Civeo (CVEO) 10-Q 28 Jul 23 2023 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2023	Jul. 24, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
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	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		14,842,671
Entity Central Index Key	0001590584
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Amendment Flag	false

Unaudited Consolidated Statemen

Unaudited Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenues:
Total revenues	$ 178,843	$ 184,954	$ 346,434	$ 350,632
Costs and expenses:
Selling, general and administrative expenses	16,459	17,682	32,649	32,895
Depreciation and amortization expense	20,701	23,083	42,363	43,210
Other operating expense (income)	86	(106)	215	152
Total costs and expenses	168,671	170,712	340,166	332,153
Operating income	10,172	14,242	6,268	18,479
Interest expense	(3,604)	(2,608)	(7,260)	(5,076)
Interest income	50	2	82	2
Other income	427	415	2,877	2,111
Income before income taxes	7,045	12,051	1,967	15,516
Income tax expense	(2,878)	(1,821)	(4,111)	(3,378)
Net income (loss)	4,167	10,230	(2,144)	12,138
Less: Net income (loss) attributable to noncontrolling interest	(296)	662	(254)	1,160
Net income (loss) attributable to Civeo Corporation	4,463	9,568	(1,890)	10,978
Less: Dividends attributable to Class A preferred shares	0	490	0	977
Net income (loss) attributable to Civeo common shareholders	$ 4,463	$ 9,078	$ (1,890)	$ 10,001
Per Share Data (see Note 6)
Basic net income (loss) per share attributable to Civeo Corporation common shareholders (in dollars per share)	$ 0.30	$ 0.55	$ (0.13)	$ 0.60
Diluted net income (loss) per share attributable to Civeo Corporation common shareholders (in dollars per share)	$ 0.30	$ 0.54	$ (0.13)	$ 0.60
Weighted average number of common shares outstanding:
Basic (in shares)	14,970	14,148	15,064	14,122
Diluted (in shares)	15,000	14,275	15,064	14,271
Service and other
Revenues:
Total revenues	$ 178,532	$ 177,254	$ 345,909	$ 336,824
Costs and expenses:
Service and other costs	131,333	124,318	264,725	245,168
Rental
Revenues:
Total revenues	13	7,035	34	12,295
Costs and expenses:
Service and other costs	10	5,414	45	9,806
Product
Revenues:
Total revenues	298	665	491	1,513
Costs and expenses:
Service and other costs	$ 82	$ 321	$ 169	$ 922

Unaudited Consolidated Statem_2

Unaudited Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 4,167	$ 10,230	$ (2,144)	$ 12,138
Other comprehensive income (loss), net of taxes:
Foreign currency translation adjustment, net of zero taxes	2,081	(20,024)	(95)	(12,012)
Total other comprehensive income (loss), net of taxes	2,081	(20,024)	(95)	(12,012)
Comprehensive income (loss)	6,248	(9,794)	(2,239)	126
Less: Comprehensive income (loss) attributable to noncontrolling interest	(226)	568	(186)	1,106
Comprehensive income (loss) attributable to Civeo Corporation	$ 6,474	$ (10,362)	$ (2,053)	$ (980)

Unaudited Consolidated Statem_3

Unaudited Consolidated Statements of Comprehensive Income (Loss) (Parentheticals) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
Foreign currency translation charges, taxes	$ 0	$ 0	$ 0	$ 0

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 11,421	$ 7,954
Accounts receivable, net	140,090	119,755
Inventories	7,171	6,907
Prepaid expenses	6,165	7,199
Other current assets	2,827	3,081
Assets held for sale	8,204	8,653
Total current assets	175,878	153,549
Property, plant and equipment, net	275,561	301,890
Goodwill	7,522	7,672
Other intangible assets, net	80,635	81,747
Operating lease right-of-use assets	14,023	15,722
Other noncurrent assets	5,343	5,604
Total assets	558,962	566,184
Current liabilities:
Accounts payable	47,763	51,087
Accrued liabilities	27,524	39,211
Income taxes	100	178
Current portion of long-term debt	14,664	28,448
Deferred revenue	3,097	991
Other current liabilities	9,534	8,342
Total current liabilities	102,682	128,257
Long-term debt, less current maturities	120,999	102,505
Deferred income taxes	8,628	4,778
Operating lease liabilities	11,446	12,771
Other noncurrent liabilities	19,874	14,172
Total liabilities	263,629	262,483
Shareholders’ Equity:
Preferred shares (Class A Series 1) no par value; 50,000,000 shares authorized	0	0
Common shares (no par value; 46,000,000 shares authorized, 15,229,846 shares and 15,584,176 shares issued, respectively, and 14,863,171 shares and 15,217,501 shares outstanding, respectively)	0	0
Additional paid-in capital	1,626,556	1,624,512
Accumulated deficit	(939,983)	(930,123)
Common shares held in treasury at cost, 366,675 and 366,675 shares, respectively	(9,063)	(9,063)
Accumulated other comprehensive loss	(385,350)	(385,187)
Total Civeo Corporation shareholders’ equity	292,160	300,139
Noncontrolling interest	3,173	3,562
Total shareholders’ equity	295,333	303,701
Total liabilities and shareholders’ equity	$ 558,962	$ 566,184

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - $ / shares	Jun. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Preferred shares, par value (in dollars per share)	$ 0	$ 0
Preferred shares, authorized (in shares)	50,000,000	50,000,000
Common stock, par value (in dollars per share)	$ 0	$ 0
Common stock, shares authorized (in shares)	46,000,000	46,000,000
Common stock, shares issued (in shares)	15,229,846	15,584,176
Common stock, shares outstanding (in shares)	14,863,171	15,217,501
Treasury shares (in shares)	366,675	366,675

