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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2022
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
  
 For the transition period from _________________________ to _________________________
Commission file number: 001-36246
Civeo Corporation
(Exact name of registrant as specified in its charter)
British Columbia, Canada98-1253716
(State or other jurisdiction of(I.R.S. Employer
incorporation or organization)Identification No.)
  
Three Allen Center, 333 Clay Street, Suite 4980,
77002
Houston, Texas
(Zip Code)
(Address of principal executive offices) 
(713) 510-2400
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading SymbolName of Each Exchange on Which Registered
Common Shares, no par valueCVEONew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes ☒No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
YesNo
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "accelerated filer," "large accelerated filer," "smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large Accelerated FilerAccelerated Filer
 
Emerging Growth Company
 
   
Non-Accelerated Filer Smaller Reporting Company
 
 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).



YesNo

The Registrant had 14,188,012 common shares outstanding as of July 25, 2022.



CIVEO CORPORATION
INDEX
Page No.
Part I -- FINANCIAL INFORMATION
Item 1. Financial Statements:
Consolidated Financial Statements
Unaudited Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2022 and 2021
Unaudited Consolidated Statements of Comprehensive Income (Loss) for the Three and Six Months Ended June 30, 2022 and 2021
Consolidated Balance Sheets – as of June 30, 2022 (unaudited) and December 31, 2021
Unaudited Consolidated Statements of Changes in Shareholders’ Equity for the Three and Six Months Ended June 30, 2022 and 2021
Unaudited Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2022 and 2021
Notes to Unaudited Consolidated Financial Statements
Cautionary Statement Regarding Forward-Looking Statements
Item 2.   Management’s Discussion and Analysis of Financial Condition and Results of Operations
Item 3.   Quantitative and Qualitative Disclosures About Market Risk
Item 4.   Controls and Procedures
Part II -- OTHER INFORMATION
Item 1.     Legal Proceedings
Item 1A.  Risk Factors
Item 2.  Unregistered Sales of Equity Securities and Use of Proceeds
Item 6.     Exhibits
(a) Index of Exhibits
Signature Page

3


PART I -- FINANCIAL INFORMATION
ITEM 1. Financial Statements

CIVEO CORPORATION
 
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
(In Thousands, Except Per Share Amounts)
 
Three Months Ended
June 30,
Six Months Ended
June 30,
 2022202120222021
Revenues:    
Service and other$177,254 $147,784 $336,824 $269,780 
Rental7,035 4,540 12,295 7,604 
Product665 1,852 1,513 2,222 
 184,954 154,176 350,632 279,606 
Costs and expenses:
Service and other costs124,318 103,449 245,168 199,911 
Rental costs5,414 3,661 9,806 6,631 
Product costs321 892 922 1,270 
Selling, general and administrative expenses17,682 14,703 32,895 28,884 
Depreciation and amortization expense23,083 21,377 43,210 42,646 
Impairment expense 7,935  7,935 
Other operating (income) expense (106)30 152 101 
170,712 152,047 332,153 287,378 
Operating income (loss)14,242 2,129 18,479 (7,772)
Interest expense(2,608)(3,401)(5,076)(6,763)
Interest income2 2 2 2 
Other income415 788 2,111 5,702 
Income (loss) before income taxes12,051 (482)15,516 (8,831)
Income tax (expense) benefit(1,821)492 (3,378)(584)
Net income (loss)10,230 10 12,138 (9,415)
Less: Net income (loss) attributable to noncontrolling interest662 (3)1,160 56 
Net income (loss) attributable to Civeo Corporation9,568 13 10,978 (9,471)
Less: Dividends attributable to Class A preferred shares490 480 977 958 
Net income (loss) attributable to Civeo common shareholders$9,078 $(467)$10,001 $(10,429)
Per Share Data (see Note 7)
Basic net income (loss) per share attributable to Civeo Corporation common shareholders$0.55 $(0.03)$0.60 $(0.73)
Diluted net income (loss) per share attributable to Civeo Corporation common shareholders$0.54 $(0.03)$0.60 $(0.73)
Weighted average number of common shares outstanding:
Basic14,148 14,278 14,122 14,244 
Diluted14,275 14,278 14,271 14,244 

The accompanying notes are an integral part of these financial statements.

