Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2019 | Jul. 22, 2019 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | Civeo Corp | |
Entity Central Index Key | 0001590584 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Common Stock, Shares Outstanding (in shares) | 169,531,595 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Shell Company | false |
Unaudited Consolidated Statemen
Unaudited Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Revenues: | ||||
Total Revenues | $ 122,153 | $ 130,177 | $ 230,703 | $ 231,681 |
Costs and expenses: | ||||
Selling, general and administrative expenses | 12,530 | 21,821 | 28,626 | 38,335 |
Depreciation and amortization expense | 30,996 | 34,270 | 61,778 | 65,034 |
Impairment expense | 5,546 | 0 | 5,546 | 28,661 |
Other operating expense (income) | (103) | 132 | (168) | 511 |
Costs and Expenses | 134,209 | 145,678 | 260,652 | 299,697 |
Operating loss | (12,056) | (15,501) | (29,949) | (68,016) |
Interest expense | (6,720) | (7,103) | (13,355) | (12,925) |
Loss on extinguishment of debt | 0 | (748) | 0 | (748) |
Interest income | 22 | 18 | 49 | 76 |
Other income | 1,055 | 252 | 4,033 | 2,511 |
Loss before income taxes | (17,699) | (23,082) | (39,222) | (79,102) |
Income tax benefit | 2,850 | 23,371 | 7,334 | 24,056 |
Net income (loss) | (14,849) | 289 | (31,888) | (55,046) |
Less: Net income attributable to noncontrolling interest | 0 | 122 | 0 | 244 |
Net income (loss) attributable to Civeo Corporation | (14,849) | 167 | (31,888) | (55,290) |
Less: Dividends attributable to Class A preferred shares | 461 | 48,488 | 920 | 48,488 |
Net loss attributable to Civeo common shareholders | $ (15,310) | $ (48,321) | $ (32,808) | $ (103,778) |
Per Share Data (see Note 9) | ||||
Basic net loss per share attributable to Civeo Corporation common shareholders (USD per share) | $ (0.09) | $ (0.29) | $ (0.20) | $ (0.70) |
Diluted net loss per share attributable to Civeo Corporation common shareholders (USD per share) | $ (0.09) | $ (0.29) | $ (0.20) | $ (0.70) |
Weighted average number of common shares outstanding: | ||||
Basic (in shares) | 167,532 | 165,373 | 166,437 | 148,595 |
Diluted (in shares) | 167,532 | 165,373 | 166,437 | 148,595 |
Service and other | ||||
Revenues: | ||||
Total Revenues | $ 112,719 | $ 122,069 | $ 212,798 | $ 215,152 |
Costs and expenses: | ||||
Service and other costs | 77,659 | 81,694 | 150,303 | 150,500 |
Rental | ||||
Revenues: | ||||
Total Revenues | 7,625 | 4,417 | 14,115 | 7,738 |
Costs and expenses: | ||||
Service and other costs | 6,357 | 5,318 | 11,507 | 9,840 |
Product | ||||
Revenues: | ||||
Total Revenues | 1,809 | 3,691 | 3,790 | 8,791 |
Costs and expenses: | ||||
Service and other costs | $ 1,224 | $ 2,443 | $ 3,060 | $ 6,816 |
Unaudited Consolidated Statem_2
Unaudited Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income (loss) | $ (14,849) | $ 289 | $ (31,888) | $ (55,046) |
Other comprehensive income (loss): | ||||
Foreign currency translation adjustment, net of taxes of zero | 1,084 | (16,434) | 6,463 | (24,255) |
Total other comprehensive income (loss) | 1,084 | (16,434) | 6,463 | (24,255) |
Comprehensive loss | (13,765) | (16,145) | (25,425) | (79,301) |
Less: Comprehensive income attributable to noncontrolling interest | 0 | 120 | 0 | 242 |
Comprehensive loss attributable to Civeo Corporation | $ (13,765) | $ (16,265) | $ (25,425) | $ (79,543) |
Unaudited Consolidated Statem_3
Unaudited Consolidated Statements of Comprehensive Loss (Parentheticals) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Statement of Comprehensive Income [Abstract] | ||||
Foreign currency translation adjustment, taxes | $ 0 | $ 0 | $ 0 | $ 0 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 13,459 | $ 12,372 |
Accounts receivable, net | 90,763 | 70,223 |
Inventories | 4,421 | 4,313 |
Prepaid expenses | 9,535 | 7,036 |
Other current assets | 4,156 | 3,556 |
Assets held for sale | 8,228 | 10,297 |
Total current assets | 130,562 | 107,797 |
Property, plant and equipment, net | 636,038 | 658,905 |
Goodwill | 121,674 | 114,207 |
Other intangible assets, net | 108,962 | 119,409 |
Operating lease right-of-use assets | 22,446 | 0 |
Other noncurrent assets | 723 | 1,359 |
Total assets | 1,020,405 | 1,001,677 |
Current liabilities: | ||
Accounts payable | 30,796 | 28,334 |
Accrued liabilities | 14,691 | 15,956 |
Income taxes | 562 | 310 |
Current portion of long-term debt | 34,833 | 33,329 |
Deferred revenue | 2,621 | 3,035 |
Other current liabilities | 9,003 | 5,719 |
Total current liabilities | 92,506 | 86,683 |
Long-term debt, less current maturities | 368,247 | 342,908 |
Deferred income taxes | 10,941 | 18,442 |
Operating lease liabilities | 17,866 | 0 |
Other noncurrent liabilities | 20,799 | 18,220 |
Total liabilities | 510,359 | 466,253 |
Commitments and contingencies (Note 12) | ||
Shareholders’ Equity: | ||
Preferred shares (Class A Series 1, no par value; 50,000,000 shares authorized, 9,042 shares issued and outstanding, respectively; aggregate liquidation preference of $92,698,094 as of June 30, 2019) | 57,200 | 56,280 |
Common shares (no par value; 550,000,000 shares authorized, 171,631,231 shares and 166,392,479 shares issued, respectively, and 169,531,595 shares and 165,932,334 shares outstanding, respectively) | 0 | 0 |
Additional paid-in capital | 1,567,162 | 1,562,133 |
Accumulated deficit | (744,058) | (710,551) |
Common shares held in treasury at cost, 2,099,636 and 460,145 shares, respectively | (5,472) | (1,189) |
Accumulated other comprehensive loss | (364,786) | (371,249) |
Total Civeo Corporation shareholders’ equity | 510,046 | 535,424 |
Noncontrolling interest | 0 | 0 |
Total shareholders’ equity | 510,046 | 535,424 |
Total liabilities and shareholders’ equity | $ 1,020,405 | $ 1,001,677 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) | Jun. 30, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Preferred shares, par value (in dollars per share) | $ 0 | |
Preferred shares, authorized (in shares) | 50,000,000 | |
Preferred shares, issued (in shares) | 9,042,000 | |
Preferred shares, outstanding (in shares) | 9,042,000 | |
Preferred shares, liquidation preference | $ 92,698,094 | |
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) | 171,631,231 | 166,392,479 |
Common stock, shares outstanding (in shares) | 169,531,595 | 165,932,334 |
Treasury shares (in shares) | 2,099,636 | 460,145 |
Unaudited Consolidated Statem_4
Unaudited Consolidated Statements of Changes in Shareholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Preferred Shares | Common Shares | Additional Paid-in Capital | Accumulated Deficit | Treasury Shares | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interest |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Cumulative effect of implementation of ASU | $ 394 | $ 394 | ||||||
Beginning Balance at Dec. 31, 2017 | 476,367 | $ 0 | $ 0 | $ 1,383,934 | (579,113) | $ (358) | $ (328,213) | $ 117 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income (loss) | (55,046) | (55,290) | 244 | |||||
Currency translation adjustment | (24,255) | (24,253) | (2) | |||||
Dividends paid | (240) | (240) | ||||||
Issuance of shares for acquisitions | 173,864 | 6,972 | 166,892 | |||||
Dividends attributable to Class A preferred shares | 48,333 | |||||||
Dividends attributable to Class A preferred shares | 155 | (48,488) | ||||||
Share-based compensation | 4,381 | 5,013 | (632) | |||||
Ending Balance at Jun. 30, 2018 | 575,465 | 55,305 | 0 | 1,555,994 | (682,497) | (990) | (352,466) | 119 |
Beginning Balance at Mar. 31, 2018 | 419,592 | 0 | 0 | 1,390,634 | (634,176) | (952) | (336,034) | 120 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income (loss) | 289 | 167 | 122 | |||||
Currency translation adjustment | (16,434) | (16,432) | (2) | |||||
Dividends paid | (121) | (121) | ||||||
Issuance of shares for acquisitions | 169,364 | 6,972 | 162,392 | |||||
Dividends attributable to Class A preferred shares | 48,333 | |||||||
Dividends attributable to Class A preferred shares | 155 | (48,488) | ||||||
Share-based compensation | 2,775 | 2,813 | (38) | |||||
Ending Balance at Jun. 30, 2018 | 575,465 | 55,305 | 0 | 1,555,994 | (682,497) | (990) | (352,466) | 119 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Cumulative effect of implementation of ASU | (699) | (699) | ||||||
Beginning Balance at Dec. 31, 2018 | 535,424 | 56,280 | 0 | 1,562,133 | (710,551) | (1,189) | (371,249) | 0 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income (loss) | (31,888) | (31,888) | ||||||
Currency translation adjustment | 6,463 | 6,463 | ||||||
Dividends attributable to Class A preferred shares | 920 | |||||||
Dividends attributable to Class A preferred shares | (920) | |||||||
Share-based compensation | 746 | 5,029 | (4,283) | |||||
Ending Balance at Jun. 30, 2019 | 510,046 | $ 57,200 | $ 0 | 1,567,162 | (744,058) | (5,472) | (364,786) | 0 |
Balance (in shares) at Dec. 31, 2018 | 9,042 | 165,932 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Stock-based compensation (in shares) | 0 | 3,600 | ||||||
Balance (in shares) at Jun. 30, 2019 | 9,042 | 169,532 | ||||||
Beginning Balance at Mar. 31, 2019 | 521,317 | $ 56,739 | $ 0 | 1,564,667 | (728,748) | (5,471) | (365,870) | 0 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income (loss) | (14,849) | (14,849) | ||||||
Currency translation adjustment | 1,084 | 1,084 | ||||||
Dividends attributable to Class A preferred shares | 461 | |||||||
Dividends attributable to Class A preferred shares | (461) | |||||||
Share-based compensation | 2,494 | 2,495 | (1) | |||||
Ending Balance at Jun. 30, 2019 | $ 510,046 | $ 57,200 | $ 0 | $ 1,567,162 | $ (744,058) | $ (5,472) | $ (364,786) | $ 0 |
Balance (in shares) at Jun. 30, 2019 | 9,042 | 169,532 |
Unaudited Consolidated Statem_5
Unaudited Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Cash flows from operating activities: | ||
Net income (loss) | $ (31,888) | $ (55,046) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Depreciation and amortization | 61,778 | 65,034 |
Impairment charges | 5,546 | 28,661 |
Loss on extinguishment of debt | 0 | 748 |
Deferred income tax benefit | (7,855) | (23,661) |
Non-cash compensation charge | 5,029 | 5,013 |
Gains on disposals of assets | (1,371) | (2,332) |