Unaudited Consolidated Statem_4

Unaudited Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands	Total	Preferred Shares	Common Shares	Additional Paid-in Capital	Accumulated Deficit	Treasury Shares	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interest
Beginning balance at Dec. 31, 2021	$ 363,111	$ 61,941	$ 0	$ 1,582,442	$ (912,951)	$ (8,050)	$ (361,883)	$ 1,612
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	12,138				10,978			1,160
Currency translation adjustment	(12,012)						(11,958)	(54)
Dividends paid	(136)							(136)
Dividends attributable to Class A preferred shares	0	977			(977)
Common shares repurchased	(542)				(542)
Share-based compensation	961			1,974		(1,013)
Ending balance at Jun. 30, 2022	$ 363,520	62,918	0	1,584,416	(903,492)	(9,063)	(373,841)	2,582
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common shares repurchased (in shares)	(22,900)
Beginning balance at Mar. 31, 2022	$ 372,971	62,428	0	1,583,474	(912,037)	(9,063)	(353,911)	2,080
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	10,230				9,568			662
Currency translation adjustment	(20,024)						(19,930)	(94)
Dividends paid	(66)							(66)
Dividends attributable to Class A preferred shares	0	490			(490)
Common shares repurchased	(533)				(533)
Share-based compensation	942			942
Ending balance at Jun. 30, 2022	$ 363,520	62,918	0	1,584,416	(903,492)	(9,063)	(373,841)	2,582
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common shares repurchased (in shares)	(22,400)
Beginning balance at Dec. 31, 2022	$ 303,701	0	0	1,624,512	(930,123)	(9,063)	(385,187)	3,562
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(2,144)				(1,890)			(254)
Currency translation adjustment	(95)						(163)	68
Dividends paid	(203)							(203)
Common shares repurchased	(7,970)				(7,970)
Share-based compensation	2,044			2,044
Ending balance at Jun. 30, 2023	$ 295,333	$ 0	$ 0	1,626,556	(939,983)	(9,063)	(385,350)	3,173
Beginning balance (in shares) at Dec. 31, 2022		0
Beginning balance (in shares) at Dec. 31, 2022	15,217,501		15,218,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation (in shares)		0	26,000
Common shares repurchased (in shares)	(380,900)	0	(381,000)
Ending balance (in shares) at Jun. 30, 2023		0
Ending balance (in shares) at Jun. 30, 2023	14,863,171		14,863,000
Beginning balance at Mar. 31, 2023	$ 292,177	$ 0	$ 0	1,625,379	(940,247)	(9,063)	(387,361)	3,469
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	4,167				4,463			(296)
Currency translation adjustment	2,081						2,011	70
Dividends paid	(70)							(70)
Common shares repurchased	(4,199)				(4,199)
Share-based compensation	1,177			1,177
Ending balance at Jun. 30, 2023	$ 295,333	$ 0	$ 0	$ 1,626,556	$ (939,983)	$ (9,063)	$ (385,350)	$ 3,173
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common shares repurchased (in shares)	(212,200)
Ending balance (in shares) at Jun. 30, 2023		0
Ending balance (in shares) at Jun. 30, 2023	14,863,171		14,863,000

Unaudited Consolidated Statem_5

Unaudited Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities:
Net income (loss)	$ (2,144)	$ 12,138
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	42,363	43,210
Deferred income tax expense	3,985	3,256
Non-cash compensation charge	2,044	1,974
Gains on disposals of assets	(2,445)	(1,895)
Provision for credit losses, net of recoveries	(65)	(24)
Other, net	1,242	1,544
Changes in operating assets and liabilities:
Accounts receivable	(19,669)	(23,119)
Inventories	(297)	(1,180)
Accounts payable and accrued liabilities	(14,713)	(6,713)
Taxes payable	(78)	(99)
Other current and noncurrent assets and liabilities, net	9,538	(5,461)
Net cash flows provided by operating activities	19,761	23,631
Cash flows from investing activities:
Capital expenditures	(11,717)	(8,647)
Proceeds from dispositions of property, plant and equipment	2,719	3,302
Other, net	0	190
Net cash flows used in investing activities	(8,998)	(5,155)
Cash flows from financing activities:
Revolving credit borrowings	114,674	155,712
Revolving credit repayments	(98,681)	(158,288)
Term loan repayments	(14,942)	(15,763)
Repurchases of common shares	(7,970)	(542)
Taxes paid on vested shares	0	(1,013)
Net cash flows used in financing activities	(6,919)	(19,894)
Effect of exchange rate changes on cash	(377)	(82)
Net change in cash and cash equivalents	3,467	(1,500)
Cash and cash equivalents, beginning of period	7,954	6,282
Cash and cash equivalents, end of period	11,421	4,782
Non-cash financing activities:
Preferred dividends paid-in-kind	$ 0	$ 977

DESCRIPTION OF BUSINESS AND BAS

DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION	6 Months Ended
	Jun. 30, 2023
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 suite of 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 these 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 two principal reportable business segments – Canada and Australia. 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 consolidated 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 2022 financial information 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 unaudited consolidated financial statements included in this report should be read in conjunction with our audited consolidated financial statements and accompanying notes included in our Annual Report on Form 10-K for the year ended December 31, 2022.

REVENUE

REVENUE	6 Months Ended
	Jun. 30, 2023
Revenue from Contract with Customer [Abstract]
REVENUE	REVENUE The following table disaggregates our revenue by our two reportable segments: Canada and Australia and major categories for the periods indicated (in thousands): Three Months Ended Six Months Ended 2023 2022 2023 2022 Canada Accommodation revenues $ 72,355 $ 79,431 $ 136,583 $ 146,625 Mobile facility rental revenues 17,407 24,058 37,438 48,076 Food service and other services revenues 5,708 5,534 10,902 10,274 Total Canada revenues 95,470 109,023 184,923 204,975 Australia Accommodation revenues $ 44,342 $ 39,052 $ 84,941 $ 76,651 Food service and other services revenues 38,202 28,768 74,592 54,698 Total Australia revenues 82,544 67,820 159,533 131,349 Other Other revenues $ 829 $ 8,111 $ 1,978 $ 14,308 Total other revenues 829 8,111 1,978 14,308 Total revenues $ 178,843 $ 184,954 $ 346,434 $ 350,632 Our payment terms vary by the type and location of our customer and the products or services offered. The time between invoicing and when our performance obligations are satisfied is not significant. Payment terms are generally within 30 days and in most cases do not extend beyond 60 days. We do not have significant financing components or significant payment terms. As of June 30, 2023, 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, 2023 2024 2025 Thereafter Total Revenue expected to be recognized as of June 30, 2023 $ 64,514 $ 141,044 $ 103,287 $ 361,652 $ 670,497

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	6 Months Ended
	Jun. 30, 2023
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, 2023 and December 31, 2022, 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. In addition, the estimated fair value of our assets held for sale is based upon Level 2 fair value measurements, which include appraisals and previous negotiations with third parties.

DETAILS OF SELECTED BALANCE SHE

DETAILS OF SELECTED BALANCE SHEET ACCOUNTS	6 Months Ended
	Jun. 30, 2023
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, 2023 and December 31, 2022 is presented below (in thousands): June 30, 2023 December 31, 2022 Accounts receivable, net: Trade $ 80,231 $ 65,563 Unbilled revenue 58,144 52,547 Other 2,077 1,944 Total accounts receivable 140,452 120,054 Allowance for credit losses (362) (299) Total accounts receivable, net $ 140,090 $ 119,755 June 30, 2023 December 31, 2022 Inventories: Finished goods and purchased products $ 5,784 $ 5,538 Work in process — — Raw materials 1,387 1,369 Total inventories $ 7,171 $ 6,907 Estimated June 30, 2023 December 31, 2022 Property, plant and equipment, net: Land $ 25,388 $ 25,528 Accommodations assets 3 — 15 1,474,986 1,464,476 Buildings and leasehold improvements 7 — 20 15,755 15,516 Machinery and equipment 4 — 7 12,497 11,775 Office furniture and equipment 3 — 7 63,906 62,725 Vehicles 3 — 5 9,244 8,411 Construction in progress 8,047 1,771 Total property, plant and equipment 1,609,823 1,590,202 Accumulated depreciation (1,334,262) (1,288,312) Total property, plant and equipment, net $ 275,561 $ 301,890 June 30, 2023 December 31, 2022 Accrued liabilities: Accrued compensation $ 19,863 $ 34,358 Accrued taxes, other than income taxes 3,280 2,873 Other 4,381 1,980 Total accrued liabilities $ 27,524 $ 39,211 June 30, 2023 December 31, 2022 Contract liabilities (Deferred revenue): Current contract liabilities (1) $ 3,097 $ 991 Noncurrent contract liabilities (1) 3,237 — Total contract liabilities (Deferred revenue) $ 6,334 $ 991 (1) Current contract liabilities and Noncurrent contract liabilities are included in "Deferred revenue" and "Other noncurrent liabilities," respectively, in our unaudited consolidated balance sheets.

