0001590584-24-000160 | 10-Q | XBRL Viewer

EARNINGS PER SHARE

9 Months Ended

Sep. 30, 2024

We calculate our basic earnings per share by dividing net income (loss) attributable to us 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.

The calculation of basic and diluted earnings per share attributable to Civeo common shareholders is presented below for the periods indicated (in thousands, except per share amounts):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Numerator:
Basic net income (loss) attributable to Civeo Corporation	$	(5,091)	$	9,022	$	(1,997)	$	7,132


Diluted net income (loss) attributable to Civeo Corporation	$	(5,091)	$	9,022	$	(1,997)	$	7,132

Denominator:
Weighted average shares outstanding - basic	14,293		14,814		14,488		14,980
Dilutive shares - share-based awards	—		77		—		71
Weighted average shares outstanding - diluted	14,293		14,891		14,488		15,051

Basic net income (loss) per share attributable to Civeo Corporation common shareholders (1)	$	(0.36)	$	0.61	$	(0.14)	$	0.48

Diluted net income (loss) per share attributable to Civeo Corporation common shareholders (1)	$	(0.36)	$	0.61	$	(0.14)	$	0.47

(1)Computations may reflect rounding adjustments.

Share-based awards excluded from the calculation of weighted-average common shares outstanding because the effect is anti-dilutive for the three and nine months ended September 30, 2024 totaled 0.2 million shares. Share-based awards excluded from the calculation of weighted-average common shares outstanding because the effect is anti-dilutive for the three and nine months ended September 30, 2023 totaled fewer than 0.1 million shares.

REVENUE (Tables)

9 Months Ended

Sep. 30, 2024

Revenue from Contract with Customer [Abstract]

Disaggregation of 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 September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Canada
Accommodation revenues	$	48,747	$	71,417	$	180,793	$	208,000
Mobile facility rental revenues	123		17,314		1,473		54,752
Food service and other services revenues	8,866		6,413		22,157		17,315

Total Canada revenues	57,736		95,144		204,423		280,067

Australia
Accommodation revenues	$	51,370	$	46,012	$	147,391	$	130,953
Food service and other services revenues	65,252		41,873		169,576		116,465
Total Australia revenues	116,622		87,885		316,967		247,418

Other
Other revenues	$	1,980	$	543	$	9,781	$	2,521



Total other revenues	1,980		543		9,781		2,521

Total revenues	$	176,338	$	183,572	$	531,171	$	530,006

Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction

As of September 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 September 30, 2024	$	47,271	$	147,648	$	108,393	$	303,385	$	606,697

SHARE-BASED COMPENSATION - Narrative (Details) - USD ($) $ in Millions			3 Months Ended			9 Months Ended
	May 15, 2024	Mar. 02, 2024	Sep. 30, 2024	Jun. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 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			$ 2.1		$ 1.7	$ 5.1	$ 4.8
Unrecognized compensation costs related to performance awards			$ 10.2			$ 10.2
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	19,971
Vesting period of share awards		3 years
Performance shares
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Allocated share-based compensation expense			$ 0.5		1.0	$ 1.1	2.5
Unrecognized compensation costs related to performance awards			2.3			$ 2.3
Unrecognized compensation cost related to share awards, expected weighted average vesting period						1 year 7 months 6 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	0.8	0.8
Unrecognized compensation costs related to performance awards			0.6			$ 0.6
Unrecognized compensation cost related to share awards, expected weighted average vesting period						7 months 6 days
Fair value of restricted share awards and deferred compensation that vested during the period			$ 0.0		$ 0.0	$ 1.2	$ 0.9

CONSOLIDATED BALANCE SHEETS (Parentheticals) - $ / shares	Sep. 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)	14,275,876	15,046,756
Common stock, shares outstanding (in shares)	13,861,802	14,680,081
Treasury shares (in shares)	414,074	366,675

SHARE-BASED COMPENSATION	9 Months Ended
SHARE-BASED COMPENSATION	Sep. 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. During the third quarter of 2024, we granted an additional 19,971 phantom share units under the Canadian Long-Term Incentive Plan. Phantom share units are settled in cash upon vesting. During the three months ended September 30, 2024 and 2023, we recognized compensation expense associated with phantom share units totaling $2.1 million and $1.7 million, respectively. During the nine months ended September 30, 2024 and 2023, we recognized compensation expense associated with phantom share units totaling $5.1 million and $4.8 million, respectively. At September 30, 2024, unrecognized compensation cost related to phantom share units was $10.2 million, as remeasured at September 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 September 30, 2024 and 2023, we recognized compensation expense associated with performance share awards totaling $0.5 million and $1.0 million, respectively. During the nine months ended September 30, 2024 and 2023, we recognized compensation expense associated with performance share awards totaling $1.1 million and $2.5 million, respectively. No performance share awards vested during the three months ended September 30, 2024 and 2023. The total fair value of performance share awards that vested during the nine months ended September 30, 2024 and 2023 was $2.8 million and zero, respectively. At September 30, 2024, unrecognized compensation cost related to performance share awards was $2.3 million, which is expected to be recognized over a weighted average period of 1.6 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 September 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 nine months ended September 30, 2024 and 2023 totaled $0.8 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 three months ended September 30, 2024 and 2023 was zero. The total fair value of restricted share awards, restricted share units and deferred share awards that vested during the nine months ended September 30, 2024 and 2023 was $1.2 million and $0.9 million, respectively. At September 30, 2024, unrecognized compensation cost related to restricted share awards, restricted share units and deferred share awards was $0.6 million, which is expected to be recognized over a weighted average period of 0.6 years.

SEGMENT AND RELATED INFORMATION - Narrative (Details)	9 Months Ended
SEGMENT AND RELATED INFORMATION - Narrative (Details)	Sep. 30, 2024 segment
Segment Reporting [Abstract]
Number of reportable segments	2

REVENUE - Disaggregation of revenue by major categories (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Total revenues	$ 176,338	$ 183,572	$ 531,171	$ 530,006
Mobile facility rental revenues
Disaggregation of Revenue [Line Items]
Total revenues	111	0	742	0
Canada
Disaggregation of Revenue [Line Items]
Total revenues	57,736	95,144	204,423	280,067
Canada \| Accommodation revenues
Disaggregation of Revenue [Line Items]
Total revenues	48,747	71,417	180,793	208,000
Canada \| Mobile facility rental revenues
Disaggregation of Revenue [Line Items]
Total revenues	123	17,314	1,473	54,752
Canada \| Food service and other services revenues
Disaggregation of Revenue [Line Items]
Total revenues	8,866	6,413	22,157	17,315
Australia
Disaggregation of Revenue [Line Items]
Total revenues	116,622	87,885	316,967	247,418
Australia \| Accommodation revenues
Disaggregation of Revenue [Line Items]
Total revenues	51,370	46,012	147,391	130,953
Australia \| Food service and other services revenues
Disaggregation of Revenue [Line Items]
Total revenues	65,252	41,873	169,576	116,465
Other
Disaggregation of Revenue [Line Items]
Total revenues	1,980	543	9,781	2,521
Other \| Accommodation revenues
Disaggregation of Revenue [Line Items]
Total revenues	$ 1,980	$ 543	$ 9,781	$ 2,521

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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+ Details

COMMITMENTS AND CONTINGENCIES	9 Months Ended
COMMITMENTS AND CONTINGENCIES	Sep. 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.

