Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Feb. 22, 2019 | Jun. 29, 2018 | |
Document and Entity Information [Abstract] | |||
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) | 166,115,535 | ||
Entity Public Float | $ 577,165,294 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2018 | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Small Business Flag | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Revenue from Contract with Customer | |||
Revenues | $ 466,692 | $ 382,276 | $ 397,230 |
Operating Expenses [Abstract] | |||
Selling, general and administrative expenses | 69,068 | 63,431 | 55,297 |
Depreciation and amortization expense | 125,846 | 126,443 | 131,302 |
Impairment expense | 28,661 | 31,604 | 46,129 |
Other operating expense | 790 | 1,511 | 612 |
Total costs and expenses | 554,747 | 480,247 | 492,990 |
Operating loss | (88,055) | (97,971) | (95,760) |
Interest expense | (26,258) | (21,439) | (22,667) |
Loss on extinguishment of debt | 748 | 842 | 302 |
Interest income | 226 | 200 | 152 |
Other income | 1,623 | 1,308 | 2,645 |
Loss before income taxes | (113,212) | (118,744) | (115,932) |
Income tax benefit | 31,365 | 13,490 | 20,105 |
Net loss | (81,847) | (105,254) | (95,827) |
Less: Net income attributable to noncontrolling interest | 396 | 459 | 561 |
Net loss attributable to Civeo Corporation | (82,243) | (105,713) | (96,388) |
Less: Dividends attributable to Class A preferred shares | 49,589 | 0 | 0 |
Net loss attributable to Civeo common shareholders | $ (131,832) | $ (105,713) | $ (96,388) |
Per Share Data (see Note 8) | |||
Basic net loss per share attributable to Civeo Corporation common shareholders (in dollars per share) | $ (0.84) | $ (0.82) | $ (0.9) |
Diluted net loss per share attributable to Civeo Corporation common shareholders (in dollars per share) | $ (0.84) | $ (0.82) | $ (0.9) |
Weighted average number of common shares outstanding: | |||
Basic (in shares) | 157,231 | 128,365 | 107,024 |
Diluted (in shares) | 157,231 | 128,365 | 107,024 |
Service and Other | |||
Revenue from Contract with Customer | |||
Revenues | $ 448,908 | $ 371,462 | $ 378,585 |
Operating Expenses [Abstract] | |||
Service, other and product costs | 315,537 | 244,978 | 238,037 |
Product | |||
Revenue from Contract with Customer | |||
Revenues | 17,784 | 10,814 | 18,645 |
Operating Expenses [Abstract] | |||
Service, other and product costs | $ 14,845 | $ 12,280 | $ 21,613 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Statement of Comprehensive Income [Abstract] | |||
Net loss | $ (81,847) | $ (105,254) | $ (95,827) |
Other comprehensive income (loss), net of tax: | |||
Foreign currency translation adjustment, net of taxes zero | (43,036) | 35,038 | 3,389 |
Total other comprehensive income (loss), net of tax | (43,036) | 35,038 | 3,389 |
Comprehensive loss | (124,883) | (70,216) | (92,438) |
Less: Comprehensive income attributable to noncontrolling interest | 396 | 780 | 571 |
Comprehensive loss attributable to Civeo Corporation | $ (125,279) | $ (70,996) | $ (93,009) |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Loss (Parentheticals) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Statement of Comprehensive Income [Abstract] | |||
Foreign currency translation adjustment, tax | $ 0 | $ 0 | $ 0 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 12,372 | $ 32,647 |
Accounts receivable, net | 70,223 | 66,823 |
Inventories | 4,313 | 7,246 |
Prepaid expenses | 7,036 | 14,481 |
Other current assets | 3,556 | 1,553 |
Assets held for sale | 10,297 | 9,462 |
Total current assets | 107,797 | 132,212 |
Property, plant and equipment, net | 658,905 | 693,833 |
Goodwill | 114,207 | 0 |
Other intangible assets, net | 119,409 | 22,753 |
Other noncurrent assets | 1,359 | 5,114 |
Total assets | 1,001,677 | 853,912 |
Current liabilities: | ||
Accounts payable | 28,334 | 27,812 |
Accrued liabilities | 15,956 | 22,208 |
Income taxes | 310 | 1,728 |
Current portion of long-term debt | 33,329 | 16,596 |
Deferred revenue | 3,035 | 5,442 |
Other current liabilities | 5,719 | 1,843 |
Total current liabilities | 86,683 | 75,629 |
Long-term debt, less current maturities | 342,908 | 277,990 |
Deferred income taxes | 18,442 | 0 |
Other noncurrent liabilities | 18,220 | 23,926 |
Total liabilities | 466,253 | 377,545 |
Commitments and contingencies (Note 17) | ||
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 $98,243,690 as of December 31, 2018) | 56,280 | 0 |
Common shares (no par value; 550,000,000 shares authorized, 166,392,479 shares and 132,427,885 shares issued, respectively, and 165,932,334 shares and 132,262,434 shares outstanding, respectively) | 0 | 0 |
Additional paid-in capital | 1,562,133 | 1,383,934 |
Accumulated deficit | (710,551) | (579,113) |
Common shares held in treasury at cost, 460,145 and 165,451 shares, respectively | (1,189) | (358) |
Accumulated other comprehensive loss | (371,249) | (328,213) |
Total Civeo Corporation shareholders’ equity | 535,424 | 476,250 |
Noncontrolling interest | 0 | 117 |
Total shareholders’ equity | 535,424 | 476,367 |
Total liabilities and shareholders’ equity | $ 1,001,677 | $ 853,912 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Preferred Stock, No Par Value | $ 0 | $ 0 |
Preferred Stock, Shares Authorized | 50,000,000 | 0 |
Preferred Stock, Shares Issued | 9,679 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Preferred Stock, Liquidation Preference, Value | $ 98,243,690 | $ 0 |
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) | 168,548,828 | 132,427,885 |
Common stock, shares outstanding (in shares) | 165,932,334 | 132,262,434 |
Treasury shares (in shares) | 460,145 | 165,451 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands | Total | Preferred Shares | Additional Paid-in Capital | Accumulated Deficit | Treasury Shares | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interest |
Balance at Dec. 31, 2015 | $ 563,770 | $ 1,305,930 | $ (376,376) | $ (366,309) | $ 525 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income (loss) | (95,827) | (96,388) | 561 | ||||
Currency translation adjustment | 3,389 | 3,379 | 10 | ||||
Dividends paid | (573) | (573) | |||||
Share-based compensation | 5,231 | 5,296 | $ (65) | ||||
Balance at Dec. 31, 2016 | 475,990 | 1,311,226 | (472,764) | (65) | (362,930) | 523 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income (loss) | (105,254) | (105,713) | 459 | ||||
Currency translation adjustment | 35,038 | 34,717 | 321 | ||||
Dividends paid | (1,186) | (1,186) | |||||
Cumulative effect of implementation of ASU 2016-09 | 636 | (636) | |||||
Issuance of shares for acquisitions | 64,734 | 64,734 | |||||
Share-based compensation | 7,045 | 7,338 | (293) | ||||
Balance at Dec. 31, 2017 | 476,367 | 1,383,934 | (579,113) | (358) | (328,213) | 117 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income (loss) | (81,847) | (82,243) | 396 | ||||
Currency translation adjustment | (43,036) | (43,036) | |||||
Dividends paid | (513) | (513) | |||||
Issuance of shares for acquisitions | 173,854 | $ 6,972 | 166,882 | ||||
Dividends attributable to Class A preferred shares (Note 13) | (49,589) | 49,308 | 281 | (49,589) | |||
Share-based compensation | 10,205 | 11,036 | (831) | ||||
Balance at Dec. 31, 2018 | 535,424 | $ 56,280 | $ 1,562,133 | (710,551) | $ (1,189) | $ (371,249) | $ 0 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Cumulative effect of implementation of ASU 2014-09 | $ 394 | $ 394 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Shareholders' Equity (Shares) - shares | Total | Preferred Shares | Common Shares |
Balance (in shares) at Dec. 31, 2015 | 0 | 107,471,000 | |
Increase (Decrease) in Stockholders' Equity (in share) [Roll Forward] | |||
Share-based compensation (in shares) | 0 | 632,000 | |
Balance (in shares) at Dec. 31, 2016 | 0 | 108,103,000 | |
Increase (Decrease) in Stockholders' Equity (in share) [Roll Forward] | |||
Share-based compensation (in shares) | 0 | 1,159,000 | |
Issuance of common shares | 0 | 23,000,000 | |
Balance (in shares) at Dec. 31, 2017 | 132,427,885 | 0 | 132,262,000 |
Increase (Decrease) in Stockholders' Equity (in share) [Roll Forward] | |||
Share-based compensation (in shares) | 0 | 1,696,000 | |
Issuance of common shares | 9,042,000 | 31,974,000 | |
Balance (in shares) at Dec. 31, 2018 | 168,548,828 | 9,042,000 | 165,932,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Cash flows from operating activities: | |||
Net loss | $ (81,847) | $ (105,254) | $ (95,827) |
Adjustments to reconcile net loss to net cash provided by operating activities: | |||
Depreciation and amortization | 125,846 | 126,443 | 131,302 |
Impairment charges | 28,661 | 31,604 | 46,129 |
Inventory write-down | 0 | 525 | 850 |
Loss on extinguishment of debt | 748 | 842 | 302 |
Deferred income tax benefit | (31,403) | (8,976) | (13,208) |
Non-cash compensation charge | 11,036 | 7,338 | 5,296 |
(Gain) loss on disposals of assets | (1,606) | (825) | 29 |
Provision (benefit) for loss on receivables, net of recoveries | (276) | 51 | (54) |
Other, net | 4,879 | 3,871 | 868 |
Changes in operating assets and liabilities: | |||
Accounts receivable | 13,326 | (6,896) | 6,680 |
Inventories | 3,376 | (4,463) | 1,773 |
Accounts payable and accrued liabilities | (17,716) | 12,674 | (4,398) |
Taxes payable | 5,310 | 3,210 | (10,239) |
Other current assets and liabilities, net | (5,943) | (3,318) | (7,334) |
Net cash flows provided by operating activities | 54,391 | 56,826 | 62,169 |
Cash flows from investing activities: | |||
Capital expenditures | (17,108) | (11,194) | (19,779) |
Payments related to acquisitions, net of cash acquired | (171,337) | 0 | 0 |
Proceeds from disposition of property, plant and equipment | 5,844 | 1,908 | 5,775 |
Other, net | 654 | 548 | 1,315 |
Net cash flows used in investing activities | (181,947) | (8,738) | (12,689) |
Cash flows from financing activities: | |||
Proceeds from issuance of common shares, net | 0 | 64,734 | 0 |
Revolving credit borrowings | 358,312 | 44,525 | 310,539 |
Revolving credit repayments | (217,339) | (84,462) | (325,738) |
Term loan repayments | (26,609) | (40,781) | (41,023) |
Debt issuance costs | (4,009) | (1,795) | (2,062) |
Other, net | (832) | (293) | (65) |
Net cash flows provided by (used in) financing activities | 109,523 | (18,072) | (58,349) |
Effect of exchange rate changes on cash | (2,242) | 846 | 2,817 |
Net change in cash and cash equivalents | (20,275) | 30,862 | (6,052) |
Cash and cash equivalents, beginning of period | 32,647 | 1,785 | 7,837 |
Cash and cash equivalents, end of period | 12,372 | 32,647 | 1,785 |
Non-cash investing and financing items | |||
Preferred dividends paid-in-kind | 1,459 | 0 | 0 |
Common Shares | |||
Non-cash investing and financing items | |||
Value of shares issued as consideration for acquisitions | 119,797 | 0 | 0 |
Preferred Shares | |||
Non-cash investing and financing items | |||
Value of shares issued as consideration for acquisitions | $ 54,821 | $ 0 | $ 0 |
Description of Business and Bas
Description of Business and Basis of Presentation | 12 Months Ended |
Dec. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business and Basis of Presentation | DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION Description of the Business We are a hospitality company servicing the natural resources industry in Canada, Australia and the U.S. We provide a full suite of hospitality services for our guests, including lodging, food service, housekeeping and maintenance at accommodation facilities that we or our customers own. We also, in many cases, provide services that support the day-to-day operations of accommodation facilities, such as laundry, facility management and maintenance, water and wastewater treatment, power generation, communication systems, security and group logistics. We also offer development activities for workforce accommodation facilities, including site selection, permitting, engineering and design, manufacturing management and site construction, along with providing hospitality services once the facility is constructed. We operate in some of the world’s most active oil, coal and iron ore producing regions, and our customers include major and independent oil companies, mining companies and oilfield and mining service companies. We operate in three principal reportable business segments – Canada, Australia and U.S. Basis of Presentation Unless otherwise stated or the context otherwise indicates: (i) all references in these consolidated financial statements to “Civeo,” “us,” “our” or “we” refer to Civeo Corporation and its consolidated subsidiaries; and (ii) all references in this report to “dollars” or “$” are to U.S. dollars. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Cash We consider all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Allowances for Doubtful Accounts We maintain allowances for doubtful accounts for estimated losses resulting from the inability of our customers to make required payments. If a trade receivable is deemed to be uncollectible, such receivable is charged-off against the allowance for doubtful accounts. We consider the following factors when determining if collection of revenue is reasonably assured: customer credit-worthiness, past transaction history with the customer, current economic industry trends, customer solvency and changes in customer payment terms. If we have no previous experience with the customer, we typically obtain reports from various credit organizations to ensure that the customer has a history of paying its creditors. We may also request financial information, including combined financial statements or other documents, to ensure that the customer has the means of making payment. If these factors do not indicate collection is reasonably assured, we generally would require a prepayment or other arrangement to support revenue recognition and recording of a trade receivable. If the financial condition of our customers were to deteriorate, adversely affecting their ability to make payments, additional allowances would be required. Inventories Inventories consist of work in process, raw materials and supplies and materials for the construction and operation of remote accommodation facilities. Inventories also include food, raw materials, labor, subcontractor charges, manufacturing overhead and catering and other supplies needed for operation of our facilities. Inventories are carried at the lower of cost or market. The cost of inventories is determined on an average cost or specific-identification method. Property, Plant, and Equipment Property, plant, and equipment are stated at cost or at estimated fair market value at acquisition date if acquired in a business combination, and depreciation is computed, for assets owned or recorded under capital lease, using the straight-line method, after allowing for salvage value where applicable, over the estimated useful lives of the assets. Leasehold improvements are capitalized and amortized over the lesser of the life of the lease or the estimated useful life of the asset. We record the fair value of a liability, which reflects the estimated present value of the amount of asset removal and site reclamation costs related to the retirement of our assets, for an asset retirement obligation (ARO) when it is incurred (typically when the asset is installed). When the liability is initially recorded, we capitalize the associated asset retirement cost by increasing the carrying amount of the related property, plant and equipment. Please see Asset Retirement Obligations, below, for further discussion. Expenditures for repairs and maintenance are charged to expense when incurred. Expenditures for major renewals and betterments, which extend the useful lives of existing equipment, are capitalized and depreciated. Upon retirement or disposition of property and equipment, the cost and related accumulated depreciation are removed from the accounts and any resulting gain or loss is recognized in the consolidated statements of operations. Interest Capitalization Interest costs for the construction of certain long-term assets are capitalized and amortized over the related assets’ estimated useful lives. For each of the years ended December 31, 2018 , 2017 and 2016 , capitalized interest totaled zero . Business Combinations We evaluate acquisitions of assets and other similar transactions to assess whether or not the transaction should be accounted for as a business combination by assessing whether or not we have acquired inputs and processes that have the ability to create outputs. If determined to be a business combination, we account for a business acquisition under the acquisition method of accounting. The accounting rules governing business combinations require the acquiring entity in a business combination to recognize the fair value of all assets acquired and liabilities assumed and establish the acquisition date as the fair value measurement point. Accordingly, we recognize assets acquired and liabilities assumed in a business combination based on the fair value estimates as of the date of acquisition. Goodwill is measured as the excess of the fair value of the consideration paid over the fair value of the identified net assets, including intangible assets, acquired. The fair value measurement of the identified net assets requires the significant use of estimates and is based on information that was available to management at the time these consolidated financial statements were prepared. We utilized recognized valuation techniques, including the cost approach, the market approach and the income approach to value the net assets acquired. The impact of changes to the estimated fair values of assets acquired and liabilities assumed is recorded in the reporting period in which the adjustment is identified. Final valuations of assets and liabilities are obtained and recorded within one year from the date of the acquisition. Impairment of Long-Lived Assets The recoverability of the carrying values of long-lived assets, including amortizable intangible assets, is assessed whenever, in management’s judgment, events or changes in circumstances indicate that the carrying value of such asset groups may not be recoverable based on estimated future cash flows. If this assessment indicates that the carrying values will not be recoverable, as determined based on undiscounted cash flows over the remaining useful lives, an impairment loss is recognized. The impairment loss equals the excess of the carrying value over the fair value of the asset group. The fair value of the asset group is based on prices of similar assets, if available, or discounted cash flows. In performing this analysis, the first step is to review asset groups at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. For each asset group, we compare its carrying value to estimates of undiscounted future cash flows. We use a variety of underlying assumptions to estimate these future cash flows, including assumptions relating to future economic market conditions, rates, occupancy levels, costs and expenses and capital expenditures. The estimates are consistent with those used for purposes of our goodwill impairment test, as further discussed in Goodwill and Other Intangible Assets, below. Based on the assessment, if the carrying values of certain of our asset groups are determined to not be recoverable, we proceed to the second step. In this step, we compare the fair value of the respective asset group to its carrying value. The fair value of the asset groups are based on prices of similar assets, as applicable, or discounted cash flows. Our estimate of the fair value requires us to use significant unobservable inputs, representative of Level 3 fair value measurements, including numerous assumptions with respect to future circumstances, such as industry and/or local market conditions that might directly impact each of the asset groups’ operations in the future, and are therefore uncertain. Please see Note 4 – Impairment Charges for a discussion of impairment charges we recognized in 2018 , 2017 and 2016 related to our long-lived assets. Goodwill and Other Intangible Assets Goodwill. Goodwill represents the excess of the purchase price paid for acquired businesses over the allocated fair value of the related net assets after impairments, if applicable. We do not amortize goodwill. We evaluate goodwill for impairment, at the reporting unit level, annually and when an event occurs or circumstances change to suggest that the carrying amount may not be recoverable. A reporting unit is the operating segment, or a business one level below that operating segment (the “component” level) if discrete financial information is prepared and regularly reviewed by management at the component level. Each segment of our business represents a separate reporting unit. We recognize an impairment loss for any amount by which the carrying amount of a reporting unit’s goodwill exceeds the reporting unit’s implied fair value (IFV) of goodwill. In connection with our acquisition of Noralta Lodge Ltd. (Noralta), referred to herein as the Noralta Acquisition, we recorded $120.9 million of goodwill in our Canadian reporting unit. For further discussion, please see Note 7 - Acquisitions and Note 11 - Goodwill and Other Intangible Assets. We conduct our annual impairment test as of November 30 of each year. Our assessment consists of a two-step impairment test. In the first step, we compare each reporting unit’s carrying amount, including goodwill, to the IFV of the reporting unit. If the carrying amount of the reporting unit exceeds its fair value, goodwill is potentially impaired, and a second step is performed to determine the amount of impairment, if any. Future impairment tests will be impacted by new accounting guidance which eliminates the second step of the goodwill impairment test, as discussed in Recent Accounting Pronouncements below. We are given the option to test for impairment of our goodwill by first performing a qualitative assessment to determine whether it is more likely than not (that is, likelihood of more than 50 percent) that the fair value of a reporting unit is less than its carrying amount, including goodwill. If it is determined that it is more likely than not that the fair value of a reporting unit is greater than its carrying amount, then performing the currently prescribed two-step impairment test is unnecessary. In developing a qualitative assessment to meet the “more-likely-than-not” threshold, each reporting unit with goodwill is assessed separately and different relevant events and circumstances are evaluated for each unit. We have the option to bypass the qualitative assessment for any reporting unit in any period and proceed directly to performing the first step of the two-step goodwill impairment test. When performing our annual assessment on November 30, 2018, due to a reduction in our share price in the fourth quarter of 2018, we chose to bypass the qualitative assessment and proceed directly to the first step of the impairment test for goodwill in our Canadian reporting unit. In performing the two-step impairment test, we compare each reporting unit’s carrying amount, including goodwill, to the IFV of the reporting unit. Because none of our reporting units has a publicly quoted market price, we must determine the value that willing buyers and sellers would place on the reporting unit through a routine sale process (a Level 3 fair value measurement). In our analysis, we target an IFV that represents the value that would be placed on the reporting unit by market participants, and value the reporting unit based on historical and projected results throughout a cycle, not the value of the reporting unit based on trough or peak earnings. The IFV of the reporting unit is estimated using a combination of (i) an analysis of trading multiples of comparable companies (Market Approach) and (ii) discounted projected cash flows (Income Approach). The relative weighting of each approach reflects current industry and market conditions. Market Approach - This valuation approach utilizes publicly traded comparable companies’ enterprise values, as compared to their recent and forecasted earnings before interest, taxes and depreciation (EBITDA) information. We use EBITDA because it is a widely used key indicator of the cash generating capacity of companies in our industry. Income Approach - This valuation approach derives a present value of the reporting unit’s projected future annual cash flows over the next five years with a terminal value assumption. We use a variety of underlying assumptions to estimate these future cash flows, including assumptions relating to future economic market conditions, rates, occupancy levels, costs and expenses and capital expenditures. These assumptions can vary by each reporting unit depending on market conditions. In addition, a terminal value is estimated, using a Gordon Growth methodology with a long-term growth rate of 3% . We discount our projected cash flows using a long-term weighted average cost of capital based on our estimate of investment returns that would be required by a market participant. The IFV of our reporting units is affected by future oil, coal and natural gas prices, anticipated spending by our customers, and the cost of capital. Our estimate of IFV requires us to use significant unobservable inputs, representative of Level 3 fair value measurements, including numerous assumptions with respect to future circumstances, such as industry and/or local market conditions that might directly impact each of the reporting units’ operations in the future, and are therefore uncertain. We selected these valuation approaches because we believe the combination of these approaches and our best judgment regarding underlying assumptions and estimates provides us with the best estimate of fair value for each of our reporting units. We believe these valuation approaches are proven valuation techniques and methodologies for our industry and widely accepted by investors. The IFV of each reporting unit would change if our assumptions under these valuation approaches, or relative weighting of the valuation approaches, were materially modified. Other Intangible Assets. We amortize the cost of other intangible assets using the straight-line method over their estimated useful lives unless such lives are deemed indefinite. For intangible assets that we amortize, we review the useful life of the intangible asset and evaluate each reporting period whether events and circumstances warrant a revision to the remaining useful life. We evaluate the remaining useful life of an intangible asset that is not being amortized each reporting period to determine whether events and circumstances continue to support an indefinite useful life. We are required to evaluate our indefinite-lived intangible assets for impairment annually and when an event occurs or circumstances change to suggest the carrying amount may not be recoverable. In performing the impairment test, we compare the fair value of the indefinite-lived intangible asset with its carrying amount. The measurement of the impairment is calculated based on the excess of the carrying value over its fair value. Foreign Currency and Other Comprehensive Income Gains and losses resulting from consolidated balance sheet translation of foreign operations where a foreign currency is the functional currency are included as a separate component of accumulated other comprehensive income within shareholders’ equity representing substantially all of the balances within accumulated other comprehensive income. Remeasurements of intercompany loans denominated in a different currency than the functional currency of the entity that are of a long-term investment nature are recognized as other comprehensive income within shareholders’ equity. Gains and losses resulting from consolidated balance sheet remeasurements of assets and liabilities denominated in a different currency than the functional currency, other than intercompany loans that are of a long-term investment nature, are included in the consolidated statements of operations as incurred. For the years ended December 31, 2018 , 2017 , and 2016 , we recognized approximately $0.8 million , $1.5 million and $0.6 million in foreign currency losses, respectively. Foreign Exchange Risk A significant portion of revenues, earnings and net investments in foreign affiliates are exposed to changes in foreign currency exchange rates. We seek to manage our foreign exchange risk in part through operational means, including managing expected local currency revenues in relation to local currency costs and local currency assets in relation to local currency liabilities. We have not entered into any foreign currency forward contracts. Revenue and Cost Recognition We generally recognize accommodation, mobile facility rental and food service and other services revenues over time due to the continuous transfer of control to the customers as they simultaneously receive and consume benefits of our hospitality services. 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 vary over the contract term. In these cases, revenue may be deferred and recognized on a straight-line basis over the contract term. A limited portion of our revenue is recognized at a point in time when control transfers to the customer, such as in connection with small modular construction and manufacturing contracts, minor food service arrangements and optional purchases our customers make for incidental services offered at our accommodation and mobile facilities. 