Civeo (CVEO) 10-Q 30 Apr 21 2021 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2021	Apr. 26, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2021
Document Transition Report	false
Entity File Number	001-36246
Entity Registrant Name	Civeo Corp
Entity Incorporation, State or Country Code	A1
Entity Tax Identification Number	98-1253716
Entity Address, Address Line One	Three Allen Center
Entity Address, Address Line Two	333 Clay Street
Entity Address, Address Line Three	Suite 4980
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77002
City Area Code	713
Local Phone Number	510-2400
Title of 12(b) Security	Common Shares, no par value
Trading Symbol	CVEO
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	true
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		14,292,866
Entity Central Index Key	0001590584
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Amendment Flag	false

Unaudited Consolidated Statemen

Unaudited Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands		3 Months Ended
		Mar. 31, 2021	Mar. 31, 2020
Revenues:
Total revenues		$ 125,430	$ 138,792
Costs and expenses:
Selling, general and administrative expenses		14,181	13,937
Depreciation and amortization expense		21,269	25,502
Impairment expense		0	144,120
Other operating expense		71	989
Total costs and expenses		135,331	287,861
Operating loss		(9,901)	(149,069)
Interest expense		(3,362)	(5,595)
Interest income		0	16
Other income		4,914	25
Loss before income taxes		(8,349)	(154,623)
Income tax (expense) benefit		(1,076)	8,811
Net loss		(9,425)	(145,812)
Less: Net income attributable to noncontrolling interest		59	258
Net loss attributable to Civeo Corporation		(9,484)	(146,070)
Less: Dividends attributable to Class A preferred shares		478	468
Net loss attributable to Civeo common shareholders		$ (9,962)	$ (146,538)
Per Share Data (see Note 7) (1)
Basic net income (loss) per share attributable to Civeo Corporation common shareholders (in dollars per share)	[1]	$ (0.70)	$ (10.43)
Diluted net income (loss) per share attributable to Civeo Corporation common shareholders (in dollars per share)	[1]	$ (0.70)	$ (10.43)
Weighted average number of common shares outstanding:
Basic (in shares)		14,211	14,043
Diluted (in shares)		14,211	14,043
Service and other
Revenues:
Total revenues		$ 121,996	$ 129,399
Costs and expenses:
Service and other costs		96,462	96,044
Rental
Revenues:
Total revenues		3,064	6,179
Costs and expenses:
Service and other costs		2,970	4,813
Product
Revenues:
Total revenues		370	3,214
Costs and expenses:
Service and other costs		$ 378	$ 2,456
[1]	Reflects our 1-for-12 reverse share split that became effective November 19, 2020. See Note 1 - Description of Business and Basis of Presentation to the notes to the unaudited consolidated financial statements included in Item 1 of this quarterly report for further discussion.

Unaudited Consolidated Statem_2

Unaudited Consolidated Statements of Operations (Parentheticals)	Nov. 19, 2020
Income Statement [Abstract]
Reverse stock split, conversion ratio	0.0833

Unaudited Consolidated Statem_3

Unaudited Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Statement of Comprehensive Income [Abstract]
Net loss	$ (9,425)	$ (145,812)
Other comprehensive income (loss), net of taxes:
Foreign currency translation adjustment, net of zero taxes	(1,627)	(48,541)
Total other comprehensive loss, net of taxes	(1,627)	(48,541)
Comprehensive loss	(11,052)	(194,353)
Less: Comprehensive income attributable to noncontrolling interest	49	163
Comprehensive loss attributable to Civeo Corporation	$ (11,101)	$ (194,516)

Unaudited Consolidated Statem_4

Unaudited Consolidated Statements of Comprehensive Income (Loss) (Parentheticals) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Statement of Comprehensive Income [Abstract]
Foreign currency translation charges, taxes	$ 0	$ 0

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands		Mar. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents		$ 5,455	$ 6,155
Accounts receivable, net		87,783	89,782
Inventories		6,677	6,181
Prepaid expenses		4,312	7,020
Other current assets		4,433	6,165
Assets held for sale		0	3,910
Total current assets		108,660	119,213
Property, plant and equipment, net		468,961	486,930
Goodwill		8,601	8,729
Other intangible assets, net		99,269	99,749
Operating lease right-of-use assets		22,338	22,606
Other noncurrent assets		2,349	3,626
Total assets		710,178	740,853
Current liabilities:
Accounts payable		42,336	42,056
Accrued liabilities		20,801	27,349
Income taxes		255	203
Current portion of long-term debt		35,047	34,585
Deferred revenue		5,983	6,812
Other current liabilities		6,354	5,760
Total current liabilities		110,776	116,765
Long-term debt, less current maturities		200,756	214,000
Operating lease liabilities		18,941	19,834
Other noncurrent liabilities		15,566	14,897
Total liabilities		346,039	365,496
Commitments and contingencies (Note 10)
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 $95,991,601 and $95,514,031 as of March 31, 2021 and December 31, 2020)		60,494	60,016
Common shares (no par value; 46,000,000 shares authorized, 14,613,464 shares and 14,478,878 shares issued, respectively, and 14,292,866 shares and 14,215,169 shares outstanding, respectively) (1)	[1]	0	0
Additional paid-in capital		1,579,342	1,578,315
Accumulated deficit		(917,689)	(907,727)
Common shares held in treasury at cost, 320,598 and 263,709 shares, respectively		(8,050)	(6,930)
Accumulated other comprehensive loss		(350,606)	(348,989)
Total Civeo Corporation shareholders’ equity		363,491	374,685
Noncontrolling interest		648	672
Total shareholders’ equity		364,139	375,357
Total liabilities and shareholders’ equity		$ 710,178	$ 740,853
[1]	Reflects our 1-for-12 reverse share split that became effective November 19, 2020. See Note 1 - Description of Business and Basis of Presentation to the notes to the unaudited consolidated financial statements included in Item 1 of this quarterly report for further discussion.

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) $ in Thousands		Mar. 31, 2021USD ($)$ / sharesshares	Dec. 31, 2020USD ($)$ / sharesshares
Statement of Financial Position [Abstract]
Preferred shares, par value (in dollars per share) | $ / shares		$ 0	$ 0
Preferred shares, authorized (in shares)		50,000,000	50,000,000
Preferred shares, issued (in shares)		9,042	9,042
Preferred shares, outstanding (in shares)		9,042	9,042
Preferred shares, liquidation preference | $		$ 95,991,601	$ 95,514,031
Common stock, par value (in dollars per share) | $ / shares	[1]	$ 0	$ 0
Common stock, shares authorized (in shares)	[1]	46,000,000	46,000,000
Common stock, shares issued (in shares)	[1]	14,613,464	14,478,878
Common stock, shares outstanding (in shares)	[1]	14,292,866	14,215,169
Treasury shares (in shares)		320,598	263,709
[1]	Reflects our 1-for-12 reverse share split that became effective November 19, 2020. See Note 1 - Description of Business and Basis of Presentation to the notes to the unaudited consolidated financial statements included in Item 1 of this quarterly report for further discussion.