ASSETS HELD FOR SALE

ASSETS HELD FOR SALE	6 Months Ended
	Jun. 30, 2023
Discontinued Operations and Disposal Groups [Abstract]
ASSETS HELD FOR SALE	ASSETS HELD FOR SALE As of June 30, 2023 and December 31, 2022, assets held for sale included certain assets in our Canadian business segment and the U.S. These assets were recorded at the estimated fair value less costs to sell, which exceeded or equaled their carry values. During the first quarter of 2023, we sold the accommodation assets at our Louisiana location. The land at this location remains in assets held for sale as of June 30, 2023. The following table summarizes the carrying amount as of June 30, 2023 and December 31, 2022 of the assets classified as held for sale (in thousands): June 30, 2023 December 31, 2022 Assets held for sale: Property, plant and equipment, net $ 8,204 $ 8,653 Total assets held for sale $ 8,204 $ 8,653

EARNINGS PER SHARE

EARNINGS PER SHARE	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
EARNINGS PER SHARE	EARNINGS PER SHARE For the three and six months ended June 30, 2023, we calculated our basic earnings per share by dividing net income (loss) attributable to common shareholders, before allocation of earnings to participating earnings by the weighted average number of common shares outstanding. For diluted earnings per share, the basic shares outstanding are adjusted by adding all potentially dilutive securities. For the three and six months ended June 30, 2022, a period during which we had participating securities in the form of Class A preferred shares, we used the two-class method to calculate basic and diluted earnings per share. The two-class method requires a proportional share of net income to be allocated between common shares and participating securities. The proportional share to be allocated to participating securities is determined by dividing total weighted average participating securities by the sum of total weighted average common shares and participating securities. Basic earnings per share is computed under the two-class method by dividing the net income (loss) attributable to common shareholders, after allocation of earnings to participating earnings by the weighted average number of common shares outstanding during the period. Net income attributable to common shareholders, after allocation of earnings to participating earnings represents our net income reduced by an allocation of current period earnings to participating securities as described above. No such adjustment is made during periods with a net loss, as the adjustment would be anti-dilutive. Diluted earnings per share is computed under the two-class method by dividing diluted net income (loss) attributable to common shareholders, after reallocation adjustment for participating securities by the weighted average number of common shares outstanding, plus, for periods with net income attributable to common stockholders, the potential dilutive effects of share-based awards. In addition, we calculate the potential dilutive effect of any outstanding dilutive security under both the two-class method and the “if-converted” method, and we report the more dilutive of the methods as our diluted earnings per share. 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 June 30, Six Months Ended June 30, 2023 2022 2023 2022 Numerator: Net income (loss) attributable to Civeo common shareholders, before allocation of earnings to participating securities $ 4,463 $ 9,078 $ (1,890) $ 10,001 Less: income allocated to participating securities — (1,356) — (1,497) Net income (loss) attributable to Civeo Corporation common shareholders, after allocation of earnings to participating securities $ 4,463 $ 7,722 $ (1,890) $ 8,504 Add: undistributed income attributable to participating securities — 1,356 — 1,497 Less: undistributed income reallocated to participating securities — (1,346) — (1,483) Diluted net income (loss) attributable to Civeo Corporation common shareholders, after reallocation adjustment for participating securities $ 4,463 $ 7,732 $ (1,890) $ 8,518 Denominator: Weighted average shares outstanding - basic 14,970 14,148 15,064 14,122 Dilutive shares - share-based awards 30 127 — 149 Weighted average shares outstanding - diluted 15,000 14,275 15,064 14,271 Basic net income (loss) per share attributable to Civeo Corporation common shareholders (1) $ 0.30 $ 0.55 $ (0.13) $ 0.60 Diluted net income (loss) per share attributable to Civeo Corporation common shareholders (1) $ 0.30 $ 0.54 $ (0.13) $ 0.60 (1) Computations may reflect rounding adjustments. The following common share equivalents have been excluded from the calculation of weighted-average common shares outstanding because the effect is anti-dilutive for the periods presented (in millions of shares): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Share-based awards (1) — — — — Preferred shares — 2.5 — 2.5 (1) Share-based awards for the three and six months ended June 30, 2023 and

DEBT

DEBT	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
DEBT	DEBT As of June 30, 2023 and December 31, 2022, long-term debt consisted of the following (in thousands): June 30, 2023 December 31, 2022 Canadian term loan; weighted average interest rate of 7.9% for the six month period ended June 30, 2023 $ 15,106 $ 29,532 U.S. revolving credit facility; weighted average interest rate of 9.9% for the six month period ended June 30, 2023 — — Canadian revolving credit facility; weighted average interest rate of 8.0% for the six month period ended June 30, 2023 120,999 101,147 Australian revolving credit facility; weighted average interest rate of 6.5% for the six month period ended June 30, 2023 — 1,358 136,105 132,037 Less: Unamortized debt issuance costs 442 1,084 Total debt 135,663 130,953 Less: Current portion of long-term debt, including unamortized debt issuance costs, net 14,664 28,448 Long-term debt, less current maturities $ 120,999 $ 102,505 Credit Agreement As of June 30, 2023, our Credit Agreement (as then amended to date, the Credit Agreement) provided for: (i) a $200.0 million revolving credit facility scheduled to mature on September 8, 2025, allocated as follows: (A) a $10.0 million senior secured revolving credit facility in favor of one of our U.S. subsidiaries, as borrower; (B) a $155.0 million senior secured revolving credit facility in favor of Civeo, as borrower; and (C) a $35.0 million senior secured revolving credit facility in favor of one of our Australian subsidiaries, as borrower; and (ii) a C$100.0 million term loan facility scheduled to be fully repaid on December 31, 2023 in favor of Civeo. The Credit Agreement was amended effective March 31, 2023 to, among other things, change the benchmark interest rate for certain U.S. dollar-denominated loans in each of the Australian Revolving Facility, Canadian Revolving Facility, and U.S. Revolving Facility from London Inter-Bank Offered Rate to Term Secured Overnight Financing Rate (SOFR). U.S. dollar amounts outstanding under the facilities provided by the Credit Agreement bear interest at a variable rate equal to the Term SOFR plus a margin of 3.00% to 4.00%, or a base rate plus 2.00% to 3.00%, in each case based on a ratio of our total net 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 3.00% to 4.00%, or a Canadian Prime rate plus a margin of 2.00% to 3.00%, in each case based on a ratio of our total net 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 3.00% to 4.00%, based on a ratio of our total net debt to Consolidated EBITDA. The future transition from CDOR as an interest rate benchmark is addressed in the Credit Agreement and at such time the transition from CDOR takes place, an alternate benchmark will be established based on the first alternative of the following, plus a benchmark replacement adjustment, Term Canadian Overnight Repo Rate Average (CORRA) and Compound CORRA. 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) specified acquisitions; (iv) certain restrictive agreements; (v) transactions with affiliates; and (vi) investments and other restricted payments, including dividends and other distributions. In addition, we must maintain a minimum 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 net leverage ratio, defined as the ratio of total net debt to Consolidated EBITDA, of no greater than 3.00 to 1.00. Following a qualified offering of indebtedness, we will be required to maintain a maximum leverage ratio of no greater than 3.50 to 1.00 and a maximum senior secured ratio less than 2.00 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 June 30, 2023. 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 June 30, 2023, we had seven lenders that were parties to the Credit Agreement, with total commitments (including both revolving commitments and term commitments) ranging from $22.5 million to $52.0 million. As of June 30, 2023, we had outstanding letters of credit of $0.3 million under the U.S. facility, zero under the Australian facility and $1.1 million under the Canadian facility. We also had outstanding bank guarantees of A$0.8 million under the Australian facility.

