0001590584-24-000130 | 10-Q | XBRL Viewer

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DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION	6 Months Ended
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION	Jun. 30, 2024
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 remote workforces in Canada and Australia, including lodging, catering and food service, housekeeping and maintenance at accommodation facilities that we or our customers own. 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 manage 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 U.S. 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. 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, 2023.

ACCUMULATED OTHER COMPREHENSIVE LOSS	6 Months Ended
ACCUMULATED OTHER COMPREHENSIVE LOSS	Jun. 30, 2024
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
ACCUMULATED OTHER COMPREHENSIVE LOSS	ACCUMULATED OTHER COMPREHENSIVE LOSS Our accumulated other comprehensive loss increased $8.5 million from $380.7 million at December 31, 2023 to $389.2 million at June 30, 2024, as a result of foreign currency exchange rate fluctuations. Changes in other comprehensive loss during the six months of 2024 were primarily driven by the Australian dollar and the Canadian dollar decreasing in value compared to the U.S. dollar. Excluding intercompany balances, our Canadian dollar and Australian dollar functional currency net assets totaled approximately C$215 million and A$203 million, respectively, at June 30, 2024.

ASSETS HELD FOR SALE - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Mar. 31, 2024	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023	Sep. 30, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from dispositions of property, plant and equipment		$ 10,617		$ 2,719
Discontinued Operations, Disposed of by Sale \| McClelland Lake Lodge
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal group, including discontinued operation, consideration					$ 36,000
Business exit costs	$ 1,000		$ 14,200
Proceeds from dispositions of property, plant and equipment	$ 7,800		$ 28,200

UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenues:
Total revenues	$ 188,713	$ 178,843	$ 354,833	$ 346,434
Costs and expenses:
Selling, general and administrative expenses	17,433	16,459	36,073	32,649
Depreciation and amortization expense	17,059	20,701	33,829	42,363
Impairment expense	0	0	7,823	0
(Gain) loss on sale of McClelland Lake Lodge assets, net	87	0	(5,988)	0
Other operating expense	188	86	486	215
Total costs and expenses	175,601	168,671	343,502	340,166
Operating income	13,112	10,172	11,331	6,268
Interest expense	(2,203)	(3,604)	(4,563)	(7,260)
Interest income	54	50	97	82
Other income	310	427	763	2,877
Income before income taxes	11,273	7,045	7,628	1,967
Income tax expense	(3,786)	(2,878)	(5,337)	(4,111)
Net income (loss)	7,487	4,167	2,291	(2,144)
Less: Net loss attributable to noncontrolling interest	(740)	(296)	(803)	(254)
Net income (loss) attributable to Civeo Corporation	$ 8,227	$ 4,463	$ 3,094	$ (1,890)
Per Share Data (see Note 7)
Basic net income (loss) per share attributable to Civeo Corporation common shareholders (in dollars per share)	$ 0.57	$ 0.30	$ 0.21	$ (0.13)
Diluted net income (loss) per share attributable to Civeo Corporation common shareholders (in dollars per share)	$ 0.56	$ 0.30	$ 0.21	$ (0.13)
Weighted average number of common shares outstanding:
Basic (in shares)	14,518	14,970	14,586	15,064
Diluted (in shares)	14,600	15,000	14,678	15,064
Dividends per common share (in dollars per share)	$ 0.25	$ 0	$ 0.50	$ 0
Service and other
Revenues:
Total revenues	$ 188,233	$ 178,532	$ 353,763	$ 345,909
Costs and expenses:
Service and other costs	140,749	131,333	271,115	264,725
Rental
Revenues:
Total revenues	248	13	631	34
Costs and expenses:
Service and other costs	0	10	0	45
Product
Revenues:
Total revenues	232	298	439	491
Costs and expenses:
Service and other costs	$ 85	$ 82	$ 164	$ 169