Unaudited Consolidated Statem_5

Unaudited Consolidated Statements of Changes in Shareholders' Equity - USD ($) shares in Thousands, $ in Thousands	Total	Preferred Shares	Common Shares	[1]	Additional Paid-in Capital	Accumulated Deficit	Treasury Shares	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interest
Beginning balance at Dec. 31, 2019	$ 490,805	$ 58,129			$ 1,572,249	$ (771,590)	$ (5,472)	$ (363,173)	$ 662
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(145,812)					(146,070)			258
Currency translation adjustment	(48,541)							(48,446)	(95)
Dividends paid	(273)								(273)
Dividends attributable to Class A preferred shares		468				(468)
Share-based compensation	766				2,208		(1,442)
Ending balance at Mar. 31, 2020	296,945	58,597			1,574,457	(918,128)	(6,914)	(411,619)	552
Beginning balance at Dec. 31, 2020	375,357	60,016			1,578,315	(907,727)	(6,930)	(348,989)	672
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(9,425)					(9,484)			59
Currency translation adjustment	(1,627)							(1,617)	(10)
Dividends paid	(73)								(73)
Dividends attributable to Class A preferred shares		478				(478)
Share-based compensation	(93)				1,027		(1,120)
Ending balance at Mar. 31, 2021	$ 364,139	$ 60,494			$ 1,579,342	$ (917,689)	$ (8,050)	$ (350,606)	$ 648
Beginning balance (in shares) at Dec. 31, 2020		9,042	14,215
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation (in shares)		0	78
Ending balance (in shares) at Mar. 31, 2021		9,042	14,293
[1]	Reflects our 1-for-12 reverse share split that became effective November 19, 2020. See Note 1 - Description of Business and Basis of Presentation to the notes to the unaudited consolidated financial statements included in Item 1 of this quarterly report for further discussion.

Unaudited Consolidated Statem_6

Unaudited Consolidated Statements of Changes in Shareholders' Equity (Parentheticals)	Nov. 19, 2020
Statement of Stockholders' Equity [Abstract]
Reverse stock split, conversion ratio	0.0833

Unaudited Consolidated Statem_7

Unaudited Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cash flows from operating activities:
Net loss	$ (9,425)	$ (145,812)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	21,269	25,502
Impairment charges	0	144,120
Deferred income tax expense (benefit)	1,041	(8,941)
Non-cash compensation charge	1,027	2,208
Gains on disposals of assets	(1,902)	(21)
Provision for credit losses, net of recoveries	193	54
Other, net	716	693
Changes in operating assets and liabilities:
Accounts receivable	1,806	(1,496)
Inventories	(526)	(740)
Accounts payable and accrued liabilities	(5,287)	6,280
Taxes payable	51	133
Other current and noncurrent assets and liabilities, net	3,854	(1,143)
Net cash flows provided by operating activities	12,817	20,837
Cash flows from investing activities:
Capital expenditures	(3,372)	(2,651)
Proceeds from disposition of property, plant and equipment	6,651	72
Net cash flows provided by (used in) investing activities	3,279	(2,579)
Cash flows from financing activities:
Revolving credit borrowings	78,628	74,287
Revolving credit repayments	(85,319)	(80,367)
Term loan repayments	(8,872)	(8,109)
Taxes paid on vested shares	(1,120)	(1,442)
Net cash flows used in financing activities	(16,683)	(15,631)
Effect of exchange rate changes on cash	(113)	(400)
Net change in cash and cash equivalents	(700)	2,227
Cash and cash equivalents, beginning of period	6,155	3,331
Cash and cash equivalents, end of period	5,455	5,558
Non-cash financing activities:
Preferred dividends paid-in-kind	$ 478	$ 468

DESCRIPTION OF BUSINESS AND BAS

DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION	3 Months Ended
	Mar. 31, 2021
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 provide hospitality services to the natural resources industry in Canada, Australia and the U.S. We provide a full suite of hospitality services for our guests, including lodging, catering and food service, housekeeping and maintenance at accommodation facilities that we or our customers own. In many cases, we 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 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 primarily operate in some of the world’s most active oil, metallurgical (met) coal, liquefied natural gas (LNG) and iron ore producing regions, and our customers include major and independent oil companies, mining companies, engineering companies and oilfield and mining service companies. We operate in three principal reportable business segments – Canada, Australia and the U.S. Reverse Share Split On November 19, 2020, we effected a reverse share split where each twelve issued and outstanding common shares were converted into one common share. Our common shares began trading on a reverse share split adjusted basis on November 19, 2020. A total of 14,215,169 common shares were issued and outstanding immediately after the reverse share split. No fractional shares were outstanding following the reverse share split. In lieu of any fractional share, the aggregate number of common shares that a holder was entitled to was, if the fraction was less than half a common share, rounded down to the next closest whole number of common shares, and if the fraction was at least half of a common share, rounded up to one whole common share. The reverse share split did not affect the number of authorized or issued and outstanding shares of our preferred shares. As a result of the reverse share split, the conversion price for the Company’s outstanding Class A Series 1 preferred shares (Series A preferred shares) was automatically increased to $39.60 for each Series A preferred share (previously it was $3.30 per Series A preferred share). All authorized, issued and outstanding shares and per share amounts contained in the accompanying consolidated financial statements have been adjusted to reflect this reverse share split for all prior periods presented. Basis of Presentation Unless otherwise stated or the context otherwise indicates: (i) all references in these consolidated financial statements to “Civeo,” “us,” “our” or “we” refer to Civeo Corporation and its consolidated subsidiaries; and (ii) all references in this report to “dollars” or “$” 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. 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.

RECENT ACCOUNTING PRONOUNCEMENT

RECENT ACCOUNTING PRONOUNCEMENTS	3 Months Ended
	Mar. 31, 2021
Accounting Standards Update and Change in Accounting Principle [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 December 2019, the FASB issued Accounting Standards Update (ASU) 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. The amendments in ASU 2019-12 remove certain exceptions to the general principles in Accounting Standards Codification Topic 740. The amendments also clarify and amend existing guidance to improve consistent application. The amendments are effective for financial statements issued for reporting periods beginning after December 15, 2020 and interim periods within the reporting periods. The transition method (retrospective, modified retrospective or prospective basis) related to the amendments depends on the applicable guidance, and all amendments for which there is no transition guidance specified are to be applied on a prospective basis. We adopted ASU 2019-12 on January 1, 2021 and have applied the prospective basis. The adoption of this new standard did not have an impact on our consolidated financial statements.