4


CIVEO CORPORATION
 
UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(In Thousands)
 
Three Months Ended
June 30,
Six Months Ended
June 30,
 2022202120222021
Net income (loss)$10,230 $10 $12,138 $(9,415)
Other comprehensive loss, net of taxes:
Foreign currency translation adjustment, net of zero taxes
(20,024)(1,573)(12,012)(3,200)
Total other comprehensive loss, net of taxes(20,024)(1,573)(12,012)(3,200)
Comprehensive income (loss)(9,794)(1,563)126 (12,615)
Less: Comprehensive income (loss) attributable to noncontrolling interest568 (11)1,106 38 
Comprehensive loss attributable to Civeo Corporation$(10,362)$(1,552)$(980)$(12,653)
The accompanying notes are an integral part of these financial statements.

5


CIVEO CORPORATION
 
CONSOLIDATED BALANCE SHEETS
(In Thousands, Excluding Share Amounts)
 June 30, 2022December 31, 2021
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents$4,782 $6,282 
Accounts receivable, net134,845 114,859 
Inventories7,382 6,468 
Prepaid expenses5,003 6,876 
Other current assets6,282 10,946 
Assets held for sale11,430 11,762 
Total current assets169,724 157,193 
Property, plant and equipment, net349,094 389,996 
Goodwill7,798 8,204 
Other intangible assets, net88,936 93,642 
Operating lease right-of-use assets16,295 18,327 
Other noncurrent assets5,550 5,372 
Total assets$637,397 $672,734 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable$45,360 $49,321 
Accrued liabilities28,289 33,564 
Income taxes74 171 
Current portion of long-term debt29,880 30,576 
Deferred revenue7,256 18,479 
Other current liabilities8,494 4,807 
Total current liabilities119,353 136,918 
Long-term debt, less current maturities123,018 142,602 
Deferred income taxes3,999 896 
Operating lease liabilities13,438 15,429 
Other noncurrent liabilities14,069 13,778 
Total liabilities273,877 309,623 
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 $98,415,509 and $97,438,687 as of June 30, 2022 and December 31, 2021)
62,918 61,941 
Common shares (no par value; 46,000,000 shares authorized, 14,554,687 shares and 14,431,819 shares issued, respectively, and 14,188,012 shares and 14,111,221 shares outstanding, respectively)
  
Additional paid-in capital1,584,416 1,582,442 
Accumulated deficit(903,492)(912,951)
Common shares held in treasury at cost, 366,675 and 320,598 shares, respectively
(9,063)(8,050)
Accumulated other comprehensive loss(373,841)(361,883)
Total Civeo Corporation shareholders’ equity360,938 361,499 
Noncontrolling interest2,582 1,612 
Total shareholders’ equity363,520 363,111 
Total liabilities and shareholders’ equity$637,397 $672,734 

The accompanying notes are an integral part of these financial statements.
6


CIVEO CORPORATION
 
UNAUDITED CONSOLIDATED STATEMENTS OF
CHANGES IN SHAREHOLDERS’ EQUITY
(In Thousands)
 