SHARE-BASED COMPENSATION	6 Months Ended
SHARE-BASED COMPENSATION	Jun. 30, 2024
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 and grant awards of options, awards of restricted shares, performance share awards, phantom share units and dividend equivalents, awards of deferred shares, and share payments to our employees and non-employee directors. Approximately 3.0 million Civeo common shares are authorized to be issued under the Civeo Plan. Outstanding Awards Phantom Share Units. On March 2, 2024, we granted 184,640 phantom share units under the Civeo Plan, which vest in three equal annual installments beginning on March 2, 2025. We also granted 84,408 phantom share units under the Canadian Long-Term Incentive Plan, which vest in three equal annual installments beginning on March 2, 2025. During the second quarter of 2024, we granted an additional 25,241 phantom share units under the Civeo Plan. Phantom share units are settled in cash upon vesting. During the three months ended June 30, 2024 and 2023, we recognized compensation expense associated with phantom share units totaling $1.6 million and $1.4 million, respectively. During the six months ended June 30, 2024 and 2023, we recognized compensation expense associated with phantom share units totaling $2.9 million and $3.2 million, respectively. At June 30, 2024, unrecognized compensation cost related to phantom share units was $10.4 million, as remeasured at June 30, 2024, which is expected to be recognized over a weighted average period of 2.0 years. Performance Share Awards. On March 2, 2024, we granted 122,978 performance share awards under the Civeo Plan, which cliff vest after three years 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 on the payout percentage associated with Civeo’s relative total shareholder return rank among a peer group of other companies and the payout percentage associated with Civeo's three year growth in EBITDA over the performance period relative to a preset 2026 EBITDA target. The portion of the performance share awards tied to the 2026 EBITDA target 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. No share-based compensation expense is recognized if the performance criteria are not probable of being achieved. During the three months ended June 30, 2024 and 2023, we recognized compensation expense associated with performance share awards totaling $0.3 million and $0.9 million, respectively. During the six months ended June 30, 2024 and 2023, we recognized compensation expense associated with performance share awards totaling $0.6 million and $1.5 million, respectively. No performance share awards vested during the three months ended June 30, 2024 and 2023. The total fair value of performance share awards that vested during the six months ended June 30, 2024 and 2023 was $2.8 million and zero, respectively. At June 30, 2024, unrecognized compensation cost related to performance share awards was $2.8 million, which is expected to be recognized over a weighted average period of 1.7 years. Restricted Share Awards / Restricted Share Units / Deferred Share Awards. On May 15, 2024, we granted 42,125 restricted share and deferred share awards to our non-employee directors, which vest in their entirety on May 14, 2025. Compensation expense associated with restricted share awards, restricted share units and deferred share awards recognized in the three months ended June 30, 2024 and 2023 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, 2024 and 2023 totaled $0.5 million and $0.5 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, 2024 and 2023 was $1.2 million and $0.8 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, 2024 and 2023 was $1.2 million and $0.9 million, respectively. At June 30, 2024, 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.

REVENUE

6 Months Ended

Jun. 30, 2024

Revenue from Contract with Customer [Abstract]

REVENUE

The following table disaggregates our revenue by our two reportable segments (Canada and Australia) into major categories for the periods indicated (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Canada
Accommodation revenues	$	72,259	$	72,355	$	132,046	$	136,583
Mobile facility rental revenues	356		17,407		1,350		37,438
Food service and other services revenues	6,912		5,708		13,291		10,902

Total Canada revenues	79,527		95,470		146,687		184,923

Australia
Accommodation revenues	$	48,914	$	44,342	$	96,021	$	84,941
Food service and other services revenues	59,694		38,202		104,324		74,592
Total Australia revenues	108,608		82,544		200,345		159,533

Other
Other revenues	$	578	$	829	$	7,801	$	1,978



Total other revenues	578		829		7,801		1,978

Total revenues	$	188,713	$	178,843	$	354,833	$	346,434

Our payment terms vary by the type and location of our customer and the 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, 2024, 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,
	2024		2025		2026		Thereafter		Total
Revenue expected to be recognized as of June 30, 2024	$	88,395	$	135,838	$	99,944	$	296,521	$	620,698

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.

