0001590584-25-000037 | 10-K | XBRL Viewer

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ASSETS HELD FOR SALE - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Sep. 30, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from disposition of property, plant and equipment		$ 11,011	$ 16,740	$ 16,286
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 disposition of property, plant and equipment	$ 7,800		$ 28,200

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Income before Income Tax, Domestic and Foreign

Income tax expense (benefit). Pre-tax income (loss) for the years ended December 31, 2024, 2023 and 2022 consisted of the following (in thousands):


	2024		2023		2022
Canada operations	$	(39,088)	$	5,524	$	3,040
Foreign operations	33,151		34,839		7,692
Total	$	(5,937)	$	40,363	$	10,732

Schedule of Components of Income Tax Expense (Benefit)

The components of the income tax expense (benefit) for the years ended December 31, 2024, 2023 and 2022 consisted of the following (in thousands):


	2024		2023		2022
Current:
Canada	$	41	$	142	$	31
Foreign	20,110		3,685		194
Total	$	20,151	$	3,827	$	225

Deferred:
Canada	$	—	$	—	$	—
Foreign	(7,659)		6,806		4,177
Total	$	(7,659)	$	6,806	$	4,177

Net income tax expense (benefit)	$	12,492	$	10,633	$	4,402

Schedule of Effective Income Tax Rate Reconciliation

The net income tax expense (benefit) differs from an amount computed at Canadian statutory rates as follows for the years ended December 31, 2024, 2023 and 2022 (in thousands):


	2024				2023				2022
Canadian federal tax benefit at statutory rates	$	(891)	15.0	%	$	6,054	15.0	%	$	1,610	15.0	%
Canadian provincial income tax	(3,186)		53.6	%	497		1.2	%	282		2.6	%
Effect of foreign income tax, net	5,642		(95.0)	%	5,481		13.6	%	1,809		16.9	%
Valuation allowance	8,983		(151.2)	%	(2,556)		(6.3)	%	153		1.4	%
Noncontrolling interest	325		(5.5)	%	125		0.3	%	(562)		(5.2)	%

Non-deductible compensation	1,213		(20.4)	%	1,009		2.5	%	808		7.5	%
Unrealized intercompany foreign currency translation gain	(18)		0.3	%	(148)		(0.4)	%	(250)		(2.3)	%

Deemed income from foreign subsidiaries	243		(4.1)	%	322		0.8	%	331		3.1	%
Other, net	181		(3.1)	%	(151)		(0.4)	%	221		2.0	%
Net income tax expense (benefit)	$	12,492	(210.4)	%	$	10,633	26.3	%	$	4,402	41.0	%

Schedule of Deferred Tax Assets and Liabilities

Deferred Tax Liabilities and Assets. The significant items giving rise to the deferred tax assets and liabilities as of December 31, 2024 and 2023 are as follows (in thousands):


	2024		2023
Deferred tax assets:
Net operating loss	$	53,756	$	54,274
Employee benefits	1,767		1,796
Deductible goodwill and other intangibles	42,713		48,201
Land	3,495		3,461
Other reserves	8,015		7,890
Deferred revenue	2,249		2,381
Operating lease liabilities	3,171		3,199
Capital losses	1,869		2,036
Other	2,255		1,770
Deferred tax assets	119,290		125,008
Valuation allowance	(81,998)		(78,769)
Deferred tax assets, net	$	37,292	$	46,239
Deferred tax liabilities:
Intangibles	$	(15,135)	$	(18,949)
Depreciation	(22,641)		(36,048)
Operating lease right-of-use assets	(3,074)		(3,045)
Deferred tax liabilities	(40,850)		(58,042)
Net deferred tax liabilities, net	$	(3,558)	$	(11,803)

Summary Of Operating Loss and Tax Credit Carry forwards

NOL Carryforwards. The following summarizes net operating loss (NOL) carryforwards at December 31, 2024 (in thousands):


	Amount		Expiration Period
Net operating loss carryforwards:
Canada – Federal and provincial	$	134,113	Begins to expire in 2032

U.S. – Federal	34,334		Begins to expire in 2036
U.S. – Federal	39,624		Does not expire
U.S. – State, tax effected	6,145		Begins to expire in 2024

Summary of Valuation Allowance

Changes in our valuation allowance for the years ended December 31, 2024 and 2023 are as follows (in thousands):



Balance as of December 31, 2022	$	(82,905)
Change in income tax provision	2,556
Other change	1,767
Foreign currency translation	(187)
Balance as of December 31, 2023	$	(78,769)
Change in income tax provision	(8,983)
Other change	910
Foreign currency translation	4,844
Balance as of December 31, 2024	$	(81,998)

ASSET RETIREMENT OBLIGATIONS (Tables)

12 Months Ended

Dec. 31, 2024

Asset Retirement Obligation Disclosure [Abstract]

Schedule of Asset Retirement Obligations

AROs at December 31, 2024 and 2023 were (in thousands):


	2024		2023
Asset retirement obligations	$	14,109	$	16,215
Less: Asset retirement obligations due within one year (1)	747		2,576
Long-term asset retirement obligations (2)	$	13,362	$	13,639


(1)			Classified as a current liability on the consolidated balance sheets, under the caption “Other current liabilities.” Balance at December 31, 2024 related to remediation work planned for 2025.
(2)			Classified as a long-term liability on the consolidated balance sheets, under the caption “Other noncurrent liabilities.” Balance at December 31, 2024.

Schedule of Change in Asset Retirement Obligation

During the years ended December 31, 2024, 2023 and 2022, our ARO changed as follows (in thousands):


	2024		2023		2022
Balance as of January 1	$	16,215	$	18,113	$	13,745
Accretion of discount	1,112		1,104		1,830

Change in estimates of existing obligations	20		1,366		4,138
Settlement of obligations	(1,936)		(4,756)		(455)
Foreign currency translation	(1,302)		388		(1,145)
Balance as of December 31	$	14,109	$	16,215	$	18,113

REVENUE

12 Months Ended

Dec. 31, 2024

Revenue from Contract with Customer [Abstract]

REVENUE

The following disaggregates our revenue by our two reportable segments (Australia and Canada) into major categories for the years ended December 31, 2024, 2023 and 2022 (in thousands):


	2024		2023		2022
Australia
Accommodation and other services revenues	$	196,684	$	177,834	$	152,714
Food service and other services revenues	230,272		158,929		125,538


Total Australia revenues	426,956		336,763		278,252

Canada
Accommodation and other services revenues	$	214,774	$	266,926	$	279,455
Mobile facility rental revenues	1,523		61,899		96,400
Food service and other services revenues	28,790		23,970		20,142

Total Canada revenues	245,087		352,795		395,997

Other
Other revenues	$	10,079	$	11,247	$	22,803



Total other revenues	10,079		11,247		22,803

Total revenues	$	682,122	$	700,805	$	697,052

Our payment terms vary by the type and location of our customer and the products or services offered. The term between invoicing and when our performance obligations are satisfied is not significant. Payment terms are generally within 30 days and in most cases do not extend beyond 60 days. We do not have significant financing components or significant payment terms.

As of December 31, 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,
	2025		2026		2027		Thereafter		Total
Revenue expected to be recognized as of December 31, 2024	$	156,332	$	116,652	$	87,749	$	204,065	$	564,798

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
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-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
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-Paragraph 12
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
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-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
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-Paragraph 13
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/606/tableOfContent

+ Details

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Statement [Abstract]
Total revenues	$ 682,122	$ 700,805	$ 697,052
Cost of services provided	532,667	530,287	517,063
Selling, general and administrative expenses	73,350	72,605	69,962
Depreciation and amortization expense	68,038	75,142	87,214
Impairment expense	11,581	1,395	5,721
Gain on sale of McClelland Lake Lodge assets, net	(5,744)	(18,590)	0
Other operating expense	898	479	74
Total costs and expenses	680,790	661,318	680,034
Operating income	1,332	39,487	17,018
Interest expense	(7,973)	(13,177)	(11,474)
Interest income	187	172	39
Other income	517	13,881	5,149
Income (loss) before income taxes	(5,937)	40,363	10,732
Income tax expense	(12,492)	(10,633)	(4,402)
Net income (loss)	(18,429)	29,730	6,330
Less: Net income (loss) attributable to noncontrolling interest	(1,362)	(427)	2,333
Net income (loss) attributable to Civeo Corporation	(17,067)	30,157	3,997
Less: Dividends attributable to Class A preferred shares	0	0	1,771
Net income (loss) attributable to Civeo common shareholders	$ (17,067)	$ 30,157	$ 2,226
Per Share Data (see Note 6)
Basic net income (loss) per share attributable to Civeo Corporation common shareholders (in dollars per share)	$ (1.19)	$ 2.02	$ (0.21)
Diluted net income (loss) per share attributable to Civeo Corporation common shareholders (in dollars per share)	$ (1.19)	$ 2.01	$ (0.21)
Weighted average number of common shares outstanding:
Basic (in shares)	14,287	14,906	14,002
Diluted (in shares)	14,287	15,013	14,002

CONSOLIDATED BALANCE SHEETS (Parentheticals) - $ / shares	Dec. 31, 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)	14,067,721	15,046,756
Common stock, shares outstanding (in shares)	13,653,647	14,680,081
Treasury shares (in shares)	414,074	366,675

VALUATION ACCOUNTS

12 Months Ended

Dec. 31, 2024

SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]

VALUATION ACCOUNTS

Activity in the valuation accounts was as follows (in thousands):


	Balance at Beginning of Period		Charged (Reduction) to Costs and Expenses		Deductions (Net of Recoveries)		Translation and Other, Net		Balance at End of Period
Year Ended December 31, 2024:
Allowance for credit losses on accounts receivable	$	199	$	33	$	(7)	$	(17)	$	208
Valuation allowance for deferred tax assets	78,769		8,983		(910)		(4,844)		81,998

Year Ended December 31, 2023:
Allowance for credit losses on accounts receivable	$	299	$	79	$	(181)	$	2	$	199
Valuation allowance for deferred tax assets	82,905		(2,556)		(1,767)		187		78,769

Year Ended December 31, 2022:
Allowance for credit losses on accounts receivable	$	361	$	115	$	(162)	$	(15)	$	299
Valuation allowance for deferred tax assets	85,351		153		1,178		(3,777)		82,905

LEASES - Narrative (Details) $ in Millions	12 Months Ended
LEASES - Narrative (Details) $ in Millions	Dec. 31, 2024 USD ($) segment	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Lessee, Lease, Description [Line Items]
Number of reportable segments \| segment	2
Finance lease, renewal term	10 years
Operating lease, renewal term	10 years
Options to terminate leases	90 days
Operating lease expense	$ 4.2	$ 4.2	$ 5.0
Finance lease, expense	0.5	$ 0.2	$ 0.0
Cash payment for leases	4.6
Finance lease, principal payments	0.5
Right-of-use asset obtained in exchange for operating lease and finance lease liability	$ 4.2
Minimum
Lessee, Lease, Description [Line Items]
Operating lease, term of contract	1 year
Finance lease, term of contract	1 year
Maximum
Lessee, Lease, Description [Line Items]
Operating lease, term of contract	6 years
Finance lease, term of contract	6 years

LEASES

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

LEASES

We have operating and finance leases covering certain land locations and various office facilities and equipment in our two reportable business segments. Our leases have remaining lease terms of one year to six years, some of which include options to extend the leases for up to 10 years, and some of which include options to terminate the leases within 90 days. In addition, we do not recognize right-of-use assets or lease liabilities for leases with terms shorter than twelve months.

The components of lease expense were $4.2 million, $4.2 million and $5.0 million under operating leases for the years ended December 31, 2024, 2023 and 2022, respectively. The components of lease expense were $0.5 million, $0.2 million and $0.0 million under finance leases for the years ended December 31, 2024, 2023 and 2022, respectively. Included in the measurement of lease liabilities, we paid $4.6 million and $0.5 million in cash related to operating leases and finance leases during the year ended December 31, 2024, respectively. Right-of-use assets obtained in exchange for new operating and finance lease obligations during the year ended December 31, 2024 were $4.2 million.

Supplemental balance sheet information related to leases were as follows (in thousands):


	December 31, 2024			December 31, 2023
Operating leases
Operating lease right-of-use assets	$	9,401		$	12,286

Other current liabilities	$	3,061		$	3,594
Operating lease liabilities	6,655			9,264
Total operating lease liabilities	$	9,716		$	12,858

Finance leases
Other noncurrent assets	$	2,675		$	760

Other current liabilities	$	580		$	164
Other noncurrent liabilities	2,155			613
Total finance lease liabilities	$	2,735		$	777

Weighted average remaining lease term
Operating leases	3.4 years			4.1 years
Finance leases	4.3 years			4.3 years
Weighted average discount rate
Operating leases	5.7		%	5.5		%
Finance leases	6.8		%	6.6		%

Maturities of lease liabilities at December 31, 2024, were as follows (in thousands):


Year Ending December 31,	Operating Leases		Finance Leases		Total
2025	$	3,617	$	731	$	4,348
2026	3,029		731		3,760
2027	2,613		726		3,339
2028	1,138		591		1,729
2029	278		285		563
Thereafter	231		—		231
Total lease payments	10,906		3,064		13,970
Less imputed interest	1,190		329		1,519
Total	$	9,716	$	2,735	$	12,451

LEASES

Supplemental balance sheet information related to leases were as follows (in thousands):


	December 31, 2024			December 31, 2023
Operating leases
Operating lease right-of-use assets	$	9,401		$	12,286

Other current liabilities	$	3,061		$	3,594
Operating lease liabilities	6,655			9,264
Total operating lease liabilities	$	9,716		$	12,858

Finance leases
Other noncurrent assets	$	2,675		$	760

Other current liabilities	$	580		$	164
Other noncurrent liabilities	2,155			613
Total finance lease liabilities	$	2,735		$	777

Weighted average remaining lease term
Operating leases	3.4 years			4.1 years
Finance leases	4.3 years			4.3 years
Weighted average discount rate
Operating leases	5.7		%	5.5		%
Finance leases	6.8		%	6.6		%

Maturities of lease liabilities at December 31, 2024, were as follows (in thousands):


Year Ending December 31,	Operating Leases		Finance Leases		Total
2025	$	3,617	$	731	$	4,348
2026	3,029		731		3,760
2027	2,613		726		3,339
2028	1,138		591		1,729
2029	278		285		563
Thereafter	231		—		231
Total lease payments	10,906		3,064		13,970
Less imputed interest	1,190		329		1,519
Total	$	9,716	$	2,735	$	12,451

REVENUE - Revenue related to performance obligations (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue expected to be recognized as of December 31, 2024	$ 564,798
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 December 31, 2024	$ 156,332
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 December 31, 2024	$ 116,652
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 December 31, 2024	$ 87,749
Revenue expected to be recognized, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue expected to be recognized as of December 31, 2024	$ 204,065
Revenue expected to be recognized, period

SHARE-BASED COMPENSATION - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum number of common shares authorized (in shares)	3,000,000.0
Allocated share-based compensation expense	$ 9.2	$ 11.8	$ 14.9
Income tax benefit for share based compensation arrangements	$ 0.5	0.6	0.8
Share-based compensation arrangement by share-based payment award, number of shares underlying each award (in shares)	1
Phantom Share Units (PSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Liability for phantom share awards	$ 5.2
Phantom share cash payments	6.2	$ 10.4	$ 6.0
Unrecognized compensation cost	$ 6.8
Weighted average recognition period for unrecognized shares	1 year 9 months 18 days
Weighted average grant date fair value per share (in dollars per share)	$ 23.75	$ 31.05	$ 21.97
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated share-based compensation expense	$ 1.8	$ 3.4	$ 2.6
Vesting period	3 years
Unrecognized compensation cost	$ 1.8
Weighted average recognition period for unrecognized shares	1 year 4 months 24 days
Weighted average grant date fair value per share (in dollars per share)	$ 24.17	$ 38.45	$ 27.69
Percentage of participant target performance share award	97.00%		126.00%
Dividend yield	4.30%	0.00%	0.00%
Performance Shares \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of participant target performance share award	0.00%	0.00%	0.00%
Performance Shares \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of participant target performance share award	200.00%	200.00%	200.00%
Restricted Stock and Deferred Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average recognition period for unrecognized shares	4 months 24 days
Weighted average grant date fair value per share (in dollars per share)	$ 24.75	$ 21.02	$ 25.64
Fair value of restricted share and deferred share awards vested	$ 1.2	$ 0.9	$ 2.1
Unrecognized compensation cost related to restricted share and deferred share awards	$ 0.4

INCOME TAXES - Components of Income Tax Provision (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Current:
Canada	$ 41	$ 142	$ 31
Foreign	20,110	3,685	194
Total	20,151	3,827	225
Deferred:
Canada	0	0	0
Foreign	(7,659)	6,806	4,177
Total	(7,659)	6,806	4,177
Net income tax expense (benefit)	$ 12,492	$ 10,633	$ 4,402

- 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
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-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Section 50
-Paragraph 32
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 4: http://www.xbrl.org/2003/role/exampleRef
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+ Details

SEGMENT AND RELATED INFORMATION

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

SEGMENT AND RELATED INFORMATION

We report segment information based on the “management” approach. The management approach designates the internal reporting used by management for making decisions and assessing performance as the source of our reportable segments. We have identified two reportable segments, Australia and Canada, which represent our strategic focus on hospitality services and workforce accommodations.