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 result in revisions to projected costs and revenue and are recognized in the period in which the revisions to estimates are identified and the amounts can be reasonably estimated. Factors that may affect future project costs and margins include weather, production efficiencies, availability and costs of labor, materials and subcomponents. These factors can significantly impact the accuracy of our estimates and materially impact our future reported earnings. As a result 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 hospitality services under take-or-pay contracts with terms that most often range from several months to three years. Our contract terms generally provide for a rental rate for a reserved room and an occupied room rate that compensates us for services provided. We typically contract our facilities to our customers on a fee per day basis where the goods and services promised include lodging and meals. To identify the performance obligations, we consider all of the goods and services promised in the context of the contract and the pattern of transfer to our customers. Revenues exclude taxes assessed based on revenues such as sales or value added taxes. Cost of services includes labor, food, utility costs, cleaning supplies, and other costs of operating our accommodations facilities. Cost of goods sold includes all direct material and labor costs and those costs related to contract performance, such as indirect labor, supplies, tools and repairs. Selling, general and administrative costs are charged to expense as incurred. Income Taxes Our operations are subject to Canadian federal and provincial income taxes, as well as foreign income taxes. We determine the provision for income taxes using the asset and liability approach. Under this approach, deferred income taxes represent the expected future tax consequences of temporary differences between the carrying amounts and tax bases of assets and liabilities. Valuation allowances are established when necessary to reduce deferred tax assets to the amounts expected to be realized. In assessing the need for a valuation allowance, we look to the future reversal of existing taxable temporary differences, taxable income in carryback years, the feasibility of tax planning strategies and estimated future taxable income. The valuation allowance can be affected by changes to tax laws, changes to statutory tax rates and changes to future taxable income estimates. We recognize tax benefits from uncertain tax positions only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the consolidated financial statements from such positions are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. Please see Note 16 – Income Taxes for further information. Receivables and Concentration of Credit Risk Based on the nature of our customer base, we do not believe that we have any significant concentrations of credit risk other than our concentration in the Canadian oil sands and Australian mining industries. We evaluate the credit-worthiness of our significant, new and existing customers’ financial condition and, generally, we do not require collateral from our customers. For the year ended December 31, 2018 , each of Imperial Oil, Fort Hills Energy LP and Suncor Energy Inc. accounted for more than 10% of our revenues. For the years ended December 31, 2017 and 2016 , each of Imperial Oil and Fort Hills Energy LP accounted for more than 10% of our revenues. Asset Retirement Obligations We record the fair value of a liability, which reflects the estimated present value of the amount of asset removal and site reclamation costs related to the retirement of our assets, for an ARO when it is incurred (typically when the asset is installed). When the liability is initially recorded, we capitalize the associated asset retirement cost by increasing the carrying amount of the related property, plant and equipment. Over time, the liability increases for the change in its present value, while the capitalized cost depreciates over the useful life of the related asset. Accretion expense is recognized over the estimated productive life of the related assets. If the fair value of the estimated ARO changes, an adjustment is recorded to both the ARO and the capitalized asset retirement cost. Revisions in estimated liabilities can result from changes in estimated inflation rates, changes in service and equipment costs and changes in the estimated timing of settling the ARO. We utilize current retirement costs to estimate the expected cash outflows for retirement obligations. We estimate the ultimate productive life of the properties and a risk-adjusted discount rate in order to determine the current present value of the obligation. We relieve ARO liabilities when the related obligations are settled. We have AROs that we are required to perform under law or contract once an asset is permanently taken out of service. Most of these obligations are not expected to be paid until several years in the future and will be funded from general company resources at the time of removal. Please see Note 15 – Asset Retirement Obligations for further discussion. Share-Based Compensation We sponsor an equity participation plan in which certain of our employees participate. We measure the cost of employee services received in exchange for an award of equity instruments (typically restricted share awards and deferred share awards) based on the grant-date fair value of the award. The fair value is calculated based on our share price on the grant-date. The resulting cost is recognized over the period during which an employee is required to provide service in exchange for the awards, usually the vesting period. We also grant phantom shares. All of the awards vest in equal annual installments and are accounted for as a liability based on the fair value of our share price. Participants granted units of phantom shares are entitled to a lump sum cash payment equal to the fair market value of a common share on the vesting date. We also grant performance share awards. These awards are earned in amounts between 0% and 200% of the participant’s target performance share award, based on the payout percentage associated with Civeo’s relative total shareholder return rank among a peer group of other companies. The fair value is estimated using option-pricing models. The resulting cost is recognized over the period during which an employee is required to provide service in exchange for the awards, usually the vesting period. Guarantees Substantially all of our Canadian and U.S. subsidiaries are guarantors under our Amended Credit Agreement. See Note 12 - Debt. During the ordinary course of business, we also provide standby letters of credit or other guarantee instruments to certain parties as required for certain transactions initiated by us or our subsidiaries. As of December 31, 2018 , the maximum potential amount of future payments that we could be required to make under these guarantee agreements (letters of credit) was approximately $4.0 million . We have not recorded any liability in connection with these guarantee arrangements. We do not believe, based on historical experience and information currently available, that it is likely that any amounts will be required to be paid under these guarantee arrangements. Use of Estimates The preparation of consolidated financial statements in conformity with U.S. 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. Examples of a few such estimates include revenue and income recognized on the cost-based input method, estimates of the amount and timing of costs to be incurred for asset retirement obligations, any valuation allowance recorded on net deferred tax assets, warranty claims, long-lived asset and goodwill impairments and allowance for doubtful accounts. Actual results could materially differ from those estimates. Accounting for Contingencies We have contingent liabilities and future claims for which we have made estimates of the amount of the eventual cost to liquidate these liabilities or claims. These liabilities and claims sometimes involve threatened or actual litigation where damages have been quantified and we have made an assessment of our exposure and recorded a provision in our accounts to cover an expected loss. Other claims or liabilities have been estimated based on their fair value or our experience in these matters and, when appropriate, the advice of outside counsel or other outside experts. Upon the ultimate resolution of these uncertainties, our future reported financial results will be impacted by the difference between our estimates and the actual amounts paid to settle a liability. Examples of areas where we have made important estimates of future liabilities include litigation, taxes, interest, insurance claims, warranty claims, contract claims and obligations. Recent Accounting Pronouncements 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 yet effective, will not have a material impact on our consolidated financial statements upon adoption. In January 2017, the FASB issued Accounting Standards Update (ASU) 2017-01, “Business Combinations (Topic 805): Clarifying the Definition of a Business” which changes the definition of a business to assist entities with evaluating when a set of transferred assets and activities is a business. ASU 2017-01 requires an entity to evaluate if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets. If so, the set of transferred assets and activities is not a business. The standard is effective for interim and annual reporting periods beginning after December 15, 2017. Effective with our quarterly report on Form 10-Q for the quarter ended March 31, 2018, we have adopted this standard effective January 1, 2018. In January 2017, the FASB issued ASU 2017-04, "Intangibles-Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment." The standard simplifies the accounting for goodwill impairment by requiring a goodwill impairment to be measured using a single step impairment model, whereby the impairment equals the difference between the carrying amount and the fair value of the specified reporting units in their entirety. This eliminates the second step of the current impairment model that requires companies to first estimate the fair value of all assets in a reporting unit and measure impairments based on those fair values and a residual measurement approach. It also specifies that any loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. ASU 2017-04 is effective prospectively for public business entities for annual reporting periods beginning after December 15, 2019, and early adoption is permitted. We will adopt this new standard no later than January 1, 2020. The impact of the new standard will be dependent on the specific facts and circumstances of future individual goodwill impairments, if any. In June 2016, the FASB issued ASU 2016-13, “Financial Instruments – Credit Losses” (ASU 2016-13). This new standard changes how companies will measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. ASU 2016-13 is effective for financial statements issued for reporting periods beginning after December 15, 2019 and interim periods within the reporting periods. We are currently evaluating the impact of this new standard on our consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, “Leases” (Topic 842), which replaces the existing guidance for lease accounting. The guidance is effective for financial statements issued for reporting periods beginning after December 15, 2018 and interim periods within the reporting periods. We will adopt ASU 2016-02 and all related amendments as of January 1, 2019 and will elect the optional transition method, which allows us upon adoption to recognize a cumulative-effect adjustment to the opening balance of accumulated deficit for the application of the standard to our existing leases. ASU 2016-02 requires lessees to recognize a lease liability and a right-of-use asset for all leases. We have elected the short-term lease recognition exemption for all leases that qualify. Accordingly, we will not recognize right-of-use assets or lease liabilities for leases with terms shorter than 12 months. Our evaluation process includes reviewing all forms of leases, performing a completeness assessment over the lease population and analyzing the available practical expedients in order to determine the best implementation strategy. We have determined that certain of our accommodation contracts with customers contain both a lease and non-lease or service component and in those instances have concluded the service component is the predominant component. As a result, we will elect the practical expedient under ASU 2018-11, which allows us to combine the lease and non-lease components of revenues for presentation purposes in accordance with Accounting Standards Codification (ASC) Topic 606, “Revenue from Contracts with Customers” (ASC 606). We also have identified |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | REVENUE The following table disaggregates our revenue by our three reportable segments: Canada, Australia and U.S., and major categories for the years ended December 31, 2018 , 2017 and 2016 (in thousands): 2018 2017 2016 Canada Accommodation revenues $ 266,899 $ 228,062 $ 238,221 Mobile facility rental revenues 9,316 3,935 9,217 Food service and other services revenues 15,601 11,891 14,280 Manufacturing revenues 4,196 1,707 16,746 Total Canada revenues 296,012 245,595 278,464 Australia Accommodation revenues $ 117,896 $ 111,221 $ 106,815 Food service and other services revenues 1,342 — — Total Australia revenues 119,238 111,221 106,815 United States Accommodation revenues $ 18,288 $ 9,832 $ 3,806 Mobile facility rental revenues 20,389 8,764 6,243 Manufacturing revenues 12,595 6,693 1,816 Food service and other services revenues 170 171 86 Total United States revenues 51,442 25,460 11,951 Total revenues $ 466,692 $ 382,276 $ 397,230 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 significant. Payment terms are generally within 30 days. We do not have significant financing components or significant payment terms. As of December 31, 2018 , for contracts that are greater than one year, the table below discloses the estimated revenues related to performance obligations that are unsatisfied (or partially unsatisfied) and when we expect to recognize the revenue (in thousands): For the years ending December 31, 2019 2020 2021 Thereafter Total Revenue expected to be recognized as of December 31, 2018 $ 97,611 $ 50,693 $ 6,679 $ — $ 154,983 |
Impairment Charges
Impairment Charges | 12 Months Ended |
Dec. 31, 2018 | |
Asset Impairment Charges [Abstract] | |
Impairment Charges | IMPAIRMENT CHARGES 2018 Impairment Charges The following summarizes pre-tax impairment charges recorded during 2018 , which are included in Impairment expense in our consolidated statements of operations (in thousands): Canada Australia U.S. Total Quarter ended March 31, 2018 Long-lived assets $ 28,661 $ — $ — $ 28,661 Total $ 28,661 $ — $ — $ 28,661 Quarter ended March 31, 2018 . During the first quarter of 2018, we identified an indicator that certain long-lived assets used in the Canadian oil sands may be impaired due to market developments, including expected customer commitments, occurring in the first quarter of 2018. For purposes of our impairment assessment, we separated two lodges that were previously treated as a single asset group due to the lodges no longer being used together to generate joint cash flows. We assessed the carrying value of the asset group to determine if it continued to be recoverable based on estimated future cash flows. Based on the assessment, the carrying value was determined to not be fully recoverable, and we proceeded to compare the estimated fair value of the asset group to its respective carrying value. Accordingly, the value of a Canadian lodge was written down to its estimated fair value of zero . As a result of the analysis described above, we recorded an impairment expense of $28.7 million . 2017 Impairment Charges The following summarizes pre-tax impairment charges recorded during 2017 , which are included in Impairment expense in our consolidated statements of operations (in thousands): Canada Australia U.S. Total Quarter ended September 30, 2017 Long-lived assets $ 4,360 $ — $ — $ 4,360 Quarter ended December 31, 2017 Long-lived assets 27,244 — — 27,244 Total $ 31,604 $ — $ — $ 31,604 Quarter ended December 31, 2017 . During the fourth quarter of 2017 , we identified an indicator that certain asset groups used in the southern oil sands may be impaired due to market developments, including project delays, occurring in the fourth quarter of 2017 . We assessed the carrying value of each of the asset groups in the southern portion of the region to determine if they continued to be recoverable based on their estimated future cash flows. Based on the assessment, the carrying values of two of our lodges were determined to not be fully recoverable, and we proceeded to compare the estimated fair value of those assets groups to their respective carrying values. Accordingly, the value of the two lodges was written down to their estimated fair values of zero . As a result of the analysis described above, we recorded an impairment expense of $27.2 million . Quarter ended September 30, 2017 . During the third quarter of 2017 , we made the decision to vacate a mobile camp facility in Canada and relocated the assets to a newly awarded contract for a Canadian mobile camp. We assessed the carrying value of the remaining assets to determine if they continued to be recoverable based on their estimated future cash flows. Based on the assessment, the carrying values of certain leasehold improvements were determined to not be fully recoverable, and we proceeded to compare the estimated fair value of those assets to their respective carrying values. Accordingly, the value of the remaining leasehold improvements were written down to their estimated fair value of zero . As a result of the analysis described above, we recorded an impairment expense of $3.2 million associated with our leased properties in Canada. We also recorded an impairment expense of $1.2 million related to undeveloped land positions in Canada, the fair market value of which was negatively impacted by the recent cancellation of an LNG project in British Columbia. 2016 Impairment Charges The following summarizes pre-tax impairment charges recorded during 2016 , which are included in Impairment expense in our consolidated statements of operations (in thousands): Canada Australia U.S. Total Quarter ended March 31, 2016 Long-lived assets $ — $ — $ 8,400 $ 8,400 Quarter ended September 30, 2016 Long-lived assets 37,729 — — 37,729 Total $ 37,729 $ — $ 8,400 $ 46,129 Quarter ended March 31, 2016 . During the first quarter of 2016 , we recorded an impairment expense of $8.4 million , resulting from the impairment of fixed assets in our U.S. segment, due to a continued reduction of U.S. drilling activity in the Bakken Shale region. These fixed assets were written down to their estimated fair value of $3.8 million . We assessed the carrying values of the asset groups to determine if they continued to be recoverable based on estimated future cash flows. Based on the assessment, the carrying values were determined to not be recoverable, and we proceeded to compare the estimated fair value of those assets groups to their respective carrying values. Quarter ended September 30, 2016 . During the third quarter of 2016 , we identified an indicator that certain asset groups used, or expected to be used, in conjunction with potential LNG projects in British Columbia may be impaired due to market developments occurring in the third quarter of 2016 , including the delay in the final investment decision regarding an LNG project in British Columbia. We assessed the carrying value of each of the asset groups to determine if they continued to be recoverable based on their estimated future cash flows. Based on the assessment, the carrying values of the mobile camp assets and certain undeveloped land positions in British Columbia were determined to not be fully recoverable, and we proceeded to compare the estimated fair value of those assets groups to their respective carrying values. Accordingly, the mobile camp assets and undeveloped land positions were written down to their estimated fair values of $26.6 million and $5.6 million , respectively. As a result of the analysis described above, we recorded an impairment expense of $37.7 million associated with our mobile camp assets in Canada and undeveloped land positions in the British Columbia LNG market. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | FAIR VALUE MEASUREMENTS Our financial instruments consist of cash and cash equivalents, receivables, payables and debt instruments. We believe that the carrying values of these instruments on the accompanying consolidated balance sheets approximate their fair values. As of December 31, 2018 and 2017 , we believe the carrying value of our floating-rate debt outstanding under our term loans and revolving credit facilities approximates fair value because the terms include short-term interest rates and exclude penalties for prepayment. We estimated the fair value of our floating-rate term loan and revolving credit facilities using significant other observable inputs, representative of a Level 2 fair value measurement, including terms and credit spreads for these loans. During 2018 , 2017 and 2016 , we wrote down certain long-lived assets to fair value. Our estimates of fair value required us to use significant unobservable inputs, representative of Level 3 fair value measurements, including numerous assumptions with respect to future circumstances that might directly impact each of the relevant asset groups’ operations in the future and are therefore uncertain. These assumptions with respect to future circumstances included future oil, coal and natural gas prices, anticipated spending by our customers, the cost of capital, and industry and/or local market conditions. During the third quarter of 2017 and 2016, our estimates of fair value of certain undeveloped land positions in British Columbia were based on appraisals from third parties. Please see Note 2 – Summary of Significant Accounting Policies – Impairment of Long-Lived Assets for further discussion of the significant judgments and assumptions used in calculating their fair value. During the first half of 2018 , we acquired certain assets and businesses and recorded them at fair value. Determining the fair value of assets acquired and liabilities assumed requires the exercise of significant judgment, including the amount and timing of expected future cash flows, long-term growth rates and discount rates. The cash flows employed in the valuation are based on our best estimates of future sales, earnings and cash flows after considering factors such as general market conditions, expected future customer orders, contracts with suppliers, labor costs, changes in working capital, long term business plans and recent operating performance. Please see Note 7 – Acquisitions for further information. |
Details of Selected Balance She
Details of Selected Balance Sheet Accounts | 12 Months Ended |
Dec. 31, 2018 | |
Balance Sheet Related Disclosures [Abstract] | |
Details of Selected Balance Sheet Accounts | DETAILS OF SELECTED BALANCE SHEET ACCOUNTS Additional information regarding selected balance sheet accounts at December 31, 2018 and 2017 is presented below (in thousands): December 31, 2018 December 31, 2017 Accounts receivable, net: Trade $ 48,875 $ 46,692 Unbilled revenue 21,169 20,555 Other 555 914 Total accounts receivable 70,599 68,161 Allowance for doubtful accounts (376 ) (1,338 ) Total accounts receivable, net $ 70,223 $ 66,823 December 31, 2018 December 31, 2017 Inventories: Finished goods and purchased products $ 2,461 $ 2,211 Work in process 945 4,096 Raw materials 907 939 Total inventories $ 4,313 $ 7,246 During the fourth quarter of 2017 and the third quarter of 2016 , we recorded a $0.5 million and $0.9 million , respectively, write-down of inventory at our modular construction and manufacturing plant in Canada, which is included in Service and other costs in our accompanying consolidated statements of operations. Estimated December 31, 2018 December 31, 2017 Property, plant and equipment, net: Land $ 46,805 $ 40,567 Accommodations assets 3-15 1,650,758 1,658,867 Buildings and leasehold improvements 7-20 25,168 24,181 Machinery and equipment 4-15 10,693 8,848 Office furniture and equipment 3-7 54,459 53,688 Vehicles 3-5 14,589 13,869 Construction in progress 7,119 2,770 Total property, plant and equipment 1,809,591 1,802,790 Accumulated depreciation (1,150,686 ) (1,108,957 ) Total property, plant and equipment, net $ 658,905 $ 693,833 December 31, 2018 December 31, 2017 Accrued liabilities: Accrued compensation $ 13,545 $ 20,424 Accrued taxes, other than income taxes 2,177 1,224 Accrued interest 5 15 Other 229 545 Total accrued liabilities $ 15,956 $ 22,208 |
Acquisitions Acquisitions
Acquisitions Acquisitions | 12 Months Ended |
Dec. 31, 2018 | |
Business Combinations [Abstract] | |
Acquisitions | ACQUISITIONS Noralta Description of Transaction . On April 2, 2018, we acquired the equity of Noralta, located in Alberta, Canada. The total consideration, which is subject to adjustment in accordance with the terms of the definitive agreement, included (i) C$207.7 million (or approximately US$161.2 million ) in cash, of which C$43.5 million was initially held in escrow by Alliance Trust Company (the Escrow Agent) to cover purchase price adjustments related to any closing date working capital shortfall and to support the sellers’ indemnification obligations under the definitive agreement and certain obligations of the sellers to compensate us for certain increased employee compensation costs that are expected to be incurred as a result of the union certification of certain classes of Noralta employees, (ii) 32.8 million of our common shares, of which (a) 13.5 million shares are held in escrow by the Escrow Agent and will be released based on certain conditions related to Noralta customer contracts remaining in place and (b) 2.4 million shares were held in escrow by the Escrow Agent and were released based on the employee compensation cost increases described above, and (iii) 9,679 Class A Series 1 Preferred Shares (the Preferred Shares) with an initial liquidation preference of $96.8 million , of which 692 shares were held in escrow by the Escrow Agent and were released based on the employee compensation cost increases described above. As a result of the Noralta Acquisition, we expanded our existing accommodations business in the Canadian oil sands market. We funded the cash consideration with cash on hand and borrowings under the Amended Credit Agreement (as defined in Note 12 - Debt). During the third quarter of 2018, $3.6 million in cash was released to us from escrow to cover purchase price adjustments related to a working capital shortfall at closing. During the fourth quarter of 2018, $10.4 million in cash, 2.2 million common shares and 637 Preferred Shares were released to us, and $1.2 million in cash, 0.2 million common shares and 55 Preferred Shares were released to the sellers, from escrow to cover purchase price adjustments related to the employee compensation cost increases described above. 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, the date of acquisition. During the year ended December 31, 2018 , we recorded approximately $85.8 million of revenue and $31.5 million of gross margin in the accompanying consolidated statements of operations related to the Noralta Acquisition. Calculation of Purchase Consideration . The total purchase consideration received by the Noralta shareholders was based on the cash consideration and fair value of our common shares and Preferred Shares issued on April 2, 2018. The purchase consideration below reflects the fair value of common shares issued, which is based on the closing price on March 29, 2018 (the last business day prior to April 2, 2018) of our common shares of $3.77 per share and the estimated fair value of Preferred Shares issued, which are valued at 61% of the initial liquidation preference of the Preferred Shares of $96.8 million. As discussed above, a portion of the consideration paid, $11.6 million cash, 2.4 million common shares and 692 Preferred Shares, was initially held in escrow to support certain obligations of the sellers to compensate us for certain increased employee compensation costs that are expected to be incurred as a result of the union certification of certain classes of Noralta employees. As of April 2, 2018, we expected the escrowed amounts to be released to us within 12 months, and therefore, a receivable of $11.6 million related to the cash expected to be released was established. Additionally, no fair value has been allocated to such common shares or Preferred Shares portion of the consideration. As the $10.4 million of cash released to us during the fourth quarter of 2018 was less than the cash expected to be released as of April 2, 2018, we recognized a loss equal to the difference, adjusted for exchange rate changes, totaling $0.8 million . The loss is included in Other income in the accompanying consolidated statement of operations. The purchase consideration and estimated fair value of Noralta’s net assets acquired as of April 2, 2018 is presented as follows: (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 (1) 157,539 Preferred Share consideration 59,042 Total purchase consideration $ 340,203 Less: Common shares held in escrow (8,825 ) Less: Cash held in escrow (11,607 ) Less: Preferred Shares held in escrow (4,221 ) Total purchase consideration $ 315,550 (1) Net of $3.6 million in cash released to us to cover purchase price adjustments related to a working capital shortfall at closing. 