DETAILS OF SELECTED BALANCE SHEET ACCOUNTS - Accrued Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Accrued liabilities:
Accrued compensation	$ 30,511	$ 33,854
Accrued taxes, other than income taxes	3,307	3,997
Other	2,667	2,672
Total accrued liabilities	$ 36,485	$ 40,523

ASSETS HELD FOR SALE

9 Months Ended

Sep. 30, 2024

Discontinued Operations and Disposal Groups [Abstract]

ASSETS HELD FOR SALE

As of December 31, 2023, assets held for sale included certain assets in the U.S. These assets were recorded at the estimated fair value less costs to sell, which exceeded or equaled their carry values. In the second quarter of 2024, we sold the land at our Louisiana location for no gain.

During the third quarter of 2023, we entered into a definitive agreement to sell our McClelland Lake Lodge assets for approximately $36 million. The related assets had no remaining carrying value. During the third and fourth quarters of 2023, we recognized $14.2 million in dismantle costs and received $28.2 million in cash proceeds associated with the sale. During the first quarter of 2024, we recognized the remaining $1.0 million in dismantle costs and received the remaining $7.8 million in cash proceeds.

The following table summarizes the carrying amount as of September 30, 2024 and December 31, 2023 of the assets classified as held for sale (in thousands):


	September 30, 2024		December 31, 2023
Assets held for sale:
Property, plant and equipment, net	$	—	$	5,873
Total assets held for sale	$	—	$	5,873

SHARE REPURCHASE PROGRAMS AND DIVIDENDS - Schedule of Dividends Declared (Details) - $ / shares	3 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023
Equity [Abstract]
Dividends per common share (in dollars per share)	$ 0.25	$ 0.25	$ 0.25	$ 0.25

SHARE REPURCHASE PROGRAMS AND DIVIDENDS (Tables)

9 Months Ended

Sep. 30, 2024

Equity [Abstract]

Summary of Common Share Repurchases

The following table summarizes our common share repurchases for the periods presented (in thousands, except per share data):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Dollar-value of shares repurchased	$	14,208	$	1,252	$	24,060	$	9,222
Shares repurchased	514.8		62.3		922.0		443.2
Average price paid per share	$	27.59	$	20.05	$	26.08	$	20.78

Dividends Declared

Our Board declared the following quarterly dividends for the nine months ended September 30, 2024 and 2023. The dividends are eligible dividends pursuant to the Income Tax Act (Canada).

Date Declared

Record Date

Payment Date

Per Share Amount

July 30, 2024

August 26, 2024

September 16, 2024

0.25

April 26, 2024

May 27, 2024

June 17, 2024

0.25

February 2, 2024

February 26, 2024

March 18, 2024

0.25

September 5, 2023

September 15, 2023

September 29, 2023

0.25

ASSETS HELD FOR SALE (Tables)

9 Months Ended

Sep. 30, 2024

Discontinued Operations and Disposal Groups [Abstract]

Disposal Groups, Including Discontinued Operations

The following table summarizes the carrying amount as of September 30, 2024 and December 31, 2023 of the assets classified as held for sale (in thousands):


	September 30, 2024		December 31, 2023
Assets held for sale:
Property, plant and equipment, net	$	—	$	5,873
Total assets held for sale	$	—	$	5,873

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

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+ Details

DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION	9 Months Ended
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION	Sep. 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 United States (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.

ASSETS HELD FOR SALE - Carrying Amount of Assets Held for Sale (Details) - USD ($) $ in Thousands	Sep. 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

REVENUE - Revenue related to performance obligations (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue expected to be recognized as of September 30, 2024	$ 606,697
Revenue, remaining performance obligation, expected timing of satisfaction, start date [Axis]: 2024-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue expected to be recognized as of September 30, 2024	$ 47,271
Revenue expected to be recognized, period	3 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 September 30, 2024	$ 147,648
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 September 30, 2024	$ 108,393
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 September 30, 2024	$ 303,385
Revenue expected to be recognized, period

DETAILS OF SELECTED BALANCE SHEET ACCOUNTS - Deferred Revenue (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Balance Sheet Related Disclosures [Abstract]
Current contract liabilities	$ 2,792	$ 4,849
Noncurrent contract liabilities	6,363	8,068
Total contract liabilities (Deferred revenue)	$ 9,155	$ 12,917

EARNINGS PER SHARE (Tables)

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

The calculation of basic and diluted earnings per share attributable to Civeo common shareholders is presented below for the periods indicated (in thousands, except per share amounts):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Numerator:
Basic net income (loss) attributable to Civeo Corporation	$	(5,091)	$	9,022	$	(1,997)	$	7,132


Diluted net income (loss) attributable to Civeo Corporation	$	(5,091)	$	9,022	$	(1,997)	$	7,132

Denominator:
Weighted average shares outstanding - basic	14,293		14,814		14,488		14,980
Dilutive shares - share-based awards	—		77		—		71
Weighted average shares outstanding - diluted	14,293		14,891		14,488		15,051

Basic net income (loss) per share attributable to Civeo Corporation common shareholders (1)	$	(0.36)	$	0.61	$	(0.14)	$	0.48

Diluted net income (loss) per share attributable to Civeo Corporation common shareholders (1)	$	(0.36)	$	0.61	$	(0.14)	$	0.47

(1)Computations may reflect rounding adjustments.