REVENUE

REVENUE	3 Months Ended
	Mar. 31, 2021
Revenue from Contract with Customer [Abstract]
REVENUE	REVENUE The following table disaggregates our revenue by our three reportable segments: Canada, Australia and the U.S., and major categories for the periods indicated (in thousands): Three Months Ended 2021 2020 Canada Accommodation revenues $ 46,530 $ 66,066 Mobile facility rental revenues 10,499 2,508 Food service and other services revenues 4,856 10,774 Total Canada revenues 61,885 79,348 Australia Accommodation revenues $ 33,675 $ 32,585 Food service and other services revenues 25,962 16,528 Total Australia revenues 59,637 49,113 U.S. Accommodation revenues $ 772 $ 1,256 Mobile facility rental revenues 3,067 6,187 Manufacturing revenues 63 2,863 Food service and other services revenues 6 25 Total U.S. revenues 3,908 10,331 Total revenues $ 125,430 $ 138,792 Our payment terms vary by the type and location of our customer and the products or services offered. The term between invoicing and when our performance obligations are satisfied is not significant. Payment terms are generally within 30 days and do not extend beyond 60 days, unless otherwise agreed to. We do not have significant financing components or significant payment terms. As of March 31, 2021, 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. The table only includes revenue expected to be recognized from contracts where the quantity of service is certain (in thousands): For the years ending December 31, 2021 2022 2023 Thereafter Total Revenue expected to be recognized as of March 31, 2021 $ 85,246 $ 79,365 $ 16,194 $ 1,992 $ 182,797

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	3 Months Ended
	Mar. 31, 2021
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 March 31, 2021 and December 31, 2020, 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 first quarter of 2020, we recorded goodwill impairment charges related to one of our reporting units. 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 cash flows, oil, met coal and natural gas prices, anticipated spending by our customers, the cost of capital, and industry and/or local market conditions. We estimated the fair value when conducting the goodwill impairment test primarily using an income approach. The discount rates used to value our reporting units for the goodwill impairment test ranged between 10.5% and 14.0%. During the first quarter of 2020, we wrote down certain long-lived assets to fair value. We estimated the fair value when conducting the long-lived asset impairment tests primarily using an income approach. We used a variety of unobservable inputs and underlying assumptions consistent with those discussed above for purposes of our goodwill impairment test. The discount rates used to value our Canadian and U.S. segments long-lived asset impairment analysis ranged between 11.0% and 14.0%. See Note 6 – Impairment Charges for further information.

DETAILS OF SELECTED BALANCE SHE

DETAILS OF SELECTED BALANCE SHEET ACCOUNTS	3 Months Ended
	Mar. 31, 2021
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 March 31, 2021 and December 31, 2020 is presented below (in thousands): March 31, 2021 December 31, 2020 Accounts receivable, net: Trade $ 60,116 $ 66,071 Unbilled revenue 26,122 22,565 Other (1) 2,003 1,421 Total accounts receivable 88,241 90,057 Allowance for credit losses (458) (275) Total accounts receivable, net $ 87,783 $ 89,782 (1) As of March 31, 2021 and December 31, 2020, Other accounts receivable included a $1.7 million and $1.1 million receivable, respectively, related to the Canada Emergency Wage Subsidy (CEWS), a subsidy implemented by the Canadian government in response to the COVID-19 pandemic. Other income related to the CEWS during the three months ended March 31, 2021 and 2020 was $2.8 million and zero, respectively. March 31, 2021 December 31, 2020 Inventories: Finished goods and purchased products $ 4,944 $ 5,047 Work in process 559 45 Raw materials 1,174 1,089 Total inventories $ 6,677 $ 6,181 Estimated March 31, 2021 December 31, 2020 Property, plant and equipment, net: Land $ 47,506 $ 47,751 Accommodations assets 3 — 15 1,723,838 1,737,620 Buildings and leasehold improvements 7 — 20 28,840 28,831 Machinery and equipment 4 — 15 13,183 12,784 Office furniture and equipment 3 — 7 63,662 61,850 Vehicles 3 — 5 14,450 15,363 Construction in progress 4,844 5,523 Total property, plant and equipment 1,896,323 1,909,722 Accumulated depreciation (1,427,362) (1,422,792) Total property, plant and equipment, net $ 468,961 $ 486,930 As of December 31, 2020, assets held for sale included $3.9 million related to our modular construction and manufacturing plant near Edmonton, Alberta, Canada. During the first quarter 2021, the manufacturing facility was sold. March 31, 2021 December 31, 2020 Accrued liabilities: Accrued compensation $ 16,629 $ 22,475 Accrued taxes, other than income taxes 2,701 3,099 Other 1,471 1,775 Total accrued liabilities $ 20,801 $ 27,349

IMPAIRMENT CHARGES

IMPAIRMENT CHARGES	3 Months Ended
	Mar. 31, 2021
Asset Impairment Charges [Abstract]
IMPAIRMENT CHARGES	IMPAIRMENT CHARGES Quarter ended March 31, 2020 . During the first quarter of 2020, we recorded impairment expense related to goodwill and long-lived assets. The spread of the COVID-19 coronavirus (COVID-19) and the response thereto during the first quarter of 2020 negatively impacted the global economy. The resulting unprecedented decline in oil demand, coupled with disagreements between Saudi Arabia and Russia about production limits, resulted in a collapse of global oil prices in March 2020, thereby creating unprecedented downward pressure on stock prices in the energy industry, particularly small-cap companies with operations in the U.S. and Canada, such as Civeo. As a result, we experienced a sustained reduction of our share price during the first quarter of 2020. Our market capitalization implied an enterprise value which was significantly less than the sum of the estimated fair values of our reporting units, and we determined that an indicator of a goodwill impairment was present as of March 31, 2020. Accordingly, we performed an interim goodwill impairment test as of March 31, 2020, and the carrying amount of our Canadian reporting unit exceeded the reporting unit's fair value. Based on the results of the impairment test, we reduced the value of our goodwill in our Canadian reporting unit to zero and recognized impairment expense in the first quarter of 2020 of $93.6 million. Furthermore, as a result of the decline in global oil prices and forecasts for a potentially protracted period of lower prices, as well as the goodwill impairment in our Canadian segment, we determined all asset groups within this segment had experienced a trigger that indicated that the carrying values might not be recoverable. Accordingly, we assessed the carrying value of each asset group to determine if it continued to be recoverable based on estimated future cash flows. Based on the assessment, the carrying values of certain asset groups were determined to not be fully recoverable, and we proceeded to compare the estimated fair value of these asset groups to their respective carrying values. As a result, certain asset groups were written down to their estimated fair values of $43.5 million and we recorded impairment expense of $38.1 million related to certain long-lived assets in our Canadian segment. Also, as a result of the decline in global oil prices and forecasts for a potentially protracted period of lower prices, we reviewed all asset groups in our U.S. segment to determine if an indicator of impairment had occurred that would indicate that the carrying values of the asset groups in the segment might not be recoverable. We determined that certain asset groups within the segment had experienced an indicator of impairment, and thus we assessed the carrying values of our long-lived assets in the U.S. to determine if they continued to be recoverable based on estimated future cash flows. Based on the assessment, the carrying values of certain of our U.S. asset groups were determined to not be recoverable, and we proceeded to compare the estimated fair values of the asset groups to their respective carrying values. Accordingly, these assets were written down to their estimated fair values of $12.5 million. We recorded impairment expense of $12.4 million during the first quarter of 2020 related to our U.S. segment.