Our Chief Executive Officer is the chief operating decision maker (“CODM”). The profitability measure the CODM uses is segment operating income (loss) to review each of our reportable segments for the purpose of making decisions about resource allocation and performance assessment. Operating income (loss) is revenue less cost of sales and services, selling, general and administrative expenses, depreciation and amortization expense and other operating expenses (income). Total assets by segment are not used by the CODM to assess the performance of, or allocate resources to, the Company’s segments. Through our implementation of ASU No. 2023-07, “Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures,” we have disclosed for each reportable segment the significant expense categories that are reviewed by the CODM below, and there are no additional significant expenses within the expense categories presented.

Prior to the fourth quarter of 2024, we presented segment operating income (loss) to include an allocation of corporate overhead expenses. To better align segment operating income (loss) to the profitability measure used by our CODM, we have excluded this allocation. Prior periods have been updated to be consistent with the presentation for the year ended December 31, 2024.

Financial information by business segment for each of the three years ended December 31, 2024, 2023 and 2022 is summarized in the following (in thousands):


2024	Australia		Canada		Corporate, other and eliminations		Total
Revenues	$	426,956	$	245,087	$	10,079	$	682,122
Cost of sales and services	315,374		207,135		10,158		532,667
Revenues less cost of sales and services	111,582		37,952		(79)		149,455

Selling, general and administrative expenses	24,712		18,457		30,181		73,350
Depreciation and amortization expense	31,044		36,704		290		68,038
Other operating expense (income) (1)	6,302		(2,482)		2,915		6,735
Operating income (loss)	49,524		(14,727)		(33,465)		1,332

Recon to income (loss) before income taxes
Other income (loss) (2)							(7,269)
Income (loss) before income taxes							$	(5,937)

Capital expenditures	$	15,703	$	10,344	$	91	$	26,138


2023	Australia		Canada		Corporate, other and eliminations		Total
Revenues	$	336,763	$	352,795	$	11,247	$	700,805
Cost of sales and services	243,011		277,067		10,209		530,287
Revenues less cost of sales and services	93,752		75,728		1,038		170,518

Selling, general and administrative expenses	20,058		20,000		32,547		72,605
Depreciation and amortization expense	28,696		46,319		127		75,142
Other operating expense (income) (1)	16		(18,568)		1,836		(16,716)
Operating income (loss)	44,982		27,977		(33,472)		39,487

Recon to income (loss) before income taxes
Other income (loss) (2)							876
Income (loss) before income taxes							$	40,363

Capital expenditures	$	21,632	$	9,216	$	785	$	31,633


2022	Australia		Canada		Corporate, other and eliminations		Total
Revenues	$	278,252	$	395,997	$	22,803	$	697,052
Cost of sales and services	200,944		293,576		22,543		517,063
Revenues less cost of sales and services	77,308		102,421		260		179,989

Selling, general and administrative expenses	17,693		19,073		33,196		69,962
Depreciation and amortization expense	30,521		55,503		1,190		87,214
Other operating expense (income) (1)	3,818		69		1,908		5,795
Operating income (loss)	25,276		27,776		(36,034)		17,018

Recon to income (loss) before income taxes
Other income (loss) (2)							(6,286)
Income (loss) before income taxes							$	10,732

Capital expenditures	$	12,757	$	11,588	$	1,076	$	25,421

(1)Other operating expense (income) for each reportable segment primarily includes impairment expense and other operating expenses for the years ended December 31, 2024, 2023 and 2022. In addition, for the years ended December 31, 2024 and 2023, Other operating expense (income) in Canada includes gain on sale of McClelland Lake Lodge assets, net.

(2)Other income (loss) is primarily related to interest expense, interest income and other income.

Financial information by geographic segment as of and for each of the three years ended December 31, 2024, 2023 and 2022, is summarized below (in thousands). Other revenues include export sales. Revenues are attributable to countries based on the location of the entity selling the products or performing the services Total assets are attributable to countries based on the physical location of the entity and its operating assets and do not include intercompany balances.


	Canada		Australia		Other		Total
2024
Revenues from unaffiliated customers	$	245,087	$	426,956	$	10,079	$	682,122
Total assets	667,266		185,643		(447,837)		405,072

2023
Revenues from unaffiliated customers	$	352,795	$	336,763	$	11,247	$	700,805
Total assets	769,543		205,702		(427,183)		548,062

2022
Revenues from unaffiliated customers	$	395,997	$	278,252	$	22,803	$	697,052
Total assets	726,640		198,795		(359,251)		566,184

- 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

ASSET RETIREMENT OBLIGATIONS - Asset Retirement Obligations (ARO) (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Asset Retirement Obligation Disclosure [Abstract]
Asset retirement obligations	$ 14,109	$ 16,215	$ 18,113	$ 13,745
Less: Asset retirement obligations due within one year	747	2,576
Long-term asset retirement obligations	$ 13,362	$ 13,639

SHARE-BASED COMPENSATION - Restricted Stock Awards and Deferred Stock Awards (Details) - Restricted Stock and Deferred Stock Awards - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Number of Awards (in shares)
Nonvested shares at the beginning of period (in shares)	49,598	39,032	84,857
Granted (in shares)	42,125	50,336	40,465
Vested (in shares)	(49,598)	(39,770)	(86,290)
Nonvested shares at the end of period (in shares)	42,125	49,598	39,032
Weighted Average Grant Date Fair Value Per Share (in dollars per share)
Nonvested at beginning of period (in dollars per share)	$ 21.02	$ 25.62	$ 21.76
Granted (in dollars per share)	24.75	21.02	25.64
Vested (in dollars per share)	21.02	25.53	21.83
Nonvested at end of period (in dollars per share)	$ 24.75	$ 21.02	$ 25.62

LEASES - Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Operating Leases
2025	$ 3,617
2026	3,029
2027	2,613
2028	1,138
2029	278
Thereafter	231
Total lease payments	10,906
Less imputed interest	1,190
Total	9,716	$ 12,858
Finance Leases
2025	731
2026	731
2027	726
2028	591
2029	285
Thereafter	0
Total lease payments	3,064
Less imputed interest	329
Total	2,735	$ 777
Total
2025	4,348
2026	3,760
2027	3,339
2028	1,729
2029	563
Thereafter	231
Total lease payments	13,970
Less imputed interest	1,519
Total	$ 12,451

SHARE REPURCHASE PROGRAMS AND DIVIDENDS (Tables)

12 Months Ended

Dec. 31, 2024

Equity [Abstract]

Summary of Common Share Repurchases

The following summarizes our common share repurchases pursuant to our share repurchase programs (in thousands, except per share data):


	2024		2023		2022
Shares repurchased	1,130		564		124
Average price paid per share	$	26.19	$	20.60	$	28.54
Dollar-value of shares repurchased	$	29,616	$	11,634	$	3,540

Schedule of Preferred Dividends

Our Board declared the following quarterly dividends in 2024 and 2023. No dividends were paid in 2022. The dividends are eligible dividends pursuant to the Income Tax Act (Canada).

Date Declared

Record Date

Payment Date

Per Share Amount

October 30, 2024

November 25, 2024

December 16, 2024

0.25

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

October 27, 2023

November 27, 2023

December 18, 2023

0.25

September 5, 2023

September 15, 2023

September 29, 2023

0.25

GOODWILL AND OTHER INTANGIBLE ASSETS - Goodwill Rollforward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 7,690	$ 7,672
Foreign currency translation	(689)	18
Goodwill, ending balance	$ 7,001	$ 7,690

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

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+ Details

EARNINGS PER SHARE - Schedule of Anti-Dilutive Shares (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-based awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Share-based awards (in shares)	100	0	200
Preferred Shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Share-based awards (in shares)	0	0	2,240

REVENUE - Additional Information (Details)	12 Months Ended
REVENUE - Additional Information (Details)	Dec. 31, 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

EARNINGS PER SHARE - Narrative (Details) - USD ($) $ in Thousands		12 Months Ended
	Oct. 30, 2022	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Repurchases of preferred shares		$ 0	$ 0	$ 30,553
Preferred stock repurchased				$ 30,553
Noralta \| Preferred Shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stock repurchased during period, shares (in shares)	3,617
Repurchases of preferred shares	$ 30,600
Preferred stock repurchased	$ 5,200

- Definition

Number of shares that have been repurchased during the period and have not been retired and are not held in treasury. Some state laws may govern the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

- Definition

Equity impact of the value of stock that has been repurchased during the period and has not been retired and is not held in treasury. Some state laws may mandate the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION	12 Months Ended
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION	Dec. 31, 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 Australia and Canada, including catering and food service, lodging, 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 and manufacturing and site construction management, along with providing hospitality services once the facility is constructed. We primarily operate in some of the world’s most active metallurgical (met) coal, oil, liquefied natural gas (LNG) and iron ore producing regions, and our customers include mining companies, major and independent oil companies, engineering companies and oilfield and mining service companies. We operate in two principal reportable business segments – Australia and Canada. 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 United States (U.S.) dollars. Certain reclassifications have been made to the prior year financial statements for them to conform with the 2024 presentation.

DETAILS OF SELECTED BALANCE SHEET ACCOUNTS - Accounts Receivable (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Accounts receivable, net:
Total accounts receivable	$ 89,246	$ 143,421
Allowance for credit losses	(208)	(199)
Total accounts receivable, net	89,038	143,222
Trade
Accounts receivable, net:
Total accounts receivable	72,819	93,527
Unbilled revenue
Accounts receivable, net:
Total accounts receivable	12,883	46,331
Other
Accounts receivable, net:
Total accounts receivable	$ 3,544	$ 3,563

DEBT

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

DEBT

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


	December 31, 2024		December 31, 2023

U.S. revolving credit facility; weighted average interest rate of 10.1% for the twelve-month period ended December 31, 2024	$	—	$	—
Canadian revolving credit facility; weighted average interest rate of 8.1% for the twelve-month period ended December 31, 2024	43,299		65,554
Australian revolving credit facility; weighted average interest rate of 7.1% for the twelve-month period ended December 31, 2024	—		—


Total debt	$	43,299	$	65,554

Scheduled maturities of long-term debt as of December 31, 2024 are as follows (in thousands):


	Year Ending December 31,
2025	$	—
2026	—
2027	—
2028	43,299
	$	43,299

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 C100.0 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 December 31, 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 December 31, 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 December 31, 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$2.1 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Paragraph 6
-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 1
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-Publisher FASB
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (a)(1)
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
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-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
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-Publisher FASB
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI https://asc.fasb.org/470/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 5,204	$ 3,323
Accounts receivable, net	89,038	143,222
Inventories	7,537	6,982
Prepaid expenses	7,464	8,439
Other current assets	1,210	7,407
Assets held for sale	0	5,873
Total current assets	110,453	175,246
Property, plant and equipment, net	204,897	270,563
Goodwill	7,001	7,690
Other intangible assets, net	66,502	77,999
Operating lease right-of-use assets	9,401	12,286
Other noncurrent assets	6,818	4,278
Total assets	405,072	548,062
Current liabilities:
Accounts payable	39,971	58,699
Accrued liabilities	34,933	40,523
Income taxes	10,853	3,831
Deferred revenue	2,501	4,849
Other current liabilities	4,388	6,334
Total current liabilities	92,646	114,236
Long-term debt, less current maturities	43,299	65,554
Deferred income taxes	3,558	11,803
Operating lease liabilities	6,655	9,264
Other noncurrent liabilities	21,916	24,167
Total liabilities	168,074	225,024
Commitments and contingencies (Note 15)
Shareholders’ equity:
Common shares (no par value; 46,000,000 shares authorized, 14,067,721 shares and 15,046,756 shares issued, respectively, and 13,653,647 shares and 14,680,081 shares outstanding, respectively)	0	0
Additional paid-in capital	1,631,823	1,628,972
Accumulated deficit	(980,720)	(919,023)
Common shares held in treasury at cost, 414,074 and 366,675 shares, respectively	(10,130)	(9,063)
Accumulated other comprehensive loss	(404,600)	(380,715)
Total Civeo Corporation shareholders’ equity	236,373	320,171
Noncontrolling interest	625	2,867
Total shareholders’ equity	236,998	323,038
Total liabilities and shareholders’ equity	$ 405,072	$ 548,062

ASSET RETIREMENT OBLIGATIONS - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Asset Retirement Obligation Disclosure [Abstract]
Accretion of discount	$ 1,112	$ 1,104	$ 1,830

COMMITMENTS AND CONTINGENCIES	12 Months Ended
COMMITMENTS AND CONTINGENCIES	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIESWe 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.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parentheticals) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Statement of Comprehensive Income [Abstract]
Foreign currency translation adjustment, tax	$ 0	$ 0	$ 0

DETAILS OF SELECTED BALANCE SHEET ACCOUNTS

12 Months Ended

Dec. 31, 2024

Balance Sheet Related Disclosures [Abstract]

DETAILS OF SELECTED BALANCE SHEET ACCOUNTS

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


	December 31, 2024		December 31, 2023
Accounts receivable, net:
Trade	$	72,819	$	93,527
Unbilled revenue	12,883		46,331
Other	3,544		3,563
Total accounts receivable	89,246		143,421
Allowance for credit losses	(208)		(199)
Total accounts receivable, net	$	89,038	$	143,222


	December 31, 2024		December 31, 2023
Inventories:
Finished goods and purchased products	$	6,134	$	5,648

Raw materials	1,403		1,334
Total inventories	$	7,537	$	6,982


	Estimated Useful Life (in years)	December 31, 2024		December 31, 2023
Property, plant and equipment, net:
Land		$	24,052	$	27,988
Accommodations assets	3-15	1,272,515		1,378,408
Buildings and leasehold improvements	7-20	12,386		14,603
Machinery and equipment	4-7	13,624		13,255
Office furniture and equipment	3-7	65,830		67,248
Vehicles	3-5	8,775		10,025
Construction in progress		6,835		12,087
Total property, plant and equipment		1,404,017		1,523,614
Accumulated depreciation		(1,199,120)		(1,253,051)
Total property, plant and equipment, net		$	204,897	$	270,563


	December 31, 2024		December 31, 2023
Accrued liabilities:
Accrued compensation	$	29,209	$	33,854
Accrued taxes, other than income taxes	3,327		3,997

Other	2,397		2,672
Total accrued liabilities	$	34,933	$	40,523


	December 31, 2024		December 31, 2023
Contract liabilities (Deferred revenue):
Current contract liabilities (1)	$	2,501	$	4,849
Noncurrent contract liabilities (1)	5,098		8,068
Total contract liabilities (Deferred revenue)	$	7,599	$	12,917

(1)Current contract liabilities and Noncurrent contract liabilities are included in "Deferred revenue" and "Other noncurrent liabilities," respectively, in our 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 December 31, 2024 was due to revenue recognized over the contracted terms related to advance payments received from a customer for village enhancements in Australia.