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 million . The beneficial conversion feature was recorded as an increase to additional paid-in capital with the offset recorded as a discount on the Preferred Shares. For further discussion of the Preferred Shares, including dividends on the Preferred Shares, please see Note 13 – Preferred Shares. Purchase Price Allocation. The application of purchase accounting under ASC 805 requires that the total purchase price be allocated to the fair value of assets acquired and liabilities assumed based on their fair values at April 2, 2018, with amounts exceeding the fair values being recorded as goodwill. The allocation process requires an analysis of acquired fixed assets, contracts, and contingencies to identify and record the fair value of all assets acquired and liabilities assumed. The purchase price allocation is preliminary, as we are finalizing our valuation of tangible and intangible assets acquired. We expect to complete our purchase price allocation in the first quarter of 2019. However, the differences between the final and preliminary purchase price allocations, if any, are not expected to have a material effect on our financial position or results of operations. The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at April 2, 2018 (in thousands): Cash and cash equivalents $ 24 Accounts receivable (1) 21,456 Inventories 839 Other current assets 4,266 Property, plant and equipment 129,424 Goodwill 120,893 Intangible assets 114,383 Total assets acquired 391,285 Accounts payable and accrued liabilities 15,023 Income taxes payable 1,038 Other current liabilities 2,027 Deferred income taxes 52,514 Other noncurrent liabilities 5,133 Total liabilities assumed 75,735 Net assets acquired $ 315,550 (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 expected to be deductible for tax purposes. The fair value of the assets acquired and liabilities assumed were determined using income, market and cost valuation methodologies. The fair value measurements were estimated using significant inputs that are not observable in the market and thus represent a Level 3 measurement. Fair values of property, plant and equipment, excluding land, were determined using the cost approach. The cost approach estimates value by determining the current cost of replacing an asset with another of equivalent economic utility. The cost to replace a given asset reflects the estimated reproduction or replacement cost for the asset, less an allowance for loss in value due to depreciation. Fair values of land were determined using the market approach. The market approach is a valuation technique that uses prices and other relevant information generated by market transactions involving identical or comparable assets. The income approach was used to value the intangible assets, consisting primarily of customer contracts, trade name and favorable/unfavorable lease contracts. The income approach indicates value for an asset or liability based on present value of cash flows projected to be generated over the remaining economic life of the asset or liability being measured. Projected cash flows are discounted at a required market rate of return that reflects the relative risk of achieving the cash flows and the time value of money. 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 110,413 Favorable lease contract 2,496 Total amortizable intangible assets $ 114,383 Amortizable Intangible Liabilities Unfavorable lease contracts $ 2,456 Total amortizable intangible liabilities $ 2,456 Net intangible assets $ 111,927 The contracts acquired consist of accommodations contracts with two major investment grade oil sands producers which are subject to amortization over an estimated useful life of 20 years at the time of acquisition. The trade name was assigned to Noralta’s name recognition with an estimated useful life of 9 months at the time of acquisition. The favorable/unfavorable intangible contracts are related to leases that will be amortized over the remaining lease terms, which range from 3.8 years to 9.3 years at the time of acquisition. The unfavorable contracts are included in Other noncurrent liabilities in the accompanying consolidated balance sheet. Supplemental Pro Forma Financial Information (Unaudited). The following unaudited pro forma supplemental financial information presents the consolidated results of operations of the Company and Noralta as if the Noralta Acquisition had occurred on January 1, 2017. We have adjusted historical financial information to give effect to pro forma items that are directly attributable to the Noralta Acquisition and are expected to have a continuing impact on the consolidated results. These items include adjustments to record the incremental amortization and depreciation expense related to the increase in fair values of the acquired assets, interest expense related to borrowings under the Amended Credit Agreement to fund the Noralta Acquisition and to reclassify certain items to conform to our financial reporting presentation. However, pro forma results do not include any anticipated cost savings or other effects of the planned integration of Noralta. The unaudited pro forma results do not purport to be indicative of the results of operations had the transaction occurred on the date indicated or of future results for the combined entities (in thousands, except per share data): Years Ended December 31, (Unaudited) Pro forma Pro forma 2018 2017 Revenues $ 501,275 $ 506,040 Net loss attributable to Civeo Corporation common shareholders (129,900 ) (91,420 ) Basic net loss per share attributable to Civeo Corporation common shareholders $ (0.83 ) $ (0.57 ) Diluted net loss per share attributable to Civeo Corporation common shareholders $ (0.83 ) $ (0.57 ) 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, (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. During the year ended December 31, 2018 , we recognized $9.1 million of costs in connection with the Noralta Acquisition that are included in Service and other costs ( $1.0 million ), Selling, general and administrative expenses ( $7.2 million ) and Other income ( $0.9 million ). During the year ended December 31, 2017 , we recognized $2.3 million of costs in connection with the Noralta Acquisition that are included in Selling, general and administrative expenses. Acadian Acres On February 28, 2018, we acquired the assets of Lakeland, L.L.C. (Lakeland), located near Lake Charles, Louisiana, for total consideration of $28.0 million , composed of $23.5 million in cash and $4.5 million of our common shares. The asset purchase agreement also includes potential future earn-out payments through December 2020 of up to 1.2 million Civeo common shares, based upon satisfaction of certain future revenue targets. The acquisition included a 400 room lodge, 40 acres of land and related assets. We funded the cash consideration with cash on hand. Lakeland’s operations are reported as a new lodge location, Acadian Acres, in our U.S. reportable business segment. Intangible assets acquired in the Acadian Acres acquisition totaled $8.2 million and consisted of a customer contract. The customer contract intangible is being amortized over the remaining contract term, which was 16 months at the time of acquisition. This acquisition was accounted for as an asset acquisition based on the principles described in ASC 805, which provides a screen to determine when a set of transferred assets is not a business. The screen requires that when substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or a group of similarly identifiable assets, the set of transferred assets is not a business. Accordingly, we allocated the excess consideration over the fair value of the assets acquired to the acquired assets, pro rata, on the basis of relative fair values to increase the related assets acquired. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | EARNINGS PER SHARE The calculation of earnings per share attributable to the Company is presented below for the periods indicated (in thousands, except per share amounts): 2018 2017 2016 Basic Loss per Share Net loss attributable to Civeo common shareholders $ (131,832 ) $ (105,713 ) $ (96,388 ) Less: undistributed net income to participating securities — — — Net loss attributable to Civeo common shareholders - basic $ (131,832 ) $ (105,713 ) $ (96,388 ) Weighted average common shares outstanding - basic 157,231 128,365 107,024 Basic loss per share $ (0.84 ) $ (0.82 ) $ (0.90 ) Diluted Loss per Share Net loss attributable to Civeo common shareholders - basic $ (131,832 ) $ (105,713 ) $ (96,388 ) Less: undistributed net income to participating securities — — — Net loss attributable to Civeo common shareholders - diluted $ (131,832 ) $ (105,713 ) $ (96,388 ) Weighted average common shares outstanding - basic 157,231 128,365 107,024 Effect of dilutive securities (1) — — — Weighted average common shares outstanding - diluted 157,231 128,365 107,024 Diluted loss per share $ (0.84 ) $ (0.82 ) $ (0.90 ) (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 years ended December 31, 2018 , 2017 and 2016 . In the years ended December 31, 2018 , 2017 and 2016 , we excluded from the calculation 3.7 million , 2.1 million and 1.3 million share based awards, respectively, since the effect would have been anti-dilutive. In the year ended December 31, 2018 , we excluded from the calculation the impact of converting the Preferred Shares into 29.8 million common shares, since the effect would have been anti-dilutive. |
Assets Held for Sale
Assets Held for Sale | 12 Months Ended |
Dec. 31, 2018 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Assets Held for Sale | ASSETS HELD FOR SALE During the fourth quarter of 2017 , we made the decision to dispose of our modular construction and manufacturing plant near Edmonton, Alberta, Canada due to changing geographic and market needs. Accordingly, the facility met the criteria of held for sale. Its estimated fair value less the cost to sell exceeded its carrying value. Additionally, we have discontinued depreciation of the facility. Depreciation expense related to the facility totaled approximately zero , $0.5 million and $0.7 million during the years ended December 31, 2018 , 2017 and 2016 , respectively. The facility is part of our Canadian reportable business segment. 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 $4.0 million . In addition, as a result of the Noralta Acquisition, Noralta’s corporate offices located on two adjacent property titles in Nisku, Alberta, Canada were closed and are being held for sale. During the fourth quarter of 2018, we received $1.8 million in proceeds for one of the two properties. The remaining property is recorded at the estimated fair value less costs to sell of approximately $1.7 million and was the same value used in the purchase price allocation. The following table summarizes the carrying amount as of December 31, 2018 and 2017 of the major classes of assets from the modular construction and manufacturing plant, undeveloped land positions and Noralta’s corporate offices we classified as held for sale (in thousands): December 31, 2018 December 31, 2017 Assets held for sale: Property, plant and equipment, net $ 10,297 $ 9,418 Inventories — 44 Total assets held for sale $ 10,297 $ 9,462 |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 12 Months Ended |
Dec. 31, 2018 | |
Supplemental Cash Flow Information [Abstract] | |
Supplemental Cash Flow Information | SUPPLEMENTAL CASH FLOW INFORMATION Cash paid during the years ended December 31, 2018 , 2017 and 2016 for interest and income taxes was as follows (in thousands): 2018 2017 2016 Interest (net of amounts capitalized) $ 23,098 $ 17,362 $ 18,927 Net income taxes paid (refunds received) (5,271 ) (7,755 ) 3,404 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | GOODWILL AND OTHER INTANGIBLE ASSETS Changes in the carrying amount of goodwill from December 31, 2017 to December 31, 2018 are as follows (in thousands): Canadian Australian U.S. Total Balance as of December 31, 2017 $ — $ — $ — $ — Noralta Acquisition (1) 120,893 — — 120,893 Foreign currency translation (6,686 ) — — (6,686 ) Balance as of December 31, 2018 $ 114,207 $ — $ — $ 114,207 (1) Please see Note 7 – Acquisitions for further information. The following table presents the total amount of other intangible assets and the related accumulated amortization for major intangible asset classes as of December 31, 2018 and 2017 (in thousands): AS OF DECEMBER 31, 2018 2017 Gross Accumulated Gross Accumulated Amortizable Intangible Assets Customer relationships $ 41,809 $ (34,754 ) $ 45,209 $ (33,997 ) Trade name 1,393 (1,388 ) — — Contracts / agreements 147,090 (36,930 ) 38,362 (26,853 ) Favorable lease contract 2,358 (198 ) — — Noncompete agreements 675 (675 ) 675 (675 ) Total amortizable intangible assets $ 193,325 $ (73,945 ) $ 84,246 $ (61,525 ) Indefinite-Lived Intangible Assets Not Subject to Amortization Licenses 29 — 32 — Total indefinite-lived intangible assets 29 — 32 — Total intangible assets $ 193,354 $ (73,945 ) $ 84,278 $ (61,525 ) The weighted average remaining amortization period for all intangible assets, other than indefinite-lived intangibles, was 16.6 years as of December 31, 2018 and 3.1 years as of December 31, 2017 . Amortization expense was $17.6 million , $7.3 million and $7.2 million in the years ended December 31, 2018 , 2017 and 2016 , respectively. As of December 31, 2018 , the estimated remaining amortization of our amortizable intangible assets was as follows (in thousands): Year Ending December 31, 2019 $ 15,127 2020 12,262 2021 5,664 2022 5,664 2023 5,469 Thereafter 75,194 Total $ 119,380 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Debt | DEBT As of December 31, 2018 and 2017 , long-term debt consisted of the following (in thousands): December 31, 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 5.4% for the twelve-month period ended December 31, 2018 247,910 297,623 U.S. revolving credit facility, which matures on November 30, 2020, weighted average interest rate of 7.0% for the twelve-month period ended December 31, 2018 — — Canadian revolving credit facility, which matures on November 30, 2020, weighted average interest rate of 6.1% for the twelve-month period ended December 31, 2018 114,348 — Australian revolving credit facility, which matures on November 30, 2020, weighted average interest rate of 5.4% for the twelve-month period ended December 31, 2018 16,918 — 379,176 297,623 Less: Unamortized debt issuance costs 2,939 3,037 Total debt 376,237 294,586 Less: Current portion of long-term debt, including unamortized debt issuance costs, net 33,329 16,596 Long-term debt, less current maturities $ 342,908 $ 277,990 Scheduled maturities of long-term debt as of December 31, 2018 are as follows (in thousands): 2019 33,729 2020 345,447 $ 379,176 Amended Credit Agreement As of December 31, 2017 , our Credit Agreement, as then amended to date, provided for: (i) a $275.0 million revolving credit facility scheduled to mature on May 28, 2019, allocated as follows: (A) a $40.0 million senior secured revolving credit facility in favor of certain of our U.S. subsidiaries, as borrowers; (B) a $90.0 million senior secured revolving credit facility in favor of Civeo and certain of our Canadian subsidiaries, as borrowers; (C) a $60.0 million senior secured revolving credit facility in favor of Civeo, as borrower; and (D) a $85.0 million senior secured revolving credit facility in favor of one of our Australian subsidiaries, as borrower; and (ii) a $325.0 million term loan facility scheduled to mature on May 28, 2019 in favor of Civeo. On April 2, 2018, the Amended and Restated Syndicated Facility Agreement (the Amended Credit Agreement) became effective, which, among other things: • provided for the reduction by $35.5 million of the aggregate revolving loan commitments under the Amended Credit Agreement, to a maximum principal amount of $239.5 million , allocated as follows: (1) a $20.0 million senior secured revolving credit facility in favor of certain of our U.S. subsidiaries, as borrowers; (2) a $159.5 million senior secured revolving credit facility, after combining the commitments of the previously existing two tranches of the Canadian revolving credit facility into one tranche, in favor of Civeo and certain of our Canadian subsidiaries, as borrowers; and (3) a $60.0 million senior secured revolving credit facility in favor of one of our Australian subsidiaries, as borrower; • extended the maturity date by 18 months, from May 28, 2019 to November 30, 2020; • adjusted the maximum leverage ratio financial covenant, as follows: If a qualified offering of indebtedness with gross proceeds in excess of $150 million has been consummated, a Maximum Leverage Ratio of 4 :00 to 1.00 and, if such qualified offering has not been consummated, a maximum leverage ratio not to exceed the ratios set forth in the following table: Period Ended Maximum Leverage Ratio 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 quarter of 2018 of approximately $0.7 million related to unamortized debt issuance costs, which is included in Loss on extinguishment of debt on the consolidated statements of operations. On October 26, 2018, we further amended the Amended Credit Agreement, which, among other things: • increased amortization on the term loan facility from 10% per annum to 12.5% per annum beginning at December 31, 2018 through maturity; • adjusted the maximum leverage ratio financial covenant, as follows: • If a qualified offering of indebtedness with gross proceeds in excess of $150 million has been consummated, a Maximum Leverage Ratio not to exceed the ratios set forth in the following table: Period Ended Maximum Leverage Ratio December 31, 2018 4.50 : 1:00 March 31, 2019 4.75 : 1:00 June 30, 2019 4.50 : 1:00 September 30, 2019 & thereafter 4.00 : 1:00 • and, if such qualified offering has not been consummated, a maximum leverage ratio not to exceed the ratios set forth in the following table: Period Ended Maximum Leverage Ratio December 31, 2018 4.50 : 1:00 March 31, 2019 4.75 : 1:00 June 30, 2019 4.50 : 1:00 September 30, 2019 4.00 : 1:00 December 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% to 4.00% , or a base rate plus 1.25% to 3.00% , in each case based on a ratio of our total leverage to EBITDA (as defined in the Amended Credit Agreement). Canadian dollar amounts outstanding bear interest at a variable rate equal to a B/A Discount Rate based on the Canadian Dollar Offered Rate plus a margin of 2.25% to 4.00% , or a Canadian Prime rate plus a margin of 1.25% to 3.00% , in each case based on a ratio of our consolidated total leverage to EBITDA. Australian dollar amounts outstanding under the Amended Credit Agreement bear interest at a variable rate equal to the Bank Bill Swap Bid Rate plus a margin of 2.25% to 4.00% , based on a ratio of our consolidated total leverage to EBITDA. The Amended Credit Agreement contains customary affirmative and negative covenants that, among other things, limit or restrict: (i) indebtedness, liens and fundamental changes; (ii) asset sales; (iii) acquisitions of margin stock; (iv) specified acquisitions; (v) certain restrictive agreements; (vi) transactions with affiliates; and (vii) investments and other restricted payments, including dividends and other distributions. In addition, we must maintain an interest coverage ratio, defined as the ratio of consolidated EBITDA to consolidated interest expense, of at least 3.0 to 1.0 and our maximum leverage ratio, defined as the ratio of total debt to consolidated EBITDA, of no greater than 4.50 to 1.0 (as of December 31, 2018 ). As noted above, the permitted maximum leverage ratio changes over time. Following a qualified offering of indebtedness with gross proceeds in excess of $150 million, we will be required to maintain a maximum senior secured ratio less than 2.50 to 1.0. Each of the factors considered in the calculations of these ratios are defined in the Amended Credit Agreement. EBITDA and consolidated interest, as defined, exclude goodwill and asset impairments, debt discount amortization, amortization of intangibles and other non-cash charges. We were in compliance with our covenants as of December 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 December 31, 2018 , we had nine lenders that were parties to the Amended Credit Agreement, with total commitments (including both revolving commitments and term commitments) ranging from $24.9 million to $110.6 million . As of December 31, 2018 , we had outstanding letters of credit of $0.4 million under the U.S facility, $0.6 million under the Australian facility and $2.4 million under the Canadian facility. In addition to the Amended Credit Agreement, we have an A $2.0 million bank guarantee facility, which matures March 31, 2019 . There were bank guarantees of A $0.7 million under this facility outstanding as of December 31, 2018 . |
Preferred Shares Preferred Shar
Preferred Shares Preferred Shares | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Preferred Shares | PREFERRED SHARES As further discussed in Note 7 – Acquisitions, on April 2, 2018, we issued 9,679 Preferred Shares as part of the Noralta Acquisition. The Preferred Shares have an initial liquidation preference of $10,000 per share. Holders of the Preferred Shares are entitled to receive a 2% annual dividend on the liquidation preference, subject to increase to up to 3% in certain circumstances, paid quarterly in cash or, at our option, by increasing the Preferred Shares’ liquidation preference or any combination thereof. The Preferred Shares are convertible into our common shares at a conversion price of US $3.30 per Preferred Share, subject to certain anti-dilution adjustments (the Conversion Price). We have the right to elect to convert the Preferred Shares into our common shares if the 15-day volume weighted average price of our common shares is equal to or exceeds the Conversion Price. Holders of the Preferred Shares will have the right to convert the Preferred Shares into our common shares at any time after two years from the date of issuance, and the Preferred Shares mandatorily convert after five years from the date of issuance. The Preferred Shares also convert automatically into our common shares upon a change of control of Civeo. We may, at any time and from time to time, redeem any or all of the Preferred Shares for cash at the liquidation preference, plus accrued and unpaid dividends. The Preferred Shares do not have voting rights, except as statutorily required. During the year ended December 31, 2018 , we recognized preferred dividends on the Preferred Shares as follows (in thousands): 2018 Deemed dividend on beneficial conversion feature at April 2, 2018 $ 47,849 In-kind dividends 1,459 Deemed dividend on beneficial conversion feature related to in-kind dividend 281 Total preferred dividends $ 49,589 As noted in Note 7 - Acquisitions, at the time the Preferred Shares were issued, we determined that a beneficial conversion feature existed as 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 million . The beneficial conversion feature was recorded as an increase to additional paid-in capital with the offset recorded as a discount on the Preferred Shares. The increase to additional paid-in capital of the beneficial conversion feature is included in the $166.9 million increase due to issuance of shares for acquisitions on the consolidated statements of changes in shareholders’ equity. Similarly, the discount to Preferred Shares of the beneficial conversion feature is netted in the $7.0 million increase due to issuance of shares for acquisitions on the consolidated statements of changes in shareholders’ equity. As the Preferred Shares do not have a stated redemption date, the discount is required to be recognized as a dividend over the minimum period from the date of issuance through the date of earliest conversion. Because the 15-day volume weighted average price of our common shares was greater than $3.30 on April 2, 2018, the earliest conversion date was determined to be April 2, 2018. Accordingly, we recorded a deemed dividend on April 2, 2018 totaling the discount of $47.8 million . The Board of Directors elected to pay the dividend due on June 30, September 30, and December 31, 2018 , which totaled $49.44 , $50.25 and $50.50 per Preferred Share, respectively, through an increase in the liquidation preference rather than in cash. The paid-in-kind dividend of $1.5 million is included in Preferred dividends on the consolidated statement of operations for the year ended December 31, 2018 . In addition, with respect to the paid-in-kind dividends due on June 30, and September 30, 2018, 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 for the quarters ended June 30, and September 30, 2018. Accordingly, we recorded the discount as a beneficial conversion feature for both periods, which totaled $0.3 million for the year ended December 31, 2018 . The beneficial conversion feature was recorded as an increase to additional paid-in capital with the offset recorded as a discount on the Preferred Shares. As the Preferred Shares do not have a stated redemption date, the discount is required to be recognized as a dividend over the minimum period from the date of issuance through the date of earliest conversion. Because the 15-day volume weighted average price of our common shares was greater than $3.30 on both the June 30 and September 30, 2018 due dates, the earliest conversion date was determined to be June 30 and September 30, 2018, respectively. Accordingly, we recorded a deemed dividend on June 30, and September 30, 2018, which totaled the discount of $0.3 million for the year ended December 31, 2018 . |
Retirement Plans
Retirement Plans | 12 Months Ended |
Dec. 31, 2018 | |
Retirement Benefits [Abstract] | |
Retirement Plans | RETIREMENT PLANS We sponsor defined contribution plans. Participation in these plans is available to substantially all employees. We recognized expense of $4.9 million , $4.8 million and $6.4 million , respectively, related to matching contributions under our various defined contribution plans during the years ended December 31, 2018 , 2017 and 2016 , respectively. A defined contribution plan is a post-employment benefit plan under which an entity pays fixed contributions into a separate entity and will generally have no legal or constructive obligation to pay further amounts. Obligations for contributions to defined contribution plans are recognized as an employee benefit expense in profit or loss in the periods during which services are rendered by employees. Canadian Retirement Savings Plan We offer a defined contribution retirement plan to our Canadian employees. In Canada, we contribute, on a matched basis, an amount up to 5% of each Canadian based, salaried employee’s earnings (base salary plus annual incentive compensation) to the legislated maximum for a Deferred Profit Sharing Plan (DPSP – Maximum for 2018 - $13,250 ). DPSP is a form of defined contribution retirement savings plan governed by Canadian Federal Tax legislation which provides for deferral of tax on deposit and investment return until removed from the plan to support retirement income. Employer contributions vest upon the completion of two years of service. Employee contributions are required in order to be eligible for the DPSP employer matching. Maximum employer matching ( 5% noted above) is attained with ( 6% ) employee contribution which would go into a Group Registered Retirement Savings Plan (GRRSP). The two plans work in tandem. Contributions to the “Retirement Savings Plan” for Canadian employees are subject to the annual maximum total registered savings limit of $26,230 in 2018 as set out in the Canadian Tax Act. Australian Retirement Savings Plan Our Australian subsidiary contributes to various defined contribution plans for its employees in accordance with legislation governing the calculation of the Superannuation Guarantee Surcharge (SGC). SGC is contributed by the employer at a rate of 9.5% of the base salary of an employee, capped at the legislated maximum contribution base which is indexed annually. Our Australian subsidiary makes no investment decisions on behalf of the employee and has no obligations other than to remit the defined contributions to the plan selected by each individual employee. U.S. Retirement Savings Plan We offer a defined contribution 401(k) retirement plan to substantially all of our U.S. employees. Participants may contribute from 1% to 75% of their base and cash incentive compensation (subject to Internal Revenue Service limitations), and we make matching contributions under this plan on the first 6% of the participant’s compensation ( 100% match of the first 4% employee contribution and 50% match on the next 2% contribution). Our matching contributions vest at a rate of 20% per year for each of the employee’s first five years of service and are fully vested thereafter. |
Asset Retirement Obligations
Asset Retirement Obligations | 12 Months Ended |