EARNINGS PER SHARE

EARNINGS PER SHARE	3 Months Ended
	Mar. 31, 2021
Earnings Per Share [Abstract]
EARNINGS PER SHARE	EARNINGS PER SHARE As previously disclosed in Note 1 - Description of Business and Basis of Presentation, a 1-for-12 reverse share split became effective on November 19, 2020 for all authorized, issued and outstanding shares of Civeo common shares. Accordingly, all share and per share amounts have been adjusted to reflect this reverse stock split for all prior periods presented. We calculate basic and diluted earnings per share by applying the two-class method because we have participating securities in the form of Class A preferred shares. Participating securities are allocated a proportional share of net income determined by dividing total weighted average participating securities by the sum of total weighted average common shares and participating securities. We also apply the treasury stock method with respect to certain share-based awards in the calculation of diluted earnings per share, if dilutive. The calculation of earnings per share attributable to Civeo common shareholders is presented below for the periods indicated (in thousands, except per share amounts): Three Months Ended March 31, 2021 2020 Numerator: Net loss attributable to Civeo common shareholders $ (9,962) $ (146,538) Less: income allocated to participating securities — — Basic net loss attributable to Civeo Corporation common shareholders $ (9,962) $ (146,538) Add: undistributed income attributable to participating securities — — Less: undistributed income reallocated to participating securities — — Diluted net loss attributable to Civeo Corporation common shareholders $ (9,962) $ (146,538) Denominator: Weighted average shares outstanding - basic 14,211 14,043 Dilutive shares - share-based awards — — Weighted average shares outstanding - diluted 14,211 14,043 Basic net loss per share attributable to Civeo Corporation common shareholders (1) $ (0.70) $ (10.43) Diluted net loss per share attributable to Civeo Corporation common shareholders (1) $ (0.70) $ (10.43) (1) Computations may reflect rounding adjustments.

DEBT

DEBT	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
DEBT	DEBT As of March 31, 2021 and December 31, 2020, long-term debt consisted of the following (in thousands): March 31, 2021 December 31, 2020 Canadian term loan, which matures on May 30, 2023; C$11.2 million principal repayable per quarter; weighted average interest rate of 4.0% for the three month period ended March 31, 2021 $ 180,997 $ 187,530 U.S. revolving credit facility, which matures on May 30, 2023; weighted average interest rate of 5.8% for the three month period ended March 31, 2021 — — Canadian revolving credit facility, which matures on May 30, 2023; weighted average interest rate of 4.5% for the three month period ended March 31, 2021 40,317 45,789 Australian revolving credit facility, which matures on May 30, 2023; weighted average interest rate of 3.6% for the three month period ended March 31, 2021 16,746 17,767 238,060 251,086 Less: Unamortized debt issuance costs 2,257 2,501 Total debt 235,803 248,585 Less: Current portion of long-term debt, including unamortized debt issuance costs, net 35,047 34,585 Long-term debt, less current maturities $ 200,756 $ 214,000 Credit Agreement As of March 31, 2021, our Credit Agreement (as then amended to date, the Credit Agreement) provided for: (i) a $167.3 million revolving credit facility scheduled to mature on May 30, 2023, allocated as follows: (A) a $10.0 million senior secured revolving credit facility in favor of certain of our U.S. subsidiaries, as borrowers; (B) a $122.3 million senior secured revolving credit facility in favor of Civeo and certain of our Canadian subsidiaries, as borrowers; and (C) a $35.0 million senior secured revolving credit facility in favor of one of our Australian subsidiaries, as borrower; and (ii) a $194.8 million term loan facility scheduled to mature on May 30, 2023 for certain lenders in favor of Civeo. U.S. dollar amounts outstanding under the facilities provided by the Credit Agreement bear interest at a variable rate equal to the London Inter-Bank Offered Rate (LIBOR) plus a margin of 3.50% to 4.50%, or a base rate plus 2.50% to 3.50%, in each case based on a ratio of our total debt to consolidated EBITDA (as defined in the Credit Agreement). Canadian dollar amounts outstanding bear interest at a variable rate equal to a Bankers’ Acceptance Discount Rate (as defined in the Credit Agreement) based on the Canadian Dollar Offered Rate (CDOR) plus a margin of 3.50% to 4.50%, or a Canadian Prime rate plus a margin of 2.50% to 3.50%, in each case based on a ratio of our total debt to consolidated EBITDA. Australian dollar amounts outstanding under the Credit Agreement bear interest at a variable rate equal to the Bank Bill Swap Bid Rate plus a margin of 3.50% to 4.50%, based on a ratio of our total debt to consolidated EBITDA. The future transitions from LIBOR and CDOR as interest rate benchmarks is addressed in the Credit Agreement and at such time the transition from LIBOR or CDOR takes place, we will endeavor with the administrative agent to establish an alternate rate of interest to LIBOR or CDOR that gives due consideration to (1) the then prevailing market convention for determining a rate of interest for syndicated loans in the United States at such time for the replacement of LIBOR and (2) any evolving or then existing convention for similar Canadian Dollar denominated syndicated credit facilities for the replacement of CDOR. The 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 3.00 to 1.00 and our maximum leverage ratio, defined as the ratio of total debt to consolidated EBITDA, of no greater than 3.50 to 1.00. Following a qualified offering of indebtedness with gross proceeds in excess of $150.0 million, we will be required to maintain a maximum leverage ratio of no greater than 4.00 to 1.00 and a maximum senior secured ratio less than 2.50 to 1.00. Each of the factors considered in the calculations of these ratios are defined in the 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 March 31, 2021. Borrowings under the Credit Agreement are secured by a pledge of substantially all of our assets and the assets of our subsidiaries subject to customary exceptions. The obligations under the Credit Agreement are guaranteed by our significant subsidiaries. As of March 31, 2021, we had eight lenders that were parties to the Credit Agreement, with total commitments (including both revolving commitments and term commitments) ranging from $22.4 million to $71.1 million. As of March 31, 2021, we had outstanding letters of credit of $1.2 million under the U.S. facility, $0.1 million under the Australian facility and $2.0 million under the Canadian facility. As of March 31, 2021 and December 31, 2020, we also had two bank guarantee facilities totaling A$3.0 million which mature on May 31, 2021. We had bank guarantees of A$0.9 million and A$0.8 million under these facilities outstanding as of March 31, 2021 and December 31, 2020, respectively.

INCOME TAXES

INCOME TAXES	3 Months Ended
	Mar. 31, 2021
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 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 March 31, 2021 and 2020, Canada and the U.S. were considered loss jurisdictions for tax accounting purposes and were removed from the annual effective tax rate computation for purposes of computing the interim tax provision.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2021
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	3 Months Ended
	Mar. 31, 2021
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
ACCUMULATED OTHER COMPREHENSIVE LOSS	ACCUMULATED OTHER COMPREHENSIVE LOSS Our accumulated other comprehensive loss increased $1.6 million from $349.0 million at December 31, 2020 to $350.6 million at March 31, 2021, as a result of foreign currency exchange rate fluctuations. Changes in other comprehensive loss during the first three months of 2021 were primarily driven by the Australian dollar decreasing in value compared to the U.S. dollar, partially offset 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$160 million and A$285 million, respectively, at March 31, 2021.