IMPAIRMENT CHARGES - Schedule of Impairment (Details) - USD ($) $ in Thousands	3 Months Ended				12 Months Ended
	Dec. 31, 2024	Mar. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Impaired Long-Lived Assets Held and Used [Line Items]
Long-lived assets	$ 3,758	$ 7,823	$ 1,395	$ 5,721
Total			1,395	5,721	$ 11,581	$ 1,395	$ 5,721
Canada
Impaired Long-Lived Assets Held and Used [Line Items]
Long-lived assets	3,212	0
Total					3,212
Australia
Impaired Long-Lived Assets Held and Used [Line Items]
Long-lived assets	0	5,749		3,808
Total				3,808	5,749
U.S.
Impaired Long-Lived Assets Held and Used [Line Items]
Long-lived assets	$ 546	$ 2,074	1,395	1,913
Total			$ 1,395	$ 1,913	$ 2,620

DETAILS OF SELECTED BALANCE SHEET ACCOUNTS - Inventories (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Inventories:
Finished goods and purchased products	$ 6,134	$ 5,648
Raw materials	1,403	1,334
Total inventories	$ 7,537	$ 6,982

LEASES (Tables)

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

Supplemental balance sheet information

Supplemental balance sheet information related to leases were as follows (in thousands):


	December 31, 2024			December 31, 2023
Operating leases
Operating lease right-of-use assets	$	9,401		$	12,286

Other current liabilities	$	3,061		$	3,594
Operating lease liabilities	6,655			9,264
Total operating lease liabilities	$	9,716		$	12,858

Finance leases
Other noncurrent assets	$	2,675		$	760

Other current liabilities	$	580		$	164
Other noncurrent liabilities	2,155			613
Total finance lease liabilities	$	2,735		$	777

Weighted average remaining lease term
Operating leases	3.4 years			4.1 years
Finance leases	4.3 years			4.3 years
Weighted average discount rate
Operating leases	5.7		%	5.5		%
Finance leases	6.8		%	6.6		%

Operating lease maturity schedule

Maturities of lease liabilities at December 31, 2024, were as follows (in thousands):


Year Ending December 31,	Operating Leases		Finance Leases		Total
2025	$	3,617	$	731	$	4,348
2026	3,029		731		3,760
2027	2,613		726		3,339
2028	1,138		591		1,729
2029	278		285		563
Thereafter	231		—		231
Total lease payments	10,906		3,064		13,970
Less imputed interest	1,190		329		1,519
Total	$	9,716	$	2,735	$	12,451

Finance Lease, Liability, to be Paid, Maturity

Maturities of lease liabilities at December 31, 2024, were as follows (in thousands):


Year Ending December 31,	Operating Leases		Finance Leases		Total
2025	$	3,617	$	731	$	4,348
2026	3,029		731		3,760
2027	2,613		726		3,339
2028	1,138		591		1,729
2029	278		285		563
Thereafter	231		—		231
Total lease payments	10,906		3,064		13,970
Less imputed interest	1,190		329		1,519
Total	$	9,716	$	2,735	$	12,451

SHARE-BASED COMPENSATION - Valuation Assumptions of Performance Share Awards (Details) - Performance Shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividend yield	4.30%	0.00%	0.00%
Expected volatility	44.00%	73.00%	78.00%
Initial TSR	4.30%	4.10%	14.10%
Weighted Average
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free weighted interest rate	4.90%	4.40%	1.70%

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-1D

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+ Details

ACCUMULATED OTHER COMPREHENSIVE LOSS - Narrative (Details) $ in Thousands, $ in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($)	Dec. 31, 2024 CAD ($)	Dec. 31, 2024 AUD ($)	Dec. 31, 2023 USD ($)
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Decrease in comprehensive loss due to foreign currency exchange rate fluctuations	$ (23,900)
Accumulated other comprehensive loss	$ 404,600			$ 380,715
International functional currency net assets		$ 166	$ 191

- 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

DETAILS OF SELECTED BALANCE SHEET ACCOUNTS - Accrued Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Accrued liabilities:
Accrued compensation	$ 29,209	$ 33,854
Accrued taxes, other than income taxes	3,327	3,997
Other	2,397	2,672
Total accrued liabilities	$ 34,933	$ 40,523

DEBT (Tables)

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

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


	December 31, 2024		December 31, 2023

U.S. revolving credit facility; weighted average interest rate of 10.1% for the twelve-month period ended December 31, 2024	$	—	$	—
Canadian revolving credit facility; weighted average interest rate of 8.1% for the twelve-month period ended December 31, 2024	43,299		65,554
Australian revolving credit facility; weighted average interest rate of 7.1% for the twelve-month period ended December 31, 2024	—		—


Total debt	$	43,299	$	65,554

Schedule of Maturities of Long-term Debt

Scheduled maturities of long-term debt as of December 31, 2024 are as follows (in thousands):


	Year Ending December 31,
2025	$	—
2026	—
2027	—
2028	43,299
	$	43,299

- 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

COVER - USD ($)	12 Months Ended
COVER - USD ($)	Dec. 31, 2024	Feb. 21, 2025	Jun. 30, 2024
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2024
Current Fiscal Year End Date	--12-31
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 4400
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 Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 342,546,231
Entity Common Stock, Shares Outstanding		13,653,647
Documents Incorporated by Reference	Portions of the registrant's Definitive Proxy Statement for the 2025 Annual General Meeting of Shareholders, which the registrant intends to file with the Securities and Exchange Commission not later than 120 days after the end of the fiscal year covered by this Annual Report on Form 10-K, are incorporated by reference into Part III of this Annual Report on Form 10-K.
Entity Central Index Key	0001590584
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Amendment Flag	false

INCOME TAXES

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

INCOME TAXES

The Company’s operations are conducted through various subsidiaries in a number of countries throughout the world. The Company has provided for income taxes based upon the tax laws and rates in the countries in which operations are conducted and income is earned.

Income tax expense (benefit). Pre-tax income (loss) for the years ended December 31, 2024, 2023 and 2022 consisted of the following (in thousands):


	2024		2023		2022
Canada operations	$	(39,088)	$	5,524	$	3,040
Foreign operations	33,151		34,839		7,692
Total	$	(5,937)	$	40,363	$	10,732

The components of the income tax expense (benefit) for the years ended December 31, 2024, 2023 and 2022 consisted of the following (in thousands):


	2024		2023		2022
Current:
Canada	$	41	$	142	$	31
Foreign	20,110		3,685		194
Total	$	20,151	$	3,827	$	225

Deferred:
Canada	$	—	$	—	$	—
Foreign	(7,659)		6,806		4,177
Total	$	(7,659)	$	6,806	$	4,177

Net income tax expense (benefit)	$	12,492	$	10,633	$	4,402

The net income tax expense (benefit) differs from an amount computed at Canadian statutory rates as follows for the years ended December 31, 2024, 2023 and 2022 (in thousands):


	2024				2023				2022
Canadian federal tax benefit at statutory rates	$	(891)	15.0	%	$	6,054	15.0	%	$	1,610	15.0	%
Canadian provincial income tax	(3,186)		53.6	%	497		1.2	%	282		2.6	%
Effect of foreign income tax, net	5,642		(95.0)	%	5,481		13.6	%	1,809		16.9	%
Valuation allowance	8,983		(151.2)	%	(2,556)		(6.3)	%	153		1.4	%
Noncontrolling interest	325		(5.5)	%	125		0.3	%	(562)		(5.2)	%

Non-deductible compensation	1,213		(20.4)	%	1,009		2.5	%	808		7.5	%
Unrealized intercompany foreign currency translation gain	(18)		0.3	%	(148)		(0.4)	%	(250)		(2.3)	%

Deemed income from foreign subsidiaries	243		(4.1)	%	322		0.8	%	331		3.1	%
Other, net	181		(3.1)	%	(151)		(0.4)	%	221		2.0	%
Net income tax expense (benefit)	$	12,492	(210.4)	%	$	10,633	26.3	%	$	4,402	41.0	%

Deferred Tax Liabilities and Assets. The significant items giving rise to the deferred tax assets and liabilities as of December 31, 2024 and 2023 are as follows (in thousands):


	2024		2023
Deferred tax assets:
Net operating loss	$	53,756	$	54,274
Employee benefits	1,767		1,796
Deductible goodwill and other intangibles	42,713		48,201
Land	3,495		3,461
Other reserves	8,015		7,890
Deferred revenue	2,249		2,381
Operating lease liabilities	3,171		3,199
Capital losses	1,869		2,036
Other	2,255		1,770
Deferred tax assets	119,290		125,008
Valuation allowance	(81,998)		(78,769)
Deferred tax assets, net	$	37,292	$	46,239
Deferred tax liabilities:
Intangibles	$	(15,135)	$	(18,949)
Depreciation	(22,641)		(36,048)
Operating lease right-of-use assets	(3,074)		(3,045)
Deferred tax liabilities	(40,850)		(58,042)
Net deferred tax liabilities, net	$	(3,558)	$	(11,803)

At December 31, 2024 and 2023, we had no undistributed earnings of foreign subsidiaries that would be subject to income tax upon distribution to Canada from a foreign subsidiary. As such, as of December 31, 2024 and 2023, we did not provide for deferred taxes on any such earnings of our foreign subsidiaries.

NOL Carryforwards. The following summarizes net operating loss (NOL) carryforwards at December 31, 2024 (in thousands):


	Amount		Expiration Period
Net operating loss carryforwards:
Canada – Federal and provincial	$	134,113	Begins to expire in 2032

U.S. – Federal	34,334		Begins to expire in 2036
U.S. – Federal	39,624		Does not expire
U.S. – State, tax effected	6,145		Begins to expire in 2024

Change in Valuation Allowance. Realization of our deferred tax assets is dependent upon, among other things, our ability to generate taxable income of the appropriate character in the future.

Changes in our valuation allowance for the years ended December 31, 2024 and 2023 are as follows (in thousands):



Balance as of December 31, 2022	$	(82,905)
Change in income tax provision	2,556
Other change	1,767
Foreign currency translation	(187)
Balance as of December 31, 2023	$	(78,769)
Change in income tax provision	(8,983)
Other change	910
Foreign currency translation	4,844
Balance as of December 31, 2024	$	(81,998)

As of each reporting date, management considers new evidence, both positive and negative, that could affect our view of the future realization of deferred tax assets. As of December 31, 2024, management determined that there is not sufficient evidence to conclude that it is more likely than not that the Canadian and U.S. net deferred tax assets are realizable, therefore we have maintained the valuation allowance in both of these jurisdictions. As of December 31, 2024, management determined that there is not sufficient evidence to conclude that it is more likely than not that the Australia deferred tax assets related to certain capital assets are realizable, therefore we have maintained a partial valuation allowance in Australia.

Unrecognized Tax Benefits. We file tax returns in the jurisdictions in which they are required. All of these returns are subject to examination or audit and possible adjustment as a result of assessments by taxing authorities. We believe that we have recorded sufficient tax liabilities and do not expect the resolution of any examination or audit of our tax returns to have a material adverse effect on our operating results, financial condition or liquidity.

Our Canadian federal tax returns subsequent to 2019 are subject to audit by the Canada Revenue Agency. Our Australian subsidiary’s federal income tax returns subsequent to 2019 are open for review by the Australian Taxation Office. Our U.S. subsidiary’s federal tax returns subsequent to 2020 are subject to audit by the U.S. Internal Revenue Service.

The total amount of unrecognized tax benefits as of December 31, 2024, 2023 and 2022 was zero. Unrecognized tax benefits, if recognized, would affect the effective tax rate. We accrue interest and penalties, if applicable, related to unrecognized tax benefits as a component of our provision for income taxes. As of December 31, 2024, 2023 and 2022, we had accrued zero of interest expense and penalties.

- Definition

The entire disclosure for income tax.

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+ Details

EARNINGS PER SHARE (Tables)

12 Months Ended

Dec. 31, 2024

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

The calculation of earnings per share attributable to Civeo common shareholders is presented below for the years ended December 31, 2024, 2023 and 2022 (in thousands, except per share amounts):


	2024		2023		2022
Numerator:
Net income (loss) attributable to Civeo common shareholders, before allocation of earnings to participating securities	$	(17,067)	$	30,157	$	2,226
Less: premium paid for repurchase of preferred shares	—		—		(5,189)
Less: income allocated to participating securities	—		—		—
Net income (loss) attributable to Civeo Corporation common shareholders, after allocation of earnings to participating securities	$	(17,067)	$	30,157	$	(2,963)
Add: undistributed income attributable to participating securities	—		—		—
Less: undistributed income reallocated to participating securities	—		—		—
Diluted net income (loss) attributable to Civeo Corporation common shareholders, after reallocation adjustment for participating securities	$	(17,067)	$	30,157	$	(2,963)

Denominator:
Weighted average shares outstanding - basic	14,287		14,906		14,002
Dilutive shares - share-based awards	—		107		—
Weighted average shares outstanding - diluted	14,287		15,013		14,002

Basic net income (loss) per share attributable to Civeo Corporation common shareholders (1)	$	(1.19)	$	2.02	$	(0.21)

Diluted net income (loss) per share attributable to Civeo Corporation common shareholders (1)	$	(1.19)	$	2.01	$	(0.21)

(1)Computations may reflect rounding adjustments.

Shares Excluded From Weighted-Average Common Shares Outstanding, Anti-Dilutive

The following common share equivalents have been excluded from the calculation of weighted-average common shares outstanding because the effect is anti-dilutive for the years ended December 31, 2024, 2023 and 2022 (in millions of shares):


	2024	2023	2022
Share-based awards (1)	0.1	—	0.2
Preferred shares	—	—	2,240

(1)Share-based awards for the year ended December 31, 2023 totaled fewer than 0.1 million shares.

IMPAIRMENT CHARGES - Narrative (Details) $ in Thousands	3 Months Ended
IMPAIRMENT CHARGES - Narrative (Details) $ in Thousands	Dec. 31, 2024 USD ($) lodge	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Impaired Long-Lived Assets Held and Used [Line Items]
Long-lived assets	$ 3,758	$ 7,823	$ 1,395	$ 5,721
Impairment, long-lived asset, number of lodges \| lodge	2
Property, plant and equipment, net	$ 204,897		270,563
Canada
Impaired Long-Lived Assets Held and Used [Line Items]
Long-lived assets	3,212	0
Property, plant and equipment, net	0
Australia
Impaired Long-Lived Assets Held and Used [Line Items]
Long-lived assets	0	5,749		3,808
Property, plant and equipment, net		600		1,800
U.S.
Impaired Long-Lived Assets Held and Used [Line Items]
Long-lived assets	546	2,074	1,395	1,913
Property, plant and equipment, net	$ 300	$ 3,800	$ 5,900	$ 7,700

SUPPLEMENTAL CASH FLOW INFORMATION (Tables)

12 Months Ended

Dec. 31, 2024

Supplemental Cash Flow Information [Abstract]

Schedule of Cash Flow, Supplemental Disclosures

Cash paid during the years ended December 31, 2024, 2023 and 2022 for interest and income taxes was as follows (in thousands):


	2024		2023		2022
Interest (net of amounts capitalized)	$	5,479	$	10,250	$	9,226
Net income taxes paid, net of refunds received	12,274		251		220

SUPPLEMENTAL CASH FLOW INFORMATION

12 Months Ended

Dec. 31, 2024

Supplemental Cash Flow Information [Abstract]

SUPPLEMENTAL CASH FLOW INFORMATION

Cash paid during the years ended December 31, 2024, 2023 and 2022 for interest and income taxes was as follows (in thousands):


	2024		2023		2022
Interest (net of amounts capitalized)	$	5,479	$	10,250	$	9,226
Net income taxes paid, net of refunds received	12,274		251		220

SEGMENT AND RELATED INFORMATION - Additional Information (Details)	12 Months Ended
	Dec. 31, 2024 segment
Segment Reporting [Abstract]
Number of reportable segments	2

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

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

INCOME TAXES - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Deferred tax assets:
Net operating loss	$ 53,756	$ 54,274
Employee benefits	1,767	1,796
Deductible goodwill and other intangibles	42,713	48,201
Land	3,495	3,461
Other reserves	8,015	7,890
Deferred revenue	2,249	2,381
Operating lease liabilities	3,171	3,199
Capital losses	1,869	2,036
Other	2,255	1,770
Deferred tax assets	119,290	125,008
Valuation allowance	(81,998)	(78,769)
Deferred tax assets, net	37,292	46,239
Deferred tax liabilities:
Intangibles	(15,135)	(18,949)
Depreciation	(22,641)	(36,048)
Operating lease right-of-use assets	(3,074)	(3,045)
Deferred tax liabilities	(40,850)	(58,042)
Net deferred tax liabilities, net	$ (3,558)	$ (11,803)

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Conversion Of Convertible Preferred Stock	Preferred Class A	Preferred Shares	Preferred Shares Conversion Of Convertible Preferred Stock	Preferred Shares Preferred Class A	Common Shares	Additional Paid-in Capital	Additional Paid-in Capital Conversion Of Convertible Preferred Stock	Accumulated Deficit	Accumulated Deficit Preferred Class A	Treasury Shares	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interest
Beginning balance at Dec. 31, 2021	$ 363,111			$ 61,941			$ 0	$ 1,582,442		$ (912,951)		$ (8,050)	$ (361,883)	$ 1,612
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	6,330									3,997				2,333
Currency translation adjustment	(23,486)												(23,304)	(182)
Dividends paid	(266)									(65)				(201)
Paid-in-kind dividends attributable to Class A preferred shares	(1,706)		$ 0			$ 1,706					$ (1,706)
Preferred stock repurchased	(30,553)			(25,364)						(5,189)
Preferred stock converted to common shares		$ 0			$ (38,283)				$ 38,283
Common shares repurchased	(14,209)									(14,209)
Share-based compensation	2,774							3,787				(1,013)
Ending balance at Dec. 31, 2022	303,701			$ 0			$ 0	1,624,512		(930,123)		(9,063)	(385,187)	3,562
Preferred stock, beginning balance (in shares) at Dec. 31, 2021				9,042
Common stock, beginning balance (in shares) at Dec. 31, 2021							14,111,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation (in shares)				0			100,000
Shares repurchased (in shares)				(3,617)			(498,000)
Preferred shares converted to common shares (in shares)				(5,425)			1,505,000
Preferred stock, ending balance (in shares) at Dec. 31, 2022				0
Common stock, ending balance (in shares) at Dec. 31, 2022							15,218,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	29,730									30,157				(427)
Currency translation adjustment	4,532												4,472	60
Dividends paid	(7,751)									(7,423)				(328)
Paid-in-kind dividends attributable to Class A preferred shares	0
Common shares repurchased	(11,634)									(11,634)
Share-based compensation	4,460							4,460
Ending balance at Dec. 31, 2023	$ 323,038			$ 0			$ 0	1,628,972		(919,023)		(9,063)	(380,715)	2,867
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation (in shares)				0			26,000
Shares repurchased (in shares)				0			(564,000)
Preferred stock, ending balance (in shares) at Dec. 31, 2023				0
Common stock, ending balance (in shares) at Dec. 31, 2023	14,680,081						14,680,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	$ (18,429)									(17,067)				(1,362)
Currency translation adjustment	(24,029)												(23,885)	(144)
Dividends paid	(15,158)									(14,422)				(736)
Paid-in-kind dividends attributable to Class A preferred shares	0
Common shares repurchased	(29,616)									(29,616)
Share-based compensation	1,784							2,851				(1,067)
Excise tax on common shares repurchased	(592)									(592)
Ending balance at Dec. 31, 2024	$ 236,998			$ 0			$ 0	$ 1,631,823		$ (980,720)		$ (10,130)	$ (404,600)	$ 625
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation (in shares)				0			104,000
Shares repurchased (in shares)				0			(1,130,000)
Preferred stock, ending balance (in shares) at Dec. 31, 2024				0
Common stock, ending balance (in shares) at Dec. 31, 2024	13,653,647						13,654,000