FAIR VALUE MEASUREMENTS	9 Months Ended
FAIR VALUE MEASUREMENTS	Sep. 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 September 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.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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+ Details

SEGMENT AND RELATED INFORMATION (Tables)

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

Financial information by business segment for each of the three and nine months ended September 30, 2024 and 2023 is summarized in the following table (in thousands):


	Total revenues		Depreciation and amortization		Operating income (loss)		Capital expenditures		Total assets
Three months ended September 30, 2024
Canada	$	57,736	$	9,264	$	(8,282)	$	3,558	$	737,194
Australia	116,622		8,086		12,349		3,889		218,733
Corporate, other and eliminations	1,980		90		(4,023)		29		(478,291)
Total	$	176,338	$	17,440	$	44	$	7,476	$	477,636

Three months ended September 30, 2023
Canada	$	95,144	$	9,565	$	10,811	$	3,006	$	745,377
Australia	87,885		7,181		9,067		6,244		195,315
Corporate, other and eliminations	543		168		(3,839)		212		(384,098)
Total	$	183,572	$	16,914	$	16,039	$	9,462	$	556,594

Nine months ended September 30, 2024
Canada	$	204,423	$	27,912	$	(2,801)	$	6,300	$	737,194
Australia	316,967		23,018		30,033		12,059		218,733
Corporate, other and eliminations	9,781		339		(15,857)		46		(478,291)
Total	$	531,171	$	51,269	$	11,375	$	18,405	$	477,636

Nine months ended September 30, 2023
Canada	$	280,067	$	37,067	$	9,486	$	7,075	$	745,377
Australia	247,418		22,099		23,140		13,373		195,315
Corporate, other and eliminations	2,521		111		(10,319)		731		(384,098)
Total	$	530,006	$	59,277	$	22,307	$	21,179	$	556,594

DEBT - Amended Credit Agreement (Details) $ in Millions, $ in Millions		9 Months Ended
	Aug. 08, 2024 USD ($)	Sep. 30, 2024 USD ($) lender	Sep. 30, 2024 AUD ($) lender	Dec. 31, 2023 USD ($)	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		2.50%
Line of credit \| Secured Overnight Financing Rate (SOFR) \| Maximum
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate		3.75%
Line of credit \| Base rate \| Minimum
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate		1.50%
Line of credit \| Base rate \| Maximum
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate		2.75%
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		2.50%
Line of credit \| Canadian Dealer Offered Rate (CDOR) \| Maximum
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate		3.75%
Line of credit \| Bank Bill Swap Bid Rate (BBSY) \| Minimum
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate		2.50%
Line of credit \| Bank Bill Swap Bid Rate (BBSY) \| Maximum
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate		3.75%
Credit Agreement
Line of Credit Facility [Line Items]
Debt instrument, variable rate, adjustment	(0.0025)
Number of lenders \| lender		7	7
Credit Agreement \| Minimum
Line of Credit Facility [Line Items]
Lender commitments, within credit agreement		$ 15,000,000.0
Credit Agreement \| Maximum
Line of Credit Facility [Line Items]
Lender commitments, within credit agreement		$ 45,000,000.0
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 Agreement \| Third Amendment to the Credit Agreement
Line of Credit Facility [Line Items]
Line of credit facility, accordion feature, increase limit	$ 45,000,000.0
Revolving credit facility \| Credit Agreement
Line of Credit Facility [Line Items]
Revolving credit facility, maximum borrowing capacity				$ 200,000,000.0
Revolving credit facility \| Revolving credit facility, U.S. subsidiaries
Line of Credit Facility [Line Items]
Revolving credit facility, maximum borrowing capacity				10,000,000.0
Revolving credit facility \| Third Amendment to the Credit Agreement
Line of Credit Facility [Line Items]
Revolving credit facility, maximum borrowing capacity		$ 245,000,000.0
Revolving credit facility, U.S. subsidiaries \| Credit Agreement
Line of Credit Facility [Line Items]
Outstanding letters of credit		300,000
Revolving credit facility, U.S. subsidiaries \| Third Amendment to the Credit Agreement
Line of Credit Facility [Line Items]
Revolving credit facility, maximum borrowing capacity		10,000,000.0
Revolving credit facility, Canadian subsidiaries \| Credit Agreement
Line of Credit Facility [Line Items]
Revolving credit facility, maximum borrowing capacity				155,000,000.0
Outstanding letters of credit		800,000
Revolving credit facility, Canadian subsidiaries \| Third Amendment to the Credit Agreement
Line of Credit Facility [Line Items]
Revolving credit facility, maximum borrowing capacity		200,000,000.0
Revolving credit facility, Australian subsidiaries \| Credit Agreement
Line of Credit Facility [Line Items]
Revolving credit facility, maximum borrowing capacity				$ 35,000,000.0
Outstanding letters of credit		0
Revolving credit facility, Australian subsidiaries \| Third Amendment to the Credit Agreement
Line of Credit Facility [Line Items]
Revolving credit facility, maximum borrowing capacity		$ 35,000,000.0
Bank Guarantee Facility
Line of Credit Facility [Line Items]
Long-term debt			$ 1.6

SEGMENT AND RELATED INFORMATION

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

SEGMENT AND RELATED INFORMATION

In accordance with current accounting standards regarding disclosures about segments of an enterprise and related information, we have identified two reportable segments, Canada and Australia, which represent our strategic focus on hospitality services and workforce accommodations.

Financial information by business segment for each of the three and nine months ended September 30, 2024 and 2023 is summarized in the following table (in thousands):


	Total revenues		Depreciation and amortization		Operating income (loss)		Capital expenditures		Total assets
Three months ended September 30, 2024
Canada	$	57,736	$	9,264	$	(8,282)	$	3,558	$	737,194
Australia	116,622		8,086		12,349		3,889		218,733
Corporate, other and eliminations	1,980		90		(4,023)		29		(478,291)
Total	$	176,338	$	17,440	$	44	$	7,476	$	477,636

Three months ended September 30, 2023
Canada	$	95,144	$	9,565	$	10,811	$	3,006	$	745,377
Australia	87,885		7,181		9,067		6,244		195,315
Corporate, other and eliminations	543		168		(3,839)		212		(384,098)
Total	$	183,572	$	16,914	$	16,039	$	9,462	$	556,594

Nine months ended September 30, 2024
Canada	$	204,423	$	27,912	$	(2,801)	$	6,300	$	737,194
Australia	316,967		23,018		30,033		12,059		218,733
Corporate, other and eliminations	9,781		339		(15,857)		46		(478,291)
Total	$	531,171	$	51,269	$	11,375	$	18,405	$	477,636

Nine months ended September 30, 2023
Canada	$	280,067	$	37,067	$	9,486	$	7,075	$	745,377
Australia	247,418		22,099		23,140		13,373		195,315
Corporate, other and eliminations	2,521		111		(10,319)		731		(384,098)
Total	$	530,006	$	59,277	$	22,307	$	21,179	$	556,594

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ (5,289)	$ 9,223	$ (2,998)	$ 7,079
Other comprehensive income (loss), net of taxes:
Foreign currency translation adjustment, net of zero taxes	7,238	(6,795)	(1,372)	(6,890)
Total other comprehensive income (loss), net of taxes	7,238	(6,795)	(1,372)	(6,890)
Comprehensive income (loss)	1,949	2,428	(4,370)	189
Less: Comprehensive income (loss) attributable to noncontrolling interest	(172)	136	(1,071)	(50)
Comprehensive income (loss) attributable to Civeo Corporation	$ 2,121	$ 2,292	$ (3,299)	$ 239

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

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Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income (loss) and other comprehensive income (loss), attributable to noncontrolling interests. Excludes changes in equity resulting from investments by owners and distributions to owners.