Attributable to Civeo
Preferred
Shares
Common
Shares
AmountPar ValueAdditional
Paid-in
Capital
Accumulated
Deficit
Treasury
Shares
Accumulated
Other
Comprehensive
Income (Loss)
Noncontrolling
Interest
Total
Shareholders’
Equity
Balance, March 31, 2021$60,494 $ $1,579,342 $(917,689)$(8,050)$(350,606)$648 $364,139 
Net income (loss)— — — 13 — — (3)10 
Currency translation adjustment— — — — — (1,565)(8)(1,573)
Dividends paid— — — — — — (42)(42)
Dividends attributable to Class A preferred shares480 — — (480)— — — — 
Share-based compensation— — 871 — — — — 871 
Balance, June 30, 2021$60,974 $ $1,580,213 $(918,156)$(8,050)$(352,171)$595 $363,405 
Balance, March 31, 2022$62,428 $ $1,583,474 $(912,037)$(9,063)$(353,911)$2,080 $372,971 
Net income (loss)— — — 9,568 — — 662 10,230 
Currency translation adjustment— — — — — (19,930)(94)(20,024)
Dividends paid— — — — — — (66)(66)
Dividends attributable to Class A preferred shares490 — — (490)— — — — 
Common shares repurchased— — — (533)— — — (533)
Share-based compensation— — 942 — — — — 942 
Balance, June 30, 2022$62,918 $ $1,584,416 $(903,492)$(9,063)$(373,841)$2,582 $363,520 
Balance, December 31, 2020$60,016 $ $1,578,315 $(907,727)$(6,930)$(348,989)$672 $375,357 
Net income (loss)— — — (9,471)— — 56 (9,415)
Currency translation adjustment— — — — — (3,182)(18)(3,200)
Dividends paid— — — — — — (115)(115)
Dividends attributable to Class A preferred shares958 — — (958)— — — — 
Share-based compensation— — 1,898 — (1,120)— — 778 
Balance, June 30, 2021$60,974 $ $1,580,213 $(918,156)$(8,050)$(352,171)$595 $363,405 
Balance, December 31, 2021$61,941 $ $1,582,442 $(912,951)$(8,050)$(361,883)$1,612 $363,111 
Net income — — — 10,978 — — 1,160 12,138 
Currency translation adjustment— — — — — (11,958)(54)(12,012)
Dividends paid— — — — — — (136)(136)
Dividends attributable to Class A preferred shares977 — — (977)— — — — 
Common shares repurchased— — — (542)— — — (542)
Share-based compensation— — 1,974 — (1,013)— 961 
Balance, June 30, 2022$62,918 $ $1,584,416 $(903,492)$(9,063)$(373,841)$2,582 $363,520 
 Preferred
Shares
Common
Shares (in
thousands)
Balance, December 31, 20219,042 14,111 
Share-based compensation 100 
Common shares repurchased (23)
Balance, June 30, 20229,042 14,188 

The accompanying notes are an integral part of these financial statements.
7


CIVEO CORPORATION
 
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In Thousands)
 
Six Months Ended
June 30,
 20222021
Cash flows from operating activities:  
Net income (loss)$12,138 $(9,415)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization43,210 42,646 
Impairment charges 7,935 
Deferred income tax expense3,256 416 
Non-cash compensation charge1,974 1,898 
Gains on disposals of assets(1,895)(1,941)
Provision (benefit) for credit losses, net of recoveries(24)147 
Other, net1,544 1,483 
Changes in operating assets and liabilities:
Accounts receivable(23,119)(24,617)
Inventories(1,180)(830)
Accounts payable and accrued liabilities(6,713)(563)
Taxes payable(99)21 
Other current and noncurrent assets and liabilities, net(5,461)12,170 
Net cash flows provided by operating activities23,631 29,350 
Cash flows from investing activities:
Capital expenditures(8,647)(6,530)
Proceeds from disposition of property, plant and equipment3,302 7,012 
Other, net190  
Net cash flows provided by (used in) investing activities(5,155)482 
Cash flows from financing activities:
Revolving credit borrowings155,712 117,976 
Revolving credit repayments(158,288)(130,080)
Term loan repayments(15,763)(17,874)
Repurchases of common shares(542) 
Taxes paid on vested shares(1,013)(1,120)
Net cash flows used in financing activities(19,894)(31,098)
Effect of exchange rate changes on cash(82)(475)
Net change in cash and cash equivalents(1,500)(1,741)
Cash and cash equivalents, beginning of period6,282 6,155 
Cash and cash equivalents, end of period$4,782 $4,414 
Non-cash financing activities:
Preferred dividends paid-in-kind$977 $958 
The accompanying notes are an integral part of these financial statements.

8

CIVEO CORPORATION
 
NOTES TO UNAUDITED CONSOLIDATED
FINANCIAL STATEMENTS



1.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. Our full suite of hospitality services for our guests includes 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, 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.

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.
 
The financial statements included in this report should be read in conjunction with our audited financial statements and accompanying notes included in our Annual Report on Form 10-K for the year ended December 31, 2021.