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION	3 Months Ended
	Mar. 31, 2021
Share-based Payment Arrangement [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 2.4 million Civeo common shares are authorized to be issued under the Civeo Plan. Outstanding Awards Restricted Share Awards / Restricted Share Units / Deferred Share Awards. Compensation expense associated with restricted share awards, restricted share units and deferred share awards recognized in the three months ended March 31, 2021 and 2020 totaled $0.5 million and $1.3 million, respectively. The total fair value of restricted share awards, restricted share units and deferred share awards that vested during the three months ended March 31, 2021 and 2020 was $1.5 million and $2.3 million, respectively. At March 31, 2021, unrecognized compensation cost related to restricted share awards, restricted share units and deferred share awards was $0.8 million, which is expected to be recognized over a weighted average period of 0.9 years. Phantom Share Awards. On February 22, 2021, we granted 270,079 phantom share awards under the Civeo Plan, which vest in three three During the three months ended March 31, 2021 and 2020, we recognized compensation expense associated with phantom shares totaling $1.4 million and $0.3 million, respectively. At March 31, 2021, unrecognized compensation cost related to phantom shares was $9.5 million, as remeasured at March 31, 2021, which is expected to be recognized over a weighted average period of 2.4 years. Performance Awards. On February 22, 2021, we granted 129,754 performance awards under the Civeo Plan, which cliff vest in three years on February 22, 2024. These awards will be earned in amounts between 0% and 200% of the participant’s target performance share award, based on (1) the payout percentage associated with Civeo’s relative total shareholder return rank among a peer group that includes 17 other companies and (2) the payout percentage associated with Civeo's cumulative free cash flow over the performance period relative to a preset target. The portion of the performance awards tied to cumulative free cash flow includes a performance-based vesting requirement. The fair value of these awards is based on the closing market price of our common shares on the date of grant. We evaluate the probability of achieving the performance criteria throughout the performance period and will adjust share-based compensation expense based on the number of shares expected to vest based on our estimate of the most probable performance outcome. The ultimate payout of the cumulative free cash flow component of the award can vary from 0% to 60% based on actual results.

SEGMENT AND RELATED INFORMATION

SEGMENT AND RELATED INFORMATION	3 Months Ended
	Mar. 31, 2021
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 the U.S., which represent our strategic focus on hospitality services and workforce accommodations. Financial information by business segment for each of the three months ended March 31, 2021 and 2020 is summarized in the following table (in thousands): Total Depreciation Operating Capital Total assets Three months ended March 31, 2021 Canada $ 61,885 $ 12,087 $ (7,659) $ 1,180 $ 721,841 Australia 59,637 8,459 3,307 1,554 265,111 U.S. 3,908 566 (2,598) 369 27,869 Corporate and eliminations — 157 (2,951) 269 (304,643) Total $ 125,430 $ 21,269 $ (9,901) $ 3,372 $ 710,178 Three months ended March 31, 2020 Canada $ 79,348 $ 14,369 $ (136,631) $ 610 $ 649,963 Australia 49,113 9,295 6,164 463 242,238 U.S. 10,331 1,583 (14,134) 1,372 32,758 Corporate and eliminations — 255 (4,468) 206 (205,436) Total $ 138,792 $ 25,502 $ (149,069) $ 2,651 $ 719,523

RECENT ACCOUNTING PRONOUNCEME_2

RECENT ACCOUNTING PRONOUNCEMENTS (Policies)	3 Months Ended
	Mar. 31, 2021
Accounting Standards Update and Change in Accounting Principle [Abstract]
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 December 2019, the FASB issued Accounting Standards Update (ASU) 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. The amendments in ASU 2019-12 remove certain exceptions to the general principles in Accounting Standards Codification Topic 740. The amendments also clarify and amend existing guidance to improve consistent application. The amendments are effective for financial statements issued for reporting periods beginning after December 15, 2020 and interim periods within the reporting periods. The transition method (retrospective, modified retrospective or prospective basis) related to the amendments depends on the applicable guidance, and all amendments for which there is no transition guidance specified are to be applied on a prospective basis. We adopted ASU 2019-12 on January 1, 2021 and have applied the prospective basis. The adoption of this new standard did not have an impact on our consolidated financial statements.

REVENUE (Tables)

REVENUE (Tables)	3 Months Ended
	Mar. 31, 2021
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The following table disaggregates our revenue by our three reportable segments: Canada, Australia and the U.S., and major categories for the periods indicated (in thousands): Three Months Ended 2021 2020 Canada Accommodation revenues $ 46,530 $ 66,066 Mobile facility rental revenues 10,499 2,508 Food service and other services revenues 4,856 10,774 Total Canada revenues 61,885 79,348 Australia Accommodation revenues $ 33,675 $ 32,585 Food service and other services revenues 25,962 16,528 Total Australia revenues 59,637 49,113 U.S. Accommodation revenues $ 772 $ 1,256 Mobile facility rental revenues 3,067 6,187 Manufacturing revenues 63 2,863 Food service and other services revenues 6 25 Total U.S. revenues 3,908 10,331 Total revenues $ 125,430 $ 138,792
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction	As of March 31, 2021, 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. The table only includes revenue expected to be recognized from contracts where the quantity of service is certain (in thousands): For the years ending December 31, 2021 2022 2023 Thereafter Total Revenue expected to be recognized as of March 31, 2021 $ 85,246 $ 79,365 $ 16,194 $ 1,992 $ 182,797

DETAILS OF SELECTED BALANCE S_2

DETAILS OF SELECTED BALANCE SHEET ACCOUNTS (Tables)	3 Months Ended
	Mar. 31, 2021
Balance Sheet Related Disclosures [Abstract]
Schedule of Accounts Receivable	Additional information regarding selected balance sheet accounts at March 31, 2021 and December 31, 2020 is presented below (in thousands): March 31, 2021 December 31, 2020 Accounts receivable, net: Trade $ 60,116 $ 66,071 Unbilled revenue 26,122 22,565 Other (1) 2,003 1,421 Total accounts receivable 88,241 90,057 Allowance for credit losses (458) (275) Total accounts receivable, net $ 87,783 $ 89,782 (1) As of March 31, 2021 and December 31, 2020, Other accounts receivable included a $1.7 million and $1.1 million receivable, respectively, related to the Canada Emergency Wage Subsidy (CEWS), a subsidy implemented by the Canadian government in response to the COVID-19 pandemic. Other income related to the CEWS during the three months ended March 31, 2021 and 2020 was $2.8 million and zero, respectively.
Schedule of Inventories	March 31, 2021 December 31, 2020 Inventories: Finished goods and purchased products $ 4,944 $ 5,047 Work in process 559 45 Raw materials 1,174 1,089 Total inventories $ 6,677 $ 6,181
Property, Plant and Equipment	Estimated March 31, 2021 December 31, 2020 Property, plant and equipment, net: Land $ 47,506 $ 47,751 Accommodations assets 3 — 15 1,723,838 1,737,620 Buildings and leasehold improvements 7 — 20 28,840 28,831 Machinery and equipment 4 — 15 13,183 12,784 Office furniture and equipment 3 — 7 63,662 61,850 Vehicles 3 — 5 14,450 15,363 Construction in progress 4,844 5,523 Total property, plant and equipment 1,896,323 1,909,722 Accumulated depreciation (1,427,362) (1,422,792) Total property, plant and equipment, net $ 468,961 $ 486,930
Schedule of Accrued Liabilities	March 31, 2021 December 31, 2020 Accrued liabilities: Accrued compensation $ 16,629 $ 22,475 Accrued taxes, other than income taxes 2,701 3,099 Other 1,471 1,775 Total accrued liabilities $ 20,801 $ 27,349