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SHARE REPURCHASE PROGRAMS AND DIVIDENDS - Narrative (Details) - shares	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023	Dec. 31, 2022
Equity [Abstract]
Stock repurchase program, authorized amount, percentage	5.00%	5.00%	5.00%
Stock repurchase program, authorized amount (in shares)	711,000	742,000	685,000
Stock repurchase program, purchase period	12 months	12 months	12 months

UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parentheticals) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Foreign currency translation charges, taxes	$ 0	$ 0	$ 0	$ 0

DEBT - Long-term Debt (Details) - USD ($) $ in Thousands	9 Months Ended
DEBT - Long-term Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Long-term debt, gross	$ 50,078	$ 65,554
U.S. revolving credit facility; weighted average interest rate of 10.4% for the nine month period ended September 30, 2024
Debt Instrument [Line Items]
Interest rate on line of credit facility	10.40%
Revolving credit facility	$ 0	0
Canadian revolving credit facility; weighted average interest rate of 8.4% for the nine month period ended September 30, 2024
Debt Instrument [Line Items]
Interest rate on line of credit facility	8.40%
Revolving credit facility	$ 50,078	65,554
Australian revolving credit facility; weighted average interest rate of 7.2% for the nine month period ended September 30, 2024
Debt Instrument [Line Items]
Interest rate on line of credit facility	7.20%
Revolving credit facility	$ 0	$ 0

- Definition

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+ Details

- Definition

The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

+ References + Details

DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION - Narrative (Details)	9 Months Ended
	Sep. 30, 2024 segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of reportable segments	2

IMPAIRMENT CHARGES - Narrative (Details) - USD ($)	3 Months Ended
IMPAIRMENT CHARGES - Narrative (Details) - USD ($)	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Long-lived assets	$ 0	$ 0	$ 7,823,000
Property, plant and equipment, net	$ 233,864,000			$ 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

ACCUMULATED OTHER COMPREHENSIVE LOSS - Narrative (Details) $ in Thousands, $ in Millions, $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($)	Sep. 30, 2024 CAD ($)	Sep. 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	$ 1,300
Accumulated other comprehensive loss	$ 382,017			$ 380,715
International functional currency net assets		$ 187.0	$ 201.0

- Definition

Amount, after tax, of accumulated increase (decrease) in equity from transaction and other event and circumstance from nonowner source.

+ References + Details

- Definition

Amount after tax, before reclassification adjustments of gain (loss) on foreign currency translation adjustments, foreign currency transactions designated and effective as economic hedges of a net investment in a foreign entity and intra-entity foreign currency transactions that are of a long-term-investment nature.

+ References + Details

Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2024	Oct. 25, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 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		13,772,802
Entity Central Index Key	0001590584
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment Flag	false

SHARE REPURCHASE PROGRAMS AND DIVIDENDS

9 Months Ended

Sep. 30, 2024

Equity [Abstract]

SHARE REPURCHASE PROGRAMS AND DIVIDENDS

Share Repurchase Programs

In 2024, 2023 and 2022, our Board of Directors (Board) authorized the repurchase of up to 5.0% of our total common shares which were issued and outstanding, or approximately 711,000, 742,000 and 685,000 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. Any common shares repurchased 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 for the periods presented (in thousands, except per share data):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Dollar-value of shares repurchased	$	14,208	$	1,252	$	24,060	$	9,222
Shares repurchased	514.8		62.3		922.0		443.2
Average price paid per share	$	27.59	$	20.05	$	26.08	$	20.78

Dividends

Our Board declared the following quarterly dividends for the nine months ended September 30, 2024 and 2023. The dividends are eligible dividends pursuant to the Income Tax Act (Canada).

Date Declared

Record Date

Payment Date

Per Share Amount

July 30, 2024

August 26, 2024

September 16, 2024

0.25

April 26, 2024

May 27, 2024

June 17, 2024

0.25

February 2, 2024

February 26, 2024

March 18, 2024

0.25

September 5, 2023

September 15, 2023

September 29, 2023

0.25

DEBT

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

DEBT

As of September 30, 2024 and December 31, 2023, long-term debt consisted of the following (in thousands):


	September 30, 2024		December 31, 2023


U.S. revolving credit facility; weighted average interest rate of 10.4% for the nine month period ended September 30, 2024	$	—	$	—

Canadian revolving credit facility; weighted average interest rate of 8.4% for the nine month period ended September 30, 2024	50,078		65,554

Australian revolving credit facility; weighted average interest rate of 7.2% for the nine month period ended September 30, 2024	—		—
Total debt	$	50,078	$	65,554

Amended Credit Agreement

As of December 31, 2023, our Syndicated Facility Agreement, (as then amended, the Credit Agreement) with Royal Bank of Canada, as Canadian administrative agent, provided for 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. A C$100.0 million term loan facility provided under the Credit Agreement was fully repaid on December 31, 2023.

On June 28, 2024, we entered into the second amendment to the Credit Agreement, which changed the benchmark interest rate for certain Canadian dollar-denominated loans in the Canadian Revolving Facility from Canadian Dollar Offered Rate to Adjusted Term Canadian Overnight Repo Rate Average (CORRA).

On August 8, 2024, we entered into the third amendment to the Credit Agreement (as so amended, the Amended Credit Agreement), which, among other things:

•increased the aggregate revolving loan commitments by $45.0 million under the Amended Credit Agreement, to a maximum principal amount of $245.0 million, allocated as follows: (A) a $10.0 million senior secured revolving credit facility in favor of certain of our U.S. subsidiaries, as borrowers (the U.S. Facility); (B) a $200.0 million senior secured revolving credit facility in favor of Civeo and certain of our U.S. subsidiaries, as borrowers (the Canadian Facility); and (C) a $35.0 million senior secured revolving credit facility in favor of one of our Australian subsidiaries, as borrower, scheduled to mature on August 8, 2028;

•added Civeo USA LLC as a Borrower under the Amended Credit Agreement with respect to the U.S. Facility and the Canadian Facility;

•reduced the interest rate spreads above the benchmark rates by 25 basis points;

•maintained the previous max net leverage ratio and max interest covenant levels; and

•provided for other technical changes and amendments.