Provision for loss on receivables, net of recoveries | (56) | (58) |
Other, net | 1,444 | 3,065 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (18,616) | 10,661 |
Inventories | (3) | 3,111 |
Accounts payable and accrued liabilities | 135 | (16,668) |
Taxes payable | 244 | (1,250) |
Other current and noncurrent assets and liabilities, net | (4,427) | (3,301) |
Net cash flows provided by operating activities | 9,960 | 13,977 |
Cash flows from investing activities: | ||
Capital expenditures | (21,208) | (5,943) |
Payments related to acquisitions, net of cash acquired | 0 | (185,200) |
Proceeds from disposition of property, plant and equipment | 4,448 | 3,438 |
Other, net | 1,762 | 110 |
Net cash flows used in investing activities | (14,998) | (187,595) |
Cash flows from financing activities: | ||
Revolving credit borrowings | 135,862 | 232,123 |
Revolving credit repayments | (108,108) | (70,067) |
Term loan repayments | (17,398) | (11,068) |
Debt issuance costs | 0 | (2,742) |
Taxes paid on vested shares | (4,283) | (632) |
Net cash flows provided by financing activities | 6,073 | 147,614 |
Effect of exchange rate changes on cash | 52 | (1,857) |
Net change in cash and cash equivalents | 1,087 | (27,861) |
Cash and cash equivalents, beginning of period | 12,372 | 32,647 |
Cash and cash equivalents, end of period | 13,459 | 4,786 |
Non-cash financing activities: | ||
Preferred dividends paid-in-kind | 920 | 484 |
Common Shares | ||
Non-cash investing activities: | ||
Value of common shares issued as consideration for acquisitions | 0 | 119,297 |
Preferred Shares | ||
Non-cash investing activities: | ||
Value of common shares issued as consideration for acquisitions | $ 0 | $ 54,821 |
Description of Business and Bas
Description of Business and Basis of Presentation | 6 Months Ended |
Jun. 30, 2019 | |
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. The accompanying unaudited consolidated financial statements of Civeo have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the SEC) pertaining to interim financial information. Certain information in footnote disclosures normally included in financial statements prepared in accordance with Generally Accepted Accounting Principles (GAAP) has been condensed or omitted pursuant to those rules and regulations. The unaudited financial statements included in this report reflect all the adjustments, consisting of normal recurring adjustments, which Civeo considers necessary for a fair presentation of the results of operations for the interim periods covered and for the financial condition of Civeo at the date of the interim balance sheet. Results for the interim periods are not necessarily indicative of results for the full year. Certain reclassifications have been made to the consolidated statements of operations for the three and six months ended June 30, 2018 to conform to current year presentation. The preparation of consolidated financial statements in conformity with GAAP requires the use of estimates and assumptions by management in determining the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. If the underlying estimates and assumptions upon which the financial statements are based change in future periods, actual amounts may differ from those included in the accompanying consolidated financial statements. The financial statements included in this report should be read in conjunction with our audited financial statements and accompanying notes included in our Annual Report on Form 10-K for the year ended December 31, 2018 . |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2019 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
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) 2017-04, "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 anticipate adopting ASU 2016-13 as of January 1, 2020. 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 have adopted this standard effective January 1, 2019 using 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. Upon adoption of this standard, we recognized a cumulative effect adjustment of $0.7 million (net of $0.2 million of taxes) to increase accumulated deficit in the accompanying unaudited consolidated balance sheet as of June 30, 2019 . ASU 2016-02 requires lessees to recognize a lease liability and a right-of-use asset for certain leases. We elected the package of practical expedients, which among other things, allowed us to carry forward the historical lease identification and classification. In addition, we have elected the short-term lease recognition exemption for all leases that qualify. Accordingly, we did not recognize right-of-use assets or lease liabilities for leases with terms shorter than 12 months. Our evaluation process included 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 determined that certain of our accommodation contracts with customers contain both a lease and non-lease or service component and in those instances concluded the service component was the predominant component. As a result, we elected the practical expedient under ASU 2018-11, which allows us to combine the lease and non-lease components of revenues as Service and other 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. For arrangements where we are the lessor, the adoption of the new lease standard did not have a material impact on our financial statements as all of our leases are operating leases, which will result in straight-line recognition of rental revenue. Adoption of the new standard resulted in $21.3 million of operating lease right-of-use assets and $22.4 million of operating lease liabilities as of January 1, 2019. Please see Note 14 – Leases for further information. |
Revenue
Revenue | 6 Months Ended |
Jun. 30, 2019 | |
Revenues [Abstract] | |
Revenue | REVENUE The following table disaggregates our revenue by our three reportable segments: Canada, Australia and U.S., and major categories for the periods indicated (in thousands): Three Months Ended Six Months Ended 2019 2018 2019 2018 Canada Accommodation revenues $ 66,183 $ 80,620 $ 123,835 $ 131,267 Mobile facility rental revenues 1,819 2,107 2,600 9,901 Food service and other services revenues 9,086 3,716 17,423 7,455 Manufacturing revenues 1,014 75 1,014 1,285 Total Canada revenues 78,102 86,518 144,872 149,908 Australia Accommodation revenues $ 30,996 $ 29,966 $ 59,417 $ 57,664 Food service and other services revenues — 611 — 788 Total Australia revenues 30,996 30,577 59,417 58,452 United States Accommodation revenues $ 4,775 $ 5,177 $ 9,699 $ 8,343 Mobile facility rental revenues 7,626 4,533 14,223 8,110 Manufacturing revenues 607 3,329 2,402 6,793 Food service and other services revenues 47 43 90 75 Total United States revenues 13,055 13,082 26,414 23,321 Total revenues $ 122,153 $ 130,177 $ 230,703 $ 231,681 As of June 30, 2019 , 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 June 30, 2019 $ 55,246 $ 85,117 $ 30,255 $ 21,911 $ 192,529 |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2019 | |
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 June 30, 2019 and December 31, 2018 , 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 the second quarter of 2019 and the first quarter of 2018 , 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. Please see Note 6 – Impairment Charges for further information. During the first and second quarter 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 | 6 Months Ended |
Jun. 30, 2019 | |
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 June 30, 2019 and December 31, 2018 is presented below (in thousands): June 30, 2019 December 31, 2018 Accounts receivable, net: Trade $ 66,886 $ 48,875 Unbilled revenue 23,654 21,169 Other 449 555 Total accounts receivable 90,989 70,599 Allowance for doubtful accounts (226 ) (376 ) Total accounts receivable, net $ 90,763 $ 70,223 June 30, 2019 December 31, 2018 Inventories: Finished goods and purchased products $ 2,493 $ 2,461 Work in process 832 945 Raw materials 1,096 907 Total inventories $ 4,421 $ 4,313 Estimated Useful Life (in years) June 30, 2019 December 31, 2018 Property, plant and equipment, net: Land $ 43,411 $ 46,805 Accommodations assets 3 — 15 1,692,033 1,650,758 Buildings and leasehold improvements 7 — 20 25,935 25,168 Machinery and equipment 4 — 15 11,105 10,693 Office furniture and equipment 3 — 7 55,898 54,459 Vehicles 3 — 5 14,416 14,589 Construction in progress 21,864 7,119 Total property, plant and equipment 1,864,662 1,809,591 Accumulated depreciation (1,228,624 ) (1,150,686 ) Total property, plant and equipment, net $ 636,038 $ 658,905 June 30, 2019 December 31, 2018 Accrued liabilities: Accrued compensation $ 11,295 $ 13,545 Accrued taxes, other than income taxes 2,434 2,177 Accrued interest 29 5 Other 933 229 Total accrued liabilities $ 14,691 $ 15,956 |
Impairment Charges and Asset Re
Impairment Charges and Asset Retirement Obligations | 6 Months Ended |
Jun. 30, 2019 | |
Asset Impairment Charges [Abstract] | |
Impairment Charges and Asset Retirement Obligations | IMPAIRMENT CHARGES AND ASSET RETIREMENT OBLIGATIONS Quarter ended June 30, 2019 . During the second quarter of 2019, we identified indicators that certain long-lived assets in Australia may be impaired due to market developments, including the non-renewal of certain land development approval agreements. We assessed the carrying values of the related assets 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 fully recoverable, and we proceeded to compare the estimated fair value of the assets to their respective carrying values. Accordingly, the assets were written down to their estimated fair values of $0.5 million . As a result of the analysis described above, we recorded an impairment expense of $4.5 million . Additionally, during the second quarter of 2019, we identified a liability related to an asset retirement obligation (ARO) at one of our villages in Australia that should have been recorded in 2011. We determined that the error was not material to our previously issued financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2018, and therefore, corrected the error in the second quarter of 2019. Specifically, we recorded the following amounts in our second quarter 2019 unaudited consolidated statement of operations related to prior periods: (1) additional accretion expense related to the ARO of $0.9 million , (2) additional depreciation and amortization expense of $0.5 million related to amortization of the related asset retirement cost and (3) additional impairment expense related to the impairment of the asset retirement cost of $1.0 million offset by recognition of an ARO liability totaling $2.3 million as of June 30, 2019. 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 . |