Dec. 31, 2018 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Asset Retirement Obligations | ASSET RETIREMENT OBLIGATIONS AROs at December 31, 2018 and 2017 were (in thousands): 2018 2017 Asset retirement obligations $ 18,381 $ 17,185 Less: Asset retirement obligations due within one year* 4,443 1,799 Long-term asset retirement obligations $ 13,938 $ 15,386 * Classified as a current liability on the consolidated balance sheets, under the caption “Other current liabilities.” Related to remediation work planned for 2018. Total expense related to the ARO was $1.7 million , $1.4 million and $1.4 million in 2018 , 2017 and 2016 , respectively. During the years ended December 31, 2018 , 2017 and 2016 , our ARO changed as follows (in thousands): 2018 2017 2016 Balance as of January 1 $ 17,185 $ 17,584 $ 17,299 Accretion of discount 1,689 1,353 1,351 New obligations 6,629 86 — Change in estimates of existing obligations (4,336 ) (1,901 ) (1,182 ) Settlement of obligations (1,013 ) (816 ) (376 ) Foreign currency translation (1,773 ) 879 492 Balance as of December 31 $ 18,381 $ 17,185 $ 17,584 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES The Company’s operations are conducted through various subsidiaries in a number of countries throughout the world. The Company has provided for income taxes based upon the tax laws and rates in the countries in which operations are conducted and income is earned. Income tax benefit. Pre-tax loss for the years ended December 31, 2018 , 2017 and 2016 consisted of the following (in thousands): 2018 2017 2016 Canada operations $ (100,874 ) $ (87,143 ) $ (87,234 ) Foreign operations (12,338 ) (31,601 ) (28,698 ) Total $ (113,212 ) $ (118,744 ) $ (115,932 ) The components of the income tax benefit for the years ended December 31, 2018 , 2017 and 2016 consisted of the following (in thousands): 2018 2017 2016 Current: Canada $ (1,151 ) $ (5,986 ) $ (8,646 ) Foreign 1,189 1,472 1,749 Total $ 38 $ (4,514 ) $ (6,897 ) Deferred: Canada $ (31,403 ) $ (9,194 ) $ (12,169 ) Foreign — 218 (1,039 ) Total $ (31,403 ) $ (8,976 ) $ (13,208 ) Total Benefit $ (31,365 ) $ (13,490 ) $ (20,105 ) The income tax benefit differs from an amount computed at Canadian statutory rates as follows for the years ended December 31, 2018 , 2017 and 2016 (in thousands): 2018 2017 2016 Federal tax benefit at statutory rates $ (30,567 ) 27.0 % $ (32,061 ) 27.0 % $ (31,302 ) 27.0 % Effect of foreign income tax, net (276 ) 0.2 % (3,399 ) 2.9 % (6,593 ) 5.7 % Enacted tax rate change – U.S. Tax Reform — — % 9,047 (7.6 )% — — % Valuation allowance – U.S. Tax Reform — — % (9,047 ) 7.6 % — — % Valuation allowance – Other (622 ) 0.6 % 19,130 (16.1 )% 15,051 (13.0 )% Tax effects of restructuring — — % — — % 3,038 (2.6 )% Deemed income from foreign subsidiaries 321 (0.3 )% 334 (0.3 )% 1,108 (1.0 )% Enacted tax rate change - Canada — — % 598 (0.5 )% 712 (0.6 )% Other, net (221 ) 0.2 % 1,908 (1.6 )% (2,119 ) 1.8 % Net income tax benefit $ (31,365 ) 27.7 % $ (13,490 ) 11.4 % $ (20,105 ) 17.3 % U.S. Tax Reform. On December 22, 2017, U.S. Tax Reform was signed into law, making significant changes to the U.S. Internal Revenue Code. Changes included, but were not limited to, a corporate tax rate decrease from 35% to 21% effective for tax years beginning after December 31, 2017, the transition of U.S. international taxation from a worldwide tax system to a quasi-territorial system, and a one-time transition tax on the mandatory deemed repatriation of cumulative foreign earnings as of December 31, 2017. We calculated an estimate of the impact of the corporate tax rate decrease as of December 31, 2017, the result of which was a decrease of the U.S. net deferred tax asset of $9.0 million which was fully offset by a decrease in the U.S. valuation allowance of $9.0 million . This resulted in zero impact to our income tax benefit for the year ended December 31, 2017. We recognized zero impact to our financial statements related to the transition tax on unrepatriated U.S. cumulative foreign earnings, the global intangible low-taxes income (GILTI) provisions and the base-erosion and anti-abuse (BEAT) provisions. We determined that, under Section 162(m), in 2018, our deduction for compensation, including incentive based compensation was limited. This resulted in a decrease to the U.S. taxable loss of $0.8 million , which was fully offset in the U.S. valuation allowance as of December 31, 2018 . While the ultimate impact of U.S. Tax Reform may differ from these estimates due to changes in interpretations and assumptions we have made and additional regulatory guidance that may be issued, we have completed our analysis under SAB 118 and there were no material adjustments to our estimates. Deferred Tax Liabilities and Assets. The significant items giving rise to the deferred tax assets and liabilities as of December 31, 2018 and 2017 are as follows (in thousands): 2018 2017 Deferred tax assets: Net operating loss $ 92,600 $ 70,920 Employee benefits 2,972 5,560 Deductible goodwill and other intangibles 20,142 50,758 Other reserves 6,903 6,854 Unearned revenue 868 1,424 Other 2,000 188 Deferred tax assets 125,485 135,704 Valuation allowance (82,833 ) (90,663 ) Deferred tax assets, net $ 42,652 $ 45,041 Deferred tax liabilities: Depreciation $ (61,094 ) $ (44,141 ) Investment — (900 ) Deferred tax liabilities (61,094 ) (45,041 ) Net deferred tax liability $ (18,442 ) $ — NOL Carryforwards. The following table summarizes net operating loss (NOL) carryforwards at December 31, 2018 (in thousands): Amount Expiration Period Net operating loss carryforwards: Canada $ 177,681 Begins to expire in 2035 Australia 98,770 Does not expire U.S. – Federal 36,380 Begins to expire in 2036 U.S. – Federal 8,807 Does not expire U.S. – State 5,506 Begins to expire in 2020 Change in Valuation Allowance. Realization of our deferred tax assets is dependent upon, among other things, our ability to generate taxable income of the appropriate character in the future. Changes in our valuation allowance for the years ended December 31, 2018 and 2017 are as follows (in thousands): Federal / Net Deferred Other Total Balance as of December 31, 2016 $ (19,113 ) $ (56,043 ) $ (1,001 ) $ (76,157 ) Change in income tax provision - U.S. Tax Reform 4,574 4,473 — 9,047 Change in income tax provision - Other (17,622 ) (1,508 ) — (19,130 ) Other change 1,277 (1,290 ) 255 242 Foreign currency translation (515 ) (4,150 ) — (4,665 ) Balance as of December 31, 2017 (31,399 ) (58,518 ) (746 ) (90,663 ) Change in income tax provision (1,464 ) 2,086 — 622 Other change (348 ) 1,495 (28 ) 1,119 Foreign currency translation 3,907 2,122 60 6,089 Balance as of December 31, 2018 $ (29,304 ) $ (52,815 ) $ (714 ) $ (82,833 ) In 2017, the valuation allowance was decreased by $9.0 million due to the decrease of the U.S. statutory tax rate from 35% to 21% as a result of U.S. Tax Reform. At the end of 2017, the valuation allowance increased by $5.9 million as a result of placing a valuation allowance against the Canadian net deferred tax asset. During 2018, the addition of $52.5 million of deferred tax liabilities due to the Noralta Acquisition resulted in Canada no longer being considered a loss jurisdiction. Accordingly, a benefit of $4.9 million was recorded in the second quarter of 2018 to reverse the valuation allowance against the Canadian net deferred tax asset. Indefinite Reinvestment of Earnings. At December 31, 2017 and 2018 , we had no undistributed earnings of foreign subsidiaries subject to income tax in Canada. Due to our redomiciling to Canada in 2015, we recognized and repatriated all U.S. cumulative foreign earnings in 2015. Unrecognized Tax Benefits. We file tax returns in the jurisdictions in which they are required. All of these returns are subject to examination or audit and possible adjustment as a result of assessments by taxing authorities. We believe that we have recorded sufficient tax liabilities and do not expect the resolution of any examination or audit of our tax returns to have a material adverse effect on our operating results, financial condition or liquidity. Our Canadian federal tax returns subsequent to 2011 are subject to audit by the Canada Revenue Agency. Our Australian subsidiary’s federal income tax returns subsequent to 2014 are open for review by the Australian Taxation Office. Our U.S. subsidiary’s federal tax returns subsequent to 2013 are subject to audit by the US Internal Revenue Service. The total amount of unrecognized tax benefits as of December 31, 2018 , 2017 and 2016 was zero . Unrecognized tax benefits, if recognized, would affect the effective tax rate. We accrue interest and penalties related to unrecognized tax benefits as a component of our provision for income taxes. As of December 31, 2018 , 2017 and 2016 , we had accrued zero of interest expense and penalties. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands): 2018 2017 2016 Balance as of January 1 $ — $ — $ 679 Additions for tax positions of prior years — — — Reductions for tax positions of prior years — — — Reductions for settlements — — — Lapse of the applicable statute of limitations — — (679 ) Balance as of December 31 $ — $ — $ — During 2016, management determined that, based upon the status of current examinations, an uncertain tax liability of $0.7 million was reversed. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES We lease a portion of our equipment, office space, computer equipment, automobiles and trucks under leases which expire at various dates. Minimum future operating lease obligations in effect at December 31, 2018 , were as follows (in thousands): 2019 $ 5,384 2020 5,090 2021 3,863 2022 2,826 2023 2,010 Thereafter 6,525 Total $ 25,698 Rental expense under operating leases was $6.8 million , $5.6 million and $6.0 million for the years ended December 31, 2018 , 2017 and 2016 , respectively. We are a party to various pending or threatened claims, lawsuits and administrative proceedings seeking damages or other remedies concerning our commercial operations, products, employees and other matters, including warranty and product liability claims as a result of our products or operations. Although we can give no assurance about the outcome of pending legal and administrative proceedings and the effect such outcomes may have on us, management believes that any ultimate liability resulting from the outcome of such proceedings, to the extent not otherwise provided for or covered by insurance, will not have a material adverse effect on our consolidated financial position, results of operations or liquidity. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss | ACCUMULATED OTHER COMPREHENSIVE LOSS Our accumulated other comprehensive loss decreased $43.0 million from $328.2 million at December 31, 2017 to $371.2 million at December 31, 2018 , as a result of foreign currency exchange rate fluctuations. Changes in other comprehensive loss during 2018 were primarily driven by the Australian dollar and Canadian dollar decreasing in value compared to the U.S. dollar. Excluding intercompany balances, our Canadian dollar and Australian dollar functional currency net assets totaled approximately C$0.2 billion and A$0.4 billion , respectively, at December 31, 2018 . |
Share Based Compensation
Share Based Compensation | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share Based Compensation | SHARE BASED COMPENSATION Our employees and non-employee directors participate in the Amended and Restated 2014 Equity Participation Plan of Civeo Corporation (the Civeo Plan). The Civeo Plan authorizes our Board of Directors and the Compensation Committee of our Board of Directors to approve grants of options, awards of restricted shares, performance awards and dividend equivalents, awards of deferred shares, and share payments to our employees and non-employee directors. No more than 18.7 million Civeo common shares may be awarded under the Civeo Plan. Share-based compensation expense recognized in the years ended December 31, 2018 , 2017 and 2016 totaled $16.4 million , $15.4 million and $9.9 million , respectively. Share-based compensation expense is reflected in Selling, general and administrative (SG&A) expense in our consolidated statements of operations. The total income tax benefit recognized in the consolidated statements of operations for share based compensation arrangements was approximately $1.2 million , zero and $0.6 million for the years ended December 31, 2018 , 2017 and 2016 , respectively. Options to Purchase Common Shares No options were awarded in 2018 , 2017 or 2016 . The following table presents the changes in stock options outstanding and related information for our employees during the years ended December 31, 2018 , 2017 and 2016 : Options Weighted Weighted Intrinsic Outstanding Options at December 31, 2015 390,334 $ 13.58 3.5 $ — Granted — — Exercised — — Forfeited / Expired (224,448 ) 10.33 Outstanding Options at December 31, 2016 165,886 $ 17.98 4.6 $ — Granted — — Exercised — — Forfeited / Expired (20,085 ) 18.10 Outstanding Options at December 31, 2017 145,801 $ 17.97 4.5 $ — Granted — — Exercised — — Forfeited / Expired — — Outstanding Options at December 31, 2018 145,801 $ 17.97 3.3 $ — Exercisable Options at December 31, 2016 145,804 $ 17.67 4.4 $ — Exercisable Options at December 31, 2017 139,491 $ 17.79 4.2 $ — Exercisable Options at December 31, 2018 145,801 $ 17.97 3.3 $ — As no options were exercised in the last three years, the total intrinsic value of options exercised by our employees during 2018 , 2017 and 2016 was zero . Additionally, the tax benefits realized for the tax deduction from options exercised during 2018 , 2017 and 2016 totaled zero . At December 31, 2018 , unrecognized compensation cost related to options was zero . The following table summarizes information for outstanding options of our employees at December 31, 2018 : Options Outstanding Options Exercisable Range of Exercise Number Weighted Weighted Number Weighted $16.43 63,142 3.13 $ 16.43 63,142 $ 16.43 $17.48 29,849 5.14 $ 17.48 29,849 $ 17.48 $18.43 27,553 4.13 $ 18.43 27,553 $ 18.43 $21.87 25,257 6.14 $ 21.87 25,257 $ 21.87 16.43 -21.87 145,801 4.25 $ 17.97 145,801 $ 17.97 Restricted Share Awards / Deferred Share Awards The following table presents the changes in restricted share and deferred share awards outstanding and related information for our employees during the years ended December 31, 2018 , 2017 and 2016 : Number of Weighted Nonvested shares at December 31, 2015 1,313,564 $ 7.29 Granted 584,283 1.64 Vested (526,628 ) 8.15 Forfeited (72,847 ) 7.04 Nonvested shares at December 31, 2016 1,298,372 $ 4.41 Granted 1,655,067 3.14 Vested (733,147 ) 4.19 Forfeited (49,968 ) 3.43 Nonvested shares at December 31, 2017 2,170,324 $ 3.54 Granted 2,861,775 3.42 Vested (1,247,522 ) 3.92 Forfeited (101,839 ) 3.69 Nonvested shares at December 31, 2018 3,682,738 $ 3.31 The weighted average grant date fair value per share for restricted share and deferred share awards granted during 2018 , 2017 and 2016 was $3.42 , $3.14 and $1.64 , respectively. The total fair value of restricted share and deferred share awards vested during 2018 , 2017 and 2016 was $3.8 million , $2.0 million and $0.6 million , respectively. At December 31, 2018 , unrecognized compensation cost related to restricted share and deferred share awards was $7.5 million , which is expected to be recognized over a weighted average period of 1.8 years . Phantom Share Awards Each phantom share award is equal in value to one common share. Upon vesting, each recipient will receive a lump sum cash payment equal to the fair market value of a common share on the respective vesting date. These awards are accounted for as a liability that is remeasured at each reporting date until paid. The following table presents the changes in phantom share awards outstanding and related information for our employees during the years ended December 31, 2018 , 2017 and 2016 : Number of Awards Nonvested shares at December 31, 2015 1,798,200 Granted 6,831,957 Vested (608,230 ) Forfeited (1,751,963 ) Nonvested shares at December 31, 2016 6,269,964 Granted 750,525 Vested (2,207,589 ) Forfeited (263,161 ) Nonvested shares at December 31, 2017 4,549,739 Granted — Vested (2,270,214 ) Forfeited (12,951 ) Nonvested shares at December 31, 2018 2,266,574 At December 31, 2018 , the balance of the liability for the phantom share awards was $2.5 million . For the years ended December 31, 2018 , 2017 and 2016 , we made phantom share cash payments of $8.2 million , $7.1 million and $0.5 million , respectively. At December 31, 2018 , unrecognized compensation cost related to phantom shares was $0.7 million , as remeasured at December 31, 2018 , which is expected to be recognized over a weighted average period of 0.6 years . The weighted average grant date fair value of phantom shares granted during the years ended December 31, 2018 , 2017 and 2016 was zero , $3.27 and $0.91 , respectively. Performance Share Awards The fair value of each performance share award was estimated using a Monte Carlo simulation pricing model that uses the assumptions noted in the following table. The risk-free interest rate is based on the U.S. Treasury yield curve in effect for the expected term of the performance share at the time of grant. The dividend yield on our common shares was assumed to be zero since we do not currently pay dividends. The expected market price volatility of our common shares was based on an estimate that considers the historical and implied volatility of our common shares as well as a peer group of companies over a time period equal to the expected term of the option. The initial total shareholder return (TSR) performance was based on historical performance of our common shares and the peer group’s common shares. 2018 2017 2016 Risk-free weighted interest rate 2.40 % 1.50 % 0.92 % Expected volatility 79.0 % 90.0 % 90.0 % Initial TSR (0.4 )% 0.04 % 93.7 % The following table presents the changes in performance share awards outstanding and related information for our employees during the year ended December 31, 2018 , 2017 and 2016 : Number of Weighted Nonvested shares at December 31, 2015 — $ — Granted 2,400,606 3.18 Vested — — Forfeited (448,922 ) 3.18 Nonvested shares at December 31, 2016 1,951,684 $ 3.18 Granted 762,497 5.20 Vested — — Forfeited (38,699 ) 3.64 Nonvested shares at December 31, 2017 2,675,482 $ 3.75 Granted 848,830 5.30 Vested — — Forfeited — — Nonvested shares at December 31, 2018 3,524,312 $ 4.12 During the years ended December 31, 2018 , 2017 and 2016 , we recognized compensation expense associated with performance share awards totaling $4.6 million , $3.0 million and $1.9 million , respectively. At December 31, 2018 , unrecognized compensation cost related to performance share awards was $5.0 million , which is expected to be recognized over a weighted average period of 1.7 years . |
Segment and Related Information
Segment and Related Information | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
Segment and Related Information | 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 years ended December 31, 2018 , 2017 and 2016 is summarized in the following table (in thousands): Total Depreciation and amortization Operating loss Capital expenditures Total assets 2018 Canada $ 296,012 $ 66,980 $ (61,487 ) $ 6,025 $ 804,618 Australia 119,238 40,441 (1,950 ) 4,658 292,271 United States 51,442 10,626 (8,640 ) 5,388 60,282 Corporate and eliminations — 7,799 (15,978 ) 1,037 (155,494 ) Total $ 466,692 $ 125,846 $ (88,055 ) $ 17,108 $ 1,001,677 2017 Canada $ 245,595 $ 69,983 $ (63,211 ) $ 3,893 $ 550,378 Australia 111,221 45,699 (11,528 ) 2,772 353,840 United States 25,460 4,653 (14,426 ) 1,912 33,128 Corporate and eliminations — 6,108 (8,806 ) 2,617 (83,434 ) Total $ 382,276 $ 126,443 $ (97,971 ) $ 11,194 $ 853,912 2016 Canada $ 278,464 $ 80,837 $ (59,351 ) $ 3,773 $ 548,786 Australia 106,815 45,883 (6,853 ) 5,682 376,008 United States 11,951 5,433 (24,616 ) 6 29,799 Corporate and eliminations — (851 ) (4,940 ) 10,318 (44,147 ) Total $ 397,230 $ 131,302 $ (95,760 ) $ 19,779 $ 910,446 Financial information by geographic segment for each of the three years ended December 31, 2018 , 2017 and 2016 , is summarized below (in thousands). Revenues in the U.S. include export sales. Revenues are attributable to countries based on the location of the entity selling the products or performing the services. Long-lived assets are attributable to countries based on the physical location of the entity and its operating assets and do not include intercompany balances. Canada Australia U.S. and Total 2018 Revenues from unaffiliated customers $ 296,012 $ 119,238 $ 51,442 $ 466,692 Long-lived assets 580,644 263,094 50,142 893,880 2017 Revenues from unaffiliated customers $ 245,595 $ 111,221 $ 25,460 $ 382,276 Long-lived assets 353,710 331,511 32,280 717,501 2016 Revenues from unaffiliated customers $ 278,464 $ 106,815 $ 11,951 $ 397,230 Long-lived assets 431,477 348,293 46,995 826,765 |
Valuation Accounts
Valuation Accounts | 12 Months Ended |
Dec. 31, 2018 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Valuation Accounts | VALUATION ACCOUNTS Activity in the valuation accounts was as follows (in thousands): Balance at Charged (Reduction) to Deductions Translation Balance Year Ended December 31, 2018: Allowance for doubtful accounts receivable $ 1,338 $ (787 ) $ (143 ) $ (32 ) $ 376 Valuation allowance for deferred tax assets 90,663 (622 ) (1,119 ) (6,089 ) 82,833 Year Ended December 31, 2017: Allowance for doubtful accounts receivable $ 638 $ 48 $ (23 ) $ 675 $ 1,338 Valuation allowance for deferred tax assets 76,157 10,083 (242 ) 4,665 90,663 Year Ended December 31, 2016: Allowance for doubtful accounts receivable $ 1,121 $ (110 ) $ (377 ) $ 4 $ 638 Valuation allowance for deferred tax assets 115,087 15,051 (53,652 ) (329 ) 76,157 |
Quarterly Financial Information
Quarterly Financial Information (Unaudited) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information (Unaudited) | QUARTERLY FINANCIAL INFORMATION (UNAUDITED) The following table summarizes quarterly financial information for 2018 and 2017 (in thousands, except per share amounts): First (2) Second (3) Third (4) Fourth (5) 2018 Revenues $ 101,504 $ 130,177 $ 120,491 $ 114,520 Gross profit (1) 24,176 41,440 38,738 31,956 Net loss attributable to Civeo (55,457 ) (48,321 ) (14,250 ) (13,804 ) Basic loss per share (0.42 ) (0.29 ) (0.09 ) (0.08 ) Diluted loss per share (0.42 ) (0.29 ) (0.09 ) (0.08 ) 2017 Revenues $ 91,429 $ 92,010 $ 97,489 $ 101,348 Gross profit (1) 29,757 32,526 31,962 30,773 Net loss attributable to Civeo (20,987 ) (14,816 ) (22,331 ) (47,579 ) Basic loss per share (0.17 ) (0.11 ) (0.17 ) (0.36 ) Diluted loss per share (0.17 ) (0.11 ) (0.17 ) (0.36 ) (1) Represents "revenues" less "product costs" and "service and other costs" included in our consolidated statements of operations. (2) In the first quarter of 2018 , we recognized the following items: • A charge of $28.7 million ( $20.9 million after-tax, or $0.16 per diluted share), related to certain lodge assets in the Canadian oil sands which carrying values we determined not to be recoverable. The charge, which is related to our Canadian segment, is included in Impairment expense on the accompanying consolidated statements of operations. • Costs associated with the Noralta Acquisition of $1.0 million ( $1.0 million after-tax, or $0.01 per diluted share), included in Selling, general and administrative expenses on the accompanying consolidated statements of operations. In the first quarter of 2017 , there were no significant items recognized. (3) In the second quarter of 2018 , we recognized the following items: • Costs associated with the Noralta Acquisition of $5.6 million ( $5.1 million after-tax, or $0.03 per diluted share), included primarily in Selling, general and administrative expenses on the accompanying consolidated statements of operations. In the second quarter of 2017 , there were no significant items recognized. (4) In the third quarter of 2018 , we recognized the following items: • Costs associated with the Noralta Acquisition of $0.5 million ( $0.4 million after-tax, or $0.00 per diluted share), included primarily in Selling, general and administrative expenses on the accompanying consolidated statements of operations. In the third quarter of 2017 , we recognized the following items: • A charge of $4.4 million ( $3.2 million after-tax, or $0.02 per diluted share), related to leasehold improvements and undeveloped land positions in the British Columbia LNG market which carrying value we determined not to be recoverable. The charge, which is related to our Canadian segment, is included in Impairment expense on the accompanying consolidated statements of operations. (5) In the fourth quarter of 2018 , we recognized the following items: • Costs associated with the Noralta Acquisition of $2.1 million ( $1.7 million after-tax, or $0.01 per diluted share), included in Service and other costs ( $0.6 million ), Selling, general and administrative expenses ( $0.6 million ) and Other income ( $0.9 million ) on the accompanying consolidated statements of operations. • Reversal of depreciation expense of $2.8 million that should not have been recorded in the first, second and third quarters of 2018. We determined that the overstatement of depreciation expense was not material to our financial statements for the periods ended September 30, June 30 or March 31, 2018 and therefore corrected the error in the fourth quarter of 2018. In the fourth quarter of 2017 , we recognized the following items: • Costs associated with the Noralta Acquisition of $2.3 million ( $2.2 million after-tax, or $0.02 per diluted share), included in Selling, general and administrative expenses on the accompanying consolidated statements of operations. • A charge of $27.2 million ( $19.9 million after-tax, or $0.15 per diluted share), related to certain lodge assets in the southern oil sands which carrying values we determined not to be recoverable. The charge, which is related to our Canadian segment, is included in Impairment expense on the accompanying consolidated statements of operations. Amounts are calculated independently for each of the quarters presented. Therefore, the sum of the quarterly amounts may not equal the total calculated for the year. |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Cash | Cash We consider all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. |
Allowances for Doubtful Accounts | Allowances for Doubtful Accounts We maintain allowances for doubtful accounts for estimated losses resulting from the inability of our customers to make required payments. If a trade receivable is deemed to be uncollectible, such receivable is charged-off against the allowance for doubtful accounts. We consider the following factors when determining if collection of revenue is reasonably assured: customer credit-worthiness, past transaction history with the customer, current economic industry trends, customer solvency and changes in customer payment terms. If we have no previous experience with the customer, we typically obtain reports from various credit organizations to ensure that the customer has a history of paying its creditors. We may also request financial information, including combined financial statements or other documents, to ensure that the customer has the means of making payment. If these factors do not indicate collection is reasonably assured, we generally would require a prepayment or other arrangement to support revenue recognition and recording of a trade receivable. If the financial condition of our customers were to deteriorate, adversely affecting their ability to make payments, additional allowances would be required. |
Inventories | Inventories Inventories consist of work in process, raw materials and supplies and materials for the construction and operation of remote accommodation facilities. Inventories also include food, raw materials, labor, subcontractor charges, manufacturing overhead and catering and other supplies needed for operation of our facilities. Inventories are carried at the lower of cost or market. The cost of inventories is determined on an average cost or specific-identification method. |
Property, Plant and Equipment | Property, Plant, and Equipment Property, plant, and equipment are stated at cost or at estimated fair market value at acquisition date if acquired in a business combination, and depreciation is computed, for assets owned or recorded under capital lease, using the straight-line method, after allowing for salvage value where applicable, over the estimated useful lives of the assets. Leasehold improvements are capitalized and amortized over the lesser of the life of the lease or the estimated useful life of the asset. We record the fair value of a liability, which reflects the estimated present value of the amount of asset removal and site reclamation costs related to the retirement of our assets, for an asset retirement obligation (ARO) when it is incurred (typically when the asset is installed). When the liability is initially recorded, we capitalize the associated asset retirement cost by increasing the carrying amount of the related property, plant and equipment. Please see Asset Retirement Obligations, below, for further discussion. Expenditures for repairs and maintenance are charged to expense when incurred. Expenditures for major renewals and betterments, which extend the useful lives of existing equipment, are capitalized and depreciated. Upon retirement or disposition of property and equipment, the cost and related accumulated depreciation are removed from the accounts and any resulting gain or loss is recognized in the consolidated statements of operations. |
Interest Capitalization | Interest Capitalization Interest costs for the construction of certain long-term assets are capitalized and amortized over the related assets’ estimated useful lives. |