INCOME TAXES - Consolidated Pre-tax Income (Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Canada operations	$ (39,088)	$ 5,524	$ 3,040
Foreign operations	33,151	34,839	7,692
Income (loss) before income taxes	$ (5,937)	$ 40,363	$ 10,732

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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+ Details

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ (17,067)	$ 30,157	$ 3,997

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

ASSETS HELD FOR SALE

12 Months Ended

Dec. 31, 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 $36.0 million. The related assets had no remaining carrying value. During the year ended December 31, 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 summarizes the carrying amount as of December 31, 2024 and 2023 of the assets classified as held for sale (in thousands):


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

GOODWILL AND OTHER INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND OTHER INTANGIBLE ASSETS

Changes in the carrying amount of goodwill (all of which is in our Australia segment) from December 31, 2022 to December 31, 2024 are as follows (in thousands):


	Total
Goodwill as of December 31, 2022	$	7,672
Foreign currency translation	18
Goodwill as of December 31, 2023	$	7,690
Foreign currency translation	(689)
Goodwill as of December 31, 2024	$	7,001

The following presents the total amount of other intangible assets and the related accumulated amortization for major intangible asset classes as of December 31, 2024 and 2023 (in thousands):


	December 31,				December 31,
	2024				2023
	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Amortizable Intangible Assets


Contracts / agreements	$	131,761	$	(65,284)	$	143,725	$	(65,754)
Total amortizable intangible assets	$	131,761	$	(65,284)	$	143,725	$	(65,754)

Indefinite-Lived Intangible Assets Not Subject to Amortization
Licenses	$	25	$	—	$	28	$	—
Total indefinite-lived intangible assets	25		—		28		—
Total intangible assets	$	131,786	$	(65,284)	$	143,753	$	(65,754)

The weighted average remaining amortization period for all intangible assets, other than indefinite-lived intangibles, was 13.1 years as of December 31, 2024 and 14.1 years as of December 31, 2023. Amortization expense was $6.1 million, $5.8 million and $5.9 million in the years ended December 31, 2024, 2023 and 2022, respectively.

As of December 31, 2024, the estimated remaining amortization of our amortizable intangible assets was as follows (in thousands):


	Year Ending December 31,
2025	$	5,159
2026	5,159
2027	5,159
2028	5,159
2029	5,088
Thereafter	40,753
Total	$	66,477

GOODWILL AND OTHER INTANGIBLE ASSETS - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Weighted average remaining amortization period (in years)	13 years 1 month 6 days	14 years 1 month 6 days
Amortization expense	$ 6.1	$ 5.8	$ 5.9

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

GOODWILL AND OTHER INTANGIBLE ASSETS - Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 131,761	$ 143,725
Accumulated Amortization	(65,284)	(65,754)
Indefinite-Lived Intangible Assets Not Subject to Amortization	25	28
Total intangible assets	131,786	143,753
Licenses
Finite-Lived Intangible Assets [Line Items]
Indefinite-Lived Intangible Assets Not Subject to Amortization	25	28
Contracts / agreements
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	131,761	143,725
Accumulated Amortization	$ (65,284)	$ (65,754)

- 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

SUBSEQUENT EVENT (Details) - Subsequent Event $ in Millions, $ in Millions	Feb. 18, 2025 USD ($) village room	Feb. 18, 2025 AUD ($) village room
Subsequent Event [Line Items]
Number of villages acquired \| village	4	4
Number of rooms acquired \| room	1,340	1,340
Payments for asset acquisitions	$ 67	$ 105

ASSET RETIREMENT OBLIGATIONS

12 Months Ended

Dec. 31, 2024

Asset Retirement Obligation Disclosure [Abstract]

ASSET RETIREMENT OBLIGATIONS

AROs at December 31, 2024 and 2023 were (in thousands):


	2024		2023
Asset retirement obligations	$	14,109	$	16,215
Less: Asset retirement obligations due within one year (1)	747		2,576
Long-term asset retirement obligations (2)	$	13,362	$	13,639


(1)			Classified as a current liability on the consolidated balance sheets, under the caption “Other current liabilities.” Balance at December 31, 2024 related to remediation work planned for 2025.
(2)			Classified as a long-term liability on the consolidated balance sheets, under the caption “Other noncurrent liabilities.” Balance at December 31, 2024.

Total accretion expense related to AROs was $1.1 million, $1.1 million and $1.8 million during the years ended December 31, 2024, 2023 and 2022, respectively.

During the years ended December 31, 2024, 2023 and 2022, our ARO changed as follows (in thousands):


	2024		2023		2022
Balance as of January 1	$	16,215	$	18,113	$	13,745
Accretion of discount	1,112		1,104		1,830

Change in estimates of existing obligations	20		1,366		4,138
Settlement of obligations	(1,936)		(4,756)		(455)
Foreign currency translation	(1,302)		388		(1,145)
Balance as of December 31	$	14,109	$	16,215	$	18,113

FAIR VALUE MEASUREMENTS	12 Months Ended
FAIR VALUE MEASUREMENTS	Dec. 31, 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 December 31, 2024 and 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 is based upon Level 2 fair value measurements, which include appraisals, broker price opinions and previous negotiations with third parties. During the fourth and first quarter of 2024 and the fourth quarter of 2023 and 2022, we wrote down certain long-lived assets to fair value. During the fourth quarter of 2024, we wrote long-lived assets in Canada down to zero due to no activity. During the first quarter of 2024, our estimate of the fair value of undeveloped land positions in Australia that were impaired was based on appraisals from third parties. During the fourth quarter of 2023 and 2022, our estimate of fair value of a property in the U.S. was based on broker price opinions or appraisals from third parties, which referenced available market information, such as listing agreements, offers, and pending and closed sales. See Note 2 – Summary of Significant Accounting Policies – Impairment of Long-Lived Assets and Note 2 – Summary of Significant Accounting Policies – Goodwill and Other Intangible Assets for further discussion of the significant judgments and assumptions used in calculating their fair value.

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

ASSET RETIREMENT OBLIGATIONS - Change in Asset Retirement Obligations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Beginning balance	$ 16,215	$ 18,113	$ 13,745
Accretion of discount	1,112	1,104	1,830
Change in estimates of existing obligations	20	1,366	4,138
Settlement of obligations	(1,936)	(4,756)	(455)
Foreign currency translation	(1,302)	388	(1,145)
Ending balance	$ 14,109	$ 16,215	$ 18,113

SEGMENT AND RELATED INFORMATION (Tables)

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

Financial information by business segment for each of the three years ended December 31, 2024, 2023 and 2022 is summarized in the following (in thousands):


2024	Australia		Canada		Corporate, other and eliminations		Total
Revenues	$	426,956	$	245,087	$	10,079	$	682,122
Cost of sales and services	315,374		207,135		10,158		532,667
Revenues less cost of sales and services	111,582		37,952		(79)		149,455

Selling, general and administrative expenses	24,712		18,457		30,181		73,350
Depreciation and amortization expense	31,044		36,704		290		68,038
Other operating expense (income) (1)	6,302		(2,482)		2,915		6,735
Operating income (loss)	49,524		(14,727)		(33,465)		1,332

Recon to income (loss) before income taxes
Other income (loss) (2)							(7,269)
Income (loss) before income taxes							$	(5,937)

Capital expenditures	$	15,703	$	10,344	$	91	$	26,138


2023	Australia		Canada		Corporate, other and eliminations		Total
Revenues	$	336,763	$	352,795	$	11,247	$	700,805
Cost of sales and services	243,011		277,067		10,209		530,287
Revenues less cost of sales and services	93,752		75,728		1,038		170,518

Selling, general and administrative expenses	20,058		20,000		32,547		72,605
Depreciation and amortization expense	28,696		46,319		127		75,142
Other operating expense (income) (1)	16		(18,568)		1,836		(16,716)
Operating income (loss)	44,982		27,977		(33,472)		39,487

Recon to income (loss) before income taxes
Other income (loss) (2)							876
Income (loss) before income taxes							$	40,363

Capital expenditures	$	21,632	$	9,216	$	785	$	31,633


2022	Australia		Canada		Corporate, other and eliminations		Total
Revenues	$	278,252	$	395,997	$	22,803	$	697,052
Cost of sales and services	200,944		293,576		22,543		517,063
Revenues less cost of sales and services	77,308		102,421		260		179,989

Selling, general and administrative expenses	17,693		19,073		33,196		69,962
Depreciation and amortization expense	30,521		55,503		1,190		87,214
Other operating expense (income) (1)	3,818		69		1,908		5,795
Operating income (loss)	25,276		27,776		(36,034)		17,018

Recon to income (loss) before income taxes
Other income (loss) (2)							(6,286)
Income (loss) before income taxes							$	10,732

Capital expenditures	$	12,757	$	11,588	$	1,076	$	25,421

(2)Other income (loss) is primarily related to interest expense, interest income and other income.

Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas


	Canada		Australia		Other		Total
2024
Revenues from unaffiliated customers	$	245,087	$	426,956	$	10,079	$	682,122
Total assets	667,266		185,643		(447,837)		405,072

2023
Revenues from unaffiliated customers	$	352,795	$	336,763	$	11,247	$	700,805
Total assets	769,543		205,702		(427,183)		548,062

2022
Revenues from unaffiliated customers	$	395,997	$	278,252	$	22,803	$	697,052
Total assets	726,640		198,795		(359,251)		566,184

DEBT - Long-term Debt Maturities (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Debt Disclosure [Abstract]
2025	$ 0
2026	0
2027	0
2028	43,299
Long-term debt, gross	$ 43,299

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Mar. 31, 2020
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Foreign currency losses	$ 0.9	$ 0.5	$ 0.1
Maximum amount of future payments under guarantee arrangements	$ 2.4
Performance Shares
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Percentage of participant target performance share award	97.00%		126.00%
Minimum \| Performance Shares
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Percentage of participant target performance share award	0.00%	0.00%	0.00%
Minimum \| Performance Shares \| Civeo Plan
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Percentage of participant target performance share award		0.00%	0.00%
Maximum \| Performance Shares
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Percentage of participant target performance share award	200.00%	200.00%	200.00%
Maximum \| Performance Shares \| Civeo Plan
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Percentage of participant target performance share award		200.00%	200.00%
Suncor Energy \| Sales Revenue, Net \| Customer Concentration Risk
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Concentration risk percentage	10.00%	10.00%	10.00%
Fortescue Metals Group Ltd \| Sales Revenue, Net \| Customer Concentration Risk
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Concentration risk percentage	10.00%	10.00%	10.00%
Imperial Oil \| Sales Revenue, Net \| Customer Concentration Risk
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Concentration risk percentage			10.00%
Australia
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Percentage of fair value in excess of carrying amount				125.00%

IMPAIRMENT CHARGES

12 Months Ended

Dec. 31, 2024

Asset Impairment Charges [Abstract]

IMPAIRMENT CHARGES

2024 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):


	Canada		Australia		U.S.		Total
Quarter ended March 31, 2024
Long-lived assets	$	—	$	5,749	$	2,074	$	7,823
Quarter ended December 31, 2024
Long-lived assets	3,212		—		546		3,758
Total	$	3,212	$	5,749	$	2,620	$	11,581

Quarter ended December 31, 2024. During the fourth quarter of 2024, we recorded impairment expense of $3.2 million related to recent low activity levels and no associated future cash flows at two lodges in the southern region of the Athabasca oil sands in Canada. The assets were written down to zero. In addition, we recorded impairment expense of $0.5 million, related to fixed assets in a lodge located in our U.S. market. The lodge was written down to its estimated fair value of $0.3 million.

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.

2023 Impairment Charges

The following summarizes pre-tax impairment charges recorded during 2023, which are included in Impairment expense in our consolidated statements of operations (in thousands):


	U.S.		Total
Quarter ended December 31, 2023
Long-lived assets	$	1,395	$	1,395
Total	$	1,395	$	1,395

Quarter ended December 31, 2023. During the fourth quarter of 2023, we recorded impairment expense of $1.4 million, related to land located in our U.S. market. The land was written down to its estimated fair value (less costs to sell) of $5.9 million.

2022 Impairment Charges

The following summarizes pre-tax impairment charges recorded during 2022, which are included in Impairment expense in our consolidated statements of operations (in thousands):


	Australia		U.S.		Total
Quarter ended December 31, 2022
Long-lived assets	$	3,808	$	1,913	$	5,721
Total	$	3,808	$	1,913	$	5,721

Quarter ended December 31, 2022. During the fourth quarter of 2022, we recorded impairment expense of $3.8 million, related to fixed assets in a village located in Western Australia. At December 31, 2022, we identified an impairment trigger due to an expiring contract that was not renewed. Accordingly, the assets were written down to their estimated fair value of $1.8 million. In addition, we recorded impairment expense of $1.9 million, related to fixed assets in a lodge located in our U.S. market. The lodge was written down to its estimated fair value (less costs to sell) of $7.7 million.

DETAILS OF SELECTED BALANCE SHEET ACCOUNTS - Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
Total property, plant and equipment	$ 1,404,017	$ 1,523,614
Accumulated depreciation	(1,199,120)	(1,253,051)
Total property, plant and equipment, net	204,897	270,563
Land
Property, Plant and Equipment [Abstract]
Total property, plant and equipment	24,052	27,988
Accommodations assets
Property, Plant and Equipment [Abstract]
Total property, plant and equipment	$ 1,272,515	1,378,408
Accommodations assets \| Minimum
Property, Plant and Equipment [Abstract]
Estimated Useful Life (in years)	3 years
Accommodations assets \| Maximum
Property, Plant and Equipment [Abstract]
Estimated Useful Life (in years)	15 years
Buildings and leasehold improvements
Property, Plant and Equipment [Abstract]
Total property, plant and equipment	$ 12,386	14,603
Buildings and leasehold improvements \| Minimum
Property, Plant and Equipment [Abstract]
Estimated Useful Life (in years)	7 years
Buildings and leasehold improvements \| Maximum
Property, Plant and Equipment [Abstract]
Estimated Useful Life (in years)	20 years
Machinery and equipment
Property, Plant and Equipment [Abstract]
Total property, plant and equipment	$ 13,624	13,255
Machinery and equipment \| Minimum
Property, Plant and Equipment [Abstract]
Estimated Useful Life (in years)	4 years
Machinery and equipment \| Maximum
Property, Plant and Equipment [Abstract]
Estimated Useful Life (in years)	7 years
Office furniture and equipment
Property, Plant and Equipment [Abstract]
Total property, plant and equipment	$ 65,830	67,248
Office furniture and equipment \| Minimum
Property, Plant and Equipment [Abstract]
Estimated Useful Life (in years)	3 years
Office furniture and equipment \| Maximum
Property, Plant and Equipment [Abstract]
Estimated Useful Life (in years)	7 years
Vehicles
Property, Plant and Equipment [Abstract]
Total property, plant and equipment	$ 8,775	10,025
Vehicles \| Minimum
Property, Plant and Equipment [Abstract]
Estimated Useful Life (in years)	3 years
Vehicles \| Maximum
Property, Plant and Equipment [Abstract]
Estimated Useful Life (in years)	5 years
Construction in progress
Property, Plant and Equipment [Abstract]
Total property, plant and equipment	$ 6,835	$ 12,087

SEGMENT AND RELATED INFORMATION - Financial Information By Geographic Segment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues from unaffiliated customers	$ 682,122	$ 700,805	$ 697,052
Assets	405,072	548,062	566,184
Canada
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues from unaffiliated customers	245,087	352,795	395,997
Canada \| Operating segments
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues from unaffiliated customers	245,087	352,795	395,997
Assets	667,266	769,543	726,640
Australia
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues from unaffiliated customers	426,956	336,763	278,252
Australia \| Operating segments
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues from unaffiliated customers	426,956	336,763	278,252
Assets	185,643	205,702	198,795
Other \| Operating segments
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues from unaffiliated customers	10,079	11,247	22,803
Assets	$ (447,837)	$ (427,183)	$ (359,251)

- Definition

Amount of asset recognized for present right to economic benefit.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 48
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-48

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 49
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- 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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SHARE REPURCHASE PROGRAMS AND DIVIDENDS

12 Months Ended

Dec. 31, 2024

Equity [Abstract]

SHARE REPURCHASE PROGRAMS AND DIVIDENDS

Share Repurchase Programs

In 2024, 2023 and 2022, our 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 Consolidated Statements of Changes in Shareholders’ Equity in the period the payment is made.