U.S. dollar amounts outstanding under the facilities provided by the Amended Credit Agreement bear interest at a variable rate equal to Adjusted Term Secured Overnight Financing Rate (SOFR), which is equal to Term SOFR plus a 10 basis point adjustment, plus a margin of 2.50% to 3.75%, or a base rate plus 1.50% to 2.75%, in each case based on a ratio of our total net debt to Consolidated EBITDA (as defined in the Amended Credit Agreement). Canadian dollar amounts outstanding bear interest at a variable rate equal to Adjusted Term CORRA (which is equal to the Term CORRA plus an adjustment of 29.547 basis points for one month terms or 32.138 basis points for three month terms) plus a margin of 2.50% to 3.75%, or a Canadian Prime rate plus a margin of 1.50% to 2.75%, in each case based on a ratio of our total net debt to Consolidated EBITDA. Australian dollar amounts outstanding under the Amended Credit Agreement bear interest at a variable rate equal to the Bank Bill Swap Bid Rate plus a margin of 2.50% to 3.75%, based on a ratio of our total net debt to Consolidated EBITDA.

The Amended Credit Agreement contains customary affirmative and negative covenants that, among other things, limit or restrict: (i) indebtedness, liens and fundamental changes; (ii) asset sales; (iii) 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 a 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 Amended Credit Agreement. EBITDA and consolidated interest, as defined, exclude goodwill and asset impairments, debt discount amortization, amortization of intangibles and other non-cash charges. We were in compliance with our covenants as of September 30, 2024.

Borrowings under the Amended 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 Amended Credit Agreement are guaranteed by our significant subsidiaries. As of September 30, 2024, we had seven lenders that were parties to the Amended Credit Agreement, with total revolving commitments ranging from $15.0 million to $45.0 million. As of September 30, 2024, we had outstanding letters of credit of $0.3 million under the U.S. facility, zero under the Australian facility and $0.8 million under the Canadian facility. We also had outstanding bank guarantees of A$1.6 million under the Australian facility.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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+ Details

DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION (Policies)	9 Months Ended
	Sep. 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 United States (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.

SEGMENT AND RELATED INFORMATION - Financial Information by Business Segment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Segment Reporting Information [Line Items]
Total revenues	$ 176,338	$ 183,572	$ 531,171	$ 530,006
Depreciation and amortization	17,440	16,914	51,269	59,277
Operating income (loss)	44	16,039	11,375	22,307
Capital expenditures	7,476	9,462	18,405	21,179
Total assets	477,636	556,594	477,636	556,594	$ 548,062
Canada
Segment Reporting Information [Line Items]
Total revenues	57,736	95,144	204,423	280,067
Australia
Segment Reporting Information [Line Items]
Total revenues	116,622	87,885	316,967	247,418
Operating segments \| Canada
Segment Reporting Information [Line Items]
Total revenues	57,736	95,144	204,423	280,067
Depreciation and amortization	9,264	9,565	27,912	37,067
Operating income (loss)	(8,282)	10,811	(2,801)	9,486
Capital expenditures	3,558	3,006	6,300	7,075
Total assets	737,194	745,377	737,194	745,377
Operating segments \| Australia
Segment Reporting Information [Line Items]
Total revenues	116,622	87,885	316,967	247,418
Depreciation and amortization	8,086	7,181	23,018	22,099
Operating income (loss)	12,349	9,067	30,033	23,140
Capital expenditures	3,889	6,244	12,059	13,373
Total assets	218,733	195,315	218,733	195,315
Corporate, other and eliminations
Segment Reporting Information [Line Items]
Total revenues	1,980	543	9,781	2,521
Depreciation and amortization	90	168	339	111
Operating income (loss)	(4,023)	(3,839)	(15,857)	(10,319)
Capital expenditures	29	212	46	731
Total assets	$ (478,291)	$ (384,098)	$ (478,291)	$ (384,098)

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)	7,079			7,132			(53)
Currency translation adjustment	(6,890)					(6,893)	3
Dividends paid	(4,002)			(3,731)			(271)
Common shares repurchased	(9,222)			(9,222)
Share-based compensation	3,297		3,297
Ending balance at Sep. 30, 2023	293,963	0	1,627,809	(935,944)	(9,063)	(392,080)	3,241
Beginning balance at Jun. 30, 2023	295,333	0	1,626,556	(939,983)	(9,063)	(385,350)	3,173
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	9,223			9,022			201
Currency translation adjustment	(6,795)					(6,730)	(65)
Dividends paid	(3,799)			(3,731)			(68)
Common shares repurchased	(1,252)			(1,252)
Share-based compensation	1,253		1,253
Ending balance at Sep. 30, 2023	293,963	0	1,627,809	(935,944)	(9,063)	(392,080)	3,241
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)	(2,998)			(1,997)			(1,001)
Currency translation adjustment	(1,372)					(1,302)	(70)
Dividends paid	(10,995)			(10,984)			(11)
Common shares repurchased	(24,060)			(24,060)
Excise tax on common shares repurchased	(481)			(481)
Share-based compensation	812		1,879		(1,067)
Ending balance at Sep. 30, 2024	$ 283,944	$ 0	1,630,851	(956,545)	(10,130)	(382,017)	1,785
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)		(922,000)
Ending balance (in shares) at Sep. 30, 2024	13,861,802	13,862,000
Beginning balance at Jun. 30, 2024	$ 299,388	$ 0	1,630,130	(933,346)	(10,130)	(389,229)	1,963
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(5,289)			(5,091)			(198)
Currency translation adjustment	7,238					7,212	26
Dividends paid	(3,622)			(3,616)			(6)
Common shares repurchased	(14,208)			(14,208)
Excise tax on common shares repurchased	(284)			(284)
Share-based compensation	721		721
Ending balance at Sep. 30, 2024	$ 283,944	$ 0	$ 1,630,851	$ (956,545)	$ (10,130)	$ (382,017)	$ 1,785
Ending balance (in shares) at Sep. 30, 2024	13,861,802	13,862,000