Business Combinations | Business Combinations We evaluate acquisitions of assets and other similar transactions to assess whether or not the transaction should be accounted for as a business combination by assessing whether or not we have acquired inputs and processes that have the ability to create outputs. If determined to be a business combination, we account for a business acquisition under the acquisition method of accounting. The accounting rules governing business combinations require the acquiring entity in a business combination to recognize the fair value of all assets acquired and liabilities assumed and establish the acquisition date as the fair value measurement point. Accordingly, we recognize assets acquired and liabilities assumed in a business combination based on the fair value estimates as of the date of acquisition. Goodwill is measured as the excess of the fair value of the consideration paid over the fair value of the identified net assets, including intangible assets, acquired. The fair value measurement of the identified net assets requires the significant use of estimates and is based on information that was available to management at the time these consolidated financial statements were prepared. We utilized recognized valuation techniques, including the cost approach, the market approach and the income approach to value the net assets acquired. The impact of changes to the estimated fair values of assets acquired and liabilities assumed is recorded in the reporting period in which the adjustment is identified. Final valuations of assets and liabilities are obtained and recorded within one year from the date of the acquisition. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets The recoverability of the carrying values of long-lived assets, including amortizable intangible assets, is assessed whenever, in management’s judgment, events or changes in circumstances indicate that the carrying value of such asset groups may not be recoverable based on estimated future cash flows. If this assessment indicates that the carrying values will not be recoverable, as determined based on undiscounted cash flows over the remaining useful lives, an impairment loss is recognized. The impairment loss equals the excess of the carrying value over the fair value of the asset group. The fair value of the asset group is based on prices of similar assets, if available, or discounted cash flows. In performing this analysis, the first step is to review asset groups at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. For each asset group, we compare its carrying value to estimates of undiscounted future cash flows. We use a variety of underlying assumptions to estimate these future cash flows, including assumptions relating to future economic market conditions, rates, occupancy levels, costs and expenses and capital expenditures. The estimates are consistent with those used for purposes of our goodwill impairment test, as further discussed in Goodwill and Other Intangible Assets, below. Based on the assessment, if the carrying values of certain of our asset groups are determined to not be recoverable, we proceed to the second step. In this step, we compare the fair value of the respective asset group to its carrying value. The fair value of the asset groups are based on prices of similar assets, as applicable, or discounted cash flows. Our estimate of the fair value requires us to use significant unobservable inputs, representative of Level 3 fair value measurements, including numerous assumptions with respect to future circumstances, such as industry and/or local market conditions that might directly impact each of the asset groups’ operations in the future, and are therefore uncertain. Please see Note 4 – Impairment Charges for a discussion of impairment charges we recognized in 2018 , 2017 and 2016 related to our long-lived assets. |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Goodwill. Goodwill represents the excess of the purchase price paid for acquired businesses over the allocated fair value of the related net assets after impairments, if applicable. We do not amortize goodwill. We evaluate goodwill for impairment, at the reporting unit level, annually and when an event occurs or circumstances change to suggest that the carrying amount may not be recoverable. A reporting unit is the operating segment, or a business one level below that operating segment (the “component” level) if discrete financial information is prepared and regularly reviewed by management at the component level. Each segment of our business represents a separate reporting unit. We recognize an impairment loss for any amount by which the carrying amount of a reporting unit’s goodwill exceeds the reporting unit’s implied fair value (IFV) of goodwill. In connection with our acquisition of Noralta Lodge Ltd. (Noralta), referred to herein as the Noralta Acquisition, we recorded $120.9 million of goodwill in our Canadian reporting unit. For further discussion, please see Note 7 - Acquisitions and Note 11 - Goodwill and Other Intangible Assets. We conduct our annual impairment test as of November 30 of each year. Our assessment consists of a two-step impairment test. In the first step, we compare each reporting unit’s carrying amount, including goodwill, to the IFV of the reporting unit. If the carrying amount of the reporting unit exceeds its fair value, goodwill is potentially impaired, and a second step is performed to determine the amount of impairment, if any. Future impairment tests will be impacted by new accounting guidance which eliminates the second step of the goodwill impairment test, as discussed in Recent Accounting Pronouncements below. We are given the option to test for impairment of our goodwill by first performing a qualitative assessment to determine whether it is more likely than not (that is, likelihood of more than 50 percent) that the fair value of a reporting unit is less than its carrying amount, including goodwill. If it is determined that it is more likely than not that the fair value of a reporting unit is greater than its carrying amount, then performing the currently prescribed two-step impairment test is unnecessary. In developing a qualitative assessment to meet the “more-likely-than-not” threshold, each reporting unit with goodwill is assessed separately and different relevant events and circumstances are evaluated for each unit. We have the option to bypass the qualitative assessment for any reporting unit in any period and proceed directly to performing the first step of the two-step goodwill impairment test. When performing our annual assessment on November 30, 2018, due to a reduction in our share price in the fourth quarter of 2018, we chose to bypass the qualitative assessment and proceed directly to the first step of the impairment test for goodwill in our Canadian reporting unit. In performing the two-step impairment test, we compare each reporting unit’s carrying amount, including goodwill, to the IFV of the reporting unit. Because none of our reporting units has a publicly quoted market price, we must determine the value that willing buyers and sellers would place on the reporting unit through a routine sale process (a Level 3 fair value measurement). In our analysis, we target an IFV that represents the value that would be placed on the reporting unit by market participants, and value the reporting unit based on historical and projected results throughout a cycle, not the value of the reporting unit based on trough or peak earnings. The IFV of the reporting unit is estimated using a combination of (i) an analysis of trading multiples of comparable companies (Market Approach) and (ii) discounted projected cash flows (Income Approach). The relative weighting of each approach reflects current industry and market conditions. Market Approach - This valuation approach utilizes publicly traded comparable companies’ enterprise values, as compared to their recent and forecasted earnings before interest, taxes and depreciation (EBITDA) information. We use EBITDA because it is a widely used key indicator of the cash generating capacity of companies in our industry. Income Approach - This valuation approach derives a present value of the reporting unit’s projected future annual cash flows over the next five years with a terminal value assumption. We use a variety of underlying assumptions to estimate these future cash flows, including assumptions relating to future economic market conditions, rates, occupancy levels, costs and expenses and capital expenditures. These assumptions can vary by each reporting unit depending on market conditions. In addition, a terminal value is estimated, using a Gordon Growth methodology with a long-term growth rate of 3% . We discount our projected cash flows using a long-term weighted average cost of capital based on our estimate of investment returns that would be required by a market participant. The IFV of our reporting units is affected by future oil, coal and natural gas prices, anticipated spending by our customers, and the cost of capital. Our estimate of IFV requires us to use significant unobservable inputs, representative of Level 3 fair value measurements, including numerous assumptions with respect to future circumstances, such as industry and/or local market conditions that might directly impact each of the reporting units’ operations in the future, and are therefore uncertain. We selected these valuation approaches because we believe the combination of these approaches and our best judgment regarding underlying assumptions and estimates provides us with the best estimate of fair value for each of our reporting units. We believe these valuation approaches are proven valuation techniques and methodologies for our industry and widely accepted by investors. The IFV of each reporting unit would change if our assumptions under these valuation approaches, or relative weighting of the valuation approaches, were materially modified. Other Intangible Assets. We amortize the cost of other intangible assets using the straight-line method over their estimated useful lives unless such lives are deemed indefinite. For intangible assets that we amortize, we review the useful life of the intangible asset and evaluate each reporting period whether events and circumstances warrant a revision to the remaining useful life. We evaluate the remaining useful life of an intangible asset that is not being amortized each reporting period to determine whether events and circumstances continue to support an indefinite useful life. We are required to evaluate our indefinite-lived intangible assets for impairment annually and when an event occurs or circumstances change to suggest the carrying amount may not be recoverable. In performing the impairment test, we compare the fair value of the indefinite-lived intangible asset with its carrying amount. The measurement of the impairment is calculated based on the excess of the carrying value over its fair value. |
Foreign Currency and Other Comprehensive Income | Foreign Currency and Other Comprehensive Income Gains and losses resulting from consolidated balance sheet translation of foreign operations where a foreign currency is the functional currency are included as a separate component of accumulated other comprehensive income within shareholders’ equity representing substantially all of the balances within accumulated other comprehensive income. Remeasurements of intercompany loans denominated in a different currency than the functional currency of the entity that are of a long-term investment nature are recognized as other comprehensive income within shareholders’ equity. Gains and losses resulting from consolidated balance sheet remeasurements of assets and liabilities denominated in a different currency than the functional currency, other than intercompany loans that are of a long-term investment nature, are included in the consolidated statements of operations as incurred. |
Foreign Exchange Risk | Foreign Exchange Risk A significant portion of revenues, earnings and net investments in foreign affiliates are exposed to changes in foreign currency exchange rates. We seek to manage our foreign exchange risk in part through operational means, including managing expected local currency revenues in relation to local currency costs and local currency assets in relation to local currency liabilities. We have not entered into any foreign currency forward contracts. |
Revenue and Cost Recognition | Revenue and Cost Recognition We generally recognize accommodation, mobile facility rental and food service and other services revenues over time due to the continuous transfer of control to the customers as they simultaneously receive and consume benefits of our hospitality services. 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 vary over the contract term. In these cases, revenue may be deferred and recognized on a straight-line basis over the contract term. A limited portion of our revenue is recognized at a point in time when control transfers to the customer, such as in connection with small modular construction and manufacturing contracts, minor food service arrangements and optional purchases our customers make for incidental services offered at our accommodation and mobile facilities. 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 result in revisions to projected costs and revenue and are recognized in the period in which the revisions to estimates are identified and the amounts can be reasonably estimated. Factors that may affect future project costs and margins include weather, production efficiencies, availability and costs of labor, materials and subcomponents. These factors can significantly impact the accuracy of our estimates and materially impact our future reported earnings. As a result 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 hospitality services under take-or-pay contracts with terms that most often range from several months to three years. Our contract terms generally provide for a rental rate for a reserved room and an occupied room rate that compensates us for services provided. We typically contract our facilities to our customers on a fee per day basis where the goods and services promised include lodging and meals. To identify the performance obligations, we consider all of the goods and services promised in the context of the contract and the pattern of transfer to our customers. Revenues exclude taxes assessed based on revenues such as sales or value added taxes. Cost of services includes labor, food, utility costs, cleaning supplies, and other costs of operating our accommodations facilities. Cost of goods sold includes all direct material and labor costs and those costs related to contract performance, such as indirect labor, supplies, tools and repairs. Selling, general and administrative costs are charged to expense as incurred. |
Income Taxes | Income Taxes Our operations are subject to Canadian federal and provincial income taxes, as well as foreign income taxes. We determine the provision for income taxes using the asset and liability approach. Under this approach, deferred income taxes represent the expected future tax consequences of temporary differences between the carrying amounts and tax bases of assets and liabilities. Valuation allowances are established when necessary to reduce deferred tax assets to the amounts expected to be realized. In assessing the need for a valuation allowance, we look to the future reversal of existing taxable temporary differences, taxable income in carryback years, the feasibility of tax planning strategies and estimated future taxable income. The valuation allowance can be affected by changes to tax laws, changes to statutory tax rates and changes to future taxable income estimates. We recognize tax benefits from uncertain tax positions only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the consolidated financial statements from such positions are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. Please see Note 16 – Income Taxes for further information. |
Receivables and Concentration of Credit Risk | Receivables and Concentration of Credit Risk Based on the nature of our customer base, we do not believe that we have any significant concentrations of credit risk other than our concentration in the Canadian oil sands and Australian mining industries. We evaluate the credit-worthiness of our significant, new and existing customers’ financial condition and, generally, we do not require collateral from our customers. For the year ended December 31, 2018 , each of Imperial Oil, Fort Hills Energy LP and Suncor Energy Inc. accounted for more than 10% of our revenues. For the years ended December 31, 2017 and 2016 , each of Imperial Oil and Fort Hills Energy LP accounted for more than 10% of our revenues. |
Asset Retirement Obligations | Asset Retirement Obligations We record the fair value of a liability, which reflects the estimated present value of the amount of asset removal and site reclamation costs related to the retirement of our assets, for an ARO when it is incurred (typically when the asset is installed). When the liability is initially recorded, we capitalize the associated asset retirement cost by increasing the carrying amount of the related property, plant and equipment. Over time, the liability increases for the change in its present value, while the capitalized cost depreciates over the useful life of the related asset. Accretion expense is recognized over the estimated productive life of the related assets. If the fair value of the estimated ARO changes, an adjustment is recorded to both the ARO and the capitalized asset retirement cost. Revisions in estimated liabilities can result from changes in estimated inflation rates, changes in service and equipment costs and changes in the estimated timing of settling the ARO. We utilize current retirement costs to estimate the expected cash outflows for retirement obligations. We estimate the ultimate productive life of the properties and a risk-adjusted discount rate in order to determine the current present value of the obligation. We relieve ARO liabilities when the related obligations are settled. We have AROs that we are required to perform under law or contract once an asset is permanently taken out of service. Most of these obligations are not expected to be paid until several years in the future and will be funded from general company resources at the time of removal. Please see Note 15 – Asset Retirement Obligations for further discussion. |
Share-based Compensation | Share-Based Compensation We sponsor an equity participation plan in which certain of our employees participate. We measure the cost of employee services received in exchange for an award of equity instruments (typically restricted share awards and deferred share awards) based on the grant-date fair value of the award. The fair value is calculated based on our share price on the grant-date. The resulting cost is recognized over the period during which an employee is required to provide service in exchange for the awards, usually the vesting period. We also grant phantom shares. All of the awards vest in equal annual installments and are accounted for as a liability based on the fair value of our share price. Participants granted units of phantom shares are entitled to a lump sum cash payment equal to the fair market value of a common share on the vesting date. We also grant performance share awards. These awards are earned in amounts between 0% and 200% of the participant’s target performance share award, based on the payout percentage associated with Civeo’s relative total shareholder return rank among a peer group of other companies. The fair value is estimated using option-pricing models. The resulting cost is recognized over the period during which an employee is required to provide service in exchange for the awards, usually the vesting period. |
Guarantees | Guarantees Substantially all of our Canadian and U.S. subsidiaries are guarantors under our Amended Credit Agreement. See Note 12 - Debt. During the ordinary course of business, we also provide standby letters of credit or other guarantee instruments to certain parties as required for certain transactions initiated by us or our subsidiaries. As of December 31, 2018 , the maximum potential amount of future payments that we could be required to make under these guarantee agreements (letters of credit) was approximately $4.0 million . We have not recorded any liability in connection with these guarantee arrangements. We do not believe, based on historical experience and information currently available, that it is likely that any amounts will be required to be paid under these guarantee arrangements. |
Use of Estimates | Use of Estimates The preparation of consolidated financial statements in conformity with U.S. 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. Examples of a few such estimates include revenue and income recognized on the cost-based input method, estimates of the amount and timing of costs to be incurred for asset retirement obligations, any valuation allowance recorded on net deferred tax assets, warranty claims, long-lived asset and goodwill impairments and allowance for doubtful accounts. Actual results could materially differ from those estimates. |
Accounting for Contingencies | Accounting for Contingencies We have contingent liabilities and future claims for which we have made estimates of the amount of the eventual cost to liquidate these liabilities or claims. These liabilities and claims sometimes involve threatened or actual litigation where damages have been quantified and we have made an assessment of our exposure and recorded a provision in our accounts to cover an expected loss. Other claims or liabilities have been estimated based on their fair value or our experience in these matters and, when appropriate, the advice of outside counsel or other outside experts. Upon the ultimate resolution of these uncertainties, our future reported financial results will be impacted by the difference between our estimates and the actual amounts paid to settle a liability. Examples of areas where we have made important estimates of future liabilities include litigation, taxes, interest, insurance claims, warranty claims, contract claims and obligations. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements 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 yet effective, will not have a material impact on our consolidated financial statements upon adoption. In January 2017, the FASB issued Accounting Standards Update (ASU) 2017-01, “Business Combinations (Topic 805): Clarifying the Definition of a Business” which changes the definition of a business to assist entities with evaluating when a set of transferred assets and activities is a business. ASU 2017-01 requires an entity to evaluate if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets. If so, the set of transferred assets and activities is not a business. The standard is effective for interim and annual reporting periods beginning after December 15, 2017. Effective with our quarterly report on Form 10-Q for the quarter ended March 31, 2018, we have adopted this standard effective January 1, 2018. In January 2017, the FASB issued ASU 2017-04, "Intangibles-Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment." The standard simplifies the accounting for goodwill impairment by requiring a goodwill impairment to be measured using a single step impairment model, whereby the impairment equals the difference between the carrying amount and the fair value of the specified reporting units in their entirety. This eliminates the second step of the current impairment model that requires companies to first estimate the fair value of all assets in a reporting unit and measure impairments based on those fair values and a residual measurement approach. It also specifies that any loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. ASU 2017-04 is effective prospectively for public business entities for annual reporting periods beginning after December 15, 2019, and early adoption is permitted. We will adopt this new standard no later than January 1, 2020. The impact of the new standard will be dependent on the specific facts and circumstances of future individual goodwill impairments, if any. In June 2016, the FASB issued ASU 2016-13, “Financial Instruments – Credit Losses” (ASU 2016-13). This new standard changes how companies will measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. ASU 2016-13 is effective for financial statements issued for reporting periods beginning after December 15, 2019 and interim periods within the reporting periods. We are currently evaluating the impact of this new standard on our consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, “Leases” (Topic 842), which replaces the existing guidance for lease accounting. The guidance is effective for financial statements issued for reporting periods beginning after December 15, 2018 and interim periods within the reporting periods. We will adopt ASU 2016-02 and all related amendments as of January 1, 2019 and will elect the optional transition method, which allows us upon adoption to recognize a cumulative-effect adjustment to the opening balance of accumulated deficit for the application of the standard to our existing leases. ASU 2016-02 requires lessees to recognize a lease liability and a right-of-use asset for all leases. We have elected the short-term lease recognition exemption for all leases that qualify. Accordingly, we will not recognize right-of-use assets or lease liabilities for leases with terms shorter than 12 months. Our evaluation process includes reviewing all forms of leases, performing a completeness assessment over the lease population and analyzing the available practical expedients in order to determine the best implementation strategy. We have determined that certain of our accommodation contracts with customers contain both a lease and non-lease or service component and in those instances have concluded the service component is the predominant component. As a result, we will elect the practical expedient under ASU 2018-11, which allows us to combine the lease and non-lease components of revenues for presentation purposes in accordance with Accounting Standards Codification (ASC) Topic 606, “Revenue from Contracts with Customers” (ASC 606). We also have identified certain arrangements with customers whereby we are a lessor for the rental of mobile camp assets primarily in our U.S segment. We expect the adoption of this new standard will result in an immaterial increase on our consolidated balance sheet for right-of-use assets and corresponding lease liabilities. For arrangements where we are the lessor, we do not expect the adoption of the new lease standard to have any material impact on our financial statements as all of our leases are operating leases, which will result in straight-line recognition of rental revenue. In May 2014, the FASB issued ASU 2014-09 establishing ASC 606. ASC 606 establishes a comprehensive new revenue recognition model designed to depict the transfer of goods or services to a customer in an amount that reflects the consideration the entity expects to be entitled to receive in exchange for those goods or services and requires significantly enhanced revenue disclosures. The standard is effective for annual and interim reporting periods beginning after December 15, 2017. Effective with our quarterly report on Form 10-Q for the quarter ended March 31, 2018, we have adopted this standard effective January 1, 2018 using the modified retrospective method as applied to customer contracts that were not completed as of January 1, 2018. As a result, financial information for reporting periods beginning after January 1, 2018 is presented under ASC 606, while comparative financial information has not been adjusted and continues to be reported in accordance with the Company’s historical accounting policy for revenue recognition prior to the adoption of ASC 606. Upon adoption of this standard, we recognized a cumulative effect adjustment of $0.4 million to accumulated deficit in the accompanying consolidated balance sheet as of December 31, 2018 . We expect the impact of the adoption of the new standard to be immaterial to our consolidated financial statements on an ongoing basis. |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following table disaggregates our revenue by our three reportable segments: Canada, Australia and U.S., and major categories for the years ended December 31, 2018 , 2017 and 2016 (in thousands): 2018 2017 2016 Canada Accommodation revenues $ 266,899 $ 228,062 $ 238,221 Mobile facility rental revenues 9,316 3,935 9,217 Food service and other services revenues 15,601 11,891 14,280 Manufacturing revenues 4,196 1,707 16,746 Total Canada revenues 296,012 245,595 278,464 Australia Accommodation revenues $ 117,896 $ 111,221 $ 106,815 Food service and other services revenues 1,342 — — Total Australia revenues 119,238 111,221 106,815 United States Accommodation revenues $ 18,288 $ 9,832 $ 3,806 Mobile facility rental revenues 20,389 8,764 6,243 Manufacturing revenues 12,595 6,693 1,816 Food service and other services revenues 170 171 86 Total United States revenues 51,442 25,460 11,951 Total revenues $ 466,692 $ 382,276 $ 397,230 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction | As of December 31, 2018 , for contracts that are greater than one year, the table below discloses the estimated revenues related to performance obligations that are unsatisfied (or partially unsatisfied) and when we expect to recognize the revenue (in thousands): For the years ending December 31, 2019 2020 2021 Thereafter Total Revenue expected to be recognized as of December 31, 2018 $ 97,611 $ 50,693 $ 6,679 $ — $ 154,983 |
