] | Minimum [Member] | ||||||
Lender Commitments, Within Credit Agreement | $ 24,900 | $ 24,900 | ||||
Amended Credit Facility [Member] | Maximum [Member] | ||||||
Lender Commitments, Within Credit Agreement | 110,600 | $ 110,600 | ||||
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 | $ 239,500 | 275,000 | ||||
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 | 20,000 | 40,000 | ||||
Revolving Credit Facility, Canadian Subsidiaries [Member] | Amended Credit Facility [Member] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | 159,500 | 90,000 | ||||
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 | $ 60,000 | $ 85,000 | ||||
Gain (Loss) on Extinguishment of Debt, Total | $ 700 |
Note 11 - Debt - Long-term Debt
Note 11 - Debt - Long-term Debt (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Total debt, including unamortized debt issuance costs | $ 430,209 | $ 297,623 |
Less: Unamortized debt issuance costs | 3,046 | 3,037 |
Total debt | 427,163 | 294,586 |
Less: Current portion of long-term debt, including unamortized debt issuance costs, net | 27,643 | 16,596 |
Long-term debt, less current maturities | 399,520 | 277,990 |
Canadian Term Loan [Member] | ||
Term loan | 272,564 | 297,623 |
US Revolving Credit Facility [Member] | ||
Revolving credit facility | ||
Canadian Credit Facility [Member] | ||
Revolving credit facility | 132,516 | |
Australian Credit Facility [Member] | ||
Revolving credit facility | $ 25,129 |
Note 11 - Debt - Long-term De61
Note 11 - Debt - Long-term Debt (Details) (Parentheticals) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2018 | Dec. 31, 2017 | |
Canadian Term Loan [Member] | ||
Maturity date | Nov. 30, 2020 | Nov. 30, 2020 |
Term loan, interest rate | 2.50% | 2.50% |
Term loan, weighted-average interest rate | 5.50% | 5.50% |
US Revolving Credit Facility [Member] | ||
Maturity date | Nov. 30, 2020 | |
Line of credit facility, interest rate | 7.20% | |
Canadian Credit Facility [Member] | ||
Maturity date | Nov. 30, 2020 | |
Line of credit facility, interest rate | 6.10% | |
Australian Credit Facility [Member] | ||
Maturity date | Nov. 30, 2020 | |
Line of credit facility, interest rate | 5.50% |
Note 11 - Debt - Changes to Max
Note 11 - Debt - Changes to Maximum Leverage Ratio (Details) | 3 Months Ended | 6 Months Ended | |||
Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Jun. 30, 2018 | |
Maximum Leverage Ratio | 4.5 | 4.5 | |||
Scenario, Forecast [Member] | |||||
Maximum Leverage Ratio | 3.5 | 3.75 | 4.25 |
Note 12 - Preferred Shares (Det
Note 12 - Preferred Shares (Details Textual) - USD ($) | Apr. 02, 2018 | Jun. 30, 2018 | Jun. 30, 2018 | Jun. 30, 2017 |
Stock Issued During Period, Value, Acquisitions | $ 173,864,000 | |||
Weighted Average Share Price | $ 3.30 | $ 3.30 | ||
Dividend, Preferred Stock, Beneficial Conversion Feature | $ 47,800,000 | $ 47,849,000 | ||
Preferred Stock, Dividend Rate, Per-Dollar-Amount | $ 49.44 | |||
Dividends, Preferred Stock, Paid-in-kind | 484,000 | $ 484,000 | ||
Dividend, Preferred Stock, Paid-in-kind, Beneficial Conversion Feature | $ 155,000 | 200,000 | ||
Additional Paid-in Capital [Member] | ||||
Stock Issued During Period, Value, Acquisitions | 166,900 | 166,892,000 | ||
Preferred Stock [Member] | ||||
Stock Issued During Period, Value, Acquisitions | $ 7,000 | $ 6,972,000 | ||
Preferred Stock Convertible into Common Stock [Member] | ||||
Conversion of Stock, Conversion Price | $ 3.30 | |||
Series A Preferred Stock [Member] | ||||
Preferred Stock, Dividend Rate, Percentage | 2.00% | |||
Series A Preferred Stock [Member] | Maximum [Member] | ||||
Preferred Stock, Dividend Rate, Percentage | 3.00% | |||
Noralta [Member] | ||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 32,791,000 | |||
Noralta [Member] | Preferred Stock [Member] | Series A Preferred Stock [Member] | ||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 9,679 | |||
Business Acquisition, Equity Interest Issued or Issuable, Liquidation Preference Per Share | $ 10,000 | |||
Business Acquisition, Equity Interest Issued or Issuable, Beneficial Conversion Feature | $ 47,800,000 |
Note 12 - Preferred Shares - Pr
Note 12 - Preferred Shares - Preferred Dividends (Details) - USD ($) | Apr. 02, 2018 | Jun. 30, 2018 | Jun. 30, 2018 | Jun. 30, 2017 |
Deemed dividend on beneficial conversion feature at April 2, 2018 | $ 47,800,000 | $ 47,849,000 | ||
Preferred dividends paid-in-kind | 484,000 | $ 484,000 | ||
Deemed dividend on beneficial conversion feature related to in-kind dividend | 155,000 | $ 200,000 | ||
Total preferred dividends | $ 48,488,000 |
Note 13 - Income Taxes (Details
Note 13 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Apr. 02, 2018 | |