INCOME TAXES - Narrative (Details) $ in Thousands	3 Months Ended		9 Months Ended
INCOME TAXES - Narrative (Details) $ in Thousands	Sep. 30, 2024 USD ($) jurisdiction	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) jurisdiction	Sep. 30, 2023 USD ($)
Schedule of Income Taxes [Line Items]
Number of tax jurisdictions \| jurisdiction	3		3
Income tax expense (benefit) \| $	$ 3,862	$ (1,214)	$ 9,199	$ 2,897
Income tax expense, percent of pretax loss	(270.60%)	(15.20%)	148.30%	29.00%
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%

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.7)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-10

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Subparagraph (a)
-SubTopic 20
-Topic 740
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482659/740-20-45-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h))
-SubTopic 10
-Topic 235
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

+ Details

EARNINGS PER SHARE - Calculation of Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Numerator:
Basic net income (loss) attributable to Civeo Corporation	$ (5,091)	$ 9,022	$ (1,997)	$ 7,132
Diluted net income (loss) attributable to Civeo Corporation	$ (5,091)	$ 9,022	$ (1,997)	$ 7,132
Denominator:
Weighted average shares outstanding - basic (in shares)	14,293	14,814	14,488	14,980
Dilutive shares - share-based awards (in shares)	0	77	0	71
Weighted average shares outstanding - diluted (in shares)	14,293	14,891	14,488	15,051
Basic net income (loss) per share attributable to Civeo Corporation common shareholders (in dollars per share)	$ (0.36)	$ 0.61	$ (0.14)	$ 0.48
Diluted net income (loss) per share attributable to Civeo Corporation common shareholders (in dollars per share)	$ (0.36)	$ 0.61	$ (0.14)	$ 0.47

- Definition

The amount of net income (loss) from continuing operations per each share of common stock or unit outstanding during the reporting period.

+ References

+ Details

- Definition

The amount of net income (loss) derived from continuing operations during the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities, and addition from assumption of issuance of common shares for dilutive potential common shares; of income (loss) available to common shareholders.

+ References + Details

IMPAIRMENT CHARGES - Schedule of Impairment (Details) - USD ($)	3 Months Ended				9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Property, Plant and Equipment [Line Items]
Long-lived assets	$ 0	$ 0	$ 7,823,000
Total	$ 0		7,823,000	$ 0	$ 7,823,000	$ 0
Australia
Property, Plant and Equipment [Line Items]
Long-lived assets			5,749,000
Total			5,749,000
U.S.
Property, Plant and Equipment [Line Items]
Long-lived assets			2,074,000
Total			$ 2,074,000

REVENUE - Additional Information (Details)	9 Months Ended
REVENUE - Additional Information (Details)	Sep. 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

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues:
Total revenues	$ 176,338	$ 183,572	$ 531,171	$ 530,006
Costs and expenses:
Selling, general and administrative expenses	19,635	20,236	55,708	52,885
Depreciation and amortization expense	17,440	16,914	51,269	59,277
Impairment expense	0	0	7,823	0
(Gain) loss on sale of McClelland Lake Lodge assets, net	171	0	(5,817)	0
Other operating expense	506	87	992	302
Total costs and expenses	176,294	167,533	519,796	507,699
Operating income	44	16,039	11,375	22,307
Interest expense	(1,725)	(3,365)	(6,288)	(10,625)
Interest income	50	44	147	126
Other income (expense)	204	(4,709)	967	(1,832)
Income (loss) before income taxes	(1,427)	8,009	6,201	9,976
Income tax (expense) benefit	(3,862)	1,214	(9,199)	(2,897)
Net income (loss)	(5,289)	9,223	(2,998)	7,079
Less: Net income (loss) attributable to noncontrolling interest	(198)	201	(1,001)	(53)
Net income (loss) attributable to Civeo Corporation	$ (5,091)	$ 9,022	$ (1,997)	$ 7,132
Per Share Data (see Note 7)
Basic net income (loss) per share attributable to Civeo Corporation common shareholders (in dollars per share)	$ (0.36)	$ 0.61	$ (0.14)	$ 0.48
Diluted net income (loss) per share attributable to Civeo Corporation common shareholders (in dollars per share)	$ (0.36)	$ 0.61	$ (0.14)	$ 0.47
Weighted average number of common shares outstanding:
Basic (in shares)	14,293	14,814	14,488	14,980
Diluted (in shares)	14,293	14,891	14,488	15,051
Dividends per common share (in dollars per share)	$ 0.25	$ 0.25	$ 0.75	$ 0.25
Service and other
Revenues:
Total revenues	$ 175,968	$ 183,229	$ 529,731	$ 529,172
Costs and expenses:
Service and other costs	138,445	130,183	409,560	394,953
Rental
Revenues:
Total revenues	111	0	742	0
Costs and expenses:
Service and other costs	0	0	0	0
Product
Revenues:
Total revenues	259	343	698	834
Costs and expenses:
Service and other costs	$ 97	$ 113	$ 261	$ 282

ASSETS HELD FOR SALE - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended	9 Months Ended
	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2024	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			$ 10,700	$ 7,070
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

DETAILS OF SELECTED BALANCE SHEET ACCOUNTS - Accounts Receivable (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total accounts receivable	$ 106,925	$ 143,421
Allowance for credit losses	(218)	(199)
Total accounts receivable, net	106,707	143,222
Trade
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total accounts receivable	79,992	93,527
Unbilled revenue
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total accounts receivable	23,233	46,331
Other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total accounts receivable	$ 3,700	$ 3,563

EARNINGS PER SHARE - Schedule of Antidilutive Securities Excluded from Computation of Earnings per Share (Details) - shares shares in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Earnings Per Share [Abstract]
Share-based awards (in shares)	0.2	0.1	0.2	0.1

DETAILS OF SELECTED BALANCE SHEET ACCOUNTS

9 Months Ended

Sep. 30, 2024

Balance Sheet Related Disclosures [Abstract]

DETAILS OF SELECTED BALANCE SHEET ACCOUNTS

Additional information regarding selected balance sheet accounts at September 30, 2024 and December 31, 2023 is presented below (in thousands):


	September 30, 2024		December 31, 2023
Accounts receivable, net:
Trade	$	79,992	$	93,527
Unbilled revenue	23,233		46,331
Other	3,700		3,563
Total accounts receivable	106,925		143,421
Allowance for credit losses	(218)		(199)
Total accounts receivable, net	$	106,707	$	143,222


	September 30, 2024		December 31, 2023
Inventories:
Finished goods and purchased products	$	7,115	$	5,648