Impairment Charges (Tables)
Impairment Charges (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Asset Impairment Charges [Abstract] | |
Asset Impairment Charges | The following summarizes pre-tax impairment charges recorded during 2016 , which are included in Impairment expense in our consolidated statements of operations (in thousands): Canada Australia U.S. Total Quarter ended March 31, 2016 Long-lived assets $ — $ — $ 8,400 $ 8,400 Quarter ended September 30, 2016 Long-lived assets 37,729 — — 37,729 Total $ 37,729 $ — $ 8,400 $ 46,129 The following summarizes pre-tax impairment charges recorded during 2018 , which are included in Impairment expense in our consolidated statements of operations (in thousands): Canada Australia U.S. Total Quarter ended March 31, 2018 Long-lived assets $ 28,661 $ — $ — $ 28,661 Total $ 28,661 $ — $ — $ 28,661 The following summarizes pre-tax impairment charges recorded during 2017 , which are included in Impairment expense in our consolidated statements of operations (in thousands): Canada Australia U.S. Total Quarter ended September 30, 2017 Long-lived assets $ 4,360 $ — $ — $ 4,360 Quarter ended December 31, 2017 Long-lived assets 27,244 — — 27,244 Total $ 31,604 $ — $ — $ 31,604 |
Details of Selected Balance S_2
Details of Selected Balance Sheet Accounts (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Balance Sheet Related Disclosures [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable | Additional information regarding selected balance sheet accounts at December 31, 2018 and 2017 is presented below (in thousands): December 31, 2018 December 31, 2017 Accounts receivable, net: Trade $ 48,875 $ 46,692 Unbilled revenue 21,169 20,555 Other 555 914 Total accounts receivable 70,599 68,161 Allowance for doubtful accounts (376 ) (1,338 ) Total accounts receivable, net $ 70,223 $ 66,823 |
Schedule of Inventory, Current | December 31, 2018 December 31, 2017 Inventories: Finished goods and purchased products $ 2,461 $ 2,211 Work in process 945 4,096 Raw materials 907 939 Total inventories $ 4,313 $ 7,246 |
Property, Plant and Equipment | Estimated December 31, 2018 December 31, 2017 Property, plant and equipment, net: Land $ 46,805 $ 40,567 Accommodations assets 3-15 1,650,758 1,658,867 Buildings and leasehold improvements 7-20 25,168 24,181 Machinery and equipment 4-15 10,693 8,848 Office furniture and equipment 3-7 54,459 53,688 Vehicles 3-5 14,589 13,869 Construction in progress 7,119 2,770 Total property, plant and equipment 1,809,591 1,802,790 Accumulated depreciation (1,150,686 ) (1,108,957 ) Total property, plant and equipment, net $ 658,905 $ 693,833 |
Schedule of Accrued Liabilities | December 31, 2018 December 31, 2017 Accrued liabilities: Accrued compensation $ 13,545 $ 20,424 Accrued taxes, other than income taxes 2,177 1,224 Accrued interest 5 15 Other 229 545 Total accrued liabilities $ 15,956 $ 22,208 |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Business Combinations [Abstract] | |
Purchase consideration for Noralta acquisition | The purchase consideration and estimated fair value of Noralta’s net assets acquired as of April 2, 2018 is presented as follows: (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 (1) 157,539 Preferred Share consideration 59,042 Total purchase consideration $ 340,203 Less: Common shares held in escrow (8,825 ) Less: Cash held in escrow (11,607 ) Less: Preferred Shares held in escrow (4,221 ) Total purchase consideration $ 315,550 (1) Net of $3.6 million in cash released to us to cover purchase price adjustments related to a working capital shortfall at closing. |
Estimated fair values of assets acquired and liabilities assumed | The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at April 2, 2018 (in thousands): Cash and cash equivalents $ 24 Accounts receivable (1) 21,456 Inventories 839 Other current assets 4,266 Property, plant and equipment 129,424 Goodwill 120,893 Intangible assets 114,383 Total assets acquired 391,285 Accounts payable and accrued liabilities 15,023 Income taxes payable 1,038 Other current liabilities 2,027 Deferred income taxes 52,514 Other noncurrent liabilities 5,133 Total liabilities assumed 75,735 Net assets acquired $ 315,550 (1) The aggregate fair value of the acquired accounts receivable approximated the aggregate gross contractual amount. |
Purchase price allocation of identifiable intangible assets and liabilities | 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 110,413 Favorable lease contract 2,496 Total amortizable intangible assets $ 114,383 Amortizable Intangible Liabilities Unfavorable lease contracts $ 2,456 Total amortizable intangible liabilities $ 2,456 Net intangible assets $ 111,927 |
Supplemental unaudited proforma financial information | The unaudited pro forma results do not purport to be indicative of the results of operations had the transaction occurred on the date indicated or of future results for the combined entities (in thousands, except per share data): Years Ended December 31, (Unaudited) Pro forma Pro forma 2018 2017 Revenues $ 501,275 $ 506,040 Net loss attributable to Civeo Corporation common shareholders (129,900 ) (91,420 ) Basic net loss per share attributable to Civeo Corporation common shareholders $ (0.83 ) $ (0.57 ) Diluted net loss per share attributable to Civeo Corporation common shareholders $ (0.83 ) $ (0.57 ) |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | HARE The calculation of earnings per share attributable to the Company is presented below for the periods indicated (in thousands, except per share amounts): 2018 2017 2016 Basic Loss per Share Net loss attributable to Civeo common shareholders $ (131,832 ) $ (105,713 ) $ (96,388 ) Less: undistributed net income to participating securities — — — Net loss attributable to Civeo common shareholders - basic $ (131,832 ) $ (105,713 ) $ (96,388 ) Weighted average common shares outstanding - basic 157,231 128,365 107,024 Basic loss per share $ (0.84 ) $ (0.82 ) $ (0.90 ) Diluted Loss per Share Net loss attributable to Civeo common shareholders - basic $ (131,832 ) $ (105,713 ) $ (96,388 ) Less: undistributed net income to participating securities — — — Net loss attributable to Civeo common shareholders - diluted $ (131,832 ) $ (105,713 ) $ (96,388 ) Weighted average common shares outstanding - basic 157,231 128,365 107,024 Effect of dilutive securities (1) — — — Weighted average common shares outstanding - diluted 157,231 128,365 107,024 Diluted loss per share $ (0.84 ) $ (0.82 ) $ (0.90 ) (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 years ended December 31, 2018 , 2017 and 2016 . In the years ended December 31, 2018 , 2017 and 2016 , we excluded from the calculation 3.7 million , 2.1 million and 1.3 million share based awards, respectively, since the effect would have been anti-dilutive. In the year ended December 31, 2018 , we excluded from the calculation the impact of converting the Preferred Shares into 29.8 million common shares, since the effect would have been anti-dilu |
Assets Held for Sale (Tables)
Assets Held for Sale (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations | The following table summarizes the carrying amount as of December 31, 2018 and 2017 of the major classes of assets from the modular construction and manufacturing plant, undeveloped land positions and Noralta’s corporate offices we classified as held for sale (in thousands): December 31, 2018 December 31, 2017 Assets held for sale: Property, plant and equipment, net $ 10,297 $ 9,418 Inventories — 44 Total assets held for sale $ 10,297 $ 9,462 |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Supplemental Cash Flow Information [Abstract] | |
Schedule of Cash Flow, Supplemental Disclosures | Cash paid during the years ended December 31, 2018 , 2017 and 2016 for interest and income taxes was as follows (in thousands): 2018 2017 2016 Interest (net of amounts capitalized) $ 23,098 $ 17,362 $ 18,927 Net income taxes paid (refunds received) (5,271 ) (7,755 ) 3,404 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Carrying Amount of Goodwill | Changes in the carrying amount of goodwill from December 31, 2017 to December 31, 2018 are as follows (in thousands): Canadian Australian U.S. Total Balance as of December 31, 2017 $ — $ — $ — $ — Noralta Acquisition (1) 120,893 — — 120,893 Foreign currency translation (6,686 ) — — (6,686 ) Balance as of December 31, 2018 $ 114,207 $ — $ — $ 114,207 (1) Please see Note 7 – Acquisitions for further information. |
Schedule of Amortization of Intangible Assets | The following table presents the total amount of other intangible assets and the related accumulated amortization for major intangible asset classes as of December 31, 2018 and 2017 (in thousands): AS OF DECEMBER 31, 2018 2017 Gross Accumulated Gross Accumulated Amortizable Intangible Assets Customer relationships $ 41,809 $ (34,754 ) $ 45,209 $ (33,997 ) Trade name 1,393 (1,388 ) — — Contracts / agreements 147,090 (36,930 ) 38,362 (26,853 ) Favorable lease contract 2,358 (198 ) — — Noncompete agreements 675 (675 ) 675 (675 ) Total amortizable intangible assets $ 193,325 $ (73,945 ) $ 84,246 $ (61,525 ) Indefinite-Lived Intangible Assets Not Subject to Amortization Licenses 29 — 32 — Total indefinite-lived intangible assets 29 — 32 — Total intangible assets $ 193,354 $ (73,945 ) $ 84,278 $ (61,525 ) |
Schedule of Remaining Amortization of Finite-Lived Intangible Assets | As of December 31, 2018 , the estimated remaining amortization of our amortizable intangible assets was as follows (in thousands): Year Ending December 31, 2019 $ 15,127 2020 12,262 2021 5,664 2022 5,664 2023 5,469 Thereafter 75,194 Total $ 119,380 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | As of December 31, 2018 and 2017 , long-term debt consisted of the following (in thousands): December 31, 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 5.4% for the twelve-month period ended December 31, 2018 247,910 297,623 U.S. revolving credit facility, which matures on November 30, 2020, weighted average interest rate of 7.0% for the twelve-month period ended December 31, 2018 — — Canadian revolving credit facility, which matures on November 30, 2020, weighted average interest rate of 6.1% for the twelve-month period ended December 31, 2018 114,348 — Australian revolving credit facility, which matures on November 30, 2020, weighted average interest rate of 5.4% for the twelve-month period ended December 31, 2018 16,918 — 379,176 297,623 Less: Unamortized debt issuance costs 2,939 3,037 Total debt 376,237 294,586 Less: Current portion of long-term debt, including unamortized debt issuance costs, net 33,329 16,596 Long-term debt, less current maturities $ 342,908 $ 277,990 |
Schedule of Maturities of Long-term Debt | Scheduled maturities of long-term debt as of December 31, 2018 are as follows (in thousands): 2019 33,729 2020 345,447 $ 379,176 |
Schedule Of Changes In Maximum Leverage Ratio | adjusted the maximum leverage ratio financial covenant, as follows: If a qualified offering of indebtedness with gross proceeds in excess of $150 million has been consummated, a Maximum Leverage Ratio of 4 :00 to 1.00 and, if such qualified offering has not been consummated, a maximum leverage ratio not to exceed the ratios set forth in the following table: Period Ended Maximum Leverage Ratio December 31, 2018 3.75 : 1.00 March 31, 2019 & thereafter 3.50 : 1.00 adjusted the maximum leverage ratio financial covenant, as follows: • If a qualified offering of indebtedness with gross proceeds in excess of $150 million has been consummated, a Maximum Leverage Ratio not to exceed the ratios set forth in the following table: Period Ended Maximum Leverage Ratio December 31, 2018 4.50 : 1:00 March 31, 2019 4.75 : 1:00 June 30, 2019 4.50 : 1:00 September 30, 2019 & thereafter 4.00 : 1:00 • and, if such qualified offering has not been consummated, a maximum leverage ratio not to exceed the ratios set forth in the following table: Period Ended Maximum Leverage Ratio December 31, 2018 4.50 : 1:00 March 31, 2019 4.75 : 1:00 June 30, 2019 4.50 : 1:00 September 30, 2019 4.00 : 1:00 December 31, 2019 & thereafter 3.50 : 1:00 |
Preferred Shares (Tables)
Preferred Shares (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Schedule of Preferred Dividends | During the year ended December 31, 2018 , we recognized preferred dividends on the Preferred Shares as follows (in thousands): 2018 Deemed dividend on beneficial conversion feature at April 2, 2018 $ 47,849 In-kind dividends 1,459 Deemed dividend on beneficial conversion feature related to in-kind dividend 281 Total preferred dividends $ 49,589 |
Asset Retirement Obligations (T
Asset Retirement Obligations (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Schedule of Asset Retirement Obligations | AROs at December 31, 2018 and 2017 were (in thousands): 2018 2017 Asset retirement obligations $ 18,381 $ 17,185 Less: Asset retirement obligations due within one year* 4,443 1,799 Long-term asset retirement obligations $ 13,938 $ 15,386 * Classified as a current liability on the consolidated balance sheets, under the caption “Other current liabilities.” Related to remediation work planned for 2018. |
Schedule of Change in Asset Retirement Obligation | During the years ended December 31, 2018 , 2017 and 2016 , our ARO changed as follows (in thousands): 2018 2017 2016 Balance as of January 1 $ 17,185 $ 17,584 $ 17,299 Accretion of discount 1,689 1,353 1,351 New obligations 6,629 86 — Change in estimates of existing obligations (4,336 ) (1,901 ) (1,182 ) Settlement of obligations (1,013 ) (816 ) (376 ) Foreign currency translation (1,773 ) 879 492 Balance as of December 31 $ 18,381 $ 17,185 $ 17,584 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income before Income Tax, Domestic and Foreign | Income tax benefit. Pre-tax loss for the years ended December 31, 2018 , 2017 and 2016 consisted of the following (in thousands): 2018 2017 2016 Canada operations $ (100,874 ) $ (87,143 ) $ (87,234 ) Foreign operations (12,338 ) (31,601 ) (28,698 ) Total $ (113,212 ) $ (118,744 ) $ (115,932 ) |
Schedule of Components of Income Tax Expense (Benefit) | The components of the income tax benefit for the years ended December 31, 2018 , 2017 and 2016 consisted of the following (in thousands): 2018 2017 2016 Current: Canada $ (1,151 ) $ (5,986 ) $ (8,646 ) Foreign 1,189 1,472 1,749 Total $ 38 $ (4,514 ) $ (6,897 ) Deferred: Canada $ (31,403 ) $ (9,194 ) $ (12,169 ) Foreign — 218 (1,039 ) Total $ (31,403 ) $ (8,976 ) $ (13,208 ) Total Benefit $ (31,365 ) $ (13,490 ) $ (20,105 ) |
Schedule of Effective Income Tax Rate Reconciliation | The income tax benefit differs from an amount computed at Canadian statutory rates as follows for the years ended December 31, 2018 , 2017 and 2016 (in thousands): 2018 2017 2016 Federal tax benefit at statutory rates $ (30,567 ) 27.0 % $ (32,061 ) 27.0 % $ (31,302 ) 27.0 % Effect of foreign income tax, net (276 ) 0.2 % (3,399 ) 2.9 % (6,593 ) 5.7 % Enacted tax rate change – U.S. Tax Reform — — % 9,047 (7.6 )% — — % Valuation allowance – U.S. Tax Reform — — % (9,047 ) 7.6 % — — % Valuation allowance – Other (622 ) 0.6 % 19,130 (16.1 )% 15,051 (13.0 )% Tax effects of restructuring — — % — — % 3,038 (2.6 )% Deemed income from foreign subsidiaries 321 (0.3 )% 334 (0.3 )% 1,108 (1.0 )% Enacted tax rate change - Canada — — % 598 (0.5 )% 712 (0.6 )% Other, net (221 ) 0.2 % 1,908 (1.6 )% (2,119 ) 1.8 % Net income tax benefit $ (31,365 ) 27.7 % $ (13,490 ) 11.4 % $ (20,105 ) 17.3 % |
Schedule of Deferred Tax Assets and Liabilities | Deferred Tax Liabilities and Assets. The significant items giving rise to the deferred tax assets and liabilities as of December 31, 2018 and 2017 are as follows (in thousands): 2018 2017 Deferred tax assets: Net operating loss $ 92,600 $ 70,920 Employee benefits 2,972 5,560 Deductible goodwill and other intangibles 20,142 50,758 Other reserves 6,903 6,854 Unearned revenue 868 1,424 Other 2,000 188 Deferred tax assets 125,485 135,704 Valuation allowance (82,833 ) (90,663 ) Deferred tax assets, net $ 42,652 $ 45,041 Deferred tax liabilities: Depreciation $ (61,094 ) $ (44,141 ) Investment — (900 ) Deferred tax liabilities (61,094 ) (45,041 ) Net deferred tax liability $ (18,442 ) $ — |
Summary Of Operating Loss and Tax Credit Carry forwards | NOL Carryforwards. The following table summarizes net operating loss (NOL) carryforwards at December 31, 2018 (in thousands): Amount Expiration Period Net operating loss carryforwards: Canada $ 177,681 Begins to expire in 2035 Australia 98,770 Does not expire U.S. – Federal 36,380 Begins to expire in 2036 U.S. – Federal 8,807 Does not expire U.S. – State 5,506 Begins to expire in 2020 |
Summary of Valuation Allowance | Changes in our valuation allowance for the years ended December 31, 2018 and 2017 are as follows (in thousands): Federal / Net Deferred Other Total Balance as of December 31, 2016 $ (19,113 ) $ (56,043 ) $ (1,001 ) $ (76,157 ) Change in income tax provision - U.S. Tax Reform 4,574 4,473 — 9,047 Change in income tax provision - Other (17,622 ) (1,508 ) — (19,130 ) Other change 1,277 (1,290 ) 255 242 Foreign currency translation (515 ) (4,150 ) — (4,665 ) Balance as of December 31, 2017 (31,399 ) (58,518 ) (746 ) (90,663 ) Change in income tax provision (1,464 ) 2,086 — 622 Other change (348 ) 1,495 (28 ) 1,119 Foreign currency translation 3,907 2,122 60 6,089 Balance as of December 31, 2018 $ (29,304 ) $ (52,815 ) $ (714 ) $ (82,833 ) |
Schedule of Unrecognized Tax Benefits Roll Forward | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands): 2018 2017 2016 Balance as of January 1 $ — $ — $ 679 Additions for tax positions of prior years — — — Reductions for tax positions of prior years — — — Reductions for settlements — — — Lapse of the applicable statute of limitations — — (679 ) Balance as of December 31 $ — $ — $ — |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases | Minimum future operating lease obligations in effect at December 31, 2018 , were as follows (in thousands): 2019 $ 5,384 2020 5,090 2021 3,863 2022 2,826 2023 2,010 Thereafter 6,525 Total $ 25,698 |
Share Based Compensation (Table
Share Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-based Compensation, Stock Options, Activity | No options were awarded in 2018 , 2017 or 2016 . The following table presents the changes in stock options outstanding and related information for our employees during the years ended December 31, 2018 , 2017 and 2016 : Options Weighted Weighted Intrinsic Outstanding Options at December 31, 2015 390,334 $ 13.58 3.5 $ — Granted — — Exercised — — Forfeited / Expired (224,448 ) 10.33 Outstanding Options at December 31, 2016 165,886 $ 17.98 4.6 $ — Granted — — Exercised — — Forfeited / Expired (20,085 ) 18.10 Outstanding Options at December 31, 2017 145,801 $ 17.97 4.5 $ — Granted — — Exercised — — Forfeited / Expired — — Outstanding Options at December 31, 2018 145,801 $ 17.97 3.3 $ — Exercisable Options at December 31, 2016 145,804 $ 17.67 4.4 $ — Exercisable Options at December 31, 2017 139,491 $ 17.79 4.2 $ — Exercisable Options at December 31, 2018 145,801 $ 17.97 3.3 $ — |
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range | The following table summarizes information for outstanding options of our employees at December 31, 2018 : Options Outstanding Options Exercisable Range of Exercise Number Weighted Weighted Number Weighted $16.43 63,142 3.13 $ 16.43 63,142 $ 16.43 $17.48 29,849 5.14 $ 17.48 29,849 $ 17.48 $18.43 27,553 4.13 $ 18.43 27,553 $ 18.43 $21.87 25,257 6.14 $ 21.87 25,257 $ 21.87 16.43 -21.87 145,801 4.25 $ 17.97 145,801 $ 17.97 |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity | The following table presents the changes in restricted share and deferred share awards outstanding and related information for our employees during the years ended December 31, 2018 , 2017 and 2016 : Number of Weighted Nonvested shares at December 31, 2015 1,313,564 $ 7.29 Granted 584,283 1.64 Vested (526,628 ) 8.15 Forfeited (72,847 ) 7.04 Nonvested shares at December 31, 2016 1,298,372 $ 4.41 Granted 1,655,067 3.14 Vested (733,147 ) 4.19 Forfeited (49,968 ) 3.43 Nonvested shares at December 31, 2017 2,170,324 $ 3.54 Granted 2,861,775 3.42 Vested (1,247,522 ) 3.92 Forfeited (101,839 ) 3.69 Nonvested shares at December 31, 2018 3,682,738 $ 3.31 |
Schedule of Nonvested Share Activity | The following table presents the changes in phantom share awards outstanding and related information for our employees during the years ended December 31, 2018 , 2017 and 2016 : Number of Awards Nonvested shares at December 31, 2015 1,798,200 Granted 6,831,957 Vested (608,230 ) Forfeited (1,751,963 ) Nonvested shares at December 31, 2016 6,269,964 Granted 750,525 Vested (2,207,589 ) Forfeited (263,161 ) Nonvested shares at December 31, 2017 4,549,739 Granted — Vested (2,270,214 ) Forfeited (12,951 ) Nonvested shares at December 31, 2018 2,266,574 |
Schedule of Share-based Payment Award, Performance Share Awards, Valuation Assumptions | The initial total shareholder return (TSR) performance was based on historical performance of our common shares and the peer group’s common shares. 2018 2017 2016 Risk-free weighted interest rate 2.40 % 1.50 % 0.92 % Expected volatility 79.0 % 90.0 % 90.0 % Initial TSR (0.4 )% 0.04 % 93.7 % |
Share-based Compensation, Performance Shares Award Nonvested Activity | The following table presents the changes in performance share awards outstanding and related information for our employees during the year ended December 31, 2018 , 2017 and 2016 : Number of Weighted Nonvested shares at December 31, 2015 — $ — Granted 2,400,606 3.18 Vested — — Forfeited (448,922 ) 3.18 Nonvested shares at December 31, 2016 1,951,684 $ 3.18 Granted 762,497 5.20 Vested — — Forfeited (38,699 ) 3.64 Nonvested shares at December 31, 2017 2,675,482 $ 3.75 Granted 848,830 5.30 Vested — — Forfeited — — Nonvested shares at December 31, 2018 3,524,312 $ 4.12 |
Segment and Related Informati_2
Segment and Related Information (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | Financial information by business segment for each of the three years ended December 31, 2018 , 2017 and 2016 is summarized in the following table (in thousands): Total Depreciation and amortization Operating loss Capital expenditures Total assets 2018 Canada $ 296,012 $ 66,980 $ (61,487 ) $ 6,025 $ 804,618 Australia 119,238 40,441 (1,950 ) 4,658 292,271 United States 51,442 10,626 (8,640 ) 5,388 60,282 Corporate and eliminations — 7,799 (15,978 ) 1,037 (155,494 ) Total $ 466,692 $ 125,846 $ (88,055 ) $ 17,108 $ 1,001,677 2017 Canada $ 245,595 $ 69,983 $ (63,211 ) $ 3,893 $ 550,378 Australia 111,221 45,699 (11,528 ) 2,772 353,840 United States 25,460 4,653 (14,426 ) 1,912 33,128 Corporate and eliminations — 6,108 (8,806 ) 2,617 (83,434 ) Total $ 382,276 $ 126,443 $ (97,971 ) $ 11,194 $ 853,912 2016 Canada $ 278,464 $ 80,837 $ (59,351 ) $ 3,773 $ 548,786 Australia 106,815 45,883 (6,853 ) 5,682 376,008 United States 11,951 5,433 (24,616 ) 6 29,799 Corporate and eliminations — (851 ) (4,940 ) 10,318 (44,147 ) Total $ 397,230 $ 131,302 $ (95,760 ) $ 19,779 $ 910,446 |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas | Financial information by geographic segment for each of the three years ended December 31, 2018 , 2017 and 2016 , is summarized below (in thousands). Revenues in the U.S. include export sales. Revenues are attributable to countries based on the location of the entity selling the products or performing the services. Long-lived assets are attributable to countries based on the physical location of the entity and its operating assets and do not include intercompany balances. Canada Australia U.S. and Total 2018 Revenues from unaffiliated customers $ 296,012 $ 119,238 $ 51,442 $ 466,692 Long-lived assets 580,644 263,094 50,142 893,880 2017 Revenues from unaffiliated customers $ 245,595 $ 111,221 $ 25,460 $ 382,276 Long-lived assets 353,710 331,511 32,280 717,501 2016 Revenues from unaffiliated customers $ 278,464 $ 106,815 $ 11,951 $ 397,230 Long-lived assets 431,477 348,293 46,995 826,765 |
Quarterly Financial Informati_2
Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information | The following table summarizes quarterly financial information for 2018 and 2017 (in thousands, except per share amounts): First (2) Second (3) Third (4) Fourth (5) 2018 Revenues $ 101,504 $ 130,177 $ 120,491 $ 114,520 Gross profit (1) 24,176 41,440 38,738 31,956 Net loss attributable to Civeo (55,457 ) (48,321 ) (14,250 ) (13,804 ) Basic loss per share (0.42 ) (0.29 ) (0.09 ) (0.08 ) Diluted loss per share (0.42 ) (0.29 ) (0.09 ) (0.08 ) 2017 Revenues $ 91,429 $ 92,010 $ 97,489 $ 101,348 Gross profit (1) 29,757 32,526 31,962 30,773 Net loss attributable to Civeo (20,987 ) (14,816 ) (22,331 ) (47,579 ) Basic loss per share (0.17 ) (0.11 ) (0.17 ) (0.36 ) Diluted loss per share (0.17 ) (0.11 ) (0.17 ) (0.36 ) (1) Represents "revenues" less "product costs" and "service and other costs" included in our consolidated statements of operations. (2) In the first quarter of 2018 , we recognized the following items: • A charge of $28.7 million ( $20.9 million after-tax, or $0.16 per diluted share), related to certain lodge assets in the Canadian oil sands which carrying values we determined not to be recoverable. The charge, which is related to our Canadian segment, is included in Impairment expense on the accompanying consolidated statements of operations. • Costs associated with the Noralta Acquisition of $1.0 million ( $1.0 million after-tax, or $0.01 per diluted share), included in Selling, general and administrative expenses on the accompanying consolidated statements of operations. In the first quarter of 2017 , there were no significant items recognized. (3) In the second quarter of 2018 , we recognized the following items: • Costs associated with the Noralta Acquisition of $5.6 million ( $5.1 million after-tax, or $0.03 per diluted share), included primarily in Selling, general and administrative expenses on the accompanying consolidated statements of operations. In the second quarter of 2017 , there were no significant items recognized. (4) In the third quarter of 2018 , we recognized the following items: • Costs associated with the Noralta Acquisition of $0.5 million ( $0.4 million after-tax, or $0.00 per diluted share), included primarily in Selling, general and administrative expenses on the accompanying consolidated statements of operations. In the third quarter of 2017 , we recognized the following items: • A charge of $4.4 million ( $3.2 million after-tax, or $0.02 per diluted share), related to leasehold improvements and undeveloped land positions in the British Columbia LNG market which carrying value we determined not to be recoverable. The charge, which is related to our Canadian segment, is included in Impairment expense on the accompanying consolidated statements of operations. (5) In the fourth quarter of 2018 , we recognized the following items: • Costs associated with the Noralta Acquisition of $2.1 million ( $1.7 million after-tax, or $0.01 per diluted share), included in Service and other costs ( $0.6 million ), Selling, general and administrative expenses ( $0.6 million ) and Other income ( $0.9 million ) on the accompanying consolidated statements of operations. • Reversal of depreciation expense of $2.8 million that should not have been recorded in the first, second and third quarters of 2018. We determined that the overstatement of depreciation expense was not material to our financial statements for the periods ended September 30, June 30 or March 31, 2018 and therefore corrected the error in the fourth quarter of 2018. In the fourth quarter of 2017 , we recognized the following items: • Costs associated with the Noralta Acquisition of $2.3 million ( $2.2 million after-tax, or $0.02 per diluted share), included in Selling, general and administrative expenses on the accompanying consolidated statements of operations. • A charge of $27.2 million ( $19.9 million after-tax, or $0.15 per diluted share), related to certain lodge assets in the southern oil sands which carrying values we determined not to be recoverable. The charge, which is related to our Canadian segment, is included in Impairment expense on the accompanying consolidated statements of operations. |
Description of Business and B_2
Description of Business and Basis of Presentation (Details) | 12 Months Ended |
Dec. 31, 2018segment | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of reportable segments | 3 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Details) - USD ($) | Feb. 21, 2017 | Feb. 23, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Apr. 02, 2018 |
Goodwill | $ 114,207,000 | $ 0 | ||||
Interest costs capitalized | 0 | 0 | $ 0 | |||
Foreign currency losses | (800,000) | $ (1,500,000) | $ (600,000) | |||
Maximum amount of future payments under guarantee arrangements | 4,000,000 | |||||
Prior period reclassification adjustment | $ 394,000 | |||||
Minimum | Civeo Plan | Performance Shares | ||||||
Percentage of participant target performance share award | 0.00% | 0.00% | 0.00% | |||
Maximum | Civeo Plan | Performance Shares | ||||||
Percentage of participant target performance share award | 200.00% | 200.00% | 200.00% | |||
Measurement Input, Long-term Revenue Growth Rate | ||||||
Measurement inputs used to calculate Goodwill impairment | 3.00% | |||||
Accumulated Deficit | ||||||
Prior period reclassification adjustment | $ 394,000 | |||||
Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | Accumulated Deficit | Reclassification of Tax Withholdings from Operating Activities to Financing Activities | ||||||
Prior period reclassification adjustment | $ 400,000 | |||||
Noralta | ||||||