Acquisitions
Acquisitions | 6 Months Ended |
Jun. 30, 2019 | |
Business Combinations [Abstract] | |
Acquisitions | ACQUISITIONS Noralta Description of Transaction . On April 2, 2018, we acquired the equity of Noralta Lodge Ltd. (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, subject to customary post-closing adjustments for working capital, indebtedness and transactions expenses, (ii) 32.8 million of our common shares, and (iii) 9,679 Class A Series 1 Preferred Shares (the Preferred Shares) with an initial liquidation preference of $96.8 million and initially convertible into 29.3 million of our common shares. 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 10 - Debt). During the first quarter of 2019, $2.1 million in cash was released to us from escrow to cover certain agreed upon indemnification claims. 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. 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. Our allocation of the purchase price, which we finalized in the first quarter of 2019, to specific assets and liabilities is based, in part, upon outside appraisals using customary valuation procedures and techniques. The following table summarizes the 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 123,569 Intangible assets 110,736 Total assets acquired 390,314 Accounts payable and accrued liabilities 15,023 Income taxes payable 1,038 Other current liabilities 2,027 Deferred income taxes 51,543 Other noncurrent liabilities 5,133 Total liabilities assumed 74,764 Net assets acquired $ 315,550 (1) The aggregate fair value of the acquired accounts receivable approximated the aggregate gross contractual amount. Transaction Costs. During the three months ended June 30, 2018 , we recognized $5.6 million of costs in connection with the Noralta acquisition that are included in Service and other costs ( $0.2 million ) and SG&A expenses ( $5.4 million ). During the six months ended June 30, 2018 , we recognized $6.6 million of costs in connection with the Noralta acquisition that are included in Service and other costs ( $0.2 million ) and SG&A expenses ( $6.4 million ). 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. 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. |
Assets Held for Sale
Assets Held for Sale | 6 Months Ended |
Jun. 30, 2019 | |
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. 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. During the first quarter of 2019, we received $4.0 million in proceeds from the sale of four different land positions. The remaining assets are recorded at the estimated fair value less costs to sell of approximately $1.7 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. During the fourth quarter of 2018, we sold one property. The remaining property is recorded at the estimated fair value less costs to sell of approximately $1.8 million and was the same value used in the purchase price allocation. The following table summarizes the carrying amount as of June 30, 2019 and December 31, 2018 of the assets classified as held for sale (in thousands): June 30, 2019 December 31, 2018 Assets held for sale: Property, plant and equipment, net $ 8,228 $ 10,297 Total assets held for sale $ 8,228 $ 10,297 |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | EARNINGS PER SHARE The calculation of earnings per share attributable to Civeo is presented below for the periods indicated (in thousands, except per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Basic Loss per Share Net loss attributable to Civeo common shareholders $ (15,310 ) $ (48,321 ) $ (32,808 ) $ (103,778 ) Less: undistributed net income to participating securities — — — — Net loss attributable to Civeo common shareholders - basic $ (15,310 ) $ (48,321 ) $ (32,808 ) $ (103,778 ) Weighted average common shares outstanding - basic 167,532 165,373 166,437 148,595 Basic loss per share $ (0.09 ) $ (0.29 ) $ (0.20 ) $ (0.70 ) Diluted Loss per Share Net loss attributable to Civeo common shareholders - basic $ (15,310 ) $ (48,321 ) $ (32,808 ) $ (103,778 ) Less: undistributed net income to participating securities — — — — Net loss attributable to Civeo common shareholders - diluted $ (15,310 ) $ (48,321 ) $ (32,808 ) $ (103,778 ) Weighted average common shares outstanding - basic 167,532 165,373 166,437 148,595 Effect of dilutive securities (1) — — — — Weighted average common shares outstanding - diluted 167,532 165,373 166,437 148,595 Diluted loss per share $ (0.09 ) $ (0.29 ) $ (0.20 ) $ (0.70 ) (1) When an entity has a net loss from continuing operations, it is prohibited from including potential common shares in the computation of diluted per share amounts. Accordingly, we have utilized the basic shares outstanding amount to calculate both basic and diluted loss per share for the three and six months ended June 30, 2019 and 2018 . In the three months ended June 30, 2019 and 2018 , we excluded from the calculation 3.7 million and 4.1 million share based awards, respectively, since the effect would have been anti-dilutive. In the six months ended June 30, 2019 and 2018 , we excluded from the calculation 3.7 million and 3.5 million share based awards, respectively, since the effect would have been anti-dilutive. In the three and six months ended June 30, 2019 , we excluded from the calculation the impact of converting the Preferred Shares into 28.1 million common shares, since the effect would have been anti-dilutive. In the three and six months ended June 30, 2018 , we excluded from the calculation the impact of converting the Preferred Shares into 29.5 million common shares, since the effect would have been anti-dilutive. |
Debt
Debt | 6 Months Ended |
Jun. 30, 2019 | |
Debt Disclosure [Abstract] | |
Debt | DEBT As of June 30, 2019 and December 31, 2018 , long-term debt consisted of the following (in thousands): June 30, 2019 December 31, 2018 Canadian term loan, which matures on November 30, 2020; 3.125% of aggregate principal repayable per quarter; weighted average interest rate of 5.7 % for the six-month period ended June 30, 2019 $ 240,849 $ 247,910 U.S. revolving credit facility, which matures on November 30, 2020, weighted average interest rate of 7.1 % for the six-month period ended June 30, 2019 5,500 — Canadian revolving credit facility, which matures on November 30, 2020, weighted average interest rate of 6.6 % for the six-month period ended June 30, 2019 156,870 114,348 Australian revolving credit facility, which matures on November 30, 2020, weighted average interest rate of 5.5 % for the six-month period ended June 30, 2019 2,103 16,918 405,322 379,176 Less: Unamortized debt issuance costs 2,242 2,939 Total debt 403,080 376,237 Less: Current portion of long-term debt, including unamortized debt issuance costs, net 34,833 33,329 Long-term debt, less current maturities $ 368,247 $ 342,908 We did not have any capitalized interest to net against interest expense for the three or six months ended June 30, 2019 or 2018 . Amended Credit Agreement As of June 30, 2019 , our Credit Agreement, as then amended to date (the Amended Credit Agreement), provided for: (i) a $239.5 million revolving credit facility scheduled to mature on November 30, 2020, allocated as follows: (A) a $20.0 million senior secured revolving credit facility in favor of certain of our U.S. subsidiaries, as borrowers; (B) a $159.5 million senior secured revolving credit facility in favor of Civeo and certain of our Canadian subsidiaries, as borrowers; and (C) a $60.0 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 November 30, 2020 in favor of Civeo. The maximum leverage ratio financial covenant is set forth in the tables below. • 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 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 June 30, 2019 4.50 : 1:00 September 30, 2019 4.00 : 1:00 December 31, 2019 & thereafter 3.50 : 1:00 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 debt to consolidated 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 total debt to consolidated 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 total debt to consolidated 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 4.5 to 1.0 (as of June 30, 2019 ). 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 June 30, 2019 . Borrowings under the Amended Credit Agreement are secured by a pledge of substantially all of our assets and the assets of our subsidiaries. The obligations under the Amended Credit Agreement are guaranteed by our significant subsidiaries. As of June 30, 2019 , we have 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 June 30, 2019 , we had outstanding letters of credit of $0.3 million under the U.S facility, $0.5 million under the Australian facility and $2.6 million under the Canadian facility. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES Our operations are conducted through various subsidiaries in a number of countries throughout the world. We have provided for income taxes based upon the tax laws and rates in the countries in which operations are conducted and income is earned. We operate primarily in three jurisdictions, Canada, Australia and the U.S., where statutory tax rates range from 21% to 30% . Our effective tax rate will vary from period to period based on changes in earnings mix between these different jurisdictions. We compute our quarterly taxes under the effective tax rate method by applying an anticipated annual effective rate to our year-to-date income, except for significant unusual or extraordinary transactions. Income taxes for any significant and unusual or extraordinary transactions are computed and recorded in the period in which the specific transaction occurs. As of June 30, 2019 , Australia and the U.S. were considered loss jurisdictions for tax accounting purposes and have been removed from the annual effective tax rate computation for purposes of computing the interim tax provision. Our income tax benefit for the six months ended June 30, 2019 totaled $7.3 million , or 18.7% of pretax loss, compared to a benefit of $24.1 million , or 30.4% of pretax loss, for the six months ended June 30, 2018 . Our effective tax rate for the six months ended June 30, 2019 and 2018 was reduced approximately 3% and 5% , respectively, by the exclusion of Australia and the U.S. for purposes of computing the interim tax provision since they are considered loss jurisdictions for tax accounting purposes. Additionally, the effective tax rate for the six months ended June 30, 2018 was impacted by a tax benefit of $4.9 million that was recorded in the second quarter 2018 to reverse a valuation allowance previously recorded in Canada. Our income tax benefit for the three months ended June 30, 2019 totaled $2.9 million , or 16.1% of pretax loss, compared to a benefit of $23.4 million , or 101.3% of pretax loss, for the three months ended June 30, 2018 . The effective tax rate for the three months ended June 30, 2018 was impacted by an increase in the 2018 effective tax rate due to Canada no longer being considered a loss jurisdiction in the quarter, as a result of the acquisition of Noralta on April 2, 2018. Under ASC 740-270, Accounting for Income Taxes, the quarterly tax provision is based on our current estimate of the annual effective tax rate less the prior quarter’s year-to-date provision. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES We are a party to various pending or threatened claims, lawsuits and administrative proceedings seeking damages or other remedies concerning our commercial operations, products, employees and other matters, including warranty and product liability claims as a result of our products or operations. Although we can give no assurance about the outcome of pending legal and administrative proceedings and the effect such outcomes may have on us, management believes that any ultimate liability resulting from the outcome of such proceedings, to the extent not otherwise provided for or covered by insurance, will not have a material adverse effect on our consolidated financial position, results of operations or liquidity. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 6 Months Ended |
Jun. 30, 2019 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated Other Comprehensive Loss | ACCUMULATED OTHER COMPREHENSIVE LOSS Our accumulated other comprehensive loss decreased $6.5 million from $371.2 million at December 31, 2018 to $364.8 million at June 30, 2019 , as a result of foreign currency exchange rate fluctuations. Changes in other comprehensive loss during the first six months of 2019 were primarily driven by the Canadian dollar increasing in value compared to the U.S. dollar. Excluding intercompany balances, our Canadian dollar and Australian dollar functional currency net assets totaled approximately C $0.3 billion and A $0.4 billion , respectively, at June 30, 2019 . |
Leases
Leases | 6 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
Leases | LEASES We have operating leases covering certain land locations and various office facilities and equipment in our three reportable business segments. Our leases have remaining lease terms of one year to nine years, some of which include options to extend the leases for up to 10 years, and some of which include options to terminate the leases within 90 days. The components of lease expense were $1.7 million and $1.6 million under operating leases during the three month periods ended June 30, 2019 and 2018 , respectively. The components of lease expense were $3.3 million and $2.8 million under operating leases during the six month periods ended June 30, 2019 and 2018 , respectively. Included in the measurement of lease liabilities, we paid $1.7 million and $3.1 million in cash related to operating leases during the three and six month periods ended June 30, 2019 , respectively. Right-of-use assets obtained in exchange for new lease obligations related to operating leases during the three and six months ended June 30, 2019 were $1.3 million and $3.0 million , respectively. Supplemental balance sheet information related to leases were as follows (in thousands): June 30, 2019 Operating leases Operating lease right-of-use assets $ 22,446 Other current liabilities $ 5,744 Operating lease liabilities 17,866 Total operating lease liabilities $ 23,610 Weighted average remaining lease term Operating leases 5.8 years Weighted average discount rate Operating leases 5.9 % Maturities of operating lease liabilities at June 30, 2019 , were as follows (in thousands): For the years ending December 31, 2019 $ 3,598 2020 6,314 2021 4,254 2022 3,160 2023 2,479 Thereafter 7,663 Total lease payments 27,468 Less imputed interest 3,858 Total $ 23,610 |
Share Based Compensation
Share Based Compensation | 6 Months Ended |
Jun. 30, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share Based Compensation | SHARE BASED COMPENSATION Certain key employees and non-employee directors participate in the Amended and Restated 2014 Equity Participation Plan of Civeo Corporation (the Civeo Plan). The Civeo Plan authorizes our Board of Directors and the Compensation Committee of our Board of Directors to approve grants of options, awards of restricted shares, performance awards, phantom share awards and dividend equivalents, awards of deferred shares, and share payments to our employees and non-employee directors. No more than 18.7 million Civeo common shares may be awarded under the Civeo Plan. Outstanding Awards Options. Compensation expense associated with options recognized in the three and six month periods ended June 30, 2019 and 2018 totaled zero and less than $0.1 million , respectively. There was no unrecognized compensation cost related to options. Restricted Share / Deferred Share Awards. On February 25, 2019, we granted 1,251,353 restricted share awards and deferred share awards under the Civeo Plan, which vest in three equal annual installments beginning on February 25, 2020. On May 16, 2019, we granted 449,100 restricted share awards to our non-employee directors, which vest in their entirety on May 16, 2020. Compensation expense associated with restricted share awards and deferred share awards recognized in the three months ended June 30, 2019 and 2018 totaled $1.4 million and $1.6 million , respectively. Compensation expense associated with restricted share awards and deferred share awards recognized in the six months ended June 30, 2019 and 2018 totaled $2.8 million and $2.9 million , respectively. The total fair value of restricted share awards and deferred share awards that vested during the three months ended June 30, 2019 and 2018 was $0.4 million and $0.9 million , respectively. The total fair value of restricted share awards and deferred share awards that vested during the six months ended June 30, 2019 and 2018 was $3.9 million and $3.4 million , respectively. At June 30, 2019 , unrecognized compensation cost related to restricted share awards and deferred share awards was $8.3 million , which is expected to be recognized over a weighted average period of 1.8 years . Phantom Share Awards. On February 25, 2019, we granted 1,144,407 phantom share awards under the Civeo Plan, which vest in three equal annual installments beginning on February 25, 2020. We also granted 270,870 phantom share awards under the Canadian Long-Term Incentive Plan, which vest in three equal annual installments beginning on February 25, 2020. During the three months ended June 30, 2019 and 2018 , we recognized compensation expense associated with phantom shares totaling $0.3 million and $2.6 million , respectively. During the six months ended June 30, 2019 and 2018 , we recognized compensation expense associated with phantom shares totaling $3.4 million and $6.0 million , respectively. At June 30, 2019 , unrecognized compensation cost related to phantom shares was $2.4 million , as remeasured at June 30, 2019 , which is expected to be recognized over a weighted average period of 2.5 years . Performance Awards. On February 25, 2019, we granted 1,184,599 performance awards under the Civeo Plan, which cliff vest in three years on February 25, 2022. These awards will be 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 that includes 17 other companies. During the three months ended June 30, 2019 and 2018 , we recognized compensation expense associated with performance awards totaling $1.1 million and $1.2 million , respectively. During the six months ended June 30, 2019 and 2018 , we recognized compensation expense associated with performance awards totaling $2.2 million and $2.2 million , respectively. The total fair value of performance share awards that vested during the three and six months ended June 30, 2019 was $10.1 million . At June 30, 2019 , unrecognized compensation cost related to performance shares was $7.2 million , which is expected to be recognized over a weighted average period of 2.1 years . |
Segment and Related Information
Segment and Related Information | 6 Months Ended |
Jun. 30, 2019 | |