Income Tax Expense (Benefit), Total | $ (23,371) | $ (2,916) | $ (24,056) | $ (5,864) | |
Effective Income Tax Rate Reconciliation, Percent, Total | 101.30% | 16.50% | 30.40% | 14.10% | |
Effective Income Tax Rate Reconciliation, Interim Tax Provison, Percent | (5.00%) | (13.00%) | |||
Deferred Tax Asset, Business Acquisition [Member] | |||||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $ (4,900) | ||||
Foreign Tax Authority [Member] | Canada Revenue Agency [Member] | |||||
Deferred Foreign Income Tax Expense (Benefit) | $ (4,900) | ||||
Noralta [Member] | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities Noncurrent | $ 53,066 | ||||
Minimum [Member] | |||||
Statutory Tax Rate, Foreign and Domestic | 21.00% | 21.00% | |||
Maximum [Member] | |||||
Statutory Tax Rate, Foreign and Domestic | 30.00% | 30.00% |
Note 15 - Accumulated Other C66
Note 15 - Accumulated Other Comprehensive Loss (Details Textual) $ in Thousands, $ in Billions, $ in Billions | Jun. 30, 2018USD ($) | Jun. 30, 2018CAD ($) | Jun. 30, 2018AUD ($) | Dec. 31, 2017USD ($) |
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax, Ending Balance | $ 24,300 | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax, Total | $ (352,466) | $ (328,213) | ||
Translation Adjustment Functional to Reporting Currency, Net of Tax, Ending Balance | $ 0.3 | $ 0.4 |
Note 16 - Share Based Compens67
Note 16 - Share Based Compensation (Details Textual) $ in Thousands | May 10, 2018shares | Feb. 20, 2018shares | Jun. 30, 2018USD ($)shares | Jun. 30, 2017USD ($) | Jun. 30, 2018USD ($)shares | Jun. 30, 2017USD ($) |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | shares | 18,700,000 | 18,700,000 | ||||
Employee Stock Option [Member] | ||||||
Allocated Share-based Compensation Expense, Total | $ 0 | $ 100 | $ 100 | $ 100 | ||
Restricted Stock and Deferred Stock Awards [Member] | ||||||
Allocated Share-based Compensation Expense, Total | 1,600 | 1,000 | 2,900 | 2,300 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | 1,000 | 1,100 | 3,400 | 2,400 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options | 11,400 | $ 11,400 | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 36 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 | |||||
Restricted Stock [Member] | Civeo Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | shares | 265,153 | |||||
Phantom Share Units (PSUs) [Member] | ||||||
Allocated Share-based Compensation Expense, Total | 2,600 | 1,100 | $ 6,000 | 4,100 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options | 6,800 | $ 6,800 | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 328 days | |||||
Performance Shares [Member] | ||||||
Allocated Share-based Compensation Expense, Total | 1,200 | $ 800 | $ 2,200 | $ 1,500 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options | $ 7,400 | $ 7,400 | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years | |||||
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 17 - Segment and Related68
Note 17 - Segment and Related Information - Financial Information by Business Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
Total Revenues | $ 130,177 | $ 92,010 | $ 231,681 | $ 183,439 | |
Depreciation and amortization | 34,270 | 31,554 | 65,034 | 64,383 | |
Operating income (loss) | (15,501) | (13,367) | (68,016) | (31,099) | |
Capital expenditures | 3,247 | 2,154 | 5,943 | 6,037 | |
Total assets | 1,117,948 | 916,588 | 1,117,948 | 916,588 | $ 853,912 |
Canadian Segment [Member] | |||||
Total Revenues | 86,518 | 57,668 | 149,908 | 118,174 | |
Depreciation and amortization | 19,245 | 17,559 | 35,756 | 35,972 | |
Operating income (loss) | (6,718) | (9,586) | (46,648) | (14,592) | |
Capital expenditures | 1,409 | 465 | 2,481 | 1,516 | |
Total assets | 860,149 | 552,076 | 860,149 | 552,076 | |
Australian Segment [Member] | |||||
Total Revenues | 30,577 | 28,607 | 58,452 | 55,623 | |
Depreciation and amortization | 10,649 | 11,231 | 21,766 | 23,053 | |
Operating income (loss) | (1,099) | (3,416) | (4,265) | (4,617) | |
Capital expenditures | 475 | 600 | 1,069 | 1,455 | |
Total assets | 314,446 | 383,715 | 314,446 | 383,715 | |
U.S. Segment [Member] | |||||
Total Revenues | 13,082 | 5,735 | 23,321 | 9,642 | |
Depreciation and amortization | 2,861 | 1,194 | 4,467 | 2,384 | |
Operating income (loss) | (1,832) | (3,604) | (5,096) | (6,406) | |
Capital expenditures | 1,029 | 212 | 1,898 | 636 | |
Total assets | 61,243 | 30,978 | 61,243 | 30,978 | |
Corporate and Other [Member] | |||||
Total Revenues | |||||
Depreciation and amortization | 1,515 | 1,570 | 3,045 | 2,974 | |
Operating income (loss) | (5,852) | 3,239 | (12,007) | (5,484) | |
Capital expenditures | 334 | 877 | 495 | 2,430 | |
Total assets | $ (117,890) | $ (50,181) | $ (117,890) | $ (50,181) |