The following summarizes our common share repurchases pursuant to our share repurchase programs (in thousands, except per share data):


	2024		2023		2022
Shares repurchased	1,130		564		124
Average price paid per share	$	26.19	$	20.60	$	28.54
Dollar-value of shares repurchased	$	29,616	$	11,634	$	3,540

In addition to the shares repurchased pursuant to our share repurchase programs, we repurchased 374,753 common shares from a shareholder for approximately $10.7 million during the three months ended September 30, 2022.

Dividends

Our Board declared the following quarterly dividends in 2024 and 2023. No dividends were paid in 2022. The dividends are eligible dividends pursuant to the Income Tax Act (Canada).

Date Declared

Record Date

Payment Date

Per Share Amount

October 30, 2024

November 25, 2024

December 16, 2024

0.25

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

October 27, 2023

November 27, 2023

December 18, 2023

0.25

September 5, 2023

September 15, 2023

September 29, 2023

0.25

DEBT - Amended Credit Agreement (Details) $ in Millions, $ in Millions		12 Months Ended
	Aug. 08, 2024 USD ($)	Dec. 31, 2024 USD ($) lender	Dec. 31, 2024 AUD ($) lender	Dec. 31, 2023 USD ($)	Dec. 31, 2023 CAD ($)
Debt Instrument [Line Items]
Interest coverage ratio		3.00
Leverage ratio		3.00
Long-term debt		$ 43,299,000		$ 65,554,000
Line of Credit \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Debt instrument, variable rate, adjustment		10
Line of Credit \| Secured Overnight Financing Rate (SOFR) \| United States of America, Dollars \| Minimum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		2.50%
Line of Credit \| Secured Overnight Financing Rate (SOFR) \| United States of America, Dollars \| Maximum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		3.75%
Line of Credit \| Base Rate \| Minimum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		1.50%
Line of Credit \| Base Rate \| Maximum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		2.75%
Line of Credit \| Base Rate \| United States of America, Dollars \| Minimum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		1.50%
Line of Credit \| Base Rate \| United States of America, Dollars \| Maximum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		2.75%
Line of Credit \| Term Canadian Overnight Repo Rate Average, One Month Term
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		0.29547%
Line of Credit \| Term Canadian Overnight Repo Rate Average, Three Month Term
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		0.32138%
Line of Credit \| Adjusted Term CORRA \| Minimum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		2.50%
Line of Credit \| Adjusted Term CORRA \| Maximum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		3.75%
Amended Credit Facility
Debt Instrument [Line Items]
Number of lenders \| lender		7	7
Amended Credit Facility \| Minimum
Debt Instrument [Line Items]
Leverage ratio		2.00
Lender commitments, within credit agreement		$ 15,000,000.0
Amended Credit Facility \| Maximum
Debt Instrument [Line Items]
Leverage ratio		3.50
Lender commitments, within credit agreement		$ 45,000,000.0
Syndicated Facility Agreement \| US Term Loan
Debt Instrument [Line Items]
Term loan, face amount					$ 100.0
Third Amendment to the Credit Agreement
Debt Instrument [Line Items]
Debt instrument, variable rate, adjustment	(0.0025)
Revolving Credit Facility \| Syndicated Facility Agreement
Debt Instrument [Line Items]
Revolving credit facility, maximum borrowing capacity				200,000,000.0
Revolving Credit Facility \| Third Amendment to the Credit Agreement
Debt Instrument [Line Items]
Revolving credit facility, maximum borrowing capacity	$ 245,000,000.0
Line of credit facility, accordion feature, increase limit	45,000,000.0
Revolving Credit Facility, Canadian Subsidiaries \| Amended Credit Facility
Debt Instrument [Line Items]
Outstanding letters of credit		800,000
Revolving Credit Facility, Canadian Subsidiaries \| Syndicated Facility Agreement
Debt Instrument [Line Items]
Revolving credit facility, maximum borrowing capacity				155,000,000.0
Revolving Credit Facility, Canadian Subsidiaries \| Third Amendment to the Credit Agreement
Debt Instrument [Line Items]
Revolving credit facility, maximum borrowing capacity	200,000,000.0
Revolving Credit Facility, Australian Subsidiaries \| Amended Credit Facility
Debt Instrument [Line Items]
Outstanding letters of credit		0
Revolving Credit Facility, Australian Subsidiaries \| Syndicated Facility Agreement
Debt Instrument [Line Items]
Revolving credit facility, maximum borrowing capacity				35,000,000.0
Revolving Credit Facility, Australian Subsidiaries \| Third Amendment to the Credit Agreement
Debt Instrument [Line Items]
Revolving credit facility, maximum borrowing capacity	35,000,000.0
Revolving Credit Facility, U.S. Subsidiaries \| Amended Credit Facility
Debt Instrument [Line Items]
Outstanding letters of credit		$ 300,000
Revolving Credit Facility, U.S. Subsidiaries \| Syndicated Facility Agreement
Debt Instrument [Line Items]
Revolving credit facility, maximum borrowing capacity				$ 10,000,000.0
Revolving Credit Facility, U.S. Subsidiaries \| Third Amendment to the Credit Agreement
Debt Instrument [Line Items]
Revolving credit facility, maximum borrowing capacity	$ 10,000,000.0
Bank Guarantee Facility
Debt Instrument [Line Items]
Long-term debt			$ 2.1

SHARE REPURCHASE PROGRAMS AND DIVIDENDS - Schedule of Common Stock Repurchases (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Equity, Class of Treasury Stock [Line Items]
Shares repurchased (in shares)	374,753
Dollar-value of shares repurchased	$ 10,700	$ 29,616	$ 11,634	$ 14,209
Share Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Shares repurchased (in shares)		1,130,000	564,000	124,000
Average price paid per share (in dollars per share)		$ 26.19	$ 20.60	$ 28.54
Dollar-value of shares repurchased		$ 29,616	$ 11,634	$ 3,540

DETAILS OF SELECTED BALANCE SHEET ACCOUNTS - Deferred Revenue (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Contract liabilities (Deferred revenue):
Current contract liabilities	$ 2,501	$ 4,849
Noncurrent contract liabilities	5,098	8,068
Total contract liabilities (Deferred revenue)	$ 7,599	$ 12,917

ACCUMULATED OTHER COMPREHENSIVE LOSS	12 Months Ended
ACCUMULATED OTHER COMPREHENSIVE LOSS	Dec. 31, 2024
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
ACCUMULATED OTHER COMPREHENSIVE LOSS	ACCUMULATED OTHER COMPREHENSIVE LOSS Our accumulated other comprehensive loss increased $23.9 million from $380.7 million at December 31, 2023 to $404.6 million at December 31, 2024, as a result of foreign currency exchange rate fluctuations. Changes in other comprehensive loss during 2024 were primarily driven by the Australian dollar and 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$166 million and A$191 million, respectively, at December 31, 2024.

GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Carrying Amount of Goodwill

Changes in the carrying amount of goodwill (all of which is in our Australia segment) from December 31, 2022 to December 31, 2024 are as follows (in thousands):


	Total
Goodwill as of December 31, 2022	$	7,672
Foreign currency translation	18
Goodwill as of December 31, 2023	$	7,690
Foreign currency translation	(689)
Goodwill as of December 31, 2024	$	7,001

Schedule of Amortization of Intangible Assets

The following presents the total amount of other intangible assets and the related accumulated amortization for major intangible asset classes as of December 31, 2024 and 2023 (in thousands):


	December 31,				December 31,
	2024				2023
	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Amortizable Intangible Assets


Contracts / agreements	$	131,761	$	(65,284)	$	143,725	$	(65,754)
Total amortizable intangible assets	$	131,761	$	(65,284)	$	143,725	$	(65,754)

Indefinite-Lived Intangible Assets Not Subject to Amortization
Licenses	$	25	$	—	$	28	$	—
Total indefinite-lived intangible assets	25		—		28		—
Total intangible assets	$	131,786	$	(65,284)	$	143,753	$	(65,754)

Schedule of Remaining Amortization of Finite-Lived Intangible Assets

As of December 31, 2024, the estimated remaining amortization of our amortizable intangible assets was as follows (in thousands):


	Year Ending December 31,
2025	$	5,159
2026	5,159
2027	5,159
2028	5,159
2029	5,088
Thereafter	40,753
Total	$	66,477

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

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-Subparagraph (e)
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+ Details

ASSETS HELD FOR SALE (Tables)

12 Months Ended

Dec. 31, 2024

Discontinued Operations and Disposal Groups [Abstract]

Disposal Groups, Including Discontinued Operations

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


	December 31, 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.

+ References

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+ Details

AUDIT INFORMATION	12 Months Ended
AUDIT INFORMATION	Dec. 31, 2024
Audit Information [Abstract]
Auditor Name	Ernst & Young LLP
Auditor Firm ID	42
Auditor Location	Houston, Texas

REVENUE - Disaggregation of revenue by major categories (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Total revenues	$ 682,122	$ 700,805	$ 697,052
Australia
Disaggregation of Revenue [Line Items]
Total revenues	426,956	336,763	278,252
Canada
Disaggregation of Revenue [Line Items]
Total revenues	245,087	352,795	395,997
Other
Disaggregation of Revenue [Line Items]
Total revenues	10,079	11,247	22,803
Accommodation and other services revenues \| Australia
Disaggregation of Revenue [Line Items]
Total revenues	196,684	177,834	152,714
Accommodation and other services revenues \| Canada
Disaggregation of Revenue [Line Items]
Total revenues	214,774	266,926	279,455
Food service and other services revenues \| Australia
Disaggregation of Revenue [Line Items]
Total revenues	230,272	158,929	125,538
Food service and other services revenues \| Canada
Disaggregation of Revenue [Line Items]
Total revenues	28,790	23,970	20,142
Mobile facility rental revenues \| Canada
Disaggregation of Revenue [Line Items]
Total revenues	$ 1,523	$ 61,899	$ 96,400

- 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

+ References

+ Details

INCOME TAXES - Narrative (Details) - USD ($)	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Unrecognized tax benefits	$ 0	$ 0	$ 0
Interest expense and penalties accrued	$ 0	$ 0	$ 0

SEGMENT AND RELATED INFORMATION - Financial Information by Business Segment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Revenues	$ 682,122	$ 700,805	$ 697,052
Cost of services provided	532,667	530,287	517,063
Revenues less cost of sales and services	149,455	170,518	179,989
Selling, general and administrative expenses	73,350	72,605	69,962
Depreciation and amortization expense	68,038	75,142	87,214
Other operating expense (income)	6,735	(16,716)	5,795
Operating income	1,332	39,487	17,018
Other income	(7,269)	876	(6,286)
Income (loss) before income taxes	(5,937)	40,363	10,732
Capital expenditures	26,138	31,633	25,421
Australia
Segment Reporting Information [Line Items]
Revenues	426,956	336,763	278,252
Canada
Segment Reporting Information [Line Items]
Revenues	245,087	352,795	395,997
Operating segments \| Australia
Segment Reporting Information [Line Items]
Revenues	426,956	336,763	278,252
Cost of services provided	315,374	243,011	200,944
Revenues less cost of sales and services	111,582	93,752	77,308
Selling, general and administrative expenses	24,712	20,058	17,693
Depreciation and amortization expense	31,044	28,696	30,521
Other operating expense (income)	6,302	16	3,818
Operating income	49,524	44,982	25,276
Capital expenditures	15,703	21,632	12,757
Operating segments \| Canada
Segment Reporting Information [Line Items]
Revenues	245,087	352,795	395,997
Cost of services provided	207,135	277,067	293,576
Revenues less cost of sales and services	37,952	75,728	102,421
Selling, general and administrative expenses	18,457	20,000	19,073
Depreciation and amortization expense	36,704	46,319	55,503
Other operating expense (income)	(2,482)	(18,568)	69
Operating income	(14,727)	27,977	27,776
Capital expenditures	10,344	9,216	11,588
Corporate, other and eliminations \| Corporate, other and eliminations
Segment Reporting Information [Line Items]
Revenues	10,079	11,247	22,803
Cost of services provided	10,158	10,209	22,543
Revenues less cost of sales and services	(79)	1,038	260
Selling, general and administrative expenses	30,181	32,547	33,196
Depreciation and amortization expense	290	127	1,190
Other operating expense (income)	2,915	1,836	1,908
Operating income	(33,465)	(33,472)	(36,034)
Capital expenditures	$ 91	$ 785	$ 1,076

GOODWILL AND OTHER INTANGIBLE ASSETS - Amortization Schedule (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2025	$ 5,159
2026	5,159
2027	5,159
2028	5,159
2029	5,088
Thereafter	40,753
Total	$ 66,477

SHARE-BASED COMPENSATION

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

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.

Share-based compensation expense recognized in the years ended December 31, 2024, 2023 and 2022 totaled $9.2 million, $11.8 million and $14.9 million, respectively. Share-based compensation expense is reflected in Selling, general and administrative expense in our consolidated statements of operations. The total income tax benefit recognized in the consolidated statements of operations for share-based compensation arrangements was approximately $0.5 million, $0.6 million and $0.8 million for the years ended December 31, 2024, 2023 and 2022, respectively.

Phantom Share Units

We grant phantom share unit awards, which vest a third per year over a three-year period. Each phantom share unit award is equal in value to one common share. Upon vesting, each recipient will receive a lump sum cash payment equal to the fair market value of a common share on the respective vesting date in respect of each phantom share unit then vesting. These awards are accounted for as a liability that is remeasured at each reporting date until paid.

The following presents the changes in phantom share unit awards outstanding and related information for our employees during the years ended December 31, 2024, 2023 and 2022:


			Number of Awards
Nonvested shares at December 31, 2021			622,130
Granted			335,098
Vested			(270,382)
Forfeited			(27,558)
Nonvested shares at December 31, 2022			659,288
Granted			229,845
Vested			(335,178)
Forfeited			(33,394)
Nonvested shares at December 31, 2023			520,561
Granted			314,260
Vested			(274,838)
Forfeited			(50,222)
Nonvested shares at December 31, 2024			509,761

At December 31, 2024, the balance of the liability for the phantom share units was $5.2 million. For the years ended December 31, 2024, 2023 and 2022, we made phantom share units cash payments of $6.2 million, $10.4 million and $6.0 million, respectively. At December 31, 2024, unrecognized compensation cost related to phantom shares units was $6.8 million, as remeasured at December 31, 2024, which is expected to be recognized over a weighted average period of 1.8 years. The weighted average grant-date fair value per share of phantom share units granted during the years ended December 31, 2024, 2023 and 2022 was $23.75, $31.05 and $21.97, respectively.

Performance Share Awards

We grant performance share awards, which cliff vest after three years subject to attainment of applicable performance goals. Awards granted in 2024 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 TSR 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. Awards granted in 2023 and 2022 will be earned in amounts between 0% and 200% of the participant’s target performance share award, based equally on (i) the payout percentage associated with Civeo’s relative TSR rank among a peer group of other companies and (ii) the payout percentage associated with Civeo's cumulative operating cash flow over the performance period relative to a preset target. The grant-date fair value of the portion of the performance awards tied to 2026 EBITDA and cumulative operating cash flow is based on target achievement and the closing market price of our common shares on the date of grant. We evaluate the probability of achieving the performance goals 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.

The fair value of the TSR portion of each performance share award was estimated using a Monte Carlo simulation pricing model that uses the assumptions noted in the following table. The risk-free interest rate is based on the U.S. Treasury yield curve in effect for the expected term of the performance share at the time of grant. The dividend yield on our common shares in 2024 is based on the annual divided and our valuation date stock price. The dividend yield on our common shares was assumed to be zero for 2023 and 2022 since we did not pay dividends when the awards were granted. The expected market price volatility of our common shares was based on an estimate that considers the historical and implied volatility of our common shares as well as a peer group of companies over a time period equal to the expected term of the award. The initial TSR performance was based on historical performance of our common shares and the peer group’s common shares.