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	3 Months Ended
	Mar. 31, 2021
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The calculation of earnings per share attributable to Civeo common shareholders is presented below for the periods indicated (in thousands, except per share amounts): Three Months Ended March 31, 2021 2020 Numerator: Net loss attributable to Civeo common shareholders $ (9,962) $ (146,538) Less: income allocated to participating securities — — Basic net loss attributable to Civeo Corporation common shareholders $ (9,962) $ (146,538) Add: undistributed income attributable to participating securities — — Less: undistributed income reallocated to participating securities — — Diluted net loss attributable to Civeo Corporation common shareholders $ (9,962) $ (146,538) Denominator: Weighted average shares outstanding - basic 14,211 14,043 Dilutive shares - share-based awards — — Weighted average shares outstanding - diluted 14,211 14,043 Basic net loss per share attributable to Civeo Corporation common shareholders (1) $ (0.70) $ (10.43) Diluted net loss per share attributable to Civeo Corporation common shareholders (1) $ (0.70) $ (10.43)

DEBT (Tables)

DEBT (Tables)	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	As of March 31, 2021 and December 31, 2020, long-term debt consisted of the following (in thousands): March 31, 2021 December 31, 2020 Canadian term loan, which matures on May 30, 2023; C$11.2 million principal repayable per quarter; weighted average interest rate of 4.0% for the three month period ended March 31, 2021 $ 180,997 $ 187,530 U.S. revolving credit facility, which matures on May 30, 2023; weighted average interest rate of 5.8% for the three month period ended March 31, 2021 — — Canadian revolving credit facility, which matures on May 30, 2023; weighted average interest rate of 4.5% for the three month period ended March 31, 2021 40,317 45,789 Australian revolving credit facility, which matures on May 30, 2023; weighted average interest rate of 3.6% for the three month period ended March 31, 2021 16,746 17,767 238,060 251,086 Less: Unamortized debt issuance costs 2,257 2,501 Total debt 235,803 248,585 Less: Current portion of long-term debt, including unamortized debt issuance costs, net 35,047 34,585 Long-term debt, less current maturities $ 200,756 $ 214,000

SEGMENT AND RELATED INFORMATI_2

SEGMENT AND RELATED INFORMATION (Tables)	3 Months Ended
	Mar. 31, 2021
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	Financial information by business segment for each of the three months ended March 31, 2021 and 2020 is summarized in the following table (in thousands): Total Depreciation Operating Capital Total assets Three months ended March 31, 2021 Canada $ 61,885 $ 12,087 $ (7,659) $ 1,180 $ 721,841 Australia 59,637 8,459 3,307 1,554 265,111 U.S. 3,908 566 (2,598) 369 27,869 Corporate and eliminations — 157 (2,951) 269 (304,643) Total $ 125,430 $ 21,269 $ (9,901) $ 3,372 $ 710,178 Three months ended March 31, 2020 Canada $ 79,348 $ 14,369 $ (136,631) $ 610 $ 649,963 Australia 49,113 9,295 6,164 463 242,238 U.S. 10,331 1,583 (14,134) 1,372 32,758 Corporate and eliminations — 255 (4,468) 206 (205,436) Total $ 138,792 $ 25,502 $ (149,069) $ 2,651 $ 719,523

DESCRIPTION OF BUSINESS AND B_2

DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION - Narrative (Details)	Nov. 19, 2020$ / shares	Mar. 31, 2021segmentshares		Dec. 31, 2020shares	[1]	Nov. 20, 2020$ / sharesshares
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of reportable segments | segment		3
Reverse stock split, conversion ratio	0.0833
Common stock, shares issued (in shares)		14,613,464	[1]	14,478,878		14,215,169
Common stock, shares outstanding (in shares)		14,292,866	[1]	14,215,169		14,215,169
Share price (in dollars per share) | $ / shares	$ 3.30					$ 39.60
[1]	Reflects our 1-for-12 reverse share split that became effective November 19, 2020. See Note 1 - Description of Business and Basis of Presentation to the notes to the unaudited consolidated financial statements included in Item 1 of this quarterly report for further discussion.

REVENUE - Narrative (Details)

REVENUE - Narrative (Details)	3 Months Ended
	Mar. 31, 2021segment
Revenue from Contract with Customer [Abstract]
Number of reportable segments	3

REVENUE - Disaggregation of rev

REVENUE - Disaggregation of revenue by major categories (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Disaggregation of Revenue [Line Items]
Total revenues	$ 125,430	$ 138,792
Mobile facility rental revenues
Disaggregation of Revenue [Line Items]
Total revenues	3,064	6,179
Canada
Disaggregation of Revenue [Line Items]
Total revenues	61,885	79,348
Canada | Accommodation revenues
Disaggregation of Revenue [Line Items]
Total revenues	46,530	66,066
Canada | Mobile facility rental revenues
Disaggregation of Revenue [Line Items]
Total revenues	10,499	2,508
Canada | Food service and other services revenues
Disaggregation of Revenue [Line Items]
Total revenues	4,856	10,774
Australia
Disaggregation of Revenue [Line Items]
Total revenues	59,637	49,113
Australia | Accommodation revenues
Disaggregation of Revenue [Line Items]
Total revenues	33,675	32,585
Australia | Food service and other services revenues
Disaggregation of Revenue [Line Items]
Total revenues	25,962	16,528
U.S.
Disaggregation of Revenue [Line Items]
Total revenues	3,908	10,331
U.S. | Accommodation revenues
Disaggregation of Revenue [Line Items]
Total revenues	772	1,256
U.S. | Mobile facility rental revenues
Disaggregation of Revenue [Line Items]
Total revenues	3,067	6,187
U.S. | Food service and other services revenues
Disaggregation of Revenue [Line Items]
Total revenues	6	25
U.S. | Manufacturing revenues
Disaggregation of Revenue [Line Items]
Total revenues	$ 63	$ 2,863

REVENUE - Revenue related to pe

REVENUE - Revenue related to performance obligations (Details) $ in Thousands	Mar. 31, 2021USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue expected to be recognized as of March 31, 2021	$ 182,797
Revenue, remaining performance obligation, expected timing of satisfaction, start date [Axis]: 2021-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue expected to be recognized as of March 31, 2021	$ 85,246
Revenue expected to be recognized, period	9 months
Revenue, remaining performance obligation, expected timing of satisfaction, start date [Axis]: 2022-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue expected to be recognized as of March 31, 2021	$ 79,365
Revenue expected to be recognized, period	1 year
Revenue, remaining performance obligation, expected timing of satisfaction, start date [Axis]: 2023-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue expected to be recognized as of March 31, 2021	$ 16,194
Revenue expected to be recognized, period	1 year
Revenue, remaining performance obligation, expected timing of satisfaction, start date [Axis]: 2024-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue expected to be recognized as of March 31, 2021	$ 1,992
Revenue expected to be recognized, period