9

CIVEO CORPORATION
 
NOTES TO UNAUDITED CONSOLIDATED
FINANCIAL STATEMENTS
(Continued)
2.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
June 30,
Six Months Ended
June 30,
 2022202120222021
Canada    
Accommodation revenues$79,431 $69,759 $146,625 $116,289 
Mobile facility rental revenues24,058 8,666 48,076 19,165 
Food service and other services revenues5,534 4,856 10,274 9,712 
Total Canada revenues109,023 83,281 204,975 145,166 
Australia
Accommodation revenues$39,052 $37,780 $76,651 $71,455 
Food service and other services revenues28,768 26,239 54,698 52,201 
Total Australia revenues67,820 64,019 131,349 123,656 
U.S.
Accommodation revenues$791 $1,605 $1,254 $2,377 
Mobile facility rental revenues7,051 3,761 12,317 6,828 
Manufacturing revenues254 1,499 699 1,562 
Food service and other services revenues15 11 38 17 
Total U.S. revenues8,111 6,876 14,308 10,784 
Total revenues$184,954 $154,176 $350,632 $279,606 
 
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, 2022, 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,
 202220232024ThereafterTotal
Revenue expected to be recognized as of June 30, 2022$75,076 $47,206 $12,605 $9,964 $144,851 

We applied the practical expedient and do not disclose consideration for remaining performance obligations with an original expected duration of one year or less. In addition, we do not estimate revenues expected to be recognized related to unsatisfied performance obligations for contracts without minimum room commitments. The table above represents only a portion of our expected future consolidated revenues and it is not necessarily indicative of the expected trend in total revenues.

3.IMPAIRMENT CHARGES  
Quarter ended June 30, 2021. During the second quarter of 2021, we recorded impairment expense of $7.9 million related to various undeveloped land positions and related permitting costs in Australia. At June 30, 2021, we identified an impairment trigger related to certain of these properties due to the cancellation of a significant thermal coal project in Australia and our negative expectations related to other possible Australian thermal coal projects becoming viable in the near term. Accordingly, the assets were written down to their estimated fair value of $2.4 million.

4.FAIR VALUE MEASUREMENTS
 
Our financial instruments consist of cash and cash equivalents, receivables, payables and debt instruments. We believe that the carrying values of these instruments on the accompanying consolidated balance sheets approximate their fair values.
10

CIVEO CORPORATION
NOTES TO UNAUDITED CONSOLIDATED
FINANCIAL STATEMENTS
(Continued)
 
As of June 30, 2022 and December 31, 2021, 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. 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.

During the second quarter of 2021, we wrote down certain long-lived assets to fair value. Our estimate of the fair value of undeveloped land positions in Australia that were impaired was based on appraisals from third parties.

See Note 3 – Impairment Charges for further information.

5.DETAILS OF SELECTED BALANCE SHEET ACCOUNTS
 
Additional information regarding selected balance sheet accounts at June 30, 2022 and December 31, 2021 is presented below (in thousands):
 
 June 30, 2022December 31, 2021
Accounts receivable, net:  
Trade$80,295 $75,740 
Unbilled revenue53,455 38,508 
Other1,415 972 
Total accounts receivable135,165 115,220 
Allowance for credit losses(320)(361)
Total accounts receivable, net$134,845 $114,859 

 June 30, 2022December 31, 2021
Inventories:  
Finished goods and purchased products$5,611 $5,346 
Work in process365 25 
Raw materials1,406 1,097 
Total inventories$7,382 $6,468 

 Estimated
Useful Life
(in years)
June 30, 2022December 31, 2021
Property, plant and equipment, net:     
Land   $28,664 $30,556 
Accommodations assets3151,592,357 1,657,577 
Buildings and leasehold improvements72023,307 24,335 
Machinery and equipment41514,804 14,983 
Office furniture and equipment3763,407 63,228 
Vehicles3514,605 14,578 
Construction in progress   5,671 2,063 
Total property, plant and equipment   1,742,815 1,807,320 
Accumulated depreciation   (1,393,721)(1,417,324)
Total property, plant and equipment, net   $349,094 $389,996 

11

CIVEO CORPORATION
NOTES TO UNAUDITED CONSOLIDATED
FINANCIAL STATEMENTS
(Continued)
 June 30, 2022December 31, 2021
Accrued liabilities:  
Accrued compensation$23,345 $28,877 
Accrued taxes, other than income taxes2,998 2,944 
Other1,946 1,743 
Total accrued liabilities$28,289 $33,564 
 

6.ASSETS HELD FOR SALE

As of June 30, 2022, assets held for sale included certain assets in our U.S. business segment, an undeveloped land holding and a village in our Australia business segment and an unused corporate office space acquired in the Noralta acquisition in our Canada business segment. As of December 31, 2021, assets held for sale included certain assets in our U.S. business segment and undeveloped land holdings in our Australia business segment. These assets were recorded at the estimated fair value less costs to sell, which exceeded their carry values.
 