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 hospitality services. Financial information by business segment for each of the three months ended June 30, 2019 and 2018 is summarized in the following table (in thousands): Total Revenues Depreciation and amortization Operating income (loss) Capital expenditures Total assets Three months ended June 30, 2019 Canada $ 78,102 $ 16,127 $ (5,761 ) $ 9,379 $ 842,551 Australia 30,996 10,068 (5,579 ) 898 276,525 United States 13,055 3,036 (1,356 ) 774 57,570 Corporate and eliminations — 1,765 640 478 (156,241 ) Total $ 122,153 $ 30,996 $ (12,056 ) $ 11,529 $ 1,020,405 Three months ended June 30, 2018 Canada $ 86,518 $ 19,245 $ (7,436 ) $ 1,409 $ 860,149 Australia 30,577 10,649 (1,099 ) 475 314,446 United States 13,082 2,861 (1,832 ) 1,029 61,243 Corporate and eliminations — 1,515 (5,134 ) 334 (117,890 ) Total $ 130,177 $ 34,270 $ (15,501 ) $ 3,247 $ 1,117,948 Six months ended June 30, 2019 Canada $ 144,872 $ 32,355 $ (17,356 ) $ 16,443 $ 842,551 Australia 59,417 19,825 (5,964 ) 1,833 276,525 United States 26,414 6,102 (2,317 ) 2,294 57,570 Corporate and eliminations — 3,496 (4,312 ) 638 (156,241 ) Total $ 230,703 $ 61,778 $ (29,949 ) $ 21,208 $ 1,020,405 Six months ended June 30, 2018 Canada $ 149,908 $ 35,756 $ (47,739 ) $ 2,481 $ 860,149 Australia 58,452 21,766 (4,265 ) 1,069 314,446 United States 23,321 4,467 (5,096 ) 1,898 61,243 Corporate and eliminations — 3,045 (10,916 ) 495 (117,890 ) Total $ 231,681 $ 65,034 $ (68,016 ) $ 5,943 $ 1,117,948 |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | SUBSEQUENT EVENTS On July 1, 2019, we acquired Action Industrial Catering (Action), located in Perth, Australia. We funded the purchase price of $17.0 million in cash through a combination of cash on hand and borrowings under our Amended Credit Agreement. Action's operations will be reported as part of our Australian reportable business segment starting with the third quarter of 2019. This acquisition will be accounted for in accordance with the acquisition method of accounting for business combinations, which requires us to record the assets acquired and the liabilities assumed at their fair values on the acquisition date. |
Recent Accounting Pronounceme_2
Recent Accounting Pronouncements (Policies) | 6 Months Ended |
Jun. 30, 2019 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Reclassification | Certain reclassifications have been made to the consolidated statements of operations for the three and six months ended June 30, 2018 to conform to current year presentation. |
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) 2017-04, "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 anticipate adopting ASU 2016-13 as of January 1, 2020. 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 have adopted this standard effective January 1, 2019 using 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. Upon adoption of this standard, we recognized a cumulative effect adjustment of $0.7 million (net of $0.2 million of taxes) to increase accumulated deficit in the accompanying unaudited consolidated balance sheet as of June 30, 2019 . ASU 2016-02 requires lessees to recognize a lease liability and a right-of-use asset for certain leases. We elected the package of practical expedients, which among other things, allowed us to carry forward the historical lease identification and classification. In addition, we have elected the short-term lease recognition exemption for all leases that qualify. Accordingly, we did not recognize right-of-use assets or lease liabilities for leases with terms shorter than 12 months. Our evaluation process included 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 determined that certain of our accommodation contracts with customers contain both a lease and non-lease or service component and in those instances concluded the service component was the predominant component. As a result, we elected the practical expedient under ASU 2018-11, which allows us to combine the lease and non-lease components of revenues as Service and other 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. For arrangements where we are the lessor, the adoption of the new lease standard did not have a material impact on our financial statements as all of our leases are operating leases, which will result in straight-line recognition of rental revenue. Adoption of the new standard resulted in $21.3 million of operating lease right-of-use assets and $22.4 million of operating lease liabilities as of January 1, 2019. Please see Note 14 – Leases for further information. |
Revenue (Tables)
Revenue (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Revenues [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 periods indicated (in thousands): Three Months Ended Six Months Ended 2019 2018 2019 2018 Canada Accommodation revenues $ 66,183 $ 80,620 $ 123,835 $ 131,267 Mobile facility rental revenues 1,819 2,107 2,600 9,901 Food service and other services revenues 9,086 3,716 17,423 7,455 Manufacturing revenues 1,014 75 1,014 1,285 Total Canada revenues 78,102 86,518 144,872 149,908 Australia Accommodation revenues $ 30,996 $ 29,966 $ 59,417 $ 57,664 Food service and other services revenues — 611 — 788 Total Australia revenues 30,996 30,577 59,417 58,452 United States Accommodation revenues $ 4,775 $ 5,177 $ 9,699 $ 8,343 Mobile facility rental revenues 7,626 4,533 14,223 8,110 Manufacturing revenues 607 3,329 2,402 6,793 Food service and other services revenues 47 43 90 75 Total United States revenues 13,055 13,082 26,414 23,321 Total revenues $ 122,153 $ 130,177 $ 230,703 $ 231,681 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction | As of June 30, 2019 , 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 June 30, 2019 $ 55,246 $ 85,117 $ 30,255 $ 21,911 $ 192,529 |
Details of Selected Balance S_2
Details of Selected Balance Sheet Accounts (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Balance Sheet Related Disclosures [Abstract] | |
Schedule of Accounts Receivable | Additional information regarding selected balance sheet accounts at June 30, 2019 and December 31, 2018 is presented below (in thousands): June 30, 2019 December 31, 2018 Accounts receivable, net: Trade $ 66,886 $ 48,875 Unbilled revenue 23,654 21,169 Other 449 555 Total accounts receivable 90,989 70,599 Allowance for doubtful accounts (226 ) (376 ) Total accounts receivable, net $ 90,763 $ 70,223 |
Schedule of Inventories | June 30, 2019 December 31, 2018 Inventories: Finished goods and purchased products $ 2,493 $ 2,461 Work in process 832 945 Raw materials 1,096 907 Total inventories $ 4,421 $ 4,313 |
Property, Plant and Equipment | Estimated Useful Life (in years) June 30, 2019 December 31, 2018 Property, plant and equipment, net: Land $ 43,411 $ 46,805 Accommodations assets 3 — 15 1,692,033 1,650,758 Buildings and leasehold improvements 7 — 20 25,935 25,168 Machinery and equipment 4 — 15 11,105 10,693 Office furniture and equipment 3 — 7 55,898 54,459 Vehicles 3 — 5 14,416 14,589 Construction in progress 21,864 7,119 Total property, plant and equipment 1,864,662 1,809,591 Accumulated depreciation (1,228,624 ) (1,150,686 ) Total property, plant and equipment, net $ 636,038 $ 658,905 |
Schedule of Accrued Liabilities | June 30, 2019 December 31, 2018 Accrued liabilities: Accrued compensation $ 11,295 $ 13,545 Accrued taxes, other than income taxes 2,434 2,177 Accrued interest 29 5 Other 933 229 Total accrued liabilities $ 14,691 $ 15,956 |
Acquisitions (Tables)
Acquisitions (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Business Combinations [Abstract] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes the 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 123,569 Intangible assets 110,736 Total assets acquired 390,314 Accounts payable and accrued liabilities 15,023 Income taxes payable 1,038 Other current liabilities 2,027 Deferred income taxes 51,543 Other noncurrent liabilities 5,133 Total liabilities assumed 74,764 Net assets acquired $ 315,550 (1) The aggregate fair value of the acquired accounts receivable approximated the aggregate gross contractual amount. |
Assets Held for Sale (Tables)
Assets Held for Sale (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations | The following table summarizes the carrying amount as of June 30, 2019 and December 31, 2018 of the assets classified as held for sale (in thousands): June 30, 2019 December 31, 2018 Assets held for sale: Property, plant and equipment, net $ 8,228 $ 10,297 Total assets held for sale $ 8,228 $ 10,297 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The calculation of earnings per share attributable to Civeo is presented below for the periods indicated (in thousands, except per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Basic Loss per Share Net loss attributable to Civeo common shareholders $ (15,310 ) $ (48,321 ) $ (32,808 ) $ (103,778 ) Less: undistributed net income to participating securities — — — — Net loss attributable to Civeo common shareholders - basic $ (15,310 ) $ (48,321 ) $ (32,808 ) $ (103,778 ) Weighted average common shares outstanding - basic 167,532 165,373 166,437 148,595 Basic loss per share $ (0.09 ) $ (0.29 ) $ (0.20 ) $ (0.70 ) Diluted Loss per Share Net loss attributable to Civeo common shareholders - basic $ (15,310 ) $ (48,321 ) $ (32,808 ) $ (103,778 ) Less: undistributed net income to participating securities — — — — Net loss attributable to Civeo common shareholders - diluted $ (15,310 ) $ (48,321 ) $ (32,808 ) $ (103,778 ) Weighted average common shares outstanding - basic 167,532 165,373 166,437 148,595 Effect of dilutive securities (1) — — — — Weighted average common shares outstanding - diluted 167,532 165,373 166,437 148,595 Diluted loss per share $ (0.09 ) $ (0.29 ) $ (0.20 ) $ (0.70 ) (1) When an entity has a net loss from continuing operations, it is prohibited from including potential common shares in the computation of diluted per share amounts. Accordingly, we have utilized the basic shares outstanding amount to calculate both basic and diluted loss per share for the three and six months ended June 30, 2019 and 2018 . In the three months ended June 30, 2019 and 2018 , we excluded from the calculation 3.7 million and 4.1 million share based awards, respectively, since the effect would have been anti-dilutive. In the six months ended June 30, 2019 and 2018 , we excluded from the calculation 3.7 million and 3.5 million share based awards, respectively, since the effect would have been anti-dilutive. In the three and six months ended June 30, 2019 , we excluded from the calculation the impact of converting the Preferred Shares into 28.1 million common shares, since the effect would have been anti-dilutive. In the three and six months ended June 30, 2018 , we excluded from the calculation the impact of converting the Preferred Shares into 29.5 million common shares, since the effect would have been anti-dilutive. |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | As of June 30, 2019 and December 31, 2018 , long-term debt consisted of the following (in thousands): June 30, 2019 December 31, 2018 Canadian term loan, which matures on November 30, 2020; 3.125% of aggregate principal repayable per quarter; weighted average interest rate of 5.7 % for the six-month period ended June 30, 2019 $ 240,849 $ 247,910 U.S. revolving credit facility, which matures on November 30, 2020, weighted average interest rate of 7.1 % for the six-month period ended June 30, 2019 5,500 — Canadian revolving credit facility, which matures on November 30, 2020, weighted average interest rate of 6.6 % for the six-month period ended June 30, 2019 156,870 114,348 Australian revolving credit facility, which matures on November 30, 2020, weighted average interest rate of 5.5 % for the six-month period ended June 30, 2019 2,103 16,918 405,322 379,176 Less: Unamortized debt issuance costs 2,242 2,939 Total debt 403,080 376,237 Less: Current portion of long-term debt, including unamortized debt issuance costs, net 34,833 33,329 Long-term debt, less current maturities $ 368,247 $ 342,908 |