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jun. 30, 2023
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 15% 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, 2023 and 2022, 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. Our income tax expense for the three months ended June 30, 2023 totaled $2.9 million, or 40.9% of pretax income, compared to income tax expense of $1.8 million, or 15.1% of pretax income, for the three months ended June 30, 2022. Our effective tax rate for each of the three months ended June 30, 2023 and 2022 was impacted by considering Canada and the U.S. loss jurisdictions that were removed from the annual effective tax rate computation for purposes of computing the interim tax provision. Additionally, under Accounting Standards Codification 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, 2023
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, 2023
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
ACCUMULATED OTHER COMPREHENSIVE LOSS	ACCUMULATED OTHER COMPREHENSIVE LOSS Our accumulated other comprehensive loss increased $0.2 million from $385.2 million at December 31, 2022 to $385.4 million at June 30, 2023, as a result of foreign currency exchange rate fluctuations. Changes in other comprehensive loss during the first six months of 2023 were primarily driven by the Australian dollar decreasing in value compared to the U.S. dollar and 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$186 million and A$217 million, respectively, at June 30, 2023.

SHARE REPURCHASE PROGRAMS

SHARE REPURCHASE PROGRAMS	6 Months Ended
	Jun. 30, 2023
Equity [Abstract]
SHARE REPURCHASE PROGRAMS	SHARE REPURCHASE PROGRAMS In August 2022 and August 2021, our Board of Directors (Board) authorized common share repurchase programs to repurchase up to 5.0% of our total common shares which were issued and outstanding, or approximately 685,000 common shares and 715,000 common shares, respectively, over a twelve month period. The repurchase authorization allows repurchases from time to time in open market transactions, including pursuant to trading plans adopted in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934. We have funded, and intend to continue to fund, repurchases through cash on hand and cash generated from operations. The common shares repurchased under the share repurchase programs are cancelled in the periods they are acquired and the payment is accounted for as an increase to accumulated deficit in our Unaudited Consolidated Statements of Changes in Shareholders’ Equity in the period the payment is made. The following table summarizes our common share repurchases pursuant to our share repurchase programs (in thousands, except per share data). Three Months Ended Six Months Ended 2023 2022 2023 2022 Dollar-value of shares repurchased $ 4,199 $ 533 $ 7,970 $ 542 Shares repurchased 212.2 22.4 380.9 22.9 Average price paid per share $ 19.75 $ 23.76 $ 20.90 $ 23.65

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION	6 Months Ended
	Jun. 30, 2023
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 and the Compensation Committee of our Board 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 3,028,667 Civeo common shares are authorized to be issued under the Civeo Plan. Outstanding Awards Restricted Share Awards / Restricted Share Units / Deferred Share Awards. On May 17, 2023, we granted 49,598 restricted share and deferred share awards to our non-employee directors, which vest in their entirety on May 15, 2024. Compensation expense associated with restricted share awards, restricted share units and deferred share awards recognized in the three months ended June 30, 2023 and 2022 totaled $0.3 million and $0.3 million, respectively. Compensation expense associated with restricted share awards, restricted share units and deferred share awards recognized in the six months ended June 30, 2023 and 2022 totaled $0.5 million and $0.7 million, respectively. The total fair value of restricted share awards, restricted share units and deferred share awards that vested during the three months ended June 30, 2023 and 2022 was $0.8 million and $1.5 million, respectively. The total fair value of restricted share awards, restricted share units and deferred share awards that vested during the six months ended June 30, 2023 and 2022 was $0.9 million and $2.1 million, respectively. At June 30, 2023, unrecognized compensation cost related to restricted share awards, restricted share units and deferred share awards was $0.9 million, which is expected to be recognized over a weighted average period of 0.9 years. Phantom Share Awards. On February 23, 2023, we granted 171,608 phantom share awards under the Civeo Plan, which vest in three three During the three months ended June 30, 2023 and 2022, we recognized compensation expense associated with phantom shares totaling $1.4 million and $2.5 million, respectively. During the six months ended June 30, 2023 and 2022, we recognized compensation expense associated with phantom shares totaling $3.2 million and $4.9 million, respectively. At June 30, 2023, unrecognized compensation cost related to phantom shares was $8.3 million, as remeasured at June 30, 2023, which is expected to be recognized over a weighted average period of 2.0 years. Performance Awards. On February 23, 2023, we granted 85,837 performance awards under the Civeo Plan, which cliff vest in three years on February 23, 2026 subject to attainment of applicable performance criteria. These awards will be earned in amounts between 0% and 200% of the participant’s target performance share award, based equally on (i) the payout percentage associated with Civeo’s relative total shareholder return rank among a peer group that includes 16 other companies and (ii) the payout percentage associated with Civeo's cumulative operating cash flow over the performance period relative to a preset target. The portion of the performance awards tied to cumulative operating cash flow includes a performance-based vesting requirement. 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.