	2024		2023		2022
Risk-free weighted interest rate	4.9	%	4.4	%	1.7	%
Dividend yield	4.3	%	—	%	—	%
Expected volatility	44.0	%	73.0	%	78.0	%
Initial TSR	4.3	%	4.1	%	14.1	%

The following presents the changes in performance share awards outstanding and related information for our employees during the year ended December 31, 2024, 2023 and 2022:


	Number of Awards	Weighted Average Grant Date Fair Value Per Share
Nonvested shares at December 31, 2021	216,209	$	33.97
Granted	123,385	27.69
Performance adjustment (1)	22,235	—
Vested	(107,795)	44.76
Forfeited	—	—
Nonvested shares at December 31, 2022	254,034	$	29.81
Granted	86,454	38.45
Performance adjustment (2)	—	—
Vested	—	—
Forfeited	(8,487)	32.67
Nonvested shares at December 31, 2023	332,001	$	32.37
Granted	122,978	24.17
Performance adjustment (3)	(3,833)	—
Vested	(124,099)	22.51
Forfeited	(41,599)	28.65
Nonvested shares at December 31, 2024	285,448	$	22.34

(1)Related to 2019 performance share awards that vested in 2022, which were paid out at 126% based on Civeo's TSR rank.

(2)No performance share awards vested in 2023.

(3)Related to 2021 performance share awards that vested in 2024, which were paid out at 97% based on Civeo's TSR rank.

During the years ended December 31, 2024, 2023 and 2022, we recognized compensation expense associated with performance share awards totaling $1.8 million, $3.4 million and $2.6 million, respectively. At December 31, 2024, unrecognized compensation cost related to performance share awards was $1.8 million, which is expected to be recognized over a weighted average period of 1.4 years.

Restricted Share Awards/ Restricted Share Units/ Deferred Share Awards

The following presents the changes in restricted share awards, restricted share units and deferred share awards outstanding and related information for our employees and non-employee directors during the years ended December 31, 2024, 2023 and 2022:


	Number of Awards/Units	Weighted Average Grant Date Fair Value Per Share
Nonvested shares at December 31, 2021	84,857	$	21.76
Granted	40,465	25.64
Vested	(86,290)	21.83

Nonvested shares at December 31, 2022	39,032	$	25.62
Granted	50,336	21.02
Vested	(39,770)	25.53

Nonvested shares at December 31, 2023	49,598	$	21.02
Granted	42,125	24.75
Vested	(49,598)	21.02

Nonvested shares at December 31, 2024	42,125	$	24.75

The weighted average grant-date fair value per share for restricted share awards, restricted share units and deferred share awards granted during 2024, 2023 and 2022 was $24.75, $21.02 and $25.64, respectively. The total fair value of restricted share awards, restricted share units and deferred share awards vested during 2024, 2023 and 2022 was $1.2 million, $0.9 million and $2.1 million, respectively. At December 31, 2024, unrecognized compensation cost related to restricted share awards, restricted share units and deferred share awards was $0.4 million, which is expected to be recognized over a weighted average period of 0.4 years. In addition, at December 31, 2024, all nonvested shares were related to non-employee directors.

EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2024

Earnings Per Share [Abstract]

EARNINGS PER SHARE

For the years ended December 31, 2024 and 2023, we calculated our basic earnings per share by dividing net income (loss) attributable to common shareholders, before allocation of earnings to participating earnings by the weighted average number of common shares outstanding. For diluted earnings per share, the basic shares outstanding are adjusted by adding all potentially dilutive securities.

For the year ended December 31 2022, a period during which we had participating securities in the form of Class A preferred shares, we used the two-class method to calculate basic and diluted earnings per share. The two-class method requires a proportional share of net income to be allocated between common shares and participating securities. The proportional share to be allocated to participating securities is determined by dividing total weighted average participating securities by the sum of total weighted average common shares and participating securities.

Basic earnings per share is computed under the two-class method by dividing the net income (loss) attributable to common shareholders, after allocation of earnings to participating earnings by the weighted average number of common shares outstanding during the period. Net income attributable to common shareholders, after allocation of earnings to participating earnings represents our net income reduced by an allocation of current period earnings to participating securities as described above. No such adjustment is made during periods with a net loss, as the adjustment would be anti-dilutive.

Diluted earnings per share is computed under the two-class method by dividing diluted net income (loss) attributable to common shareholders, after reallocation adjustment for participating securities by the weighted average number of common shares outstanding, plus, for periods with net income attributable to common stockholders, the potential dilutive effects of share-based awards. In addition, we calculate the potential dilutive effect of any outstanding dilutive security under both the two-class method and the “if-converted” method, and we report the more dilutive of the methods as our diluted earnings per share. We also apply the treasury stock method with respect to certain share-based awards in the calculation of diluted earnings per share, if dilutive.

On October 30, 2022, we repurchased 3,617 Series A preferred shares from the holders for approximately $30.6 million. The repurchase premium of $5.2 million was treated as a reduction to the numerator of net income (loss) attributable to Civeo common shareholders utilized in the calculation of earnings per share for the year ended December 31, 2022.

The calculation of earnings per share attributable to Civeo common shareholders is presented below for the years ended December 31, 2024, 2023 and 2022 (in thousands, except per share amounts):


	2024		2023		2022
Numerator:
Net income (loss) attributable to Civeo common shareholders, before allocation of earnings to participating securities	$	(17,067)	$	30,157	$	2,226
Less: premium paid for repurchase of preferred shares	—		—		(5,189)
Less: income allocated to participating securities	—		—		—
Net income (loss) attributable to Civeo Corporation common shareholders, after allocation of earnings to participating securities	$	(17,067)	$	30,157	$	(2,963)
Add: undistributed income attributable to participating securities	—		—		—
Less: undistributed income reallocated to participating securities	—		—		—
Diluted net income (loss) attributable to Civeo Corporation common shareholders, after reallocation adjustment for participating securities	$	(17,067)	$	30,157	$	(2,963)

Denominator:
Weighted average shares outstanding - basic	14,287		14,906		14,002
Dilutive shares - share-based awards	—		107		—
Weighted average shares outstanding - diluted	14,287		15,013		14,002

Basic net income (loss) per share attributable to Civeo Corporation common shareholders (1)	$	(1.19)	$	2.02	$	(0.21)

Diluted net income (loss) per share attributable to Civeo Corporation common shareholders (1)	$	(1.19)	$	2.01	$	(0.21)

(1)Computations may reflect rounding adjustments.


	2024	2023	2022
Share-based awards (1)	0.1	—	0.2
Preferred shares	—	—	2,240

(1)Share-based awards for the year ended December 31, 2023 totaled fewer than 0.1 million shares.

INCOME TAXES - NOL and Tax Credit Carryforwards (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Foreign Tax Jurisdiction \| Canada Revenue Agency
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards, subject to expiration	$ 134,113
Domestic Tax Jurisdiction
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards, subject to expiration	34,334
Operating loss carryforwards, not subject to expiration	39,624
State and Local Jurisdiction
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards, subject to expiration	$ 6,145

RETIREMENT PLANS (Details) $ in Millions	12 Months Ended
RETIREMENT PLANS (Details) $ in Millions	Dec. 31, 2024 USD ($)	Dec. 31, 2024 CAD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Defined Contribution Plan Disclosure [Line Items]
Recognized defined contribution plan expense	$ 14.3		$ 10.2	$ 8.2
Required years of service for vesting in employer contributions	2 years	2 years
Deferred Profit Sharing Plan
Defined Contribution Plan Disclosure [Line Items]
Percentage of contributed employee gross pay matched by employer	5.00%	5.00%
Maximum annual contributions per employee		$ 16,245
Group Registered Retirement Savings Plan
Defined Contribution Plan Disclosure [Line Items]
Percentage of contributed employee gross pay matched by employer	6.00%	6.00%
Maximum annual contributions per employee		$ 31,560
Australian Retirement Savings Plan
Defined Contribution Plan Disclosure [Line Items]
Percentage of contributed employee gross pay matched by employer	11.50%	11.50%
U.S. Retirement Savings Plan
Defined Contribution Plan Disclosure [Line Items]
Percentage of contributed employee gross pay matched by employer	6.00%	6.00%
U.S. Retirement Savings Plan \| First 4% of employee pay contributed matched at 100%
Defined Contribution Plan Disclosure [Line Items]
Percentage of contributed employee gross pay matched by employer	4.00%	4.00%
Percent of employer matching contribution	100.00%	100.00%
U.S. Retirement Savings Plan \| Next 2% of employee pay contributed matched at 50%
Defined Contribution Plan Disclosure [Line Items]
Percentage of contributed employee gross pay matched by employer	2.00%	2.00%
Percent of employer matching contribution	50.00%	50.00%
U.S. Retirement Savings Plan \| 40% Vesting Rate
Defined Contribution Plan Disclosure [Line Items]
Annual vesting percentage	40.00%	40.00%
U.S. Retirement Savings Plan \| 20% Vesting Rate
Defined Contribution Plan Disclosure [Line Items]
Annual vesting percentage	20.00%	20.00%
U.S. Retirement Savings Plan \| Minimum
Defined Contribution Plan Disclosure [Line Items]
Maximum annual percent of pay contributed by employee	1.00%	1.00%
U.S. Retirement Savings Plan \| Minimum \| 40% Vesting Rate
Defined Contribution Plan Disclosure [Line Items]
Required years of service for vesting in employer contributions	2 years	2 years
U.S. Retirement Savings Plan \| Maximum
Defined Contribution Plan Disclosure [Line Items]
Required years of service for vesting in employer contributions	3 years	3 years
Maximum annual percent of pay contributed by employee	75.00%	75.00%