Raw materials	1,654		1,334
Total inventories	$	8,769	$	6,982


	Estimated Useful Life (in years)			September 30, 2024		December 31, 2023
Property, plant and equipment, net:
Land				$	26,280	$	27,988
Accommodations assets	3	—	15	1,374,390		1,378,408
Buildings and leasehold improvements	7	—	20	14,198		14,603
Machinery and equipment	4	—	7	14,761		13,255
Office furniture and equipment	3	—	7	69,032		67,248
Vehicles	3	—	5	9,127		10,025
Construction in progress				7,739		12,087
Total property, plant and equipment				1,515,527		1,523,614
Accumulated depreciation				(1,281,663)		(1,253,051)
Total property, plant and equipment, net				$	233,864	$	270,563


	September 30, 2024		December 31, 2023
Accrued liabilities:
Accrued compensation	$	30,511	$	33,854
Accrued taxes, other than income taxes	3,307		3,997

Other	2,667		2,672
Total accrued liabilities	$	36,485	$	40,523


	September 30, 2024		December 31, 2023
Contract liabilities (Deferred revenue):
Current contract liabilities (1)	$	2,792	$	4,849
Noncurrent contract liabilities (1)	6,363		8,068
Total contract liabilities (Deferred revenue)	$	9,155	$	12,917

(1)Current contract liabilities and Noncurrent contract liabilities are included in "Deferred revenue" and "Other noncurrent liabilities," respectively, in our unaudited consolidated balance sheets.

Deferred revenue typically consists of upfront payments received before we satisfy the associated performance obligation. The decrease in deferred revenue from December 31, 2023 to September 30, 2024 was due to revenue recognized over the contracted terms related to advance payments received from a customer for village enhancements in Australia.

SHARE REPURCHASE PROGRAMS AND DIVIDENDS - Schedule of Common Stock Repurchases (Details) - Share Repurchase Program - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Equity, Class of Treasury Stock [Line Items]
Dollar-value of shares repurchased	$ 14,208	$ 1,252	$ 24,060	$ 9,222
Shares repurchased (in shares)	514,800	62,300	922,000.0	443,200
Average price paid per share (in dollars per share)	$ 27.59	$ 20.05	$ 26.08	$ 20.78

DETAILS OF SELECTED BALANCE SHEET ACCOUNTS (Tables)

9 Months Ended

Sep. 30, 2024

Balance Sheet Related Disclosures [Abstract]

Schedule of Accounts Receivable

Additional information regarding selected balance sheet accounts at September 30, 2024 and December 31, 2023 is presented below (in thousands):


	September 30, 2024		December 31, 2023
Accounts receivable, net:
Trade	$	79,992	$	93,527
Unbilled revenue	23,233		46,331
Other	3,700		3,563
Total accounts receivable	106,925		143,421
Allowance for credit losses	(218)		(199)
Total accounts receivable, net	$	106,707	$	143,222

Schedule of Inventories


	September 30, 2024		December 31, 2023
Inventories:
Finished goods and purchased products	$	7,115	$	5,648

Raw materials	1,654		1,334
Total inventories	$	8,769	$	6,982

Property, Plant and Equipment


	Estimated Useful Life (in years)			September 30, 2024		December 31, 2023
Property, plant and equipment, net:
Land				$	26,280	$	27,988
Accommodations assets	3	—	15	1,374,390		1,378,408
Buildings and leasehold improvements	7	—	20	14,198		14,603
Machinery and equipment	4	—	7	14,761		13,255
Office furniture and equipment	3	—	7	69,032		67,248
Vehicles	3	—	5	9,127		10,025
Construction in progress				7,739		12,087
Total property, plant and equipment				1,515,527		1,523,614
Accumulated depreciation				(1,281,663)		(1,253,051)
Total property, plant and equipment, net				$	233,864	$	270,563

Schedule of Accrued Liabilities


	September 30, 2024		December 31, 2023
Accrued liabilities:
Accrued compensation	$	30,511	$	33,854
Accrued taxes, other than income taxes	3,307		3,997

Other	2,667		2,672
Total accrued liabilities	$	36,485	$	40,523

Schedule of Deferred Revenue


	September 30, 2024		December 31, 2023
Contract liabilities (Deferred revenue):
Current contract liabilities (1)	$	2,792	$	4,849
Noncurrent contract liabilities (1)	6,363		8,068
Total contract liabilities (Deferred revenue)	$	9,155	$	12,917

(1)Current contract liabilities and Noncurrent contract liabilities are included in "Deferred revenue" and "Other noncurrent liabilities," respectively, in our unaudited consolidated balance sheets.

DETAILS OF SELECTED BALANCE SHEET ACCOUNTS - Inventories (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Inventories:
Finished goods and purchased products	$ 7,115	$ 5,648
Raw materials	1,654	1,334
Total inventories	$ 8,769	$ 6,982

DETAILS OF SELECTED BALANCE SHEET ACCOUNTS - Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	$ 1,515,527	$ 1,523,614
Accumulated depreciation	(1,281,663)	(1,253,051)
Total property, plant and equipment, net	233,864	270,563
Land
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	26,280	27,988
Accommodations assets
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	$ 1,374,390	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	$ 14,198	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	$ 14,761	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	$ 69,032	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	$ 9,127	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	$ 7,739	$ 12,087

UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities:
Net income (loss)	$ (2,998)	$ 7,079
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	51,269	59,277
Impairment charges	7,823	0
Deferred income tax expense (benefit)	(6,487)	2,688
Non-cash compensation charge	1,879	3,297
(Gains) losses on disposals of assets	(6,134)	2,264
Provision for credit losses, net of recoveries	15	120
Other, net	1,886	1,900
Changes in operating assets and liabilities:
Accounts receivable	35,771	(37,411)
Inventories	(1,690)	420
Accounts payable and accrued liabilities	(13,586)	4,767
Taxes payable	9,681	(5)
Other current and noncurrent assets and liabilities, net	(3,415)	12,197
Net cash flows provided by operating activities	74,014	56,593
Cash flows from investing activities:
Capital expenditures	(18,405)	(21,179)
Proceeds from dispositions of property, plant and equipment	10,700	7,070
Other, net	183	0
Net cash flows used in investing activities	(7,522)	(14,109)
Cash flows from financing activities:
Revolving credit borrowings	233,613	172,867
Revolving credit repayments	(242,859)	(179,599)
Term loan repayments	0	(22,338)
Debt issuance costs	(2,976)	0
Dividends paid	(10,984)	(3,731)
Repurchases of common shares	(24,060)	(9,222)
Taxes paid on vested shares	(1,067)	0
Net cash flows used in financing activities	(48,333)	(42,023)
Effect of exchange rate changes on cash	(3,572)	(598)
Net change in cash and cash equivalents	14,587	(137)
Cash and cash equivalents, beginning of period	3,323	7,954
Cash and cash equivalents, end of period	$ 17,910	$ 7,817