UNAUDITED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Shares	Additional Paid-in Capital	Accumulated Deficit	Treasury Shares	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interest
Beginning balance at Dec. 31, 2022	$ 303,701	$ 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	1,626,556	(939,983)	(9,063)	(385,350)	3,173
Beginning balance at Mar. 31, 2023	292,177	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	1,626,556	(939,983)	(9,063)	(385,350)	3,173
Beginning balance at Dec. 31, 2023	323,038	0	1,628,972	(919,023)	(9,063)	(380,715)	2,867
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	2,291			3,094			(803)
Currency translation adjustment	(8,610)					(8,514)	(96)
Dividends paid	(7,373)			(7,368)			(5)
Common shares repurchased	(9,852)			(9,852)
Excise tax on common shares repurchased	(197)			(197)
Share-based compensation	91		1,158		(1,067)
Ending balance at Jun. 30, 2024	$ 299,388	$ 0	1,630,130	(933,346)	(10,130)	(389,229)	1,963
Beginning balance (in shares) at Dec. 31, 2023	14,680,081	14,680,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation (in shares)		104,000
Common shares repurchased (in shares)		(407,000)
Ending balance (in shares) at Jun. 30, 2024	14,376,593	14,377,000
Beginning balance at Mar. 31, 2024	$ 300,110	$ 0	1,629,521	(931,135)	(10,130)	(390,877)	2,731
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	7,487			8,227			(740)
Currency translation adjustment	1,621					1,648	(27)
Dividends paid	(3,662)			(3,661)			(1)
Common shares repurchased	(6,644)			(6,644)
Excise tax on common shares repurchased	(133)			(133)
Share-based compensation	609		609
Ending balance at Jun. 30, 2024	$ 299,388	$ 0	$ 1,630,130	$ (933,346)	$ (10,130)	$ (389,229)	$ 1,963
Ending balance (in shares) at Jun. 30, 2024	14,376,593	14,377,000

SHARE REPURCHASE PROGRAMS AND DIVIDENDS - Narrative (Details) - shares	1 Months Ended
	Aug. 31, 2023	Aug. 31, 2022
Equity [Abstract]
Stock repurchase program, authorized amount, percentage	5.00%	5.00%
Stock repurchase program, authorized amount (in shares)	742,000	685,000
Stock repurchase program, purchase period	12 months	12 months

Cover - shares	6 Months Ended
Cover - shares	Jun. 30, 2024	Jul. 26, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
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		14,370,987
Entity Central Index Key	0001590584
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false

DEBT - Credit Agreement (Details) $ in Millions, $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($) lender	Jun. 30, 2024 AUD ($) lender	Dec. 31, 2023 CAD ($)
Line of Credit Facility [Line Items]
Interest coverage ratio	3.00
Line of credit \| Secured Overnight Financing Rate (SOFR)
Line of Credit Facility [Line Items]
Debt instrument, variable rate, adjustment	0.0010
Line of credit \| Secured Overnight Financing Rate (SOFR) \| Minimum
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate	3.00%
Line of credit \| Secured Overnight Financing Rate (SOFR) \| Maximum
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate	4.00%
Line of credit \| Base rate \| Minimum
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate	2.00%
Line of credit \| Base rate \| Maximum
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate	3.00%
Line of credit \| Term Canadian Overnight Repo Rate Average, One Month Term
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate	0.29547%
Line of credit \| Term Canadian Overnight Repo Rate Average, Three Month Term
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate	0.32138%
Line of credit \| Canadian Dealer Offered Rate (CDOR) \| Minimum
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate	3.00%
Line of credit \| Canadian Dealer Offered Rate (CDOR) \| Maximum
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate	4.00%
Line of credit \| Bank Bill Swap Bid Rate (BBSY) \| Minimum
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate	3.00%
Line of credit \| Bank Bill Swap Bid Rate (BBSY) \| Maximum
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate	4.00%
Syndicated Facility Agreement \| US term loan
Line of Credit Facility [Line Items]
Term loan, face amount			$ 100.0
Third Amendment to the Credit Agreement
Line of Credit Facility [Line Items]
Leverage ratio	3.00
Third Amendment to the Credit Agreement \| Minimum
Line of Credit Facility [Line Items]
Leverage ratio	2.00
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
Credit facility \| Minimum
Line of Credit Facility [Line Items]
Lender commitments, within credit agreement	$ 13,000,000.0
Credit facility \| Maximum
Line of Credit Facility [Line Items]
Lender commitments, within credit agreement	60,600,000
Revolving credit facility \| Syndicated Facility Agreement
Line of Credit Facility [Line Items]
Revolving credit facility, maximum borrowing capacity	200,000,000.0
Revolving credit facility, U.S. subsidiaries \| Syndicated Facility Agreement
Line of Credit Facility [Line Items]
Revolving credit facility, maximum borrowing capacity	10,000,000.0
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	155,000,000.0
Revolving credit facility, Canadian subsidiaries \| Credit facility
Line of Credit Facility [Line Items]
Outstanding letters of credit	700,000
Revolving credit facility, Australian subsidiaries \| Syndicated Facility Agreement
Line of Credit Facility [Line Items]
Revolving credit facility, maximum borrowing capacity	35,000,000.0
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		$ 1.6