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Dec. 31, 2024
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Cash We consider all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Allowance for Credit Losses We are exposed to credit losses primarily through the sale of our products and services. We maintain allowances for credit losses for estimated losses resulting from the inability of our customers to make required payments. If a trade receivable is deemed to be uncollectible, such receivable is charged-off against the allowance for credit losses account. Our expected loss allowance methodology for accounts receivable is developed using historical collection experience, current and future economic and market conditions and a review of the current status of customers' trade receivables. Due to the short-term nature of such receivables, the estimate of the amount of accounts receivable that may not be collected is based on an aging of the accounts receivable balances and the financial condition of customers. Additionally, specific allowance amounts are established to record the appropriate provision for customers that have a higher probability of default. If we have no previous experience with the customer, we typically obtain reports from various credit organizations to ensure that the customer has a history of paying its creditors. We may also request financial information, including combined financial statements or other documents, to ensure that the customer has the means of making payment. If these factors do not indicate collection is reasonably assured, we generally would require a prepayment or other arrangement to support revenue recognition and recording of a trade receivable. If the financial condition of our customers were to deteriorate, adversely affecting their ability to make payments, additional allowances would be required. Inventories Inventories consist of supplies and materials for the operation of remote accommodation facilities. Inventories also include food, raw materials, labor, subcontractor charges and catering and other supplies needed for operation of our facilities. Inventories are carried at the lower of cost or net realizable value. The cost of inventories is determined on an average cost or specific-identification method. Property, Plant and Equipment Property, plant and equipment are stated at cost or at estimated fair market value at acquisition date if acquired in a business combination, and depreciation is computed using the straight-line method, after allowing for salvage value where applicable, over the estimated useful lives of the assets. Leasehold improvements are capitalized and amortized over the lesser of the life of the lease or the estimated useful life of the asset. We record the fair value of a liability, which reflects the estimated present value of the amount of asset removal and site reclamation costs related to the retirement of our assets, for an asset retirement obligation (ARO) when it is incurred (typically when the asset is installed). When the liability is initially recorded, we capitalize the associated asset retirement cost by increasing the carrying amount of the related property, plant and equipment. See Asset Retirement Obligations below for further discussion. Expenditures for repairs and maintenance are charged to expense when incurred. Expenditures for major renewals and betterments, which extend the useful lives of existing equipment, are capitalized and depreciated. Upon retirement or disposition of property and equipment, the cost and related accumulated depreciation are removed from the accounts and any resulting gain or loss is recognized in the consolidated statements of operations. Business Combinations We evaluate acquisitions of assets and other similar transactions to assess whether or not the transaction should be accounted for as a business combination or asset acquisition by assessing whether or not we have acquired inputs and processes that have the ability to create outputs. If determined to be a business combination, we account for a business acquisition under the acquisition method of accounting. The accounting rules governing business combinations require the acquiring entity in a business combination to recognize the fair value of all assets acquired and liabilities assumed and establish the acquisition date as the fair value measurement point. Accordingly, we recognize assets acquired and liabilities assumed in a business combination based on the fair value estimates as of the date of acquisition. Goodwill is measured as the excess of the fair value of the consideration paid over the fair value of the identified net assets, including intangible assets, acquired. The fair value measurement of the identified net assets requires the significant use of estimates and is based on information that was available to management at the time the purchase price allocation was prepared. We utilize recognized valuation techniques, including the cost approach, the market approach and the income approach, to value the net assets acquired. The impact of changes to the estimated fair values of assets acquired and liabilities assumed is recorded in the reporting period in which the adjustment is identified. Final valuations of assets and liabilities are obtained and recorded within one year from the date of the acquisition. Impairment of Long-Lived Assets The recoverability of the carrying values of long-lived assets, including amortizable intangible assets, is assessed whenever, in management’s judgment, events or changes in circumstances indicate that the carrying value of such asset groups may not be recoverable based on estimated future cash flows. If this assessment indicates that the carrying values will not be recoverable, as determined based on undiscounted cash flows over the remaining useful lives, an impairment loss is recognized. The impairment loss equals the excess of the carrying value over the fair value of the asset group. In performing this analysis, asset groups are reviewed at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. For each asset group, we compare its carrying value to estimates of undiscounted future cash flows. We use a variety of underlying assumptions to estimate these future cash flows, including assumptions relating to future economic market conditions, rates, occupancy levels, costs and expenses and capital expenditures. The estimates are consistent with those used for purposes of our goodwill impairment test, as further discussed in Goodwill and Other Intangible Assets, below. Based on the assessment, if the carrying values of certain of our asset groups are determined to not be recoverable, we proceed to the next step. In this step, we compare the fair value of the respective asset group to its carrying value. The fair value of the asset groups are based on prices of similar assets, if available, or discounted future cash flows. Our estimate of the fair value requires us to use significant unobservable inputs, representative of Level 3 fair value measurements, including numerous assumptions with respect to future circumstances, such as industry and/or local market conditions that might directly impact each of the asset groups’ operations in the future. See Note 4 – Impairment Charges for a discussion of impairment charges we recognized in 2024, 2023 and 2022 related to our long-lived assets. Goodwill and Other Intangible Assets Goodwill. Goodwill represents the excess of the purchase price paid for acquired businesses over the allocated fair value of the related net assets after impairments, if applicable. All of our goodwill as of December 31, 2024 was included in our Australia reporting unit. We evaluate goodwill for impairment, at the reporting unit level, annually and when an event occurs or circumstances change to suggest that the carrying amount may not be recoverable. A reporting unit is the operating segment, or a business one level below that operating segment (the “component” level) if discrete financial information is prepared and regularly reviewed by management at the component level. Each segment of our business represents a separate reporting unit. We conduct our annual impairment test as of November 30 of each year. We compare each reporting unit’s carrying amount, including goodwill, to the fair value of the reporting unit. If the carrying amount of the reporting unit exceeds its fair value, goodwill is impaired. We are given the option to test for impairment of our goodwill by first performing a qualitative assessment to determine whether it is more likely than not (that is, likelihood of more than 50 percent) that the fair value of a reporting unit is less than its carrying amount, including goodwill. If it is determined that it is more likely than not that the fair value of a reporting unit is greater than its carrying amount, then performing the currently prescribed quantitative impairment test is unnecessary. In developing a qualitative assessment to meet the “more-likely-than-not” threshold, each reporting unit with goodwill is assessed separately and different relevant events and circumstances are evaluated for each unit. We have the option to bypass the qualitative assessment for any reporting unit in any period and proceed directly to performing the quantitative goodwill impairment test. When performing our annual assessment on November 30, 2024, 2023 and 2022, we performed a qualitative assessment related to goodwill at our Australia reporting unit. Qualitative factors that we considered as part of our assessment included industry and market conditions, macroeconomic conditions and the financial performance of our Australian business. We also noted that, based on the interim quantitative testing performed as of March 31, 2020, the estimated fair value of the Australia reporting unit exceeded its carrying value by more than 125%. After assessing these events and circumstances, we determined that, as of November 30, 2024, it was more likely than not that the fair value of the Australia reporting unit was greater than its carrying value. If a quantitative goodwill impairment test is required, we compare each reporting unit’s carrying amount, including goodwill, to the fair value of the reporting unit. Because none of our reporting units has a publicly quoted market price, we must determine the value that willing buyers and sellers would place on the reporting unit through a routine sale process (a Level 3 fair value measurement). In our analysis, we target a fair value that represents the value that would be placed on the reporting unit by market participants, and value the reporting unit based on historical and projected results throughout a cycle, not the value of the reporting unit based on trough or peak earnings. The fair value of the reporting unit is estimated using a combination of (i) an analysis of trading multiples of comparable companies (Market Approach) and (ii) discounted projected cash flows (Income Approach). The relative weighting of each approach reflects current industry and market conditions. Market Approach - This valuation approach utilizes publicly traded comparable companies’ enterprise values, as compared to their recent and forecasted earnings before interest, taxes and depreciation (EBITDA) information. We use EBITDA because it is a widely used key indicator of the cash generating capacity of companies in our industry. Income Approach - This valuation approach derives a present value of the reporting unit’s projected future annual cash flows over the next five years with a terminal value assumption. We use a variety of underlying assumptions to estimate these future cash flows, including assumptions relating to future economic market conditions, rates, occupancy levels, costs and expenses and capital expenditures. These assumptions can vary by each reporting unit depending on market conditions. In addition, a terminal value is estimated, using a Gordon Growth methodology. We discount our projected cash flows using a long-term weighted average cost of capital based on our estimate of investment returns that would be required by a market participant. The fair value of our reporting units is affected by future coal, oil and natural gas prices, anticipated spending by our customers, and the cost of capital. Our estimate of fair value requires us to use significant unobservable inputs, representative of Level 3 fair value measurements, including numerous assumptions with respect to future circumstances, such as industry and/or local market conditions that might directly impact each of the reporting units’ operations in the future. We selected these valuation approaches because we believe the combination of these approaches and our best judgment regarding underlying assumptions and estimates provides us with the best estimate of fair value for each of our reporting units. We believe these valuation approaches are proven valuation techniques and methodologies for our industry and widely accepted by investors. The fair value of each reporting unit would change if our assumptions under these valuation approaches, or relative weighting of the valuation approaches, were materially modified. Other Intangible Assets. We amortize the cost of other intangible assets using the straight-line method over their estimated useful lives unless such lives are deemed indefinite. For intangible assets that we amortize, we review the useful life of the intangible asset and evaluate each reporting period whether events and circumstances warrant a revision to the remaining useful life. See Note 9 – Goodwill and Other Intangible Assets for further discussion. Foreign Currency and Other Comprehensive Income Gains and losses resulting from consolidated balance sheet translation of foreign operations where a foreign currency is the functional currency are included as a separate component of accumulated other comprehensive loss within shareholders’ equity and represent substantially all of the balances within accumulated other comprehensive loss. Remeasurements of intercompany loans denominated in a different currency than the functional currency of the entity that are of a long-term investment nature are recognized as other comprehensive income within shareholders’ equity. Gains and losses resulting from consolidated balance sheet remeasurements of assets and liabilities denominated in a different currency than the functional currency, other than intercompany loans that are of a long-term investment nature, are included in the consolidated statements of operations as incurred. For the years ended December 31, 2024, 2023 and 2022, we recognized approximately $0.9 million, $0.5 million and $0.1 million in foreign currency losses, respectively. Foreign Currency Exchange Rate Risk A significant portion of revenues, earnings and net investments in foreign affiliates are exposed to changes in foreign currency exchange rates. We seek to manage our foreign exchange risk in part through operational means, including managing expected local currency revenues in relation to local currency costs and local currency assets in relation to local currency liabilities. We have not entered into any foreign currency forward contracts. Revenue and Cost Recognition For the majority of our operations and contracts, we generally recognize accommodation, mobile facility rental, food service and other services revenues over time as our customers simultaneously receive and consume benefits as we serve our customers because of continuous transfer of control to the customer. Revenue is recognized when control of the promised goods or services is transferred to our customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. We transfer control and recognize a sale based on a periodic (usually daily) room rate each night a customer stays in our rooms or when the services are rendered. In some contracts, rates may vary over the contract term. In these cases, revenue may be deferred and recognized on a straight-line basis over the contract term. Because of control transferring over time, the majority of our revenue is recognized based on the extent of progress towards completion of the performance obligation. At contract inception, we assess the goods and services promised in our contracts with customers and identify a performance obligation for each promise to transfer our customers a good or service (or bundle of goods or services) that is distinct. Our customers typically contract for hospitality services under take-or-pay contracts with terms that range from several months to multiple years. Our contract terms generally provide for a rental rate for a reserved room and an occupied room rate that compensates us for services provided. We typically contract our facilities to our customers on a fee per day basis where the goods and services promised include lodging and meals. To identify the performance obligations, we consider all of the goods and services promised in the context of the contract and the pattern of transfer to our customers. Revenues exclude taxes assessed based on revenues such as sales or value added taxes. Cost of services includes labor, food, utility costs, cleaning supplies and other costs of operating our accommodations facilities. Cost of goods sold includes all direct material and labor costs and those costs related to contract performance, such as indirect labor, supplies, tools and repairs. Selling, general and administrative costs are charged to expense as incurred. Income Taxes Our operations are subject to Canadian federal and provincial income taxes, as well as foreign income taxes. We determine the provision for income taxes using the asset and liability approach. Under this approach, deferred income taxes represent the expected future tax consequences of temporary differences between the carrying amounts and tax bases of assets and liabilities. Valuation allowances are established when necessary to reduce deferred tax assets to the amounts expected to be realized. In assessing the need for a valuation allowance, we look to the future reversal of existing taxable temporary differences, taxable income in carryback years, the feasibility of tax planning strategies and estimated future taxable income. The valuation allowance can be affected by changes to tax laws, changes to statutory tax rates and changes to future taxable income estimates and historical losses. We recognize tax benefits from uncertain tax positions only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the consolidated financial statements from such positions are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. See Note 14 – Income Taxes for further discussion. Receivables and Concentration of Credit Risk Based on the nature of our customer base, we do not believe that we have any significant concentrations of credit risk other than our concentration in the Australian mining industries and Canadian oil sands. We evaluate the credit-worthiness of our significant, new and existing customers’ financial condition and, generally, we do not require collateral from our customers. For the years ended December 31, 2024 and 2023, each of Suncor Energy Inc. and Fortescue Metals Group Ltd. accounted for more than 10% of our revenues. For the year ended December 31, 2022, each of Suncor Energy Inc., Imperial Oil Ltd. and Fortescue Metals Group Ltd. accounted for more than 10% of our revenues. Asset Retirement Obligations We have AROs that we are required to perform under law or contract once an asset is permanently taken out of service. We initially record the liability at fair value, which reflects the estimated present value of the amount of asset removal and site reclamation costs related to the retirement of our assets, for an ARO when it is incurred (typically when the asset is installed). When the liability is initially recorded, we capitalize the associated asset retirement cost by increasing the carrying amount of the related property, plant and equipment. Over time, the liability increases for the change in its present value, while the capitalized cost depreciates over the useful life of the related asset. Accretion expense is recognized over the estimated productive life of the related assets. If the fair value of the estimated ARO changes, an adjustment is recorded to both the ARO and the capitalized asset retirement cost. Revisions in estimated liabilities can result from changes in estimated inflation rates, changes in service and equipment costs and changes in the estimated timing of settling the ARO. We utilize current retirement costs to estimate the expected cash outflows for retirement obligations. We estimate the ultimate productive life of the properties and a risk-adjusted discount rate in order to determine the current present value of the obligation. We relieve ARO liabilities when the related obligations are settled. Most of these obligations are not expected to be paid until many years in the future and will be funded from general company resources at the time of removal. See Note 12 – Asset Retirement Obligations for further information. Share-Based Compensation We sponsor an equity participation plan in which certain of our key employees and non-employee directors participate. We measure the cost of service-based equity awards (typically restricted share awards and deferred share awards) based on the grant-date fair value of the award. The grant-date fair value is calculated based on our share price on the grant-date. The resulting cost is recognized over the period during which an employee or non-employee director is required to provide service in exchange for the awards, usually the vesting period. We also grant performance share awards. Performance share awards granted in 2024 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 (TSR) 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. For awards granted in 2023 and 2022, awards are earned in amounts between 0% and 200% of the participant’s target performance share award, based equally on (i) the payout percentage associated with Civeo’s relative TSR rank among a peer group of other companies and (ii) the payout percentage associated with Civeo's cumulative operating cash flow over the performance period relative to a preset target. The fair value of the TSR portion of each performance share award is estimated using option-pricing models at the grant date. The fair value of the 2026 EBITDA and cumulative operating cash flow of each performance share award is based on target achievement and the closing market price of our common shares on the date of grant and adjusted throughout the performance period based on our estimate of the most probable outcome of such performance conditions. The resulting costs for each portion of the award are recognized over the period during which an employee is required to provide service in exchange for the awards, usually the vesting period. Additionally, we grant phantom share units. Such awards generally vest in equal annual installments and are accounted for as a liability based on the fair value of our share price. Participants granted phantom share units are entitled to a lump sum cash payment equal to the fair market value of a common share on the vesting date. The resulting cost is recognized over the period during which an employee is required to provide service in exchange for the awards, usually the vesting period. Guarantees Substantially all of our Canadian and U.S. subsidiaries are guarantors under our Credit Agreement. See Note 11 – Debt for further discussion. During the ordinary course of business, we also provide standby letters of credit or other guarantee instruments to certain parties as required for certain transactions initiated by us or our subsidiaries. As of December 31, 2024, the maximum potential amount of future payments that we could be required to make under these guarantee agreements (including letters of credit) was approximately $2.4 million. We have not recorded any liability in connection with these guarantee arrangements. We do not believe, based on historical experience and information currently available, that it is likely that any amounts will be required to be paid under these guarantee arrangements. Use of Estimates The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles 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. Examples of a few such estimates include estimates of the amount and timing of costs to be incurred for AROs, any valuation allowance recorded on net deferred tax assets, long-lived asset and goodwill impairments and allowance for credit losses. Actual results could materially differ from those estimates. Accounting for Contingencies We have contingent liabilities and future claims for which we have made estimates of the amount of the eventual cost to liquidate these liabilities or claims. We make an assessment of our exposure and record a provision in our accounts to cover an expected loss when we believe a loss is probable and the amount of the loss can be reasonably estimated. These liabilities and claims sometimes involve threatened or actual litigation where damages have been quantified. Other claims or liabilities have been estimated based on their fair value or our experience in these matters and, when appropriate, the advice of outside counsel or other outside experts. Upon the ultimate resolution of these uncertainties, our future reported financial results will be impacted by the difference between our estimates and the actual amounts paid to settle a liability. Examples of areas where we have made important estimates of future liabilities include litigation, insurance claims, contract claims and obligations. Recent Accounting Pronouncements From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (FASB), which are adopted by us as of the specified effective date. Unless otherwise discussed, management believes that the impact of recently issued standards or other guidance updates, which are not yet effective, will not have a material impact on our consolidated financial statements upon adoption. In December 2023, the FASB issued Accounting Standards Update (ASU) 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures”, which enhances effective tax rate reconciliation disclosure requirements and provides clarity to the disclosures of income taxes paid, income before taxes and provision for income taxes. The amendments are effective for fiscal years beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The amendments in this update should be applied on a prospective basis. Retrospective application is permitted. We are currently evaluating this ASU to determine its impact on our disclosures.

RETIREMENT PLANS	12 Months Ended
RETIREMENT PLANS	Dec. 31, 2024
Retirement Benefits [Abstract]
RETIREMENT PLANS	RETIREMENT PLANS We sponsor various defined contribution plans. Participation in these plans is available to substantially all employees. A defined contribution plan is a post-employment benefit plan under which an entity pays fixed contributions into a separate entity and will generally have no legal or constructive obligation to pay further amounts. Obligations for contributions to defined contribution plans are recognized as an employee benefit expense in profit or loss in the periods during which services are rendered by employees. We recognized expense of $14.3 million, $10.2 million and $8.2 million related to matching contributions under our various defined contribution plans during the years ended December 31, 2024, 2023 and 2022, respectively. Canadian Retirement Savings Plan We offer a defined contribution retirement plan to our Canadian employees. In Canada, we contribute, on a matched basis, an amount up to 5% of each Canadian based, salaried employee’s earnings (base salary plus annual incentive compensation) to the legislated maximum for a Deferred Profit Sharing Plan (DPSP). The maximum for 2024 was C$16,245. DPSP is a form of defined contribution retirement savings plan governed by Canadian federal tax legislation which provides for the deferral of tax on deposits and investment returns until removed from the plan to support retirement income. Employer contributions vest upon the completion of two years of service. Employee contributions are required in order to be eligible for the DPSP employer matching. Maximum employer matching (5% noted above) is attained with 6% employee contribution which would go into a Group Registered Retirement Savings Plan. The two plans work in tandem. Contributions to the “Retirement Savings Plan” for Canadian employees are subject to the annual maximum total registered savings limit of C$31,560 in 2024 as set out in the Canadian Tax Act. Australian Retirement Savings Plan Our Australian subsidiary contributes to various defined contribution plans for its employees in accordance with legislation governing the calculation of the Superannuation Guarantee Surcharge (SGC). SGC is contributed by the employer at a rate of 11.5% of the base salary of an employee, capped at the legislated maximum contribution base which is indexed annually. Our Australian subsidiary makes no investment decisions on behalf of the employee and has no obligations other than to remit the defined contributions to the plan selected by each individual employee. U.S. Retirement Savings Plan We offer a defined contribution 401(k) retirement plan to substantially all of our U.S. employees. Participants may contribute from 1% to 75% of their base and cash incentive compensation (subject to Internal Revenue Service limitations), and we make matching contributions under this plan on the first 6% of the participant’s compensation (100% match of the first 4% employee contribution and 50% match on the next 2% contribution). Our matching contributions vest at a rate of 40% after two years of service and 20% per year for each of the employee’s next three years of service and are fully vested thereafter.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480794/715-70-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-URI https://asc.fasb.org/1943274/2147480126/715-20-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480266/715-60-50-3

+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

SHARE-BASED COMPENSATION - Performance Share Awards Activity (Details) - Performance Shares - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Number of Awards (in shares)
Nonvested shares at the beginning of period (in shares)	332,001	254,034	216,209
Granted (in shares)	122,978	86,454	123,385
Performance adjustment (in shares)	(3,833)	0	22,235
Vested (in shares)	(124,099)	0	(107,795)
Forfeited (in shares)	(41,599)	(8,487)	0
Nonvested shares at the end of period (in shares)	285,448	332,001	254,034
Weighted Average Grant Date Fair Value Per Share (in dollars per share)
Nonvested at beginning of period (in dollars per share)	$ 32.37	$ 29.81	$ 33.97
Granted (in dollars per share)	24.17	38.45	27.69
Performance adjustment (in dollars per share)	0	0	0
Vested (in dollars per share)	22.51	0	44.76
Forfeited (in dollars per share)	28.65	32.67	0
Nonvested at end of period (in dollars per share)	$ 22.34	$ 32.37	$ 29.81
Percentage of participant target performance share award	97.00%		126.00%

EARNINGS PER SHARE - Calculation of Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Numerator:
Net income (loss) attributable to Civeo common shareholders	$ (17,067)	$ 30,157	$ 2,226
Less: premium paid for repurchase of preferred shares	0	0	(5,189)
Less: income allocated to participating securities	0	0	0
Net income (loss) attributable to Civeo Corporation common shareholders, after allocation of earnings to participating securities	(17,067)	30,157	(2,963)
Add: undistributed income attributable to participating securities	0	0	0
Less: undistributed income reallocated to participating securities	0	0	0
Diluted net income (loss) attributable to Civeo Corporation common shareholders, after reallocation adjustment for participating securities	$ (17,067)	$ 30,157	$ (2,963)
Denominator:
Weighted average shares outstanding - basic (in shares)	14,287	14,906	14,002
Dilutive shares - share-based awards (in shares)	0	107	0
Weighted average shares outstanding - diluted (in shares)	14,287	15,013	14,002
Basic net income (loss) per share attributable to Civeo Corporation common shareholders (in dollars per share)	$ (1.19)	$ 2.02	$ (0.21)
Diluted net income (loss) per share attributable to Civeo Corporation common shareholders (in dollars per share)	$ (1.19)	$ 2.01	$ (0.21)

VALUATION ACCOUNTS (Tables)

12 Months Ended

Dec. 31, 2024

SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]

Schedule of Valuation and Qualifying Accounts

Activity in the valuation accounts was as follows (in thousands):


	Balance at Beginning of Period		Charged (Reduction) to Costs and Expenses		Deductions (Net of Recoveries)		Translation and Other, Net		Balance at End of Period
Year Ended December 31, 2024:
Allowance for credit losses on accounts receivable	$	199	$	33	$	(7)	$	(17)	$	208
Valuation allowance for deferred tax assets	78,769		8,983		(910)		(4,844)		81,998

Year Ended December 31, 2023:
Allowance for credit losses on accounts receivable	$	299	$	79	$	(181)	$	2	$	199
Valuation allowance for deferred tax assets	82,905		(2,556)		(1,767)		187		78,769

Year Ended December 31, 2022:
Allowance for credit losses on accounts receivable	$	361	$	115	$	(162)	$	(15)	$	299
Valuation allowance for deferred tax assets	85,351		153		1,178		(3,777)		82,905

VALUATION ACCOUNTS - Activity in Valuation Accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Allowance for credit losses on accounts receivable
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Period	$ 199	$ 299	$ 361
Charged (Reduction) to Costs and Expenses	33	79	115
Deductions (Net of Recoveries)	(7)	(181)	(162)
Translation and Other, Net	(17)	2	(15)
Balance at End of Period	208	199	299
Valuation allowance for deferred tax assets
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Period	78,769	82,905	85,351
Charged (Reduction) to Costs and Expenses	8,983	(2,556)	153
Deductions (Net of Recoveries)	(910)	(1,767)	1,178
Translation and Other, Net	(4,844)	187	(3,777)
Balance at End of Period	$ 81,998	$ 78,769	$ 82,905

SUBSEQUENT EVENT	12 Months Ended
SUBSEQUENT EVENT	Dec. 31, 2024
Subsequent Events [Abstract]
SUBSEQUENT EVENT	SUBSEQUENT EVENT On February 18, 2025, we entered into a definitive asset purchase agreement with a private seller to acquire four villages with 1,340 rooms in Australia’s Bowen Basin and the associated long-term customer contracts. Under the terms of the agreement, Civeo would acquire the assets and customer contracts for total cash consideration of A$105 million, or approximately US$67 million, funded with cash on hand and borrowings from its existing revolving credit facility.