IMPAIRMENT CHARGES (Tables)

9 Months Ended

Sep. 30, 2024

Asset Impairment Charges [Abstract]

Asset Impairment Charges

The following summarizes pre-tax impairment charges recorded during 2024, which are included in Impairment expense in our consolidated statements of operations (in thousands):


	Australia		U.S.		Total
Quarter ended March 31, 2024
Long-lived assets	$	5,749	$	2,074	$	7,823
Total	$	5,749	$	2,074	$	7,823

ACCUMULATED OTHER COMPREHENSIVE LOSS	9 Months Ended
ACCUMULATED OTHER COMPREHENSIVE LOSS	Sep. 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 $1.3 million from $380.7 million at December 31, 2023 to $382.0 million at September 30, 2024, as a result of foreign currency exchange rate fluctuations. Changes in other comprehensive loss during the nine months of 2024 were primarily driven by the Australian dollar increasing in value compared to the U.S. 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$187 million and A$201 million, respectively, at September 30, 2024.

DEBT (Tables)

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

As of September 30, 2024 and December 31, 2023, long-term debt consisted of the following (in thousands):


	September 30, 2024		December 31, 2023


U.S. revolving credit facility; weighted average interest rate of 10.4% for the nine month period ended September 30, 2024	$	—	$	—

Canadian revolving credit facility; weighted average interest rate of 8.4% for the nine month period ended September 30, 2024	50,078		65,554

Australian revolving credit facility; weighted average interest rate of 7.2% for the nine month period ended September 30, 2024	—		—
Total debt	$	50,078	$	65,554

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 17,910	$ 3,323
Accounts receivable, net	106,707	143,222
Inventories	8,769	6,982
Prepaid expenses	10,901	8,439
Other current assets	1,219	7,407
Assets held for sale	0	5,873
Total current assets	145,506	175,246
Property, plant and equipment, net	233,864	270,563
Goodwill	7,812	7,690
Other intangible assets, net	72,426	77,999
Operating lease right-of-use assets	10,985	12,286
Other noncurrent assets	7,043	4,278
Total assets	477,636	548,062
Current liabilities:
Accounts payable	48,497	58,699
Accrued liabilities	36,485	40,523
Income taxes payable	14,026	3,831
Deferred revenue	2,792	4,849
Other current liabilities	5,039	6,334
Total current liabilities	106,839	114,236
Long-term debt	50,078	65,554
Deferred income taxes	5,241	11,803
Operating lease liabilities	7,915	9,264
Other noncurrent liabilities	23,619	24,167
Total liabilities	193,692	225,024
Shareholders’ Equity:
Common shares (no par value; 46,000,000 shares authorized, 14,275,876 shares and 15,046,756 shares issued, respectively, and 13,861,802 shares and 14,680,081 shares outstanding, respectively)	0	0
Additional paid-in capital	1,630,851	1,628,972
Accumulated deficit	(956,545)	(919,023)
Common shares held in treasury at cost, 414,074 and 366,675 shares, respectively	(10,130)	(9,063)
Accumulated other comprehensive loss	(382,017)	(380,715)
Total Civeo Corporation shareholders’ equity	282,159	320,171
Noncontrolling interest	1,785	2,867
Total shareholders’ equity	283,944	323,038
Total liabilities and shareholders’ equity	$ 477,636	$ 548,062

REVENUE

9 Months Ended

Sep. 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 September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Canada
Accommodation revenues	$	48,747	$	71,417	$	180,793	$	208,000
Mobile facility rental revenues	123		17,314		1,473		54,752
Food service and other services revenues	8,866		6,413		22,157		17,315

Total Canada revenues	57,736		95,144		204,423		280,067

Australia
Accommodation revenues	$	51,370	$	46,012	$	147,391	$	130,953
Food service and other services revenues	65,252		41,873		169,576		116,465
Total Australia revenues	116,622		87,885		316,967		247,418

Other
Other revenues	$	1,980	$	543	$	9,781	$	2,521



Total other revenues	1,980		543		9,781		2,521

Total revenues	$	176,338	$	183,572	$	531,171	$	530,006

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.


	For the years ending December 31,
	2024		2025		2026		Thereafter		Total
Revenue expected to be recognized as of September 30, 2024	$	47,271	$	147,648	$	108,393	$	303,385	$	606,697

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.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

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INCOME TAXES	9 Months Ended
INCOME TAXES	Sep. 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 September 30, 2024, 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 September 30, 2024 totaled $3.9 million, or (270.6)% of pretax loss, compared to an income tax benefit of $1.2 million, or (15.2)% of pretax income, for the three months ended September 30, 2023. Our effective tax rate for the three months ended September 30, 2024 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. For the three months ended September 30, 2023, our effective tax rate was impacted by considering the U.S. a loss jurisdiction that was removed from the annual effective tax rate computation for purposes of computing the interim tax provision. Our income tax expense for the nine months ended September 30, 2024 totaled $9.2 million, or 148.3% of pretax income, compared to income tax expense of $2.9 million, or 29.0% of pretax income, for the nine months ended September 30, 2023. Our effective tax rate for the nine months ended September 30, 2024 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. For the nine months ended September 30, 2023, our effective tax rate was impacted by considering the U.S. a loss jurisdiction that was removed from the annual effective tax rate computation for purposes of computing the interim tax provision.

- Definition

The entire disclosure for income tax.

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+ Details

IMPAIRMENT CHARGES

9 Months Ended

Sep. 30, 2024

Asset Impairment Charges [Abstract]

IMPAIRMENT CHARGES

The following summarizes pre-tax impairment charges recorded during 2024, which are included in Impairment expense in our consolidated statements of operations (in thousands):


	Australia		U.S.		Total
Quarter ended March 31, 2024
Long-lived assets	$	5,749	$	2,074	$	7,823
Total	$	5,749	$	2,074	$	7,823

Quarter ended March 31, 2024. During the first quarter of 2024, we recorded impairment expense of $5.7 million related to various undeveloped land positions and related permitting costs in Australia. At March 31, 2024, we identified an impairment trigger related to certain of these properties due to the denial of development permit applications in Australia. Accordingly, the assets were written down to their estimated fair value of $0.6 million.

In addition, during the first quarter of 2024, we recorded impairment expense of $2.1 million, related to land located in the U.S. The land was written down to its estimated fair value (less costs to sell) of $3.8 million.

No impairment expense was recorded during the second or third quarters of 2024.