Schedule Of Changes In Maximum Leverage Ratio | 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 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 June 30, 2019 4.50 : 1:00 September 30, 2019 4.00 : 1:00 December 31, 2019 & thereafter 3.50 : 1:00 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
Supplemental balance sheet information | Supplemental balance sheet information related to leases were as follows (in thousands): June 30, 2019 Operating leases Operating lease right-of-use assets $ 22,446 Other current liabilities $ 5,744 Operating lease liabilities 17,866 Total operating lease liabilities $ 23,610 Weighted average remaining lease term Operating leases 5.8 years Weighted average discount rate Operating leases 5.9 % |
Operating lease maturity schedule | Maturities of operating lease liabilities at June 30, 2019 , were as follows (in thousands): For the years ending December 31, 2019 $ 3,598 2020 6,314 2021 4,254 2022 3,160 2023 2,479 Thereafter 7,663 Total lease payments 27,468 Less imputed interest 3,858 Total $ 23,610 |
Segment and Related Informati_2
Segment and Related Information (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | Financial information by business segment for each of the three months ended June 30, 2019 and 2018 is summarized in the following table (in thousands): Total Revenues Depreciation and amortization Operating income (loss) Capital expenditures Total assets Three months ended June 30, 2019 Canada $ 78,102 $ 16,127 $ (5,761 ) $ 9,379 $ 842,551 Australia 30,996 10,068 (5,579 ) 898 276,525 United States 13,055 3,036 (1,356 ) 774 57,570 Corporate and eliminations — 1,765 640 478 (156,241 ) Total $ 122,153 $ 30,996 $ (12,056 ) $ 11,529 $ 1,020,405 Three months ended June 30, 2018 Canada $ 86,518 $ 19,245 $ (7,436 ) $ 1,409 $ 860,149 Australia 30,577 10,649 (1,099 ) 475 314,446 United States 13,082 2,861 (1,832 ) 1,029 61,243 Corporate and eliminations — 1,515 (5,134 ) 334 (117,890 ) Total $ 130,177 $ 34,270 $ (15,501 ) $ 3,247 $ 1,117,948 Six months ended June 30, 2019 Canada $ 144,872 $ 32,355 $ (17,356 ) $ 16,443 $ 842,551 Australia 59,417 19,825 (5,964 ) 1,833 276,525 United States 26,414 6,102 (2,317 ) 2,294 57,570 Corporate and eliminations — 3,496 (4,312 ) 638 (156,241 ) Total $ 230,703 $ 61,778 $ (29,949 ) $ 21,208 $ 1,020,405 Six months ended June 30, 2018 Canada $ 149,908 $ 35,756 $ (47,739 ) $ 2,481 $ 860,149 Australia 58,452 21,766 (4,265 ) 1,069 314,446 United States 23,321 4,467 (5,096 ) 1,898 61,243 Corporate and eliminations — 3,045 (10,916 ) 495 (117,890 ) Total $ 231,681 $ 65,034 $ (68,016 ) $ 5,943 $ 1,117,948 |
Description of Business and B_2
Description of Business and Basis of Presentation - Narrative (Details) | 6 Months Ended |
Jun. 30, 2019segment | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of reportable segments | 3 |
Recent Accounting Pronounceme_3
Recent Accounting Pronouncements - Narrative (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Cumulative effect adjustment for new accounting standard | $ 699 | $ (394) | ||
Operating lease right-of-use assets | $ 22,446 | $ 21,300 | 0 | |
Total operating lease liabilities | $ 23,610 | 22,400 | ||
Accumulated Deficit | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Cumulative effect adjustment for new accounting standard | $ 699 | $ (394) | ||
Accumulated Deficit | Accounting Standards Update 2016-02 | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Cumulative effect adjustment for new accounting standard | 700 | |||
Taxes on cumulative effect adjustment | $ 200 |
Revenue - Narrative (Details)
Revenue - Narrative (Details) | 6 Months Ended |
Jun. 30, 2019segment | |
Revenues [Abstract] | |
Number of reportable segments | 3 |
Revenue - Disaggregation of rev
Revenue - Disaggregation of revenue by major categories (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Disaggregation of Revenue [Line Items] | ||||
Total Revenues | $ 122,153 | $ 130,177 | $ 230,703 | $ 231,681 |
Mobile facility rental revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenues | 7,625 | 4,417 | 14,115 | 7,738 |
Canada | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenues | 78,102 | 86,518 | 144,872 | 149,908 |
Canada | Accommodation revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenues | 66,183 | 80,620 | 123,835 | 131,267 |
Canada | Mobile facility rental revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenues | 1,819 | 2,107 | 2,600 | 9,901 |
Canada | Food service and other services revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenues | 9,086 | 3,716 | 17,423 | 7,455 |
Canada | Manufacturing revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenues | 1,014 | 75 | 1,014 | 1,285 |
Australia | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenues | 30,996 | 30,577 | 59,417 | 58,452 |
Australia | Accommodation revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenues | 30,996 | 29,966 | 59,417 | 57,664 |
Australia | Food service and other services revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenues | 0 | 611 | 0 | 788 |
United States | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenues | 13,055 | 13,082 | 26,414 | 23,321 |
United States | Accommodation revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenues | 4,775 | 5,177 | 9,699 | 8,343 |
United States | Mobile facility rental revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenues | 7,626 | 4,533 | 14,223 | 8,110 |
United States | Food service and other services revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenues | 47 | 43 | 90 | 75 |
United States | Manufacturing revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenues | $ 607 | $ 3,329 | $ 2,402 | $ 6,793 |
Revenue - Revenue related to pe
Revenue - Revenue related to performance obligations (Details) $ in Thousands | Jun. 30, 2019USD ($) |
Revenues [Abstract] | |
Revenue expected to be recognized | $ 192,529 |
Revenue, remaining performance obligation, expected timing of satisfaction, start date [Axis]: 2019-04-01 | |
Revenues [Abstract] | |
Revenue expected to be recognized | $ 55,246 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue expected to be recognized, period | 6 months |
Revenue, remaining performance obligation, expected timing of satisfaction, start date [Axis]: 2020-01-01 | |
Revenues [Abstract] | |
Revenue expected to be recognized | $ 85,117 |
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]: 2021-01-01 | |
Revenues [Abstract] | |
Revenue expected to be recognized | $ 30,255 |
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]: 2022-01-01 | |
Revenues [Abstract] | |
Revenue expected to be recognized | $ 21,911 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue expected to be recognized, period |
Details of Selected Balance S_3
Details of Selected Balance Sheet Accounts - Accounts Receivable (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable | $ 90,989 | $ 70,599 |
Allowance for doubtful accounts | (226) | (376) |
Total accounts receivable, net | 90,763 | 70,223 |
Trade | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable | 66,886 | 48,875 |
Unbilled revenue | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable | 23,654 | 21,169 |
Other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable | $ 449 | $ 555 |
Details of Selected Balance S_4
Details of Selected Balance Sheet Accounts - Inventories (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Inventories: | ||
Finished goods and purchased products | $ 2,493 | $ 2,461 |
Work in process | 832 | 945 |
Raw materials | 1,096 | 907 |
Total inventories | $ 4,421 | $ 4,313 |
Details of Selected Balance S_5
Details of Selected Balance Sheet Accounts - Property, Plant and Equipment (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Dec. 31, 2018 | |
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | $ 1,864,662 | $ 1,809,591 |
Accumulated depreciation | (1,228,624) | (1,150,686) |
Total property, plant and equipment, net | 636,038 | 658,905 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | 43,411 | 46,805 |
Accommodations assets | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | $ 1,692,033 | 1,650,758 |
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 | $ 25,935 | 25,168 |
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 | $ 11,105 | 10,693 |
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 | $ 55,898 | 54,459 |
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 | $ 14,416 | 14,589 |
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 | $ 21,864 | $ 7,119 |
Details of Selected Balance S_6
Details of Selected Balance Sheet Accounts - Accrued Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Accrued liabilities: | ||
Accrued compensation | $ 11,295 | $ 13,545 |
Accrued taxes, other than income taxes | 2,434 | 2,177 |
Accrued interest | 29 | 5 |
Other | 933 | 229 |
Total accrued liabilities | $ 14,691 | $ 15,956 |
Impairment Charges (Details)
Impairment Charges (Details) - USD ($) | 3 Months Ended | ||
Jun. 30, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Property, Plant and Equipment [Line Items] | |||
Estimated fair value of Canadian lodge | $ 636,038,000 | $ 658,905,000 | |
Australian | |||
Property, Plant and Equipment [Line Items] | |||
Estimated fair value of Canadian lodge | 500,000 | ||
Impairment expense of long-lived assets held-for-use | 4,500,000 | ||
Canadian | Two Lodges in Southern Alberta | |||