The following table summarizes the carrying amount as of June 30, 2022 and December 31, 2021 of the assets classified as held for sale (in thousands):
 
June 30, 2022December 31, 2021
Assets held for sale:  
Property, plant and equipment, net$11,430 $11,762 
Total assets held for sale$11,430 $11,762 

7.EARNINGS PER SHARE

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. In calculating diluted earnings per share, we utilize the most dilutive result of the two class method and if-converted methods. We also apply the treasury stock method with respect to certain share-based awards in the calculation of diluted earnings per share, if dilutive.
12

CIVEO CORPORATION
NOTES TO UNAUDITED CONSOLIDATED
FINANCIAL STATEMENTS
(Continued)

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,
 2022202120222021
Numerator:
Net income (loss) attributable to Civeo common shareholders$9,078 $(467)$10,001 $(10,429)
Less: income allocated to participating securities(1,356) (1,497) 
Basic net income (loss) attributable to Civeo Corporation common shareholders$7,722 $(467)$8,504 $(10,429)
Add: undistributed income attributable to participating securities1,356  1,497  
Less: undistributed income reallocated to participating securities(1,346) (1,483) 
Diluted net income (loss) attributable to Civeo Corporation common shareholders$7,732 $(467)$8,518 $(10,429)
Denominator:
Weighted average shares outstanding - basic14,148 14,278 14,122 14,244 
Dilutive shares - share-based awards127  149  
Weighted average shares outstanding - diluted14,275 14,278 14,271 14,244 
Basic net income (loss) per share attributable to Civeo Corporation common shareholders (1)
$0.55 $(0.03)$0.60 $(0.73)
Diluted net income (loss) per share attributable to Civeo Corporation common shareholders (1)
$0.54 $(0.03)$0.60 $(0.73)
 
(1)Computations may reflect rounding adjustments.

For the three and six months ended June 30, 2022, we excluded a portion of our share-based awards, which totaled less than 0.1 million shares, from the computation of diluted earnings per share because their effect was anti-dilutive. When an entity has a net loss from continuing operations, it is prohibited from including potential common shares in the computation of diluted per share amounts. As a result of the net loss for the three and six months ended June 30, 2021, we excluded from the computation of diluted loss per share 0.1 million and 0.2 million share based awards, respectively, since the effect would have been anti-dilutive. Additionally, for the three and six months ended June 30, 2022 and 2021, the impact of converting the Preferred Shares into 2.5 million and 2.4 million common shares, respectively, using the if-converted method would have been anti-dilutive.

13

CIVEO CORPORATION
NOTES TO UNAUDITED CONSOLIDATED
FINANCIAL STATEMENTS
(Continued)
8.DEBT
 
As of June 30, 2022 and December 31, 2021, long-term debt consisted of the following (in thousands):
 
 June 30, 2022December 31, 2021
Canadian term loan; weighted average interest rate of 4.1% for the six month period ended June 30, 2022
$46,560 $63,104 
U.S. revolving credit facility; weighted average interest rate of 5.7% for the six month period ended June 30, 2022
  
Canadian revolving credit facility; weighted average interest rate of 4.4% for the six month period ended June 30, 2022
93,586 111,300 
Australian revolving credit facility; weighted average interest rate of 3.3% for the six month period ended June 30, 2022
14,492 726 
 154,638 175,130 
Less: Unamortized debt issuance costs1,740 1,952 
Total debt152,898 173,178 
Less: Current portion of long-term debt, including unamortized debt issuance costs, net29,880 30,576 
Long-term debt, less current maturities$123,018 $142,602 
 
Credit Agreement

As of June 30, 2022, our Credit Agreement (as then amended to date, the Credit Agreement) provided for: (i) a $