SEGMENT AND RELATED INFORMATION

SEGMENT AND RELATED INFORMATION	6 Months Ended
	Jun. 30, 2023
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 and Australia, which represent our strategic focus on hospitality services and workforce accommodations. Prior to the first quarter of 2023, we presented the U.S. operating segment as a separate reportable segment. Our operating segment in the U.S. no longer meets the reportable segment quantitative thresholds required by GAAP and is included below within the Corporate, other and eliminations category. Prior periods have been updated to be consistent with the presentation for the three and six months ended June 30, 2023. Financial information by business segment for each of the three and six months ended June 30, 2023 and 2022 is summarized in the following table (in thousands): Total Depreciation Operating Capital Total assets Three months ended June 30, 2023 Canada $ 95,470 $ 13,363 $ 3,177 $ 2,608 $ 737,764 Australia 82,544 7,371 9,176 4,104 191,062 Corporate, other and eliminations 829 (33) (2,181) 233 (369,864) Total $ 178,843 $ 20,701 $ 10,172 $ 6,945 $ 558,962 Three months ended June 30, 2022 Canada $ 109,023 $ 14,998 $ 11,197 $ 1,847 $ 753,303 Australia 67,820 7,728 5,452 2,832 204,086 Corporate, other and eliminations 8,111 357 (2,407) 376 (319,992) Total $ 184,954 $ 23,083 $ 14,242 $ 5,055 $ 637,397 Six months ended June 30, 2023 Canada $ 184,923 $ 27,502 $ (1,325) $ 4,069 $ 737,764 Australia 159,533 14,918 14,073 7,129 191,062 Corporate, other and eliminations 1,978 (57) (6,480) 519 (369,864) Total $ 346,434 $ 42,363 $ 6,268 $ 11,717 $ 558,962 Six months ended June 30, 2022 Canada $ 204,975 $ 26,595 $ 15,235 $ 3,853 $ 753,303 Australia 131,349 15,685 11,587 4,048 204,086 Corporate, other and eliminations 14,308 930 (8,343) 746 (319,992) Total $ 350,632 $ 43,210 $ 18,479 $ 8,647 $ 637,397

REVENUE (Tables)

REVENUE (Tables)	6 Months Ended
	Jun. 30, 2023
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The following table disaggregates our revenue by our two reportable segments: Canada and Australia and major categories for the periods indicated (in thousands): Three Months Ended Six Months Ended 2023 2022 2023 2022 Canada Accommodation revenues $ 72,355 $ 79,431 $ 136,583 $ 146,625 Mobile facility rental revenues 17,407 24,058 37,438 48,076 Food service and other services revenues 5,708 5,534 10,902 10,274 Total Canada revenues 95,470 109,023 184,923 204,975 Australia Accommodation revenues $ 44,342 $ 39,052 $ 84,941 $ 76,651 Food service and other services revenues 38,202 28,768 74,592 54,698 Total Australia revenues 82,544 67,820 159,533 131,349 Other Other revenues $ 829 $ 8,111 $ 1,978 $ 14,308 Total other revenues 829 8,111 1,978 14,308 Total revenues $ 178,843 $ 184,954 $ 346,434 $ 350,632
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction	As of June 30, 2023, 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, 2023 2024 2025 Thereafter Total Revenue expected to be recognized as of June 30, 2023 $ 64,514 $ 141,044 $ 103,287 $ 361,652 $ 670,497

DETAILS OF SELECTED BALANCE S_2

DETAILS OF SELECTED BALANCE SHEET ACCOUNTS (Tables)	6 Months Ended
	Jun. 30, 2023
Balance Sheet Related Disclosures [Abstract]
Schedule of Accounts Receivable	Additional information regarding selected balance sheet accounts at June 30, 2023 and December 31, 2022 is presented below (in thousands): June 30, 2023 December 31, 2022 Accounts receivable, net: Trade $ 80,231 $ 65,563 Unbilled revenue 58,144 52,547 Other 2,077 1,944 Total accounts receivable 140,452 120,054 Allowance for credit losses (362) (299) Total accounts receivable, net $ 140,090 $ 119,755
Schedule of Inventories	June 30, 2023 December 31, 2022 Inventories: Finished goods and purchased products $ 5,784 $ 5,538 Work in process — — Raw materials 1,387 1,369 Total inventories $ 7,171 $ 6,907
Property, Plant and Equipment	Estimated June 30, 2023 December 31, 2022 Property, plant and equipment, net: Land $ 25,388 $ 25,528 Accommodations assets 3 — 15 1,474,986 1,464,476 Buildings and leasehold improvements 7 — 20 15,755 15,516 Machinery and equipment 4 — 7 12,497 11,775 Office furniture and equipment 3 — 7 63,906 62,725 Vehicles 3 — 5 9,244 8,411 Construction in progress 8,047 1,771 Total property, plant and equipment 1,609,823 1,590,202 Accumulated depreciation (1,334,262) (1,288,312) Total property, plant and equipment, net $ 275,561 $ 301,890
Schedule of Accrued Liabilities	June 30, 2023 December 31, 2022 Accrued liabilities: Accrued compensation $ 19,863 $ 34,358 Accrued taxes, other than income taxes 3,280 2,873 Other 4,381 1,980 Total accrued liabilities $ 27,524 $ 39,211
Schedule of Deferred Revenue	June 30, 2023 December 31, 2022 Contract liabilities (Deferred revenue): Current contract liabilities (1) $ 3,097 $ 991 Noncurrent contract liabilities (1) 3,237 — Total contract liabilities (Deferred revenue) $ 6,334 $ 991

ASSETS HELD FOR SALE (Tables)

ASSETS HELD FOR SALE (Tables)	6 Months Ended
	Jun. 30, 2023
Discontinued Operations and Disposal Groups [Abstract]
Disposal Groups, Including Discontinued Operations	The following table summarizes the carrying amount as of June 30, 2023 and December 31, 2022 of the assets classified as held for sale (in thousands): June 30, 2023 December 31, 2022 Assets held for sale: Property, plant and equipment, net $ 8,204 $ 8,653 Total assets held for sale $ 8,204 $ 8,653

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	6 Months Ended
	Jun. 30, 2023
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 June 30, Six Months Ended June 30, 2023 2022 2023 2022 Numerator: Net income (loss) attributable to Civeo common shareholders, before allocation of earnings to participating securities $ 4,463 $ 9,078 $ (1,890) $ 10,001 Less: income allocated to participating securities — (1,356) — (1,497) Net income (loss) attributable to Civeo Corporation common shareholders, after allocation of earnings to participating securities $ 4,463 $ 7,722 $ (1,890) $ 8,504 Add: undistributed income attributable to participating securities — 1,356 — 1,497 Less: undistributed income reallocated to participating securities — (1,346) — (1,483) Diluted net income (loss) attributable to Civeo Corporation common shareholders, after reallocation adjustment for participating securities $ 4,463 $ 7,732 $ (1,890) $ 8,518 Denominator: Weighted average shares outstanding - basic 14,970 14,148 15,064 14,122 Dilutive shares - share-based awards 30 127 — 149 Weighted average shares outstanding - diluted 15,000 14,275 15,064 14,271 Basic net income (loss) per share attributable to Civeo Corporation common shareholders (1) $ 0.30 $ 0.55 $ (0.13) $ 0.60 Diluted net income (loss) per share attributable to Civeo Corporation common shareholders (1) $ 0.30 $ 0.54 $ (0.13) $ 0.60
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	The following common share equivalents have been excluded from the calculation of weighted-average common shares outstanding because the effect is anti-dilutive for the periods presented (in millions of shares): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Share-based awards (1) — — — — Preferred shares — 2.5 — 2.5 (1) Share-based awards for the three and six months ended June 30, 2023 and