SHARE-BASED COMPENSATION - Narrative (Details) - USD ($) $ in Millions			3 Months Ended		6 Months Ended
	May 15, 2024	Mar. 02, 2024	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Share-based compensation arrangement, number of shares authorized (in shares)				3,000,000.0		3,000,000.0
Phantom share units (PSUs)
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Allocated share-based compensation expense			$ 1.6	$ 1.4	$ 2.9	$ 3.2
Unrecognized compensation costs related to performance awards			$ 10.4		$ 10.4
Unrecognized compensation cost related to share awards, expected weighted average vesting period					2 years
Phantom share units (PSUs) \| Civeo Plan
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Share awards granted (in shares)		184,640	25,241
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)		84,408
Vesting period of share awards		3 years
Performance shares
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Allocated share-based compensation expense			$ 0.3	0.9	$ 0.6	1.5
Unrecognized compensation costs related to performance awards			2.8		$ 2.8
Unrecognized compensation cost related to share awards, expected weighted average vesting period					1 year 8 months 12 days
Target performance, growth in EBITDA, period		3 years
Fair value of restricted share awards and deferred compensation that vested during the period			0.0	0.0	$ 2.8	0.0
Performance shares \| Civeo Plan
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Share awards granted (in shares)		122,978
Vesting period of share awards		3 years
Performance shares \| Civeo Plan \| Minimum
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Target performance, share award percentage		0.00%
Performance shares \| Civeo Plan \| Maximum
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Target performance, share award percentage		200.00%
Restricted stock and deferred stock awards
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Share awards granted (in shares)	42,125
Allocated share-based compensation expense			0.3	0.3	0.5	0.5
Unrecognized compensation costs related to performance awards			0.9		$ 0.9
Unrecognized compensation cost related to share awards, expected weighted average vesting period					10 months 24 days
Fair value of restricted share awards and deferred compensation that vested during the period			$ 1.2	$ 0.8	$ 1.2	$ 0.9

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 7,435	$ 3,323
Accounts receivable, net	124,337	143,222
Inventories	8,353	6,982
Prepaid expenses	9,093	8,439
Other current assets	2,375	7,407
Assets held for sale	0	5,873
Total current assets	151,593	175,246
Property, plant and equipment, net	236,842	270,563
Goodwill	7,538	7,690
Other intangible assets, net	72,707	77,999
Operating lease right-of-use assets	11,709	12,286
Other noncurrent assets	2,845	4,278
Total assets	483,234	548,062
Current liabilities:
Accounts payable	47,151	58,699
Accrued liabilities	32,207	40,523
Income taxes payable	9,685	3,831
Deferred revenue	4,187	4,849
Other current liabilities	4,855	6,334
Total current liabilities	98,085	114,236
Long-term debt	47,489	65,554
Deferred income taxes	7,176	11,803
Operating lease liabilities	8,571	9,264
Other noncurrent liabilities	22,525	24,167
Total liabilities	183,846	225,024
Shareholders’ Equity:
Common shares (no par value; 46,000,000 shares authorized, 14,790,667 shares and 15,046,756 shares issued, respectively, and 14,376,593 shares and 14,680,081 shares outstanding, respectively)	0	0
Additional paid-in capital	1,630,130	1,628,972
Accumulated deficit	(933,346)	(919,023)
Common shares held in treasury at cost, 414,074 and 366,675 shares, respectively	(10,130)	(9,063)
Accumulated other comprehensive loss	(389,229)	(380,715)
Total Civeo Corporation shareholders’ equity	297,425	320,171
Noncontrolling interest	1,963	2,867
Total shareholders’ equity	299,388	323,038
Total liabilities and shareholders’ equity	$ 483,234	$ 548,062