Property, Plant and Equipment [Line Items] | |||
Estimated fair value of Canadian lodge | $ 0 | ||
Impairment expense of long-lived assets held-for-use | $ 28,700,000 | ||
Previously Unrecorded Liability For Asset Retirement Obligation | Restatement Adjustment | Australian | Australia Village | |||
Property, Plant and Equipment [Line Items] | |||
Accretion expense related to ARO | 900,000 | ||
Depreciation and amortization expense related to ARO | 500,000 | ||
Impairment expense related to ARO | 1,000,000 | ||
Recorded ARO liability | $ 2,300,000 |
Acquisitions - Narrative (Detai
Acquisitions - Narrative (Details) $ in Millions, $ in Millions | Apr. 02, 2018USD ($)shares | Apr. 02, 2018CAD ($)shares | Feb. 28, 2018USD ($)aRoomshares | Mar. 31, 2019USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2018USD ($) |
Noralta | ||||||
Business Acquisition [Line Items] | ||||||
Cash consideration | $ 161.2 | $ 207.7 | ||||
Shares issued (in shares) | shares | 32,800,000 | 32,800,000 | ||||
Escrow deposit disbursements | $ 2.1 | |||||
Acquisition related transaction costs | $ 5.6 | $ 6.6 | ||||
Noralta | Preferred shares | Class A Series 1 Preferred Stock | ||||||
Business Acquisition [Line Items] | ||||||
Shares issued (in shares) | shares | 9,679 | 9,679 | ||||
Liquidation preference amount, Preferred shares | $ 96.8 | |||||
Noralta | Common Shares | Class A Series 1 Preferred Stock | ||||||
Business Acquisition [Line Items] | ||||||
Shares issued (in shares) | shares | 29,300,000 | 29,300,000 | ||||
Lakeland | ||||||
Business Acquisition [Line Items] | ||||||
Cash consideration | $ 23.5 | |||||
Shares issued (in shares) | shares | 1,200,000 | |||||
Business acquisitions, consideration transferred, total | $ 28 | |||||
Common share consideration | $ 4.5 | |||||
Number of rooms | Room | 400 | |||||
Area of land | a | 40 | |||||
Service and Other Costs | Noralta | ||||||
Business Acquisition [Line Items] | ||||||
Acquisition related transaction costs | 0.2 | 0.2 | ||||
Selling, General and Administrative Expenses | Noralta | ||||||
Business Acquisition [Line Items] | ||||||
Acquisition related transaction costs | $ 5.4 | $ 6.4 |
Acquisitions - Estimated fair v
Acquisitions - Estimated fair values of assets acquired and liabilities assumed (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | Apr. 02, 2018 |
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Goodwill | $ 121,674 | $ 114,207 | |
Noralta | |||
Acquired Finite-Lived Intangible Assets [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 | 123,569 | ||
Intangible assets | 110,736 | ||
Total assets acquired | 390,314 | ||
Accounts payable and accrued liabilities | 15,023 | ||
Income taxes payable | 1,038 | ||
Other current liabilities | 2,027 | ||
Deferred income taxes | 51,543 | ||
Other noncurrent liabilities | 5,133 | ||
Total liabilities assumed | 74,764 | ||
Net assets acquired | $ 315,550 |
Assets Held for Sale - Narrativ
Assets Held for Sale - Narrative (Details) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2019USD ($)Property | Dec. 31, 2018USD ($)Property | Jun. 30, 2019USD ($) | Apr. 02, 2018Property | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Assets held for sale, estimated fair value less costs of sale | $ 10,297 | $ 8,228 | ||
Undeveloped Land Positions in the British Columbia Segment | Canadian | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Proceeds from sale of land positions | $ 4,000 | |||
Number of land positions | Property | 4 | |||
Assets held for sale, estimated fair value less costs of sale | 1,700 | |||
Noralta | Noralta | Canadian | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Number of real estate properties | Property | 2 | |||
Number of real estate properties sold | Property | 1 | |||
Estimated fair value of remaining property | $ 1,800 |
Assets Held for Sale - Carrying
Assets Held for Sale - Carrying Amount of Assets Held for Sale (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Discontinued Operations and Disposal Groups [Abstract] | ||
Property, plant and equipment, net | $ 8,228 | $ 10,297 |
Total assets held for sale | $ 8,228 | $ 10,297 |
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 | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Basic Loss per Share | ||||
Net loss attributable to Civeo common shareholders | $ (15,310) | $ (48,321) | $ (32,808) | $ (103,778) |
Less: undistributed net income to participating securities | 0 | 0 | 0 | 0 |
Net loss attributable to Civeo common shareholders - basic | $ (15,310) | $ (48,321) | $ (32,808) | $ (103,778) |
Weighted average common shares outstanding - basic (in shares) | 167,532 | 165,373 | 166,437 | 148,595 |
Basic loss per share (USD per share) | $ (0.09) | $ (0.29) | $ (0.20) | $ (0.70) |
Diluted Loss per Share | ||||
Net loss attributable to Civeo common shareholders - basic | $ (15,310) | $ (48,321) | $ (32,808) | $ (103,778) |
Less: undistributed net income to participating securities | 0 | 0 | 0 | 0 |
Net loss attributable to Civeo common shareholders - diluted | $ (15,310) | $ (48,321) | $ (32,808) | $ (103,778) |
Effect of dilutive securities (in shares) | 0 | 0 | 0 | 0 |
Weighted average common shares outstanding - diluted (in shares) | 167,532 | 165,373 | 166,437 | 148,595 |
Diluted loss per share (USD per share) | $ (0.09) | $ (0.29) | $ (0.20) | $ (0.70) |
Earnings Per Share - Narrative
Earnings Per Share - Narrative (Details) - shares shares in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
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 | 4.1 | 3.7 | 3.5 |
Preferred Shares | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share, amount | 28.1 | 29.5 | 28 | 29.3 |
Debt - Long-term Debt (Details)
Debt - Long-term Debt (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Dec. 31, 2018 | |
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 405,322 | $ 379,176 |
Less: Unamortized debt issuance costs | 2,242 | 2,939 |
Total debt | 403,080 | 376,237 |
Less: Current portion of long-term debt, including unamortized debt issuance costs, net | 34,833 | 33,329 |
Long-term debt, less current maturities | 368,247 | 342,908 |
Canadian term loan, 2.50% of aggregate principal repayable per quarter; weighted average interest rate of 5.3% for the period | ||
Debt Instrument [Line Items] | ||
Canadian term loan | $ 240,849 | 247,910 |
Stated interest rate | 3.125% | |
Weighted average interest rate of term loan | 5.70% | |
U.S. revolving credit facility, weighted average interest rate of 7.0% for the period | ||
Debt Instrument [Line Items] | ||
Revolving credit facility | $ 5,500 | 0 |
Interest rate on line of credit facility | 7.10% | |
Canadian revolving credit facility, weighted average interest rate of 6.0% for the period | ||
Debt Instrument [Line Items] | ||
Revolving credit facility | $ 156,870 | 114,348 |
Interest rate on line of credit facility | 6.60% | |
Australian revolving credit facility, weighted average interest rate of 5.4% for the period | ||
Debt Instrument [Line Items] | ||
Revolving credit facility | $ 2,103 | $ 16,918 |
Interest rate on line of credit facility | 5.50% |
Debt - Amended credit agreement
Debt - Amended credit agreement (Details) | Dec. 31, 2018USD ($) | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019USD ($)Lender | Jun. 30, 2019USD ($)Lender |
Line of Credit Facility [Line Items] | |||||
Interest coverage ratio | 3 | ||||
Maximum leverage ratio | 4.5 | ||||
Maximum senior secured ratio | 2.50 | ||||
Line of credit | London Interbank Offered Rate (LIBOR) | Minimum | United States of America, Dollars | |||||
Line of Credit Facility [Line Items] | |||||
Debt instrument, basis spread on variable rate | 2.25% | ||||
Line of credit | London Interbank Offered Rate (LIBOR) | Maximum | United States of America, Dollars | |||||
Line of Credit Facility [Line Items] | |||||
Debt instrument, basis spread on variable rate | 4.00% | ||||
Line of credit | Base rate | Minimum | United States of America, Dollars | |||||
Line of Credit Facility [Line Items] | |||||
Debt instrument, basis spread on variable rate | 1.25% | ||||
Line of credit | Base rate | Minimum | Canada, Dollars | |||||
Line of Credit Facility [Line Items] | |||||
Debt instrument, basis spread on variable rate | 1.25% | ||||
Line of credit | Base rate | Maximum | United States of America, Dollars | |||||
Line of Credit Facility [Line Items] | |||||
Debt instrument, basis spread on variable rate | 3.00% | ||||
Line of credit | Base rate | Maximum | Canada, Dollars | |||||
Line of Credit Facility [Line Items] | |||||
Debt instrument, basis spread on variable rate | 3.00% | ||||
Line of credit | Canadian Dealer Offered Rate (CDOR) | Minimum | Canada, Dollars | |||||
Line of Credit Facility [Line Items] | |||||
Debt instrument, basis spread on variable rate | 2.25% | ||||
Line of credit | Canadian Dealer Offered Rate (CDOR) | Maximum | Canada, Dollars | |||||
Line of Credit Facility [Line Items] | |||||
Debt instrument, basis spread on variable rate | 4.00% | ||||
Line of credit | Bank Bill Swap Bid Rate (BBSY) | Minimum | Australia, Dollars | |||||
Line of Credit Facility [Line Items] | |||||
Debt instrument, basis spread on variable rate | 2.25% | ||||
Line of credit | Bank Bill Swap Bid Rate (BBSY) | Maximum | Australia, Dollars | |||||
Line of Credit Facility [Line Items] | |||||
Debt instrument, basis spread on variable rate | 4.00% | ||||
Amended credit facility | |||||
Line of Credit Facility [Line Items] | |||||
Maximum leverage ratio | 4.50 | ||||
Number of lenders | Lender | 9 | 9 | |||
Amended credit facility | Minimum | |||||
Line of Credit Facility [Line Items] | |||||
Lender commitments, within credit agreement | $ 24,900,000 | $ 24,900,000 | |||
Amended credit facility | Maximum | |||||
Line of Credit Facility [Line Items] | |||||
Lender commitments, within credit agreement | 110,600,000 | 110,600,000 | |||
Amended credit facility | US term loan | |||||
Line of Credit Facility [Line Items] | |||||
Term loan, face amount | 325,000,000 | 325,000,000 | |||
Revolving credit facility | Amended credit facility | |||||
Line of Credit Facility [Line Items] | |||||
Revolving credit facility, maximum borrowing capacity | 239,500,000 | 239,500,000 | |||
Revolving credit facility, U.S. subsidiaries | Amended credit facility | |||||