Goodwill | $ 120,893,000 |
Revenue - Disaggregation of Rev
Revenue - Disaggregation of Revenue (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018USD ($) | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2018USD ($)segment | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Disaggregation of Revenue [Line Items] | |||||||||||
Number of reporting units | segment | 3 | ||||||||||
Revenues | $ 114,520 | $ 120,491 | $ 130,177 | $ 101,504 | $ 101,348 | $ 97,489 | $ 92,010 | $ 91,429 | $ 466,692 | $ 382,276 | $ 397,230 |
Canadian | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 296,012 | 245,595 | 278,464 | ||||||||
Australian | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 119,238 | 111,221 | 106,815 | ||||||||
U.S. | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 51,442 | 25,460 | 11,951 | ||||||||
Accommodation revenues | Canadian | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 266,899 | 228,062 | 238,221 | ||||||||
Accommodation revenues | Australian | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 117,896 | 111,221 | 106,815 | ||||||||
Accommodation revenues | U.S. | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 18,288 | 9,832 | 3,806 | ||||||||
Mobile facility rental revenues | Canadian | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 9,316 | 3,935 | 9,217 | ||||||||
Mobile facility rental revenues | U.S. | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 20,389 | 8,764 | 6,243 | ||||||||
Food service and other services revenues | Canadian | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 15,601 | 11,891 | 14,280 | ||||||||
Food service and other services revenues | Australian | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 1,342 | 0 | 0 | ||||||||
Food service and other services revenues | U.S. | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 170 | 171 | 86 | ||||||||
Manufacturing revenues | Canadian | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 4,196 | 1,707 | 16,746 | ||||||||
Manufacturing revenues | U.S. | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | $ 12,595 | $ 6,693 | $ 1,816 |
Revenue - Remaining Expected Pe
Revenue - Remaining Expected Performance Obligation (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Revenue from Contract with Customer [Abstract] | |
Revenue expected to be recognized | $ 154,983 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-01-01 | |
Revenue from Contract with Customer [Abstract] | |
Revenue expected to be recognized | $ 97,611 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue expected to be recognized, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-10-01 | |
Revenue from Contract with Customer [Abstract] | |
Revenue expected to be recognized | $ 50,693 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | |
Revenue from Contract with Customer [Abstract] | |
Revenue expected to be recognized | $ 0 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue expected to be recognized, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2109-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue expected to be recognized, period | 1 year |
Impairment Charges - Narrative
Impairment Charges - Narrative (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||
Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Sep. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Impaired Long-Lived Assets Held and Used [Line Items] | ||||||||
Property, Plant and Equipment, Net | $ 693,833,000 | $ 658,905,000 | $ 693,833,000 | |||||
Impairment of Long-Lived Assets Held-for-use | $ 28,661,000 | 27,244,000 | $ 4,360,000 | $ 37,729,000 | $ 8,400,000 | |||
Impairment expense | 28,661,000 | 31,604,000 | $ 46,129,000 | |||||
Canadian | ||||||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||||||
Impairment of Long-Lived Assets Held-for-use | 28,700,000 | 27,244,000 | 4,360,000 | 37,729,000 | 0 | |||
Impairment expense | 28,661,000 | 31,604,000 | 37,729,000 | |||||
Australian | ||||||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||||||
Impairment of Long-Lived Assets Held-for-use | 0 | 0 | 0 | 0 | 0 | |||
Impairment expense | 0 | 0 | 0 | |||||
U.S. | ||||||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||||||
Property, Plant and Equipment, Net | 3,800,000 | |||||||
Impairment of Long-Lived Assets Held-for-use | 0 | 0 | 0 | 0 | 8,400,000 | |||
Impairment expense | $ 0 | 0 | $ 8,400,000 | |||||
Canadian Lodge In Southern Alberta | Canadian | ||||||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||||||
Property, Plant and Equipment, Net | $ 0 | 0 | $ 0 | |||||
Impairment of Long-Lived Assets Held-for-use | $ 27,200,000 | |||||||
Open Camp Assets | Canadian | ||||||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||||||
Property, Plant and Equipment, Net | 0 | |||||||
Impairment of Long-Lived Assets Held-for-use | 3,200,000 | |||||||
Undeveloped Land Positions | Canadian | ||||||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||||||
Property, Plant and Equipment, Net | 5,600,000 | |||||||
Impairment of Long-Lived Assets Held-for-use | $ 1,200,000 | $ 8,400,000 | ||||||
Mobile Camp Assets | Canadian | ||||||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||||||
Property, Plant and Equipment, Net | $ 26,600,000 |
Impairment Charges - Summary of
Impairment Charges - Summary of Pre-tax Impairment Charges Included in Impairment Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||
Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Sep. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Impaired Long-Lived Assets Held and Used [Line Items] | ||||||||
Impairment of Long-Lived Assets Held-for-use | $ 28,661 | $ 27,244 | $ 4,360 | $ 37,729 | $ 8,400 | |||
Total | $ 28,661 | $ 31,604 | $ 46,129 | |||||
Canadian | ||||||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||||||
Impairment of Long-Lived Assets Held-for-use | 28,700 | 27,244 | 4,360 | 37,729 | 0 | |||
Total | 28,661 | 31,604 | 37,729 | |||||
Australian | ||||||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||||||
Impairment of Long-Lived Assets Held-for-use | 0 | 0 | 0 | 0 | 0 | |||
Total | 0 | 0 | 0 | |||||
U.S. | ||||||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||||||
Impairment of Long-Lived Assets Held-for-use | $ 0 | $ 0 | $ 0 | $ 0 | $ 8,400 | |||
Total | $ 0 | $ 0 | $ 8,400 |
Details of Selected Balance S_3
Details of Selected Balance Sheet Accounts - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2018 | Sep. 30, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Inventory [Line Items] | |||||
Inventory Write-down | $ 0 | $ 525 | $ 850 | ||
Cost of Sales | Canadian | |||||
Inventory [Line Items] | |||||
Inventory Write-down | $ 500 | $ 900 |
Details of Selected Balance S_4
Details of Selected Balance Sheet Accounts - Accounts Receivable (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Accounts receivable, net: | ||
Accounts receivable | $ 70,599 | $ 68,161 |
Allowance for doubtful accounts | (376) | (1,338) |
Total accounts receivable, net | 70,223 | 66,823 |
Trade | ||
Accounts receivable, net: | ||
Accounts receivable | 48,875 | 46,692 |
Unbilled revenue | ||
Accounts receivable, net: | ||
Accounts receivable | 21,169 | 20,555 |
Other | ||
Accounts receivable, net: | ||
Accounts receivable | $ 555 | $ 914 |
Details of Selected Balance S_5
Details of Selected Balance Sheet Accounts - Inventories (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Inventory, Net [Abstract] | ||
Finished goods and purchased products | $ 2,461 | $ 2,211 |
Work in process | 945 | 4,096 |
Raw materials | 907 | 939 |
Total inventories | $ 4,313 | $ 7,246 |
Details of Selected Balance S_6
Details of Selected Balance Sheet Accounts - Property, Plant and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | $ 1,809,591 | $ 1,802,790 |
Accumulated depreciation | (1,150,686) | (1,108,957) |
Total property, plant and equipment, net | 658,905 | 693,833 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | 46,805 | 40,567 |
Accommodations assets | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | $ 1,650,758 | 1,658,867 |
Accommodations assets | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life (in years) | 3 years | |
Accommodations assets | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life (in years) | 15 years | |
Buildings and leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | $ 25,168 | 24,181 |
Buildings and leasehold improvements | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life (in years) | 7 years | |
Buildings and leasehold improvements | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life (in years) | 20 years | |
Machinery and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | $ 10,693 | 8,848 |
Machinery and equipment | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life (in years) | 4 years | |
Machinery and equipment | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life (in years) | 15 years | |
Office furniture and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | $ 54,459 | 53,688 |
Office furniture and equipment | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life (in years) | 3 years | |
Office furniture and equipment | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life (in years) | 7 years | |
Vehicles | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | $ 14,589 | 13,869 |
Vehicles | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life (in years) | 3 years | |
Vehicles | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life (in years) | 5 years | |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | $ 7,119 | $ 2,770 |
Details of Selected Balance S_7
Details of Selected Balance Sheet Accounts - Accrued Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Accrued liabilities: | ||
Accrued compensation | $ 13,545 | $ 20,424 |
Accrued taxes, other than income taxes | 2,177 | 1,224 |
Accrued interest | 5 | 15 |
Other | 229 | 545 |
Total accrued liabilities | $ 15,956 | $ 22,208 |
Acquisitions - Noralta Acquisit
Acquisitions - Noralta Acquisition Narrative (Details) $ / shares in Units, $ in Thousands, $ in Millions | Apr. 02, 2018USD ($)shares | Apr. 02, 2018CAD ($)shares | Dec. 31, 2018USD ($)shares | Sep. 30, 2018USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Mar. 29, 2018USD ($)$ / shares |
Business Acquisition [Line Items] | ||||||||
Cash held in escrow, expected to be released | $ (11,607) | |||||||
Common share price | $ / shares | $ 3.77 | |||||||
Acquisition related costs | $ 9,100 | $ 2,300 | ||||||
Loss included in other income | (1,623) | $ (1,308) | $ (2,645) | |||||
Service and Other Costs | ||||||||
Business Acquisition [Line Items] | ||||||||
Acquisition related costs | 1,000 | |||||||
Selling, General and Administrative Expenses | ||||||||
Business Acquisition [Line Items] | ||||||||
Acquisition related costs | 7,200 | |||||||
Other Income | ||||||||
Business Acquisition [Line Items] | ||||||||
Acquisition related costs | 900 | |||||||
Noralta | ||||||||
Business Acquisition [Line Items] | ||||||||
Total consideration paid to acquire business | $ 161,200 | $ 207.7 | ||||||
Cash held in escrow, expected to be released | $ (43.5) | |||||||
Common shares held in escrow, expected to be released | shares | 13,500,000 | 13,500,000 | ||||||
Escrow deposit disbursements | $ 3,600 | $ 10,400 | $ 3,600 | |||||
Escrow deposit disbursement released to seller | 1,200 | |||||||
Revenue recorded related to acquisition | 85,800 | |||||||
Gross margin recorded related to acquisition | $ 31,500 | |||||||
Portion of consideration paid for acquisition held in escrow | $ 11,600 | |||||||
Loss included in other income | 800 | |||||||
Common Shares | Noralta | ||||||||
Business Acquisition [Line Items] | ||||||||
Common shares issued | shares | 32,791,000 | 32,791,000 | ||||||
Shares held in escrow expected to be released based on employee compensation costs | shares | 2,400,000 | 2,400,000 | ||||||
Escrow deposit disbursements | 2,200 | |||||||
Escrow deposit disbursement released to seller | $ 200 | |||||||
Preferred Shares | Noralta | ||||||||
Business Acquisition [Line Items] | ||||||||
Shares held in escrow expected to be released based on employee compensation costs | shares | 692 | 692 | ||||||
Trade name | Noralta | ||||||||
Business Acquisition [Line Items] | ||||||||
Useful life of acquired finite-lived intangible assets | 9 months | 9 months | ||||||
Contracts | Noralta | ||||||||
Business Acquisition [Line Items] | ||||||||
Useful life of acquired finite-lived intangible assets | 20 years | 20 years | ||||||
Minimum | Unfavorable lease contracts | Noralta | ||||||||
Business Acquisition [Line Items] | ||||||||
Useful life of acquired finite-lived intangible assets | 3 years 292 days | 3 years 292 days | ||||||
Maximum | Unfavorable lease contracts | Noralta | ||||||||
Business Acquisition [Line Items] | ||||||||
Useful life of acquired finite-lived intangible assets | 9 years 109 days | 9 years 109 days | ||||||
Class A Series 1 Preferred Stock | Preferred Shares | Noralta | ||||||||
Business Acquisition [Line Items] | ||||||||
Common shares issued | shares | 9,679 | 9,679 | ||||||
Shares held in escrow expected to be released based on employee compensation costs | shares | 692 | 692 | 637 | |||||
Initial liquidation preference amount | $ 96,800 | $ 96,800 | ||||||
Preferred shares held in escrow, released to seller | shares | 55 | |||||||
Preferred shares issued valuation percentage | 61.00% | |||||||
Beneficial conversion feature | $ 47,800 |
Acquisitions - Noralta Business
Acquisitions - Noralta Business Acquisition (Details) $ / shares in Units, shares in Thousands, $ in Thousands, $ in Millions | Apr. 02, 2018USD ($)shares | Apr. 02, 2018CAD ($)shares | Dec. 31, 2018USD ($) | Sep. 30, 2018USD ($) | Mar. 29, 2018$ / shares |
Business Acquisition [Line Items] | |||||
Common share price | $ / shares | $ 3.77 | ||||
Less: Common shares held in escrow | $ (8,825) | ||||
Less: Cash held in escrow | 11,607 | ||||
Less: Preferred Shares held in escrow | (4,221) | ||||
Noralta | |||||
Business Acquisition [Line Items] | |||||
Cash consideration | 157,539 | ||||
Total purchase consideration | 340,203 | ||||
Less: Cash held in escrow | $ 43.5 | ||||
Total purchase consideration | 315,550 | ||||
Escrow deposit disbursements | $ 3,600 | $ 10,400 | $ 3,600 | ||
Common Shares | Noralta | |||||
Business Acquisition [Line Items] | |||||
Common shares issued | shares | 32,791 | 32,791 | |||
Value of shares issued as consideration for acquisitions | $ 123,622 | ||||
Escrow deposit disbursements | $ 2,200 | ||||
Preferred Shares | Noralta | |||||
Business Acquisition [Line Items] | |||||
Value of shares issued as consideration for acquisitions | $ 59,042 |
Acquisitions - Purchase Price A
Acquisitions - Purchase Price Allocation (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Apr. 02, 2018 | Dec. 31, 2017 |
Business Acquisition [Line Items] | |||
Goodwill | $ 114,207 | $ 0 | |
Noralta | |||
Business Acquisition [Line Items] | |||
Cash and cash equivalents | $ 24 | ||
Accounts receivable | 21,456 | ||
Inventories | 839 | ||
Other current assets | 4,266 | ||
Property, plant and equipment | 129,424 | ||
Goodwill | 120,893 | ||
Intangible assets | 114,383 | ||
Total assets acquired | 391,285 | ||
Accounts payable and accrued liabilities | 15,023 | ||
Income taxes payable | 1,038 | ||
Other current liabilities | 2,027 | ||
Deferred income taxes | 52,514 | ||
Other noncurrent liabilities | 5,133 | ||
Total liabilities assumed | 75,735 | ||
Net assets acquired | $ 315,550 |
Acquisitions - Purchase price_2
Acquisitions - Purchase price allocation of intangible assets and liabilities (Details) - Noralta $ in Thousands | Apr. 02, 2018USD ($) |
Business Acquisition [Line Items] | |
Total amortizable intangible assets | $ 114,383 |
Total amortizable intangible liabilities | 2,456 |
Net intangible assets | 111,927 |
Unfavorable lease contracts | |
Business Acquisition [Line Items] | |
Total amortizable intangible liabilities | 2,456 |
Trade name | |
Business Acquisition [Line Items] | |
Total amortizable intangible assets | 1,474 |
Contracts | |
Business Acquisition [Line Items] | |
Total amortizable intangible assets | 110,413 |
Favorable lease contract | |
Business Acquisition [Line Items] | |
Total amortizable intangible assets | $ 2,496 |
Acquisitions - Supplemental Pro
Acquisitions - Supplemental Pro Forma Financial Information (Details) - Noralta - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Business Acquisition [Line Items] | ||
Revenues | $ 501,275 | $ 506,040 |
Net loss attributable to Civeo Corporation common shareholders | $ (129,900) | $ (91,420) |
Basic net loss per share attributable to Civeo Corporation common shareholders | $ (0.83) | $ (0.57) |
Diluted net loss per share attributable to Civeo Corporation common shareholders | $ (0.83) | $ (0.57) |
Acquisitions - Lakeland Acquisi
Acquisitions - Lakeland Acquisition Narrative (Details) - Lakeland $ in Millions | Feb. 28, 2018USD ($)aRoomshares |
Business Acquisition [Line Items] | |
Total purchase consideration | $ 28 |
Cash payment | 23.5 |
Value of shares issued as consideration for acquisitions | $ 4.5 |
Common shares issued | shares | 1,200,000 |
Number of rooms | Room | 400 |
Area of land | a | 40 |
Intangible assets acquired | $ 8.2 |
Remaining contract term of customer contract acquired | 16 months |
Earnings Per Share - Narrative
Earnings Per Share - Narrative (Details) - shares shares in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Employee Stock Option | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 3.7 | 2.1 | 1.3 |
Preferred Shares | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 29.8 |
Earnings Per Share - Calculatio
Earnings Per Share - Calculation of Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Basic Loss per Share | |||||||||||
Less: undistributed net income to participating securities | $ 0 | $ 0 | $ 0 | ||||||||
Net loss attributable to common shareholders - basic | $ (131,832) | $ (105,713) | $ (96,388) | ||||||||
Weighted average common shares outstanding - basic | 157,231 | 128,365 | 107,024 | ||||||||
Basic loss per share | $ (0.08) | $ (0.09) | $ (0.29) | $ (0.42) | $ (0.36) | $ (0.17) | $ (0.11) | $ (0.17) | $ (0.84) | $ (0.82) | $ (0.9) |
Net Income (Loss) from Continuing Operations Available to Common Shareholders, Diluted | $ (131,832) | $ (105,713) | $ (96,388) | ||||||||
Diluted Loss per Share | |||||||||||
Net loss attributable to Civeo common shareholders | (131,832) | (105,713) | (96,388) | ||||||||
Net loss attributable to common shareholders - diluted | $ (131,832) | $ (105,713) | $ (96,388) | ||||||||
Effect of dilutive securities (in shares) | 0 | 0 | 0 | ||||||||
Weighted average common shares outstanding - diluted | 157,231 | 128,365 | 107,024 | ||||||||
Diluted loss per share | $ (0.08) | $ (0.09) | $ (0.29) | $ (0.42) | $ (0.36) | $ (0.17) | $ (0.11) | $ (0.17) | $ (0.84) | $ (0.82) | $ (0.9) |
Assets Held for Sale - Narrativ
Assets Held for Sale - Narrative (Details) | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2018USD ($)Property | Dec. 31, 2018USD ($)Property | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Estimated fair value of assets held for sale | $ 10,297,000 | $ 10,297,000 | $ 9,462,000 | |
Modular Construction and Manufacturing Plant Near Edmonton, Alberta, Canada | Canadian Segment | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Depreciation expense related to held for sale asset | 0 | $ 500,000 | $ 700,000 | |
Undeveloped Land Positions in the British Columbia Segment | Canadian Segment | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Estimated fair value of assets held for sale | $ 4,000,000 | $ 4,000,000 | ||
Noralta | Corporate Office, Nisku Alberta, Canada | Canadian Segment | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Number of Real Estate Properties | Property | 2 | 2 | ||
Sale of Nisku, Alberta, Canada property | $ 1,800,000 | |||
Number of Real Estate Properties Sold | Property | 1 | |||
Recorded value of remaining Nisku, Alberta, Canada land title | $ 1,700,000 | $ 1,700,000 |
Assets Held for Sale - Carrying
Assets Held for Sale - Carrying Amount of Assets Held for Sale (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Assets held for sale: | ||
Property, plant and equipment, net | $ 10,297 | $ 9,418 |
Inventories | 0 | 44 |
Total assets held for sale | $ 10,297 | $ 9,462 |
Supplemental Cash Flow Inform_3
Supplemental Cash Flow Information - Cash Paid for Interest and Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Supplemental Cash Flow Information [Abstract] | |||
Interest (net of amounts capitalized) | $ 23,098 | $ 17,362 | $ 18,927 |
Net income taxes paid (refunds received) | $ (5,271) | $ (7,755) | $ 3,404 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Weighted average remaining amortization period (in years) | 16 years 215 days | 3 years 36 days | |
Amortization expense | $ 17.6 | $ 7.3 | $ 7.2 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Goodwill Rollfoward (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Goodwill [Roll Forward] | |
Goodwill, Beginning Balance | $ 0 |
Noralta Acquisition | 120,893 |
Foreign currency translation | (6,686) |
Goodwill, Ending Balance | 114,207 |
Canadian | |
Goodwill [Roll Forward] | |
Goodwill, Beginning Balance | 0 |
Noralta Acquisition | 120,893 |
Foreign currency translation | (6,686) |
Goodwill, Ending Balance | 114,207 |
Australian | |
Goodwill [Roll Forward] | |
Goodwill, Beginning Balance | 0 |
Noralta Acquisition | 0 |
Foreign currency translation | 0 |
Goodwill, Ending Balance | 0 |
U.S. | |
Goodwill [Roll Forward] | |
Goodwill, Beginning Balance | 0 |
Noralta Acquisition | 0 |
Foreign currency translation | 0 |
Goodwill, Ending Balance | $ 0 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 193,325 | $ 84,246 |
Accumulated Amortization | (73,945) | (61,525) |
Indefinite-Lived Intangible Assets Not Subject to Amortization | 29 | 32 |
Total intangible assets | 193,354 | 84,278 |
Licenses | ||
Finite-Lived Intangible Assets [Line Items] | ||
Indefinite-Lived Intangible Assets Not Subject to Amortization | 29 | 32 |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 41,809 | 45,209 |
Accumulated Amortization | (34,754) | (33,997) |
Trade name | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 1,393 | 0 |
Accumulated Amortization | (1,388) | 0 |
Contracts / agreements | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 147,090 | 38,362 |
Accumulated Amortization | (36,930) | (26,853) |
Favorable lease contract | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 2,358 | 0 |
Accumulated Amortization | (198) | 0 |
Noncompete agreements | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 675 | 675 |
Accumulated Amortization | $ (675) | $ (675) |
Goodwill and Other Intangible_6
Goodwill and Other Intangible Assets - Amortization Schedule (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2,019 | $ 15,127 |
2,020 | 12,262 |
2,021 | 5,664 |
2,022 | 5,664 |
2,023 | 5,469 |
Thereafter | 75,194 |
Total | $ 119,380 |
Debt - Narrative (Details)
Debt - Narrative (Details) $ in Millions | Feb. 17, 2017USD ($) | Sep. 30, 2018USD ($) | Dec. 31, 2018USD ($)Lender | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2018AUD ($)Lender | Oct. 26, 2018 | Apr. 02, 2018 |
Debt Instrument [Line Items] | ||||||||
Maximum Leverage Ratio | 4.50 | |||||||
Loss on extinguishment of debt | $ (748,000) | $ (842,000) | $ (302,000) | |||||
Interest coverage ratio | 3 | |||||||
Amended Credit Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum Leverage Ratio | 4.5 | |||||||
Number of lenders | Lender | 9 | 9 | ||||||
Amended Credit Facility | Minimum | ||||||||
Debt Instrument [Line Items] | ||||||||
Lender commitments | $ 24,900,000 | |||||||
Amended Credit Facility | Maximum | ||||||||
Debt Instrument [Line Items] | ||||||||
Lender commitments | $ 110,600,000 | |||||||
Amended Credit Facility | US Term Loan | ||||||||
Debt Instrument [Line Items] | ||||||||
Amortization on term loan facility per annum | 12.50% | |||||||
Amended And Restated Syndicated Facility Agreement | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum Leverage Ratio | 3.75 | |||||||
Amended And Restated Syndicated Facility Agreement | US Term Loan | ||||||||
Debt Instrument [Line Items] | ||||||||
Amortization on term loan facility per annum | 10.00% | |||||||
Revolving Credit Facility | Amended Credit Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Revolving credit facility, maximum borrowing capacity | 275,000,000 | |||||||
Revolving Credit Facility | Amended And Restated Syndicated Facility Agreement | ||||||||
Debt Instrument [Line Items] | ||||||||
Revolving credit facility, maximum borrowing capacity | $ 239,500,000 | |||||||
Decrease in aggregate revolving loan commitments | 35,500,000 | |||||||
Revolving Credit Facility, U.S. Subsidiaries | Amended Credit Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Revolving credit facility, maximum borrowing capacity | 40,000,000 | |||||||
Letters of credit outstanding | $ 400,000 | |||||||
Revolving Credit Facility, U.S. Subsidiaries | Amended And Restated Syndicated Facility Agreement | ||||||||
Debt Instrument [Line Items] | ||||||||
Revolving credit facility, maximum borrowing capacity | 20,000,000 | |||||||
Revolving Credit Facility, Canadian Subsidiaries | Amended Credit Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Revolving credit facility, maximum borrowing capacity | 90,000,000 | |||||||
Letters of credit outstanding | 2,400,000 | |||||||
Revolving Credit Facility, Canadian Subsidiaries | Amended And Restated Syndicated Facility Agreement | ||||||||
Debt Instrument [Line Items] | ||||||||
Revolving credit facility, maximum borrowing capacity | 159,500,000 | |||||||
Revolving Credit Facility, The Company | Amended Credit Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Revolving credit facility, maximum borrowing capacity | 60,000,000 | 325,000,000 | ||||||
Revolving Credit Facility, Australian Subsidiaries | Amended Credit Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Revolving credit facility, maximum borrowing capacity | $ 85,000,000 | |||||||
Loss on extinguishment of debt | $ (700,000) | |||||||
Letters of credit outstanding | 600,000 | |||||||
Revolving Credit Facility, Australian Subsidiaries | Amended And Restated Syndicated Facility Agreement | ||||||||
Debt Instrument [Line Items] | ||||||||
Revolving credit facility, maximum borrowing capacity | $ 60,000,000 | |||||||
Bank Guarantee Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Revolving credit facility, maximum borrowing capacity | $ 2 | |||||||
Bank guarantee outstanding | 700,000 | |||||||
London Interbank Offered Rate (LIBOR) | Line of Credit | Minimum | United States of America, Dollars | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate spread | 2.25% | |||||||
London Interbank Offered Rate (LIBOR) | Line of Credit | Maximum | United States of America, Dollars | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate spread | 4.00% | |||||||
Canadian Dealer Offered Rate (CDOR) | Line of Credit | Minimum | Canada, Dollars | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate spread | 2.25% | |||||||
Canadian Dealer Offered Rate (CDOR) | Line of Credit | Maximum | Canada, Dollars | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate spread | 4.00% | |||||||
Base Rate | Line of Credit | Minimum | United States of America, Dollars | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate spread | 1.25% | |||||||
Base Rate | Line of Credit | Minimum | Canada, Dollars | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate spread | 1.25% | |||||||
Base Rate | Line of Credit | Maximum | United States of America, Dollars | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate spread | 3.00% | |||||||
Base Rate | Line of Credit | Maximum | Canada, Dollars | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate spread | 3.00% | |||||||
Bank Bill Swap Bid Rate (BBSY) | Line of Credit | Minimum | Australia, Dollars | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate spread | 2.25% | |||||||
Bank Bill Swap Bid Rate (BBSY) | Line of Credit | Maximum | Australia, Dollars | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate spread | 4.00% | |||||||
Maximum Leverage Ratio [Member] | Amended Credit Facility | US Term Loan | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Covenant, Gross Proceeds in Qualified Offering, Maximum Leverage Threshold | 150,000,000 | |||||||
Maximum Leverage Ratio [Member] | Revolving Credit Facility, Australian Subsidiaries | Amended And Restated Syndicated Facility Agreement | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Covenant, Gross Proceeds in Qualified Offering, Maximum Leverage Threshold | $ 150,000,000 | |||||||
Offering of Indebtedness [Member] | Amended Credit Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum Leverage Ratio | 4.5 | |||||||
Offering of Indebtedness [Member] | Amended And Restated Syndicated Facility Agreement | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum Leverage Ratio | 4 |
Debt - Long-term Debt (Details)
Debt - Long-term Debt (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Debt Instrument [Line Items] | ||
Debt, gross | $ 379,176 | $ 297,623 |
Less: Unamortized debt issuance costs | 2,939 | 3,037 |
Total debt | 376,237 | 294,586 |
Less: Current portion of long-term debt, including unamortized debt issuance costs, net | (33,329) | (16,596) |
Long-term debt, less current maturities | 342,908 | 277,990 |
Canadian Term Loan | ||
Debt Instrument [Line Items] | ||
Canadian term loan | $ 247,910 | 297,623 |
Term loan, weighted-average interest rate | 5.40% | |
Aggregate principal repayable per quarter | 2.50% | |
US Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Revolving credit facilities | $ 0 | 0 |