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) - Measurement Input, Discount Rate	3 Months Ended
	Mar. 31, 2021
Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Goodwill impairment discount rate	10.50%
Long-lived asset impairment, measurement input	11.00%
Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Goodwill impairment discount rate	14.00%
Long-lived asset impairment, measurement input	14.00%

DETAILS OF SELECTED BALANCE S_3

DETAILS OF SELECTED BALANCE SHEET ACCOUNTS - Accounts Receivable (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable	$ 88,241		$ 90,057
Allowance for credit losses	(458)		(275)
Total accounts receivable, net	87,783		89,782
Other income	4,914	$ 25
Canada Emergency Wage Subsidy | Other Nonoperating Income (Expense)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Other income	2,800	$ 0
Trade
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable	60,116		66,071
Unbilled revenue
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable	26,122		22,565
Other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable	2,003		1,421
Other | Canada Emergency Wage Subsidy
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable	$ 1,700		$ 1,100

DETAILS OF SELECTED BALANCE S_4

DETAILS OF SELECTED BALANCE SHEET ACCOUNTS - Inventories (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Inventories:
Finished goods and purchased products	$ 4,944	$ 5,047
Work in process	559	45
Raw materials	1,174	1,089
Total inventories	$ 6,677	$ 6,181

DETAILS OF SELECTED BALANCE S_5

DETAILS OF SELECTED BALANCE SHEET ACCOUNTS - Property, Plant and Equipment (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	$ 1,896,323	$ 1,909,722
Accumulated depreciation	(1,427,362)	(1,422,792)
Total property, plant and equipment, net	468,961	486,930
Reclassification to property, plant, and equipment		3,900
Land
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	47,506	47,751
Accommodations assets
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	$ 1,723,838	1,737,620
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	$ 28,840	28,831
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	$ 13,183	12,784
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	$ 63,662	61,850
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	$ 14,450	15,363
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	$ 4,844	$ 5,523

DETAILS OF SELECTED BALANCE S_6

DETAILS OF SELECTED BALANCE SHEET ACCOUNTS - Accrued Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Accrued liabilities:
Accrued compensation	$ 16,629	$ 22,475
Accrued taxes, other than income taxes	2,701	3,099
Other	1,471	1,775
Total accrued liabilities	$ 20,801	$ 27,349

IMPAIRMENT CHARGES (Details)

IMPAIRMENT CHARGES (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Estimated fair value of Canadian lodge		$ 468,961,000	$ 486,930,000
Canada
Property, Plant and Equipment [Line Items]
Goodwill, impairment loss	$ 0
Canada
Property, Plant and Equipment [Line Items]
Impairment expense of long-lived assets	38,100,000
Estimated fair value of Canadian lodge	43,500,000
Canada | Canada
Property, Plant and Equipment [Line Items]
Impairment expense of long-lived assets	93,600,000
U.S.
Property, Plant and Equipment [Line Items]
Impairment expense of long-lived assets	12,400,000
Estimated fair value of Canadian lodge	$ 12,500,000

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
	Mar. 31, 2021	Mar. 31, 2020
Numerator:
Net loss attributable to Civeo common shareholders	$ (9,962)	$ (146,538)
Less: income allocated to participating securities	0	0
Basic net loss attributable to Civeo Corporation common shareholders	(9,962)	(146,538)
Add: undistributed income attributable to participating securities	0	0
Less: undistributed income reallocated to participating securities	0	0
Diluted net loss attributable to Civeo Corporation common shareholders	$ (9,962)	$ (146,538)
Denominator:
Weighted average shares outstanding - basic (in shares)	14,211	14,043
Dilutive shares - share-based awards (in shares)	0	0
Weighted average shares outstanding - diluted (in shares)	14,211	14,043
Basic net income (loss) per share attributable to Civeo Corporation common shareholders (in dollars per share)	$ (0.70)	$ (10.43)
Diluted net income (loss) per share attributable to Civeo Corporation common shareholders (in dollars per share)	$ (0.70)	$ (10.43)

EARNINGS PER SHARE - Narrative

EARNINGS PER SHARE - Narrative (Details) shares in Millions	Nov. 19, 2020	Mar. 31, 2021shares	Mar. 31, 2020shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Reverse stock split, conversion ratio	0.0833
Employee Stock Option
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)		0.2	0.5
Preferred Shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)		2.4	2.4

DEBT - Long-term Debt (Details)

DEBT - Long-term Debt (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Long-term debt, gross	$ 238,060,000	$ 251,086,000
Less: Unamortized debt issuance costs	2,257,000	2,501,000
Total debt	235,803,000	248,585,000
Less: Current portion of long-term debt, including unamortized debt issuance costs, net	35,047,000	34,585,000
Long-term debt, less current maturities	200,756,000	214,000,000
Canadian term loan, which matures on May 30, 2023; C$11.2 million principal repayable per quarter; weighted average interest rate of 4.0% for the three month period ended March 31, 2021
Debt Instrument [Line Items]
Canadian term loan	180,997,000	187,530,000
Principal periodic payment	$ 11,200,000
Weighted average interest rate of term loan	4.00%
U.S. revolving credit facility, which matures on May 30, 2023; weighted average interest rate of 5.8% for the three month period ended March 31, 2021
Debt Instrument [Line Items]
Revolving credit facility	$ 0	0
Interest rate on line of credit facility	5.80%
Canadian revolving credit facility, which matures on May 30, 2023; weighted average interest rate of 4.5% for the three month period ended March 31, 2021
Debt Instrument [Line Items]
Revolving credit facility	$ 40,317,000	45,789,000
Interest rate on line of credit facility	4.50%
Australian revolving credit facility, which matures on May 30, 2023; weighted average interest rate of 3.6% for the three month period ended March 31, 2021
Debt Instrument [Line Items]
Revolving credit facility	$ 16,746,000	$ 17,767,000
Interest rate on line of credit facility	3.60%