DETAILS OF SELECTED BALANCE SHEET ACCOUNTS - Inventories (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Inventories:
Finished goods and purchased products	$ 6,829	$ 5,648
Raw materials	1,524	1,334
Total inventories	$ 8,353	$ 6,982

DETAILS OF SELECTED BALANCE SHEET ACCOUNTS - Accrued Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Accrued liabilities:
Accrued compensation	$ 26,024	$ 33,854
Accrued taxes, other than income taxes	3,584	3,997
Other	2,599	2,672
Total accrued liabilities	$ 32,207	$ 40,523

DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION - Narrative (Details)	6 Months Ended
	Jun. 30, 2024 segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of reportable segments	2

INCOME TAXES	6 Months Ended
INCOME TAXES	Jun. 30, 2024
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. On January 1, 2024, the Organization for Economic Cooperation and Development Pillar Two rules became effective and established a minimum 15% tax rate on certain multinational enterprises. The Pillar Two rules have been implemented in Canada and Australia, with the U.S. still uncertain to date. The applicable tax law changes with respect to Pillar Two have been considered for the jurisdictions in which we operate, and we do not anticipate the Pillar Two rules to have a materially adverse impact on our financial results. 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, 2024 and 2023, 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, 2024 totaled $3.8 million, or 33.6% of pretax income, compared to income tax expense of $2.9 million, or 40.9% of pretax income, for the three months ended June 30, 2023. Our effective tax rate for the three months ended June 30, 2024 and 2023 was impacted by Canada and the U.S. being considered loss jurisdictions that were removed from the annual effective tax rate computation for purposes of computing the interim tax provision. Our income tax expense for the six months ended June 30, 2024 totaled $5.3 million, or 70.0% of pretax income, compared to income tax expense of $4.1 million, or 209.0% of pretax income, for the six months ended June 30, 2023. Our effective tax rate for the six months ended June 30, 2024 and 2023 was impacted by Canada and the U.S. being considered loss jurisdictions that were removed from the annual effective tax rate computation for purposes of computing the interim tax provision.

DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION (Policies)	6 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	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 U.S. 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. 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, 2023.

IMPAIRMENT CHARGES - Narrative (Details) - USD ($)	3 Months Ended
IMPAIRMENT CHARGES - Narrative (Details) - USD ($)	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Long-lived assets	$ 0	$ 7,823,000
Property, plant and equipment, net	$ 236,842,000		$ 270,563,000
Australia
Property, Plant and Equipment [Line Items]
Long-lived assets		5,749,000
Property, plant and equipment, net		600,000
U.S.
Property, Plant and Equipment [Line Items]
Long-lived assets		2,074,000
Property, plant and equipment, net		$ 3,800,000

DETAILS OF SELECTED BALANCE SHEET ACCOUNTS - Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	$ 1,477,543	$ 1,523,614
Accumulated depreciation	(1,240,701)	(1,253,051)
Total property, plant and equipment, net	236,842	270,563
Land
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	25,600	27,988
Accommodations assets
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	$ 1,341,272	1,378,408
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	$ 13,945	14,603
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	$ 14,026	13,255
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	$ 67,830	67,248
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	$ 8,847	10,025
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	$ 6,023	$ 12,087

DETAILS OF SELECTED BALANCE SHEET ACCOUNTS - Accounts Receivable (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total accounts receivable	$ 124,567	$ 143,421
Allowance for credit losses	(230)	(199)
Total accounts receivable, net	124,337	143,222
Trade
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total accounts receivable	84,047	93,527
Unbilled revenue
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total accounts receivable	36,895	46,331
Other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total accounts receivable	$ 3,625	$ 3,563

REVENUE - Revenue related to performance obligations (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue expected to be recognized as of June 30, 2024	$ 620,698
Revenue, remaining performance obligation, expected timing of satisfaction, start date [Axis]: 2024-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue expected to be recognized as of June 30, 2024	$ 88,395
Revenue expected to be recognized, period	6 months
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, 2024	$ 135,838
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, 2024	$ 99,944
Revenue expected to be recognized, period	1 year
Revenue, remaining performance obligation, expected timing of satisfaction, start date [Axis]: 2027-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue expected to be recognized as of June 30, 2024	$ 296,521
Revenue expected to be recognized, period