Line of credit facility, interest rate | 7.00% | |
Canadian Credit Facility 2 | ||
Debt Instrument [Line Items] | ||
Revolving credit facilities | $ 114,348 | 0 |
Line of credit facility, interest rate | 6.10% | |
Australian Credit Facility | ||
Debt Instrument [Line Items] | ||
Revolving credit facilities | $ 16,918 | $ 0 |
Line of credit facility, interest rate | 5.40% |
Debt - Long-term Debt Maturitie
Debt - Long-term Debt Maturities (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Maturities of Long-term Debt [Abstract] | ||
2,019 | $ 33,729 | |
2,020 | 345,447 | |
Debt, gross | $ 379,176 | $ 297,623 |
Debt - Changes to Maximum Lever
Debt - Changes to Maximum Leverage Ratio (Details) | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | |
Debt Instrument [Line Items] | |||||
Maximum Leverage Ratio | 4.50 | ||||
Amended Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Maximum Leverage Ratio | 4.5 | ||||
Amended Credit Facility | Scenario, Forecast | |||||
Debt Instrument [Line Items] | |||||
Maximum Leverage Ratio | 3.5 | 4 | 4.5 | 4.75 | |
Amended And Restated Syndicated Facility Agreement | |||||
Debt Instrument [Line Items] | |||||
Maximum Leverage Ratio | 3.75 | ||||
Amended And Restated Syndicated Facility Agreement | Scenario, Forecast | |||||
Debt Instrument [Line Items] | |||||
Maximum Leverage Ratio | 3.5 | ||||
Offering of Indebtedness [Member] | Amended Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Maximum Leverage Ratio | 4.5 | ||||
Offering of Indebtedness [Member] | Amended Credit Facility | Scenario, Forecast | |||||
Debt Instrument [Line Items] | |||||
Maximum Leverage Ratio | 4 | 4.5 | 4.75 | ||
Offering of Indebtedness [Member] | Amended And Restated Syndicated Facility Agreement | |||||
Debt Instrument [Line Items] | |||||
Maximum Leverage Ratio | 4 |
Preferred Shares - Narrative (D
Preferred Shares - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands | Sep. 30, 2018 | Jun. 30, 2018 | Apr. 02, 2018 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Class of Stock [Line Items] | |||||||||
Weighted average share price | $ 3.3 | $ 3.30 | $ 3.30 | ||||||
Deemed dividend on beneficial conversion feature | $ 47,849 | ||||||||
Preferred shares divided (in USD per share) | $ 50.5 | $ 50.25 | $ 49.44 | ||||||
In-kind dividends | $ 1,459 | $ 0 | $ 0 | ||||||
Deemed dividend on beneficial conversion feature related to in-kind dividend | $ 300 | ||||||||
Right to convert to common shares (in years) | 2 years | ||||||||
Mandatory conversion of common shares (in years) | 5 years | ||||||||
Series A Preferred Stock | |||||||||
Class of Stock [Line Items] | |||||||||
Annual percentage dividend on liquidation preference | 2.00% | ||||||||
Adjustments to additional paid-in capital due to issuance of shares for acquisitions | $ 166,900 | ||||||||
Preferred shares beneficial conversion feature | $ 7,000 | ||||||||
Noralta | Preferred Shares | Series A Preferred Stock | |||||||||
Class of Stock [Line Items] | |||||||||
Preferred shares issued (in shares) | 9,679 | ||||||||
Initial liquidation preference per share (in USD per share) | $ 10,000 | ||||||||
Maximum | Series A Preferred Stock | |||||||||
Class of Stock [Line Items] | |||||||||
Annual percentage dividend on liquidation preference | 3.00% | ||||||||
Preferred Stock Convertible into Common Stock | |||||||||
Class of Stock [Line Items] | |||||||||
Conversion price (in USD per share) | $ 3.30 |
Preferred Shares - Dividends (D
Preferred Shares - Dividends (Details) - USD ($) $ in Thousands | Apr. 02, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Equity [Abstract] | ||||
Deemed dividend on beneficial conversion feature | $ 47,849 | |||
In-kind dividends | $ 1,459 | $ 0 | $ 0 | |
Deemed dividend on beneficial conversion feature related to in-kind dividend | 300 | |||
Total preferred dividends | $ 49,589 |
Retirement Plans (Details)
Retirement Plans (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Defined Contribution Plan Disclosure [Line Items] | |||
Recognized defined contribution plan expense | $ 4,900,000 | $ 4,800,000 | $ 6,400,000 |
Canadian | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Required years of service for vesting in employer contributions, | 2 years | ||
Australian | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Percentage of contributed employee gross pay matched by employer | 9.50% | ||
U.S. | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Percentage of contributed employee gross pay matched by employer | 6.00% | ||
Required years of service for vesting in employer contributions, | 5 years | ||
Annual vesting percentage | 20.00% | ||
U.S. | Minimum | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Maximum annual percent of pay contributed by employee | 1.00% | ||
U.S. | Maximum | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Maximum annual percent of pay contributed by employee | 75.00% | ||
U.S. | First 4% of employee pay contributed matched at 100% | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Percentage of contributed employee gross pay matched by employer | 4.00% | ||
Percent of employer matching contribution | 100.00% | ||
U.S. | Next 2% of employee pay contributed matched at 50% | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Percentage of contributed employee gross pay matched by employer | 2.00% | ||
Percent of employer matching contribution | 50.00% | ||
Deferred Profit Sharing Plan | Canadian | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Percentage of contributed employee gross pay matched by employer | 5.00% | ||
Maximum annual contributions per employee | $ 13,250 | ||
Group Registered Retirement Savings Plan | Canadian | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Percentage of contributed employee gross pay matched by employer | 6.00% | ||
Maximum annual contributions per employee | $ 26,230 |
Asset Retirement Obligations -
Asset Retirement Obligations - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Asset Retirement Obligation Disclosure [Abstract] | |||
Accretion of discount | $ 1,689 | $ 1,353 | $ 1,351 |
Asset Retirement Obligations _2
Asset Retirement Obligations - Asset Retirement Obligations (ARO) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Asset Retirement Obligation Disclosure [Abstract] | ||||
Asset retirement obligations | $ 18,381 | $ 17,185 | $ 17,584 | $ 17,299 |
Less: Asset retirement obligations due within one year | 4,443 | 1,799 | ||
Long-term asset retirement obligations | $ 13,938 | $ 15,386 |
Asset Retirement Obligations _3
Asset Retirement Obligations - Change in Asset Retirement Obligations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | |||
Balance, beginning | $ 17,185 | $ 17,584 | $ 17,299 |
Accretion of discount | 1,689 | 1,353 | 1,351 |
New obligations | 6,629 | 86 | 0 |
Change in estimates of existing obligations | (4,336) | (1,901) | (1,182) |
Settlement of obligations | (1,013) | (816) | (376) |
Foreign currency translation | (1,773) | 879 | 492 |
Balance, ending | $ 18,381 | $ 17,185 | $ 17,584 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||
Jun. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Apr. 02, 2018 | Dec. 31, 2015 | |
Schedule of Income Taxes [Line Items] | ||||||
Change in valuation allowance | $ 9,000,000 | |||||
Decrease in valuation allowance | $ (9,000,000) | |||||
Impact on income tax benefit | 0 | |||||
Impact of Tax Act provisions on financial statements | $ 0 | |||||
Federal statutory tax rate percentage | 27.00% | 27.00% | 27.00% | |||
Undistributed earnings of foreign subsidiaries | $ 0 | $ 0 | ||||
Unrecognized tax benefits | 0 | 0 | $ 0 | $ 679,000 | ||
Interest expense and penalties accrued | 0 | 0 | ||||
Reversal of uncertain tax liability | 0 | $ 0 | $ 679,000 | |||
Non-allowable income tax deduction | $ 800,000 | |||||
Internal Revenue Service (IRS) | Foreign Tax Authority | ||||||
Schedule of Income Taxes [Line Items] | ||||||
Federal statutory tax rate percentage | 21.00% | 35.00% | ||||
Canada Revenue Agency | Foreign Tax Authority | ||||||
Schedule of Income Taxes [Line Items] | ||||||
Change in valuation allowance | $ 4,900,000 | $ (5,900,000) | ||||
Noralta | ||||||
Schedule of Income Taxes [Line Items] | ||||||
Deferred income taxes | $ 52,514,000 |
Income Taxes - Consolidated Pre
Income Taxes - Consolidated Pre-tax Income (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||
Canada operations | $ (100,874) | $ (87,143) | $ (87,234) |
Foreign operations | (12,338) | (31,601) | (28,698) |
Loss before income taxes | $ (113,212) | $ (118,744) | $ (115,932) |
Income Taxes - Components of In
Income Taxes - Components of Income Tax Provision (Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Current: | |||
Canada | $ (1,151) | $ (5,986) | $ (8,646) |
Foreign | 1,189 | 1,472 | 1,749 |
Total | 38 | (4,514) | (6,897) |
Deferred: | |||
Canada | (31,403) | (9,194) | (12,169) |
Foreign | 0 | 218 | (1,039) |
Total | (31,403) | (8,976) | (13,208) |
Net income tax benefit | $ (31,365) | $ (13,490) | $ (20,105) |
Income Taxes - Income Tax Rate
Income Taxes - Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Schedule of Income Taxes [Line Items] | |||
Federal tax benefit at statutory rates | $ (30,567) | $ (32,061) | $ (31,302) |
Federal tax benefit at statutory rates, percent | 27.00% | 27.00% | 27.00% |
Effect of foreign income tax, net | $ (276) | $ (3,399) | $ (6,593) |
Effect of foreign income tax, net, percent | 0.20% | 2.90% | 5.70% |
Enacted tax rate change – U.S. Tax Reform | $ 0 | $ 9,047 | $ 0 |
Enacted tax rate change, percent | 0.00% | (7.60%) | 0.00% |
Valuation allowance – U.S. Tax Reform | $ 0 | $ (9,047) | $ 0 |
Valuation allowance, percent | 0.00% | 7.60% | 0.00% |
Valuation allowance – Other | $ (622) | $ 19,130 | $ 15,051 |
Valuation allowance - other, percent | 0.60% | (16.10%) | (13.00%) |
Tax effects of restructuring | $ 0 | $ 0 | $ (3,038) |
Tax effects of restructuring, percent | 0.00% | 0.00% | (2.60%) |
Deemed income from foreign subsidiaries | $ 321 | $ 334 | $ 1,108 |
Deemed income from foreign subsidiaries, percent | (0.30%) | (0.30%) | (1.00%) |
Enacted tax rate change - Canada | $ 0 | $ 598 | $ 712 |
Enacted tax rate change - Canada, percent | 0.00% | (0.50%) | (0.60%) |
Other, net | $ 221 | $ (1,908) | $ 2,119 |
Other, net, percent | 0.20% | (1.60%) | 1.80% |
Net income tax benefit | $ (31,365) | $ (13,490) | $ (20,105) |
Net income tax benefit, percent | 27.70% | 11.40% | 17.30% |
Income Taxes - Deferred Tax Ass
Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Deferred tax assets: | |||
Net operating loss | $ 92,600 | $ 70,920 | |
Employee benefits | 2,972 | 5,560 | |
Deductible goodwill and other intangibles | 20,142 | 50,758 | |
Other reserves | 6,903 | 6,854 | |
Unearned revenue | 868 | 1,424 | |
Other | 2,000 | 188 | |
Deferred tax assets | 125,485 | 135,704 | |
Valuation allowance | (82,833) | (90,663) | $ (76,157) |
Deferred tax assets, net | 42,652 | 45,041 | |
Deferred tax liabilities: | |||
Depreciation | (61,094) | (44,141) | |
Investment | 0 | (900) | |
Deferred tax liabilities | (61,094) | (45,041) | |
Net deferred tax liability | $ (18,442) | $ 0 |
Income Taxes - NOL and Tax Cred
Income Taxes - NOL and Tax Credit Carryforwards (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Foreign Tax Authority | Canada Revenue Agency | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carryforwards | $ 177,681 |
Foreign Tax Authority | Australian Taxation Office | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carryforwards | 98,770 |
Domestic Tax Authority | |
Operating Loss Carryforwards [Line Items] | |
Net U.S. Federal operating loss carryforwards, subject to expiration | 36,380 |
Net U.S. Federal Operating loss carryforwards, not subject to expiration | 8,807 |
State and Local Jurisdiction | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carryforwards | $ 5,506 |
Income Taxes - Changes in Valua
Income Taxes - Changes in Valuation Allowance (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Deferred Tax Assets, Changes in Valuation Allowance | ||
Beginning Balance | $ (90,663) | $ (76,157) |
Change in income tax provision - U.S. Tax Reform | 9,047 | |
Change in income tax provision - Other | (19,130) | |
Other change | 1,119 | 242 |
Foreign currency translation | 6,089 | (4,665) |
Change in income tax provision | 622 | |
Ending Balance | (82,833) | (90,663) |
Federal / State NOLs | ||
Deferred Tax Assets, Changes in Valuation Allowance | ||
Beginning Balance | (31,399) | (19,113) |
Change in income tax provision - U.S. Tax Reform | 4,574 | |
Change in income tax provision - Other | (17,622) | |
Other change | (348) | 1,277 |
Foreign currency translation | 3,907 | (515) |
Change in income tax provision | (1,464) | |
Ending Balance | (29,304) | (31,399) |
Net Deferred Tax Assets | ||
Deferred Tax Assets, Changes in Valuation Allowance | ||
Beginning Balance | (58,518) | (56,043) |
Change in income tax provision - U.S. Tax Reform | 4,473 | |
Change in income tax provision - Other | (1,508) | |
Other change | 1,495 | (1,290) |
Foreign currency translation | 2,122 | (4,150) |
Change in income tax provision | 2,086 | |
Ending Balance | (52,815) | (58,518) |
Other | ||
Deferred Tax Assets, Changes in Valuation Allowance | ||
Beginning Balance | (746) | (1,001) |
Change in income tax provision - U.S. Tax Reform | 0 | |
Change in income tax provision - Other | 0 | |
Other change | (28) | 255 |
Foreign currency translation | 60 | 0 |
Change in income tax provision | 0 | |
Ending Balance | $ (714) | $ (746) |
Income Taxes - Unrecognized Tax
Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Beginning Balance | $ 0 | $ 0 | $ 679,000 |
Additions for tax positions of prior years | 0 | 0 | 0 |
Reductions for tax positions of prior years | 0 | 0 | 0 |
Reductions for settlements | 0 | 0 | 0 |
Lapse of the applicable statute of limitations | 0 | 0 | (679,000) |
Ending Balance | $ 0 | $ 0 | $ 0 |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Rent Expense | $ 6.8 | $ 5.6 | $ 6 |
Commitments and Contingencies_2
Commitments and Contingencies - Minimum Future Operating Lease Obligations (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2,019 | $ 5,384 |
2,020 | 5,090 |
2,021 | 3,863 |
2,022 | 2,826 |
2,023 | 2,010 |
Thereafter | 6,525 |
Total | $ 25,698 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss - Narrative (Details) $ in Thousands, $ in Billions, $ in Billions | 12 Months Ended | |||
Dec. 31, 2018USD ($) | Dec. 31, 2018CAD ($) | Dec. 31, 2018AUD ($) | Dec. 31, 2017USD ($) | |
Equity [Abstract] | ||||
Decrease in comprehensive loss due to foreign currency exchange rate fluctuations | $ 43,000 | |||
Accumulated other comprehensive loss | $ (371,249) | $ (328,213) | ||
Foreign functional currency net assets | $ 0.2 | $ 0.4 |
Share Based Compensation - Narr
Share Based Compensation - Narrative (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Maximum number of common shares authorized | 18,700,000 | ||
Allocated share-based compensation expense | $ 15,400,000 | $ 9,900,000 | $ 16,400,000 |
Income tax benefit for share based compensation arrangements | $ 1,216,546 | $ 0 | $ 600,000 |
Options to purchase common shares awarded | 0 | 0 | 0 |
Total intrinsic value of options exercised | $ 0 | $ 0 | $ 0 |
Tax benefits from options exercised | $ 0 | $ 0 | |
Restricted Stock and Deferred Stock Awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted average grant date fair value per share (in dollars per share) | $ 3.42 | $ 3.14 | $ 1.64 |
Fair value of restricted share and deferred share awards vested | $ 2,000,000 | $ 600,000 | $ 3,800,000 |
Unrecognized compensation cost related to restricted share and deferred share awards | $ 7,500,000 | ||
Weighted average recognition period for unrecognized shares | 1 year 295 days | ||
Phantom Share Units (PSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted average grant date fair value per share (in dollars per share) | $ 0 | $ 3.27 | $ 0.91 |
Weighted average recognition period for unrecognized shares | 225 days | ||
Liability for phantom share awards | $ 2,500,000 | ||
Phantom share cash payments | 8,200,000 | $ 7,100,000 | $ 500,000 |
Unrecognized compensation cost | 700,000 | ||
Performance Shares | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Allocated share-based compensation expense | $ 4,600,000 | $ 3,000,000 | $ 1,900,000 |
Weighted average recognition period for unrecognized shares | 1 year 255 days | ||
Unrecognized compensation cost | $ 5,000,000 | ||
Performance Shares | Civeo Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted average grant date fair value per share (in dollars per share) | $ 5.30 | $ 5.20 | $ 3.18 |
Share Based Compensation - Stoc
Share Based Compensation - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Options (in shares) | ||||
Outstanding, beginning of period | 145,801 | 165,886 | 390,334 | |
Granted | 0 | 0 | 0 | |
Exercised | 0 | 0 | 0 | |
Forfeited / Expired | 0 | (20,085) | (224,448) | |
Outstanding, end of period | 145,801 | 145,801 | 165,886 | 390,334 |
Exercisable options at end of period | 145,801 | 139,491 | 145,804 | |
Weighted Average Exercise Price Per Share | ||||
Outstanding, beginning of period | $ 17.97 | $ 17.98 | $ 13.58 | |
Granted | 0 | 0 | 0 | |
Exercised | 0 | 0 | 0 | |
Forfeited / Expired | 0 | 18.10 | 10.33 | |
Outstanding, end of period | 17.97 | 17.97 | 17.98 | $ 13.58 |
Exercisable at end of period | $ 17.97 | $ 17.79 | $ 17.67 | |
Weighted Average Contractual Life (Years) | ||||
Outstanding, weighted average contractual life (in years) | 3 years 100 days | 4 years 182 days | 4 years 219 days | 3 years 182 days |
Exercisable, weighted average contractual life (in years) | 3 years 100 days | 4 years 73 days | 4 years 146 days | |
Intrinsic Value (Thousands) | ||||
Outstanding | $ 0 | $ 0 | $ 0 | $ 0 |
Exercisable | $ 0 | $ 0 | $ 0 |
Share Based Compensation - St_2
Share Based Compensation - Stock Options Outstanding (Details) | 12 Months Ended |
Dec. 31, 2018$ / sharesshares | |
Options Outstanding | |
Number Outstanding (in shares) | shares | 145,801 |
Weighted Average Remaining Contractual Life (in years) | 4 years 91 days |
Weighted Average Exercise Prices (in dollars per share) | $ 17.97 |
Options Exercisable | |
Number Outstanding (in shares) | shares | 145,801 |
Weighted Average Exercise Price (in dollars per share) | $ 17.97 |
Lower range of exercise prices (in dollars per share) | 16.43 |
Upper range of exercise prices (in dollars per share) | $ 21.87 |
$ 16.43 | |
Options Outstanding | |
Number Outstanding (in shares) | shares | 63,142 |
Weighted Average Remaining Contractual Life (in years) | 3 years 47 days |
Weighted Average Exercise Prices (in dollars per share) | $ 16.43 |
Options Exercisable | |
Number Outstanding (in shares) | shares | 63,142 |
Weighted Average Exercise Price (in dollars per share) | $ 16.43 |
$ 17.48 | |
Options Outstanding | |
Number Outstanding (in shares) | shares | 29,849 |
Weighted Average Remaining Contractual Life (in years) | 5 years 51 days |
Weighted Average Exercise Prices (in dollars per share) | $ 17.48 |
Options Exercisable | |
Number Outstanding (in shares) | shares | 29,849 |
Weighted Average Exercise Price (in dollars per share) | $ 17.48 |
$ 18.43 | |
Options Outstanding | |
Number Outstanding (in shares) | shares | 27,553 |
Weighted Average Remaining Contractual Life (in years) | 4 years 47 days |
Weighted Average Exercise Prices (in dollars per share) | $ 18.43 |
Options Exercisable | |
Number Outstanding (in shares) | shares | 27,553 |
Weighted Average Exercise Price (in dollars per share) | $ 18.43 |
$ 21.87 | |
Options Outstanding | |
Number Outstanding (in shares) | shares | 25,257 |
Weighted Average Remaining Contractual Life (in years) | 6 years 51 days |
Weighted Average Exercise Prices (in dollars per share) | $ 21.87 |
Options Exercisable | |
Number Outstanding (in shares) | shares | 25,257 |
Weighted Average Exercise Price (in dollars per share) | $ 21.87 |
Share Based Compensation - Rest
Share Based Compensation - Restricted Stock Awards and Deferred Stock Awards (Details) - Restricted Stock and Deferred Stock Awards - $ / shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Number of Awards (in shares) | |||
Nonvested shares at the beginning of period | 2,170,324 | 1,298,372 | 1,313,564 |
Granted | 2,861,775 | 1,655,067 | 584,283 |
Vested | (1,247,522) | (733,147) | (526,628) |
Forfeited | (101,839) | (49,968) | (72,847) |
Nonvested shares at the end of period | 3,682,738 | 2,170,324 | 1,298,372 |
Weighted Average Grant Date Fair Value Per Share | |||
Nonvested at beginning of period | $ 3.54 | $ 4.41 | $ 7.29 |
Granted | 3.42 | 3.14 | 1.64 |
Vested | 3.92 | 4.19 | 8.15 |
Forfeited | 3.69 | 3.43 | 7.04 |
Nonvested at end of period | $ 3.31 | $ 3.54 | $ 4.41 |
Share Based Compensation - Phan
Share Based Compensation - Phantom Share Awards Activity (Details) - Civeo Plan - Phantom Share Units (PSUs) - shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Nonvested shares at the beginning of period | 4,549,739 | 6,269,964 | 1,798,200 |
Granted | 0 | 750,525 | 6,831,957 |
Vested | (2,270,214) | (2,207,589) | (608,230) |
Forfeited | (12,951) | (263,161) | (1,751,963) |
Nonvested shares at the end of period | 2,266,574 | 4,549,739 | 6,269,964 |
Share Based Compensation - Valu
Share Based Compensation - Valuation Assumptions of Performance Share Awards (Details) - Civeo Plan - Performance Shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected volatility | 79.00% | 90.00% | 90.00% |
Initial TSR | (0.40%) | 0.04% | 93.70% |
Weighted Average | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk-free weighted interest rate | 2.40% | 1.50% | 0.92% |
Share Based Compensation - Perf
Share Based Compensation - Performance Share Awards Activity (Details) - Performance Shares - Civeo Plan - $ / shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Number of Awards (in shares) | |||
Nonvested shares at the beginning of period | 2,675,482 | 1,951,684 | 0 |
Granted | 848,830 | 762,497 | 2,400,606 |
Vested | 0 | 0 | 0 |
Forfeited | 0 | (38,699) | (448,922) |
Nonvested shares at the end of period | 3,524,312 | 2,675,482 | 1,951,684 |
Weighted Average Grant Date Fair Value Per Share | |||
Nonvested at beginning of period | $ 3.75 | $ 3.18 | $ 0 |
Granted | 5.30 | 5.20 | 3.18 |
Vested | 0 | 0 | 0 |
Forfeited | 0 | 3.64 | 3.18 |
Nonvested at end of period | $ 4.12 | $ 3.75 | $ 3.18 |
Segment and Related Informati_3
Segment and Related Information - Financial Information by Business Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Segment Reporting Information [Line Items] | |||||||||||
Total Revenues | $ 114,520 | $ 120,491 | $ 130,177 | $ 101,504 | $ 101,348 | $ 97,489 | $ 92,010 | $ 91,429 | $ 466,692 | $ 382,276 | $ 397,230 |
Depreciation and amortization | 125,846 | 126,443 | 131,302 | ||||||||
Operating loss | (88,055) | (97,971) | (95,760) | ||||||||
Capital expenditures | 17,108 | 11,194 | 19,779 | ||||||||
Total assets | 1,001,677 | 853,912 | 1,001,677 | 853,912 | 910,446 | ||||||
Canada | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total Revenues | 296,012 | 245,595 | 278,464 | ||||||||
Depreciation and amortization | 66,980 | 69,983 | 80,837 | ||||||||
Operating loss | (61,487) | (63,211) | (59,351) | ||||||||
Capital expenditures | 6,025 | 3,893 | 3,773 | ||||||||
Total assets | 804,618 | 550,378 | 804,618 | 550,378 | 548,786 | ||||||
Australia | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total Revenues | 119,238 | 111,221 | 106,815 | ||||||||
Depreciation and amortization | 40,441 | 45,699 | 45,883 | ||||||||
Operating loss | (1,950) | (11,528) | (6,853) | ||||||||
Capital expenditures | 4,658 | 2,772 | 5,682 | ||||||||
Total assets | 292,271 | 353,840 | 292,271 | 353,840 | 376,008 | ||||||
United States | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Depreciation and amortization | 10,626 | 4,653 | 5,433 | ||||||||
Operating loss | (8,640) | (14,426) | (24,616) | ||||||||
Capital expenditures | 5,388 | 1,912 | 6 | ||||||||
Total assets | 60,282 | 33,128 | 60,282 | 33,128 | 29,799 | ||||||
Corporate and eliminations | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Depreciation and amortization | 7,799 | 6,108 | (851) | ||||||||
Operating loss | (15,978) | (8,806) | (4,940) | ||||||||
Capital expenditures | 1,037 | 2,617 | 10,318 | ||||||||
Total assets | $ (155,494) | $ (83,434) | (155,494) | (83,434) | (44,147) | ||||||
Operating Segments | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total Revenues | 466,692 | 382,276 | |||||||||
Operating Segments | Canada | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total Revenues | 296,012 | 245,595 | 278,464 | ||||||||
Operating Segments | Australia | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total Revenues | 119,238 | 111,221 | 106,815 | ||||||||
Operating Segments | United States | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total Revenues | 51,442 | 25,460 | 11,951 | ||||||||
Consolidation, Eliminations | Corporate and eliminations | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total Revenues | $ 0 | $ 0 | $ 0 |
Segment and Related Informati_4
Segment and Related Information - Financial Information By Geographic Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues from unaffiliated customers | $ 114,520 | $ 120,491 | $ 130,177 | $ 101,504 | $ 101,348 | $ 97,489 | $ 92,010 | $ 91,429 | $ 466,692 | $ 382,276 | $ 397,230 |
Long-lived assets | 893,880 | 717,501 | 893,880 | 717,501 | 826,765 | ||||||
Canada | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues from unaffiliated customers | 296,012 | 245,595 | 278,464 | ||||||||
Long-lived assets | 580,644 | 353,710 | 580,644 | 353,710 | 431,477 | ||||||
Australia | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues from unaffiliated customers | 119,238 | 111,221 | 106,815 | ||||||||
Long-lived assets | 263,094 | 331,511 | 263,094 | 331,511 | 348,293 | ||||||
United States | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues from unaffiliated customers | 51,442 | 25,460 | 11,951 | ||||||||
Long-lived assets | $ 50,142 | $ 32,280 | $ 50,142 | $ 32,280 | $ 46,995 |
Valuation Accounts - Activity i
Valuation Accounts - Activity in Valuation Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Allowance for doubtful accounts receivable | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Period | $ 1,338 | $ 638 | $ 1,121 |
Charged (Reduction) to Costs and Expenses | (787) | 48 | (110) |
Deductions (Net of Recoveries) | (143) | (23) | (377) |
Translation and Other, Net | (32) | 675 | 4 |
Balance at End of Period | 376 | 1,338 | 638 |
Valuation allowance for deferred tax assets | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Period | 90,663 | 76,157 | 115,087 |
Charged (Reduction) to Costs and Expenses | (622) | 10,083 | 15,051 |
Deductions (Net of Recoveries) | (1,119) | (242) | (53,652) |
Translation and Other, Net | (6,089) | 4,665 | (329) |
Balance at End of Period | $ 82,833 | $ 90,663 | $ 76,157 |
Quarterly Financial Informati_3
Quarterly Financial Information (Unaudited) - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Sep. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Impairment of Long-Lived Assets Held-for-use | $ 28,661 | $ 27,244 | $ 4,360 | $ 37,729 | $ 8,400 | ||||||
Acquisition related costs | $ 9,100 | $ 2,300 | |||||||||
Costs included in selling, general and administrative expense | 69,068 | 63,431 | $ 55,297 | ||||||||
Costs included in other income | 1,623 | 1,308 | 2,645 | ||||||||
Reversal of depreciation costs | $ 2,800 | ||||||||||
Noralta Acquisition | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Acquisition related costs | 2,100 | ||||||||||
Costs included in service, other and product costs | 600 | ||||||||||
Costs included in selling, general and administrative expense | 600 | ||||||||||
Costs included in other income | 900 | ||||||||||
Impairment Expense | Canadian Segment | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Impairment of Long-Lived Assets Held-for-use | 28,700 | 27,200 | 4,400 | ||||||||
Impairment of Long-lived Assets Held for Use, Net of Tax | $ 20,900 | $ 19,900 | $ 3,200 | ||||||||
Impairment Effect on Earnings Per Share, after Tax | $ 0.16 | $ 0.15 | $ 0.02 | ||||||||
Selling, General and Administrative Expenses | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Acquisition related costs | 7,200 | ||||||||||
Selling, General and Administrative Expenses | Noralta Acquisition | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Acquisition related costs | $ 500 | $ 5,600 | $ 1,000 | $ 2,300 | |||||||
Acquisition related costs net of tax | $ 1,700 | $ 400 | $ 5,100 | $ 1,000 | $ 2,200 | ||||||
Acquisition related costs per diluted share (in USD per share) | $ 0.01 | $ 0 | $ 0.03 | $ 0.01 | $ 0.02 | ||||||
Service and Other | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Costs included in service, other and product costs | $ 315,537 | $ 244,978 | $ 238,037 |
Quarterly Financial Informati_4
Quarterly Financial Information (Unaudited) - Quarterly Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Revenues | $ 114,520 | $ 120,491 | $ 130,177 | $ 101,504 | $ 101,348 | $ 97,489 | $ 92,010 | $ 91,429 | $ 466,692 | $ 382,276 | $ 397,230 |
Gross profit | 31,956 | 38,738 | 41,440 | 24,176 | 30,773 | 31,962 | 32,526 | 29,757 | |||
Net loss attributable to Civeo | $ (13,804) | $ (14,250) | $ (48,321) | $ (55,457) | $ (47,579) | $ (22,331) | $ (14,816) | $ (20,987) | $ (82,243) | $ (105,713) | $ (96,388) |
Basic loss per share | $ (0.08) | $ (0.09) | $ (0.29) | $ (0.42) | $ (0.36) | $ (0.17) | $ (0.11) | $ (0.17) | $ (0.84) | $ (0.82) | $ (0.9) |
Diluted loss per share | $ (0.08) | $ (0.09) | $ (0.29) | $ (0.42) | $ (0.36) | $ (0.17) | $ (0.11) | $ (0.17) | $ (0.84) | $ (0.82) | $ (0.9) |