Line of Credit Facility [Line Items] | |||||
Revolving credit facility, maximum borrowing capacity | 20,000,000 | 20,000,000 | |||
Outstanding letters of credit | 300,000 | 300,000 | |||
Revolving credit facility, Canadian subsidiaries | Amended credit facility | |||||
Line of Credit Facility [Line Items] | |||||
Revolving credit facility, maximum borrowing capacity | 159,500,000 | 159,500,000 | |||
Outstanding letters of credit | 2,600,000 | 2,600,000 | |||
Revolving credit facility, Australian subsidiaries | Amended credit facility | |||||
Line of Credit Facility [Line Items] | |||||
Revolving credit facility, maximum borrowing capacity | 60,000,000 | 60,000,000 | |||
Outstanding letters of credit | $ 500,000 | 500,000 | |||
Maximum Leverage Ratio | Revolving credit facility, Australian subsidiaries | Amended And Restated Syndicated Facility Agreement | |||||
Line of Credit Facility [Line Items] | |||||
Gross proceeds from qualified offering of indebtedness | $ 150,000,000 | $ 150,000,000 | |||
Offering of Indebtedness | Amended credit facility | |||||
Line of Credit Facility [Line Items] | |||||
Maximum leverage ratio | 4.50 | ||||
Scenario, Forecast | Amended credit facility | |||||
Line of Credit Facility [Line Items] | |||||
Maximum leverage ratio | 3.50 | 4 | |||
Scenario, Forecast | Offering of Indebtedness | Amended credit facility | |||||
Line of Credit Facility [Line Items] | |||||
Maximum leverage ratio | 4 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Schedule of Income Taxes [Line Items] | ||||
Income tax expense (benefit) | $ 2,850 | $ 23,371 | $ 7,334 | $ 24,056 |
Income tax benefit, percent of pretax loss | (16.10%) | (101.30%) | (18.70%) | (30.40%) |
Tax benefit recorded to reverse valuation allowance | $ 4,900 | |||
Reduction in effective tax rate | 3.00% | 5.00% | ||
Minimum | ||||
Schedule of Income Taxes [Line Items] | ||||
Statutory tax rate, Canada, Australia and the U.S. | 21.00% | 21.00% | ||
Maximum | ||||
Schedule of Income Taxes [Line Items] | ||||
Statutory tax rate, Canada, Australia and the U.S. | 30.00% | 30.00% |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss - Narrative (Details) $ in Thousands, $ in Billions, $ in Billions | 6 Months Ended | |||
Jun. 30, 2019USD ($) | Jun. 30, 2019AUD ($) | Jun. 30, 2019CAD ($) | Dec. 31, 2018USD ($) | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||
Increase in other comprehensive loss, foreign currency exchange rate fluctuations during the period | $ 6,500 | |||
Accumulated other comprehensive loss | $ (364,786) | $ (371,249) | ||
International functional currency net assets | $ 0.4 | $ 0.3 |
Leases - Narrative (Details)
Leases - Narrative (Details) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2019USD ($)segment | Jun. 30, 2018USD ($) | |
Lessee, Lease, Description [Line Items] | ||||
Number of reportable segments | segment | 3 | |||
Options to extend operating leases | 10 years | 10 years | ||
Options to terminate leases | 90 days | |||
Operating lease expense | $ 1.7 | $ 1.6 | $ 3.3 | $ 2.8 |
Cash payments for leases | 1.7 | 3.1 | ||
Right-of-use asset obtained in exchange for new lease obligation | $ 1.3 | $ 3 | ||
Minimum | ||||
Lessee, Lease, Description [Line Items] | ||||
Remaining lease term | 1 year | 1 year | ||
Maximum | ||||
Lessee, Lease, Description [Line Items] | ||||
Remaining lease term | 9 years | 9 years |
Leases - Operating Leases Suppl
Leases - Operating Leases Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
Operating leases | |||
Operating lease right-of-use assets | $ 22,446 | $ 21,300 | $ 0 |
Liabilities [Abstract] | |||
Other current liabilities | 5,744 | ||
Operating lease liabilities | 17,866 | $ 0 | |
Total operating lease liabilities | $ 23,610 | $ 22,400 | |
Weighted average remaining lease term, operating leases | 5 years 275 days | ||
Weighted average discount rate, operating leases | 5.90% |
Leases - Maturities of Lease Li
Leases - Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Jan. 01, 2019 |
Leases [Abstract] | ||
2019 | $ 3,598 | |
2020 | 6,314 | |
2021 | 4,254 | |
2022 | 3,160 | |
2023 | 2,479 | |
Thereafter | 7,663 | |
Total lease payments | 27,468 | |
Less imputed interest | 3,858 | |
Total | $ 23,610 | $ 22,400 |
Share Based Compensation - Narr
Share Based Compensation - Narrative (Details) | May 16, 2019shares | Feb. 25, 2019Companyshares | Jun. 30, 2019USD ($)shares | Jun. 30, 2018USD ($) | Jun. 30, 2019USD ($)shares | Jun. 30, 2018USD ($) |
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ||||||
Share-based compensation arrangement, number of shares authorized (in shares) | shares | 18,700,000 | 18,700,000 | ||||
Employee stock option | ||||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ||||||
Allocated share-based compensation expense (less than .1M) | $ 0 | $ 100,000 | ||||
Restricted stock and deferred stock awards | ||||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ||||||
Allocated share-based compensation expense (less than .1M) | 1,400,000 | 1,600,000 | $ 2,800,000 | $ 2,900,000 | ||
Fair value of restricted share awards and deferred compensation that vested during the period | 400,000 | 900,000 | 3,900,000 | 3,400,000 | ||
Unrecognized compensation cost related to share awards | 8,300,000 | $ 8,300,000 | ||||
Unrecognized compensation cost related to share awards, expected weighted average vesting period. | 1 year 290 days | |||||
Restricted stock and deferred stock awards | Civeo Plan | ||||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ||||||
Restricted share awards, grants during period (in shares) | shares | 1,251,353 | |||||
Vesting period of share awards | 3 years | |||||
Phantom share units (PSUs) | ||||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ||||||
Allocated share-based compensation expense (less than .1M) | 300,000 | 2,600,000 | $ 3,400,000 | 6,000,000 | ||
Unrecognized compensation cost related to share awards | 2,400,000 | $ 2,400,000 | ||||
Unrecognized compensation cost related to share awards, expected weighted average vesting period. | 2 years 180 days | |||||
Phantom share units (PSUs) | Civeo Plan | ||||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ||||||
Vesting period of share awards | 3 years | |||||
Phantom share units vested during the period (in shares) | shares | 1,144,407 | |||||
Phantom share units (PSUs) | Canadian Long-Term Incentive Plan | ||||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ||||||
Vesting period of share awards | 3 years | |||||
Phantom share units vested during the period (in shares) | shares | 270,870 | |||||
Performance shares | ||||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ||||||
Allocated share-based compensation expense (less than .1M) | 1,100,000 | $ 1,200,000 | $ 2,200,000 | $ 2,200,000 | ||
Fair value of restricted share awards and deferred compensation that vested during the period | 10,100,000 | 10,100,000 | ||||
Unrecognized compensation cost related to share awards | $ 7,200,000 | $ 7,200,000 | ||||
Unrecognized compensation cost related to share awards, expected weighted average vesting period. | 2 years 30 days | |||||
Performance shares | Civeo Plan | ||||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ||||||
Restricted share awards, grants during period (in shares) | shares | 1,184,599 | |||||
Vesting period of share awards | 3 years | |||||
Peer group, number of companies | Company | 17 | |||||
Performance shares | Civeo Plan | Minimum | ||||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ||||||
Target performance share award, percentage | 0.00% | |||||
Performance shares | Civeo Plan | Maximum | ||||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ||||||
Target performance share award, percentage | 200.00% | |||||
Director | Restricted stock and deferred stock awards | Civeo Plan | ||||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ||||||
Restricted share awards, grants during period (in shares) | shares | 449,100 |
Segment and Related Informati_3
Segment and Related Information - Financial Information by Business Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Total Revenues | $ 122,153 | $ 130,177 | $ 230,703 | $ 231,681 | |
Depreciation and amortization | 30,996 | 34,270 | 61,778 | 65,034 | |
Operating income (loss) | (12,056) | (15,501) | (29,949) | (68,016) | |
Capital expenditures | 11,529 | 3,247 | 21,208 | 5,943 | |
Total assets | 1,020,405 | 1,117,948 | 1,020,405 | 1,117,948 | $ 1,001,677 |
Canada | |||||
Total Revenues | 78,102 | 86,518 | 144,872 | 149,908 | |
Australia | |||||
Total Revenues | 30,996 | 30,577 | 59,417 | 58,452 | |
United States | |||||
Total Revenues | 13,055 | 13,082 | 26,414 | 23,321 | |
Operating Segments | Canada | |||||
Total Revenues | 78,102 | 86,518 | 144,872 | 149,908 | |
Depreciation and amortization | 16,127 | 19,245 | 32,355 | 35,756 | |
Operating income (loss) | (5,761) | (7,436) | (17,356) | (47,739) | |
Capital expenditures | 9,379 | 1,409 | 16,443 | 2,481 | |
Total assets | 842,551 | 860,149 | 842,551 | 860,149 | |
Operating Segments | Australia | |||||
Total Revenues | 30,996 | 30,577 | 59,417 | 58,452 | |
Depreciation and amortization | 10,068 | 10,649 | 19,825 | 21,766 | |
Operating income (loss) | (5,579) | (1,099) | (5,964) | (4,265) | |
Capital expenditures | 898 | 475 | 1,833 | 1,069 | |
Total assets | 276,525 | 314,446 | 276,525 | 314,446 | |
Operating Segments | United States | |||||
Total Revenues | 13,055 | 13,082 | 26,414 | 23,321 | |
Depreciation and amortization | 3,036 | 2,861 | 6,102 | 4,467 | |
Operating income (loss) | (1,356) | (1,832) | (2,317) | (5,096) | |
Capital expenditures | 774 | 1,029 | 2,294 | 1,898 | |
Total assets | 57,570 | 61,243 | 57,570 | 61,243 | |
Corporate and eliminations | |||||
Total Revenues | 0 | 0 | 0 | 0 | |
Depreciation and amortization | 1,765 | 1,515 | 3,496 | 3,045 | |
Operating income (loss) | 640 | (5,134) | (4,312) | (10,916) | |
Capital expenditures | 478 | 334 | 638 | 495 | |
Total assets | $ (156,241) | $ (117,890) | $ (156,241) | $ (117,890) |
Subsequent Events (Details)
Subsequent Events (Details) $ in Millions | Jul. 01, 2019USD ($) |
Australian | Action Industrial Catering | Subsequent Event | |
Subsequent Event [Line Items] | |
Cash paid to acquire business | $ 17 |