DEBT - Amended Credit Agreement

DEBT - Amended Credit Agreement (Details) $ in Thousands, $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)debt_instrumentlender	Mar. 31, 2021AUD ($)debt_instrumentlender	Dec. 31, 2020USD ($)debt_instrument	Dec. 31, 2020AUD ($)debt_instrument
Line of Credit Facility [Line Items]
Interest coverage ratio	3
Leverage ratio	3.50
Long-term debt	$ 235,803		$ 248,585
Credit facility
Line of Credit Facility [Line Items]
Number of lenders | lender	8	8
Credit facility | Minimum
Line of Credit Facility [Line Items]
Lender commitments, within credit agreement	$ 22,400
Credit facility | Maximum
Line of Credit Facility [Line Items]
Lender commitments, within credit agreement	71,100
Credit facility | US term loan
Line of Credit Facility [Line Items]
Term loan, face amount	$ 194,800
Third Amendment to the Credit Agreement | Minimum
Line of Credit Facility [Line Items]
Leverage ratio	2.50
Third Amendment to the Credit Agreement | Maximum
Line of Credit Facility [Line Items]
Leverage ratio	4
Third Amendment to the Credit Agreement | Eurodollar Applicable Margin Rate, Bank Bill Swap Bid Rate (BBSY), and US Base Rate | Minimum
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate	3.50%
Third Amendment to the Credit Agreement | Eurodollar Applicable Margin Rate, Bank Bill Swap Bid Rate (BBSY), and US Base Rate | Maximum
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate	4.50%
Third Amendment to the Credit Agreement | Alternative Base Rate (ABR), Canadian Prime Rate, and US Base Rate | Minimum
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate	2.50%
Third Amendment to the Credit Agreement | Alternative Base Rate (ABR), Canadian Prime Rate, and US Base Rate | Maximum
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate	3.50%
Revolving credit facility | Credit facility
Line of Credit Facility [Line Items]
Revolving credit facility, maximum borrowing capacity	$ 167,300
Revolving credit facility, U.S. subsidiaries | Credit facility
Line of Credit Facility [Line Items]
Outstanding letters of credit	1,200
Revolving credit facility, U.S. subsidiaries | Third Amendment to the Credit Agreement
Line of Credit Facility [Line Items]
Revolving credit facility, maximum borrowing capacity	10,000
Revolving credit facility, Canadian subsidiaries | Credit facility
Line of Credit Facility [Line Items]
Outstanding letters of credit	2,000
Revolving credit facility, Canadian subsidiaries | Third Amendment to the Credit Agreement
Line of Credit Facility [Line Items]
Revolving credit facility, maximum borrowing capacity	122,300
Revolving credit facility, Australian subsidiaries | Credit facility
Line of Credit Facility [Line Items]
Outstanding letters of credit	100
Revolving credit facility, Australian subsidiaries | Third Amendment to the Credit Agreement
Line of Credit Facility [Line Items]
Revolving credit facility, maximum borrowing capacity	$ 35,000
Bank Guarantee Facility
Line of Credit Facility [Line Items]
Revolving credit facility, maximum borrowing capacity		$ 3
Number of debt instruments | debt_instrument	2	2	2	2
Long-term debt		$ 0.9		$ 0.8
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

INCOME TAXES - Narrative (Detai

INCOME TAXES - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Schedule of Income Taxes [Line Items]
Income tax (expense) benefit	$ (1,076)	$ 8,811
Income tax benefit, percent of pretax loss	(12.90%)	5.70%
Deferred income tax benefit	$ (1,041)	$ 8,941
Canada
Schedule of Income Taxes [Line Items]
Deferred income tax benefit	12,400
Valuation allowance	$ 3,400
Minimum
Schedule of Income Taxes [Line Items]
Statutory tax rate, Canada, Australia and the U.S.	21.00%
Maximum
Schedule of Income Taxes [Line Items]
Statutory tax rate, Canada, Australia and the U.S.	30.00%

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE LOSS - Narrative (Details) $ in Thousands, $ in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)	Mar. 31, 2021CAD ($)	Mar. 31, 2021AUD ($)	Dec. 31, 2020USD ($)
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Increase in other comprehensive loss, foreign currency exchange rate fluctuations during the period	$ 1,600
Accumulated other comprehensive loss	$ (350,606)			$ (348,989)
International functional currency net assets		$ 160	$ 285

SHARE-BASED COMPENSATION - Narr

SHARE-BASED COMPENSATION - Narrative (Details) $ in Millions	Feb. 22, 2021shares	Mar. 31, 2021USD ($)companyshares	Mar. 31, 2020USD ($)
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Share-based compensation arrangement, number of shares authorized (in shares) | shares		2,400,000
Number of companies | company		17
Civeo Plan | Maximum
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Target performance, cash payout percentage	60.00%
Restricted stock and deferred stock awards
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Allocated share-based compensation expense		$ 0.5	$ 1.3
Fair value of restricted share awards and deferred compensation that vested during the period		1.5	2.3
Unrecognized compensation cost related to share awards		$ 0.8
Unrecognized compensation cost related to share awards, expected weighted average vesting period		10 months 24 days
Phantom share units (PSUs)
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Allocated share-based compensation expense		$ 1.4	0.3
Unrecognized compensation cost related to share awards		$ 9.5
Unrecognized compensation cost related to share awards, expected weighted average vesting period		2 years 4 months 24 days
Phantom share units (PSUs) | Civeo Plan
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Share awards units vested during the period (in shares) | shares	270,079
Vesting period of share awards	3 years
Phantom share units (PSUs) | Canadian Long-Term Incentive Plan
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Share awards units vested during the period (in shares) | shares	81,774
Vesting period of share awards	3 years
Performance shares
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Allocated share-based compensation expense		$ 0.5	0.9
Fair value of restricted share awards and deferred compensation that vested during the period		1.9	$ 1.9
Unrecognized compensation cost related to share awards		$ 4.5
Unrecognized compensation cost related to share awards, expected weighted average vesting period		2 years 4 months 24 days
Performance shares | Civeo Plan
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Share awards units vested during the period (in shares) | shares	129,754
Vesting period of share awards	3 years
Performance shares | Civeo Plan | Minimum
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Target performance, share award percentage	0.00%
Target performance, cash payout 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%

SEGMENT AND RELATED INFORMATI_3

SEGMENT AND RELATED INFORMATION - Financial Information by Business Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Segment Reporting Information [Line Items]
Total revenues	$ 125,430	$ 138,792
Depreciation and amortization	21,269	25,502
Operating income (loss)	(9,901)	(149,069)
Capital expenditures	3,372	2,651
Total assets	710,178	719,523	$ 740,853
Canada
Segment Reporting Information [Line Items]
Total revenues	61,885	79,348
Australia
Segment Reporting Information [Line Items]
Total revenues	59,637	49,113
U.S.
Segment Reporting Information [Line Items]
Total revenues	3,908	10,331
Operating segments | Canada
Segment Reporting Information [Line Items]
Total revenues	61,885	79,348
Depreciation and amortization	12,087	14,369
Operating income (loss)	(7,659)	(136,631)
Capital expenditures	1,180	610
Total assets	721,841	649,963
Operating segments | Australia
Segment Reporting Information [Line Items]
Total revenues	59,637	49,113
Depreciation and amortization	8,459	9,295
Operating income (loss)	3,307	6,164
Capital expenditures	1,554	463
Total assets	265,111	242,238
Operating segments | U.S.
Segment Reporting Information [Line Items]
Total revenues	3,908	10,331
Depreciation and amortization	566	1,583
Operating income (loss)	(2,598)	(14,134)
Capital expenditures	369	1,372
Total assets	27,869	32,758
Corporate and eliminations
Segment Reporting Information [Line Items]
Total revenues	0	0
Depreciation and amortization	157	255
Operating income (loss)	(2,951)	(4,468)
Capital expenditures	269	206
Total assets	$ (304,643)	$ (205,436)