DEBT (Tables)

DEBT (Tables)	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	As of June 30, 2023 and December 31, 2022, long-term debt consisted of the following (in thousands): June 30, 2023 December 31, 2022 Canadian term loan; weighted average interest rate of 7.9% for the six month period ended June 30, 2023 $ 15,106 $ 29,532 U.S. revolving credit facility; weighted average interest rate of 9.9% for the six month period ended June 30, 2023 — — Canadian revolving credit facility; weighted average interest rate of 8.0% for the six month period ended June 30, 2023 120,999 101,147 Australian revolving credit facility; weighted average interest rate of 6.5% for the six month period ended June 30, 2023 — 1,358 136,105 132,037 Less: Unamortized debt issuance costs 442 1,084 Total debt 135,663 130,953 Less: Current portion of long-term debt, including unamortized debt issuance costs, net 14,664 28,448 Long-term debt, less current maturities $ 120,999 $ 102,505

SHARE REPURCHASE PROGRAMS (Tabl

SHARE REPURCHASE PROGRAMS (Tables)	6 Months Ended
	Jun. 30, 2023
Equity [Abstract]
Summary of Common Share Repurchases	The following table summarizes our common share repurchases pursuant to our share repurchase programs (in thousands, except per share data). Three Months Ended Six Months Ended 2023 2022 2023 2022 Dollar-value of shares repurchased $ 4,199 $ 533 $ 7,970 $ 542 Shares repurchased 212.2 22.4 380.9 22.9 Average price paid per share $ 19.75 $ 23.76 $ 20.90 $ 23.65

SEGMENT AND RELATED INFORMATI_2

SEGMENT AND RELATED INFORMATION (Tables)	6 Months Ended
	Jun. 30, 2023
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	Financial information by business segment for each of the three and six months ended June 30, 2023 and 2022 is summarized in the following table (in thousands): Total Depreciation Operating Capital Total assets Three months ended June 30, 2023 Canada $ 95,470 $ 13,363 $ 3,177 $ 2,608 $ 737,764 Australia 82,544 7,371 9,176 4,104 191,062 Corporate, other and eliminations 829 (33) (2,181) 233 (369,864) Total $ 178,843 $ 20,701 $ 10,172 $ 6,945 $ 558,962 Three months ended June 30, 2022 Canada $ 109,023 $ 14,998 $ 11,197 $ 1,847 $ 753,303 Australia 67,820 7,728 5,452 2,832 204,086 Corporate, other and eliminations 8,111 357 (2,407) 376 (319,992) Total $ 184,954 $ 23,083 $ 14,242 $ 5,055 $ 637,397 Six months ended June 30, 2023 Canada $ 184,923 $ 27,502 $ (1,325) $ 4,069 $ 737,764 Australia 159,533 14,918 14,073 7,129 191,062 Corporate, other and eliminations 1,978 (57) (6,480) 519 (369,864) Total $ 346,434 $ 42,363 $ 6,268 $ 11,717 $ 558,962 Six months ended June 30, 2022 Canada $ 204,975 $ 26,595 $ 15,235 $ 3,853 $ 753,303 Australia 131,349 15,685 11,587 4,048 204,086 Corporate, other and eliminations 14,308 930 (8,343) 746 (319,992) Total $ 350,632 $ 43,210 $ 18,479 $ 8,647 $ 637,397

DESCRIPTION OF BUSINESS AND B_2

DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION - Narrative (Details)	6 Months Ended
	Jun. 30, 2023 segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of reportable segments	2

REVENUE - Narrative (Details)

REVENUE - Narrative (Details)	6 Months Ended
	Jun. 30, 2023 segment
Revenue from Contract with Customer [Abstract]
Number of reportable segments	2

REVENUE - Disaggregation of rev

REVENUE - Disaggregation of revenue by major categories (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Disaggregation of Revenue [Line Items]
Total revenues	$ 178,843	$ 184,954	$ 346,434	$ 350,632
Mobile facility rental revenues
Disaggregation of Revenue [Line Items]
Total revenues	13	7,035	34	12,295
Canada
Disaggregation of Revenue [Line Items]
Total revenues	95,470	109,023	184,923	204,975
Canada | Accommodation revenues
Disaggregation of Revenue [Line Items]
Total revenues	72,355	79,431	136,583	146,625
Canada | Mobile facility rental revenues
Disaggregation of Revenue [Line Items]
Total revenues	17,407	24,058	37,438	48,076
Canada | Food service and other services revenues
Disaggregation of Revenue [Line Items]
Total revenues	5,708	5,534	10,902	10,274
Australia
Disaggregation of Revenue [Line Items]
Total revenues	82,544	67,820	159,533	131,349
Australia | Accommodation revenues
Disaggregation of Revenue [Line Items]
Total revenues	44,342	39,052	84,941	76,651
Australia | Food service and other services revenues
Disaggregation of Revenue [Line Items]
Total revenues	38,202	28,768	74,592	54,698
Other
Disaggregation of Revenue [Line Items]
Total revenues	829	8,111	1,978	14,308
Other | Accommodation revenues
Disaggregation of Revenue [Line Items]
Total revenues	$ 829	$ 8,111	$ 1,978	$ 14,308

REVENUE - Revenue related to pe

REVENUE - Revenue related to performance obligations (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue expected to be recognized as of June 30, 2023	$ 670,497
Revenue, remaining performance obligation, expected timing of satisfaction, start date [Axis]: 2023-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue expected to be recognized as of June 30, 2023	$ 64,514
Revenue expected to be recognized, period	6 months
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 June 30, 2023	$ 141,044
Revenue expected to be recognized, period	1 year
Revenue, remaining performance obligation, expected timing of satisfaction, start date [Axis]: 2025-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue expected to be recognized as of June 30, 2023	$ 103,287
Revenue expected to be recognized, period	1 year
Revenue, remaining performance obligation, expected timing of satisfaction, start date [Axis]: 2026-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue expected to be recognized as of June 30, 2023	$ 361,652
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, 2023	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total accounts receivable	$ 140,452	$ 120,054
Allowance for credit losses	(362)	(299)
Total accounts receivable, net	140,090	119,755
Trade
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total accounts receivable	80,231	65,563
Unbilled revenue
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total accounts receivable	58,144	52,547
Other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total accounts receivable	$ 2,077	$ 1,944