INCOME TAXES - Narrative (Details) $ in Thousands	3 Months Ended		6 Months Ended
INCOME TAXES - Narrative (Details) $ in Thousands	Jun. 30, 2024 USD ($) jurisdiction	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) jurisdiction	Jun. 30, 2023 USD ($)
Schedule of Income Taxes [Line Items]
Number of tax jurisdictions \| jurisdiction	3		3
Income tax expense \| $	$ 3,786	$ 2,878	$ 5,337	$ 4,111
Income tax expense, percent of pretax loss	33.60%	40.90%	70.00%	209.00%
Minimum
Schedule of Income Taxes [Line Items]
Statutory tax rate, Canada, Australia and the U.S.	15.00%		15.00%
Maximum
Schedule of Income Taxes [Line Items]
Statutory tax rate, Canada, Australia and the U.S.	30.00%		30.00%

CONSOLIDATED BALANCE SHEETS (Parentheticals) - $ / shares	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
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)	14,790,667	15,046,756
Common stock, shares outstanding (in shares)	14,376,593	14,680,081
Treasury shares (in shares)	414,074	366,675

FAIR VALUE MEASUREMENTS	6 Months Ended
FAIR VALUE MEASUREMENTS	Jun. 30, 2024
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, 2024 and December 31, 2023, we believe the carrying value of our floating-rate debt outstanding under our 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 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 was based upon Level 2 fair value measurements, which included appraisals, broker price opinions and negotiations with third parties. During the first quarter of 2024, 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.

REVENUE - Additional Information (Details)	6 Months Ended
REVENUE - Additional Information (Details)	Jun. 30, 2024 segment
Disaggregation of Revenue [Line Items]
Number of reportable segments	2
Minimum
Disaggregation of Revenue [Line Items]
Contract with customer, payment terms	30 days
Maximum
Disaggregation of Revenue [Line Items]
Contract with customer, payment terms	60 days

ASSETS HELD FOR SALE - Carrying Amount of Assets Held for Sale (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Assets held for sale:
Property, plant and equipment, net	$ 0	$ 5,873
Total assets held for sale	$ 0	$ 5,873

COMMITMENTS AND CONTINGENCIES	6 Months Ended
COMMITMENTS AND CONTINGENCIES	Jun. 30, 2024
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 LOSS - Narrative (Details) $ in Thousands, $ in Millions, $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2024 CAD ($)	Jun. 30, 2024 AUD ($)	Dec. 31, 2023 USD ($)
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Increase in other comprehensive loss, foreign currency exchange rate fluctuations during the period	$ (8,500)
Accumulated other comprehensive loss	$ 389,229			$ 380,715
International functional currency net assets		$ 215.0	$ 203.0

DETAILS OF SELECTED BALANCE SHEET ACCOUNTS - Deferred Revenue (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Balance Sheet Related Disclosures [Abstract]
Current contract liabilities	$ 4,187	$ 4,849
Noncurrent contract liabilities	6,790	8,068
Total contract liabilities (Deferred revenue)	$ 10,977	$ 12,917

DEBT - Long-term Debt (Details) - USD ($) $ in Thousands	6 Months Ended
DEBT - Long-term Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Long-term debt, gross	$ 47,489	$ 65,554
U.S. revolving credit facility; weighted average interest rate of 10.5% for the six month period ended June 30, 2024
Debt Instrument [Line Items]
Interest rate on line of credit facility	10.50%
Revolving credit facility	$ 0	0
Canadian revolving credit facility; weighted average interest rate of 8.7% for the six month period ended June 30, 2024
Debt Instrument [Line Items]
Interest rate on line of credit facility	8.70%
Revolving credit facility	$ 47,489	65,554
Australian revolving credit facility; weighted average interest rate of 7.3% for the six month period ended June 30, 2024
Debt Instrument [Line Items]
Interest rate on line of credit facility	7.30%
Revolving credit facility	$ 0	$ 0

SEGMENT AND RELATED INFORMATION - Narrative (Details)	6 Months Ended
SEGMENT AND RELATED INFORMATION - Narrative (Details)	Jun. 30, 2024 segment
Segment Reporting [Abstract]
Number of reportable segments	2