DETAILS OF SELECTED BALANCE S_4

DETAILS OF SELECTED BALANCE SHEET ACCOUNTS - Inventories (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Inventories:
Finished goods and purchased products	$ 5,784	$ 5,538
Work in process	0	0
Raw materials	1,387	1,369
Total inventories	$ 7,171	$ 6,907

DETAILS OF SELECTED BALANCE S_5

DETAILS OF SELECTED BALANCE SHEET ACCOUNTS - Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	$ 1,609,823	$ 1,590,202
Accumulated depreciation	(1,334,262)	(1,288,312)
Total property, plant and equipment, net	275,561	301,890
Land
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	25,388	25,528
Accommodations assets
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	$ 1,474,986	1,464,476
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	$ 15,755	15,516
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	$ 12,497	11,775
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)	7 years
Office furniture and equipment
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	$ 63,906	62,725
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	$ 9,244	8,411
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	$ 8,047	$ 1,771

DETAILS OF SELECTED BALANCE S_6

DETAILS OF SELECTED BALANCE SHEET ACCOUNTS - Accrued Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Accrued liabilities:
Accrued compensation	$ 19,863	$ 34,358
Accrued taxes, other than income taxes	3,280	2,873
Other	4,381	1,980
Total accrued liabilities	$ 27,524	$ 39,211

DETAILS OF SELECTED BALANCE S_7

DETAILS OF SELECTED BALANCE SHEET ACCOUNTS - Deferred Revenue (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Balance Sheet Related Disclosures [Abstract]
Current contract liabilities	$ 3,097	$ 991
Noncurrent contract liabilities	3,237	0
Total contract liabilities (Deferred revenue)	$ 6,334	$ 991

ASSETS HELD FOR SALE - Carrying

ASSETS HELD FOR SALE - Carrying Amount of Assets Held for Sale (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Assets held for sale:
Property, plant and equipment, net	$ 8,204	$ 8,653
Total assets held for sale	$ 8,204	$ 8,653

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, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Numerator:
Net income (loss) attributable to Civeo common shareholders, before allocation of earnings to participating securities	$ 4,463	$ 9,078	$ (1,890)	$ 10,001
Less: income allocated to participating securities	0	(1,356)	0	(1,497)
Net income (loss) attributable to Civeo Corporation common shareholders, after allocation of earnings to participating securities	4,463	7,722	(1,890)	8,504
Add: undistributed income attributable to participating securities	0	1,356	0	1,497
Less: undistributed income reallocated to participating securities	0	(1,346)	0	(1,483)
Diluted net income (loss) attributable to Civeo Corporation common shareholders, after reallocation adjustment for participating securities	$ 4,463	$ 7,732	$ (1,890)	$ 8,518
Denominator:
Weighted average shares outstanding - basic (in shares)	14,970	14,148	15,064	14,122
Dilutive shares - share-based awards (in shares)	30	127	0	149
Weighted average shares outstanding - diluted (in shares)	15,000	14,275	15,064	14,271
Basic net income (loss) per share attributable to Civeo Corporation common shareholders (in dollars per share)	$ 0.30	$ 0.55	$ (0.13)	$ 0.60
Diluted net income (loss) per share attributable to Civeo Corporation common shareholders (in dollars per share)	$ 0.30	$ 0.54	$ (0.13)	$ 0.60

EARNINGS PER SHARE - Schedule o

EARNINGS PER SHARE - Schedule of Antidilutive Securities Excluded from Computation of Earnings per Share (Details) - shares shares in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Share-based awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	0	0	0	0
Antidilutive securities excluded from computation of earnings per share, aggregate amount (in shares)	0.1	0.1	0.1	0.1
Preferred Shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	0	2.5	0	2.5

DEBT - Long-term Debt (Details)

DEBT - Long-term Debt (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Long-term debt, gross	$ 136,105	$ 132,037
Less: Unamortized debt issuance costs	442	1,084
Total debt	135,663	130,953
Less: Current portion of long-term debt, including unamortized debt issuance costs, net	14,664	28,448
Long-term debt, less current maturities	120,999	102,505
Canadian term loan; weighted average interest rate of 7.9% for the six month period ended June 30, 2023
Debt Instrument [Line Items]
Canadian term loan	$ 15,106	29,532
Weighted average interest rate of term loan	7.90%
U.S. revolving credit facility; weighted average interest rate of 9.9% for the six month period ended June 30, 2023
Debt Instrument [Line Items]
Revolving credit facility	$ 0	0
Interest rate on line of credit facility	9.90%
Canadian revolving credit facility; weighted average interest rate of 8.0% for the six month period ended June 30, 2023
Debt Instrument [Line Items]
Revolving credit facility	$ 120,999	101,147
Interest rate on line of credit facility	8%
Australian revolving credit facility; weighted average interest rate of 6.5% for the six month period ended June 30, 2023
Debt Instrument [Line Items]
Revolving credit facility	$ 0	$ 1,358
Interest rate on line of credit facility	6.50%

DEBT - Credit Agreement (Detail

DEBT - Credit Agreement (Details) $ in Millions, $ in Millions	6 Months Ended
	Jun. 30, 2023 USD ($) lender	Jun. 30, 2023 CAD ($) lender	Jun. 30, 2023 AUD ($) lender	Dec. 31, 2022 USD ($)
Line of Credit Facility [Line Items]
Interest coverage ratio	3
Long-term debt	$ 135,663,000			$ 130,953,000
Line of credit | Base rate | Minimum | Canada, Dollars
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate	2%
Line of credit | Base rate | Maximum | Canada, Dollars
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate	3%
Line of credit | Secured Overnight Financing Rate (SOFR) | Minimum | United States of America, Dollars
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate	3%
Line of credit | Secured Overnight Financing Rate (SOFR) | Maximum | United States of America, Dollars
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate	4%
Line of credit | Canadian Dealer Offered Rate (CDOR) | Minimum | Canada, Dollars
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate	3%
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%
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	3%
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%
Syndicated Facility Agreement | US term loan
Line of Credit Facility [Line Items]
Term loan, face amount		$ 100
Third Amendment to the Credit Agreement
Line of Credit Facility [Line Items]
Leverage ratio	3
Third Amendment to the Credit Agreement | Minimum
Line of Credit Facility [Line Items]
Leverage ratio	2
Third Amendment to the Credit Agreement | Maximum
Line of Credit Facility [Line Items]
Leverage ratio	3.50
Credit facility
Line of Credit Facility [Line Items]
Number of lenders | lender	7	7	7
Credit facility | Minimum
Line of Credit Facility [Line Items]
Lender commitments, within credit agreement	$ 22,500,000
Credit facility | Maximum
Line of Credit Facility [Line Items]
Lender commitments, within credit agreement	52,000,000
Revolving credit facility | Syndicated Facility Agreement
Line of Credit Facility [Line Items]
Revolving credit facility, maximum borrowing capacity	200,000,000
Revolving credit facility, U.S. subsidiaries | Syndicated Facility Agreement
Line of Credit Facility [Line Items]
Revolving credit facility, maximum borrowing capacity	10,000,000
Revolving credit facility, U.S. subsidiaries | Credit facility
Line of Credit Facility [Line Items]
Outstanding letters of credit	300,000
Revolving credit facility, Canadian subsidiaries | Syndicated Facility Agreement
Line of Credit Facility [Line Items]
Revolving credit facility, maximum borrowing capacity	155,000,000
Revolving credit facility, Canadian subsidiaries | Credit facility
Line of Credit Facility [Line Items]
Outstanding letters of credit	1,100,000
Revolving credit facility, Australian subsidiaries | Syndicated Facility Agreement
Line of Credit Facility [Line Items]
Revolving credit facility, maximum borrowing capacity	35,000,000
Revolving credit facility, Australian subsidiaries | Credit facility
Line of Credit Facility [Line Items]
Outstanding letters of credit	$ 0
Bank Guarantee Facility
Line of Credit Facility [Line Items]
Long-term debt			$ 0.8

INCOME TAXES - Narrative (Detai

INCOME TAXES - Narrative (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023 USD ($) jurisdiction	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) jurisdiction	Jun. 30, 2022 USD ($)
Schedule of Income Taxes [Line Items]
Number of tax jurisdictions | jurisdiction	3		3
Income tax expense (benefit) | $	$ (2,878)	$ (1,821)	$ (4,111)	$ (3,378)
Income tax benefit, percent of pretax loss	40.90%	15.10%	209%	21.80%
Minimum
Schedule of Income Taxes [Line Items]
Statutory tax rate, Canada, Australia and the U.S.	15%		15%
Maximum
Schedule of Income Taxes [Line Items]
Statutory tax rate, Canada, Australia and the U.S.	30%		30%

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE LOSS - Narrative (Details) $ in Thousands, $ in Millions, $ in Millions	6 Months Ended
	Jun. 30, 2023 USD ($)	Jun. 30, 2023 CAD ($)	Jun. 30, 2023 AUD ($)	Dec. 31, 2022 USD ($)
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Increase in other comprehensive loss, foreign currency exchange rate fluctuations during the period	$ 200
Accumulated other comprehensive loss	$ (385,350)			$ (385,187)
International functional currency net assets		$ 186	$ 217

SHARE REPURCHASE PROGRAMS (Deta

SHARE REPURCHASE PROGRAMS (Details) - shares	1 Months Ended
	Aug. 31, 2022	Aug. 31, 2021
Equity [Abstract]
Stock repurchase program, authorized amount, percentage	5%	5%
Stock repurchase program, authorized amount (in shares)	685,000	715,000
Stock repurchase program, purchase period	12 months	12 months

SHARE REPURCHASE PROGRAMS - Sch

SHARE REPURCHASE PROGRAMS - Schedule of Common Stock Repurchases (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Equity [Abstract]
Dollar-value of shares repurchased	$ 4,199	$ 533	$ 7,970	$ 542
Shares repurchased (in shares)	212,200	22,400	380,900	22,900
Average price paid per share (in dollars per share)	$ 19.75	$ 23.76	$ 20.90	$ 23.65

SHARE-BASED COMPENSATION - Narr

SHARE-BASED COMPENSATION - Narrative (Details)			3 Months Ended		6 Months Ended
	May 17, 2023 shares	Feb. 23, 2023 company shares	Jun. 30, 2023 USD ($) shares	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) shares	Jun. 30, 2022 USD ($)
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Share-based compensation arrangement, number of shares authorized (in shares) | shares			3,028,667		3,028,667
Allocated share-based compensation expense			$ 300,000	$ 300,000	$ 500,000	$ 700,000
Restricted stock and deferred stock awards
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Fair value of restricted share awards and deferred compensation that vested during the period			800,000	1,500,000	900,000	2,100,000
Unrecognized compensation cost related to share awards			900,000		$ 900,000
Unrecognized compensation cost related to share awards, expected weighted average vesting period					10 months 24 days
Restricted stock and deferred stock awards | Share-Based Payment Arrangement, Nonemployee
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Restricted share awards granted to non-employee directors (in shares) | shares	49,598
Phantom share units (PSUs)
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Allocated share-based compensation expense			1,400,000	2,500,000	$ 3,200,000	4,900,000
Unrecognized compensation cost related to share awards, expected weighted average vesting period					2 years
Unrecognized compensation costs related to performance awards			8,300,000		$ 8,300,000
Phantom share units (PSUs) | Civeo Plan
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Share awards granted (in shares) | shares		171,608
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 granted (in shares) | shares		56,387
Vesting period of share awards		3 years
Performance shares
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Allocated share-based compensation expense			900,000	$ 700,000	1,500,000	1,300,000
Fair value of restricted share awards and deferred compensation that vested during the period					$ 0	$ 2,400,000
Unrecognized compensation cost related to share awards, expected weighted average vesting period					2 years
Unrecognized compensation costs related to performance awards			$ 5,500,000		$ 5,500,000
Number of companies | company		16
Performance shares | Civeo Plan
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Share awards granted (in shares) | shares		85,837
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%
Performance shares | Civeo Plan | Maximum
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Target performance, share award percentage		200%

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, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Segment Reporting Information [Line Items]
Total revenues	$ 178,843	$ 184,954	$ 346,434	$ 350,632
Depreciation and amortization	20,701	23,083	42,363	43,210
Operating income (loss)	10,172	14,242	6,268	18,479
Capital expenditures	6,945	5,055	11,717	8,647
Total assets	558,962	637,397	558,962	637,397	$ 566,184
Canada
Segment Reporting Information [Line Items]
Total revenues	95,470	109,023	184,923	204,975
Australia
Segment Reporting Information [Line Items]
Total revenues	82,544	67,820	159,533	131,349
Operating segments | Canada
Segment Reporting Information [Line Items]
Total revenues	95,470	109,023	184,923	204,975
Depreciation and amortization	13,363	14,998	27,502	26,595
Operating income (loss)	3,177	11,197	(1,325)	15,235
Capital expenditures	2,608	1,847	4,069	3,853
Total assets	737,764	753,303	737,764	753,303
Operating segments | Australia
Segment Reporting Information [Line Items]
Total revenues	82,544	67,820	159,533	131,349
Depreciation and amortization	7,371	7,728	14,918	15,685
Operating income (loss)	9,176	5,452	14,073	11,587
Capital expenditures	4,104	2,832	7,129	4,048
Total assets	191,062	204,086	191,062	204,086
Corporate, other and eliminations
Segment Reporting Information [Line Items]
Total revenues	829	8,111	1,978	14,308
Depreciation and amortization	(33)	357	(57)	930
Operating income (loss)	(2,181)	(2,407)	(6,480)	(8,343)
Capital expenditures	233	376	519	746
Total assets	$ (369,864)	$ (319,992)	$ (369,864)	$ (319,992)