DEBT - Long-term Debt (Details) - USD ($) $ in Thousands	12 Months Ended
DEBT - Long-term Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Long-term debt, gross	$ 43,299	$ 65,554
U.S. revolving credit facility; weighted average interest rate of 10.1% for the twelve-month period ended December 31, 2024
Debt Instrument [Line Items]
Interest rate on line of credit facility	10.10%
Revolving credit facilities	$ 0	0
Canadian revolving credit facility; weighted average interest rate of 8.1% for the twelve-month period ended December 31, 2024
Debt Instrument [Line Items]
Interest rate on line of credit facility	8.10%
Revolving credit facilities	$ 43,299	65,554
Australian revolving credit facility; weighted average interest rate of 7.1% for the twelve-month period ended December 31, 2024
Debt Instrument [Line Items]
Interest rate on line of credit facility	7.10%
Revolving credit facilities	$ 0	$ 0

- 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.

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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

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

SHARE-BASED COMPENSATION - Phantom Share Awards Activity (Details) - Phantom Share Units (PSUs) - shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Nonvested shares at the beginning of period (in shares)	520,561	659,288	622,130
Granted (in shares)	314,260	229,845	335,098
Vested (in shares)	(274,838)	(335,178)	(270,382)
Forfeited (in shares)	(50,222)	(33,394)	(27,558)
Nonvested shares at the end of period (in shares)	509,761	520,561	659,288

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities:
Net income (loss)	$ (18,429)	$ 29,730	$ 6,330
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	68,038	75,142	87,214
Impairment charges	11,581	1,395	5,721
Deferred income tax expense (benefit)	(7,659)	6,806	4,177
Non-cash compensation charge	2,851	4,460	3,787
Gain on disposals of assets	(6,418)	(21,196)	(4,917)
Provision for credit losses, net of recoveries	26	135	162
Other, net	1,742	1,660	3,223
Changes in operating assets and liabilities:
Accounts receivable	44,228	(22,311)	(14,447)
Inventories	(1,224)	5	(1,845)
Accounts payable and accrued liabilities	(17,581)	7,438	12,323
Taxes payable	7,878	3,576	5
Other current assets and liabilities, net	(1,523)	9,725	(9,960)
Net cash flows provided by operating activities	83,510	96,565	91,773
Cash flows from investing activities:
Capital expenditures	(26,138)	(31,633)	(25,421)
Proceeds from disposition of property, plant and equipment	11,011	16,740	16,286
Other, net	183	372	190
Net cash flows used in investing activities	(14,944)	(14,521)	(8,945)
Cash flows from financing activities:
Revolving credit borrowings	284,314	210,584	289,705
Revolving credit repayments	(301,431)	(248,430)	(293,079)
Term loan repayments	0	(29,899)	(30,442)
Dividends paid	(14,422)	(7,423)	0
Debt issuance costs	(2,976)	0	0
Repurchases of common shares	(29,616)	(11,634)	(14,209)
Repurchases of preferred shares	0	0	(30,553)
Other, net	(1,067)	0	(1,078)
Net cash flows used in financing activities	(65,198)	(86,802)	(79,656)
Effect of exchange rate changes on cash	(1,487)	127	(1,500)
Net change in cash and cash equivalents	1,881	(4,631)	1,672
Cash and cash equivalents, beginning of period	3,323	7,954	6,282
Cash and cash equivalents, end of period	5,204	3,323	7,954
Non-cash investing activities:
Capital expenditure additions accrued at end of period	609	510	511
Non-cash financing activities:
Preferred dividends paid-in-kind	$ 0	$ 0	$ 1,706

INCOME TAXES - Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Canadian federal tax benefit at statutory rates	$ (891)	$ 6,054	$ 1,610
Canadian federal tax benefit at statutory rates, percent	15.00%	15.00%	15.00%
Canadian provincial income tax	$ (3,186)	$ 497	$ 282
Canadian provincial income tax, percent	53.60%	1.20%	2.60%
Effect of foreign income tax, net	$ 5,642	$ 5,481	$ 1,809
Effect of foreign income tax, net, percent	(95.00%)	13.60%	16.90%
Valuation allowance	$ 8,983	$ (2,556)	$ 153
Valuation allowance, percent	(151.20%)	(6.30%)	1.40%
Noncontrolling interest	$ 325	$ 125	$ (562)
Noncontrolling interest, percent	(5.50%)	0.30%	(5.20%)
Non-deductible compensation	$ 1,213	$ 1,009	$ 808
Nondeductible compensation, percent	(20.40%)	2.50%	7.50%
Unrealized intercompany foreign currency translation gain	$ (18)	$ (148)	$ (250)
Unrealized intercompany unrealized foreign currency translation, percent	0.30%	(0.40%)	(2.30%)
Deemed income from foreign subsidiaries	$ 243	$ 322	$ 331
Deemed income from foreign subsidiaries, percent	(4.10%)	0.80%	3.10%
Other, net	$ 181	$ (151)	$ 221
Other, net, percent	(3.10%)	(0.40%)	2.00%
Net income tax expense (benefit)	$ 12,492	$ 10,633	$ 4,402
Net income tax expense (benefit), percent	(210.40%)	26.30%	41.00%

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ (18,429)	$ 29,730	$ 6,330
Other comprehensive income (loss), net of taxes:
Foreign currency translation adjustment, net of zero taxes	(24,029)	4,532	(23,486)
Total other comprehensive income (loss), net of taxes	(24,029)	4,532	(23,486)
Comprehensive income (loss)	(42,458)	34,262	(17,156)
Less: Comprehensive income (loss) attributable to noncontrolling interest	(1,506)	(367)	2,151
Comprehensive income (loss) attributable to Civeo Corporation	$ (40,952)	$ 34,629	$ (19,307)

- 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

- Definition

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.

+ References

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- Definition

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

+ References + Details

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

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-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1A

+ Details

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

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+ Details

DETAILS OF SELECTED BALANCE SHEET ACCOUNTS (Tables)

12 Months Ended

Dec. 31, 2024

Balance Sheet Related Disclosures [Abstract]

Schedule of Accounts Receivable

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


	December 31, 2024		December 31, 2023
Accounts receivable, net:
Trade	$	72,819	$	93,527
Unbilled revenue	12,883		46,331
Other	3,544		3,563
Total accounts receivable	89,246		143,421
Allowance for credit losses	(208)		(199)
Total accounts receivable, net	$	89,038	$	143,222

Schedule of Inventories


	December 31, 2024		December 31, 2023
Inventories:
Finished goods and purchased products	$	6,134	$	5,648

Raw materials	1,403		1,334
Total inventories	$	7,537	$	6,982

Schedule of Property, Plant and Equipment


	Estimated Useful Life (in years)	December 31, 2024		December 31, 2023
Property, plant and equipment, net:
Land		$	24,052	$	27,988
Accommodations assets	3-15	1,272,515		1,378,408
Buildings and leasehold improvements	7-20	12,386		14,603
Machinery and equipment	4-7	13,624		13,255
Office furniture and equipment	3-7	65,830		67,248
Vehicles	3-5	8,775		10,025
Construction in progress		6,835		12,087
Total property, plant and equipment		1,404,017		1,523,614
Accumulated depreciation		(1,199,120)		(1,253,051)
Total property, plant and equipment, net		$	204,897	$	270,563

Schedule of Accrued Liabilities


	December 31, 2024		December 31, 2023
Accrued liabilities:
Accrued compensation	$	29,209	$	33,854
Accrued taxes, other than income taxes	3,327		3,997

Other	2,397		2,672
Total accrued liabilities	$	34,933	$	40,523

Schedule of Deferred Revenue


	December 31, 2024		December 31, 2023
Contract liabilities (Deferred revenue):
Current contract liabilities (1)	$	2,501	$	4,849
Noncurrent contract liabilities (1)	5,098		8,068
Total contract liabilities (Deferred revenue)	$	7,599	$	12,917

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

IMPAIRMENT CHARGES (Tables)

12 Months Ended

Dec. 31, 2024

Asset Impairment Charges [Abstract]

Details of Impairment of Long-Lived Assets Held and Used by Asset

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


	Canada		Australia		U.S.		Total
Quarter ended March 31, 2024
Long-lived assets	$	—	$	5,749	$	2,074	$	7,823
Quarter ended December 31, 2024
Long-lived assets	3,212		—		546		3,758
Total	$	3,212	$	5,749	$	2,620	$	11,581

The following summarizes pre-tax impairment charges recorded during 2023, which are included in Impairment expense in our consolidated statements of operations (in thousands):


	U.S.		Total
Quarter ended December 31, 2023
Long-lived assets	$	1,395	$	1,395
Total	$	1,395	$	1,395

The following summarizes pre-tax impairment charges recorded during 2022, which are included in Impairment expense in our consolidated statements of operations (in thousands):


	Australia		U.S.		Total
Quarter ended December 31, 2022
Long-lived assets	$	3,808	$	1,913	$	5,721
Total	$	3,808	$	1,913	$	5,721

SUPPLEMENTAL CASH FLOW INFORMATION - Cash Paid for Interest and Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Supplemental Cash Flow Information [Abstract]
Interest (net of amounts capitalized)	$ 5,479	$ 10,250	$ 9,226
Net income taxes paid, net of refunds received	$ 12,274	$ 251	$ 220

SHARE-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Nonvested Share Activity

The following presents the changes in phantom share unit awards outstanding and related information for our employees during the years ended December 31, 2024, 2023 and 2022:


			Number of Awards
Nonvested shares at December 31, 2021			622,130
Granted			335,098
Vested			(270,382)
Forfeited			(27,558)
Nonvested shares at December 31, 2022			659,288
Granted			229,845
Vested			(335,178)
Forfeited			(33,394)
Nonvested shares at December 31, 2023			520,561
Granted			314,260
Vested			(274,838)
Forfeited			(50,222)
Nonvested shares at December 31, 2024			509,761

Schedule of Share-based Payment Award, Performance Share Awards, Valuation Assumptions


	2024		2023		2022
Risk-free weighted interest rate	4.9	%	4.4	%	1.7	%
Dividend yield	4.3	%	—	%	—	%
Expected volatility	44.0	%	73.0	%	78.0	%
Initial TSR	4.3	%	4.1	%	14.1	%

Share-based Compensation, Performance Shares Award Nonvested Activity

The following presents the changes in performance share awards outstanding and related information for our employees during the year ended December 31, 2024, 2023 and 2022:


	Number of Awards	Weighted Average Grant Date Fair Value Per Share
Nonvested shares at December 31, 2021	216,209	$	33.97
Granted	123,385	27.69
Performance adjustment (1)	22,235	—
Vested	(107,795)	44.76
Forfeited	—	—
Nonvested shares at December 31, 2022	254,034	$	29.81
Granted	86,454	38.45
Performance adjustment (2)	—	—
Vested	—	—
Forfeited	(8,487)	32.67
Nonvested shares at December 31, 2023	332,001	$	32.37
Granted	122,978	24.17
Performance adjustment (3)	(3,833)	—
Vested	(124,099)	22.51
Forfeited	(41,599)	28.65
Nonvested shares at December 31, 2024	285,448	$	22.34

(1)Related to 2019 performance share awards that vested in 2022, which were paid out at 126% based on Civeo's TSR rank.

(2)No performance share awards vested in 2023.

(3)Related to 2021 performance share awards that vested in 2024, which were paid out at 97% based on Civeo's TSR rank.

Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity


	Number of Awards/Units	Weighted Average Grant Date Fair Value Per Share
Nonvested shares at December 31, 2021	84,857	$	21.76
Granted	40,465	25.64
Vested	(86,290)	21.83

Nonvested shares at December 31, 2022	39,032	$	25.62
Granted	50,336	21.02
Vested	(39,770)	25.53

Nonvested shares at December 31, 2023	49,598	$	21.02
Granted	42,125	24.75
Vested	(49,598)	21.02

Nonvested shares at December 31, 2024	42,125	$	24.75

INCOME TAXES - Changes in Valuation Allowance (Details) - Federal and State NOLs - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Deferred Tax Assets, Changes in Valuation Allowance
Beginning balance	$ (78,769)	$ (82,905)
Change in income tax provision	(8,983)	2,556
Other change	910	1,767
Foreign currency translation	4,844	(187)
Ending balance	$ (81,998)	$ (78,769)

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Dec. 31, 2024
Accounting Policies [Abstract]
Cash	Cash We consider all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents.
Allowance for Credit Losses	Allowance for Credit Losses We are exposed to credit losses primarily through the sale of our products and services. We maintain allowances for credit losses for estimated losses resulting from the inability of our customers to make required payments. If a trade receivable is deemed to be uncollectible, such receivable is charged-off against the allowance for credit losses account. Our expected loss allowance methodology for accounts receivable is developed using historical collection experience, current and future economic and market conditions and a review of the current status of customers' trade receivables. Due to the short-term nature of such receivables, the estimate of the amount of accounts receivable that may not be collected is based on an aging of the accounts receivable balances and the financial condition of customers. Additionally, specific allowance amounts are established to record the appropriate provision for customers that have a higher probability of default. If we have no previous experience with the customer, we typically obtain reports from various credit organizations to ensure that the customer has a history of paying its creditors. We may also request financial information, including combined financial statements or other documents, to ensure that the customer has the means of making payment. If these factors do not indicate collection is reasonably assured, we generally would require a prepayment or other arrangement to support revenue recognition and recording of a trade receivable. If the financial condition of our customers were to deteriorate, adversely affecting their ability to make payments, additional allowances would be required.
Inventories	Inventories Inventories consist of supplies and materials for the operation of remote accommodation facilities. Inventories also include food, raw materials, labor, subcontractor charges and catering and other supplies needed for operation of our facilities. Inventories are carried at the lower of cost or net realizable value. The cost of inventories is determined on an average cost or specific-identification method.
Property, Plant, and Equipment	Property, Plant and Equipment Property, plant and equipment are stated at cost or at estimated fair market value at acquisition date if acquired in a business combination, and depreciation is computed using the straight-line method, after allowing for salvage value where applicable, over the estimated useful lives of the assets. Leasehold improvements are capitalized and amortized over the lesser of the life of the lease or the estimated useful life of the asset. We record the fair value of a liability, which reflects the estimated present value of the amount of asset removal and site reclamation costs related to the retirement of our assets, for an asset retirement obligation (ARO) when it is incurred (typically when the asset is installed). When the liability is initially recorded, we capitalize the associated asset retirement cost by increasing the carrying amount of the related property, plant and equipment. See Asset Retirement Obligations below for further discussion. Expenditures for repairs and maintenance are charged to expense when incurred. Expenditures for major renewals and betterments, which extend the useful lives of existing equipment, are capitalized and depreciated. Upon retirement or disposition of property and equipment, the cost and related accumulated depreciation are removed from the accounts and any resulting gain or loss is recognized in the consolidated statements of operations.
Business Combinations	Business Combinations We evaluate acquisitions of assets and other similar transactions to assess whether or not the transaction should be accounted for as a business combination or asset acquisition by assessing whether or not we have acquired inputs and processes that have the ability to create outputs. If determined to be a business combination, we account for a business acquisition under the acquisition method of accounting. The accounting rules governing business combinations require the acquiring entity in a business combination to recognize the fair value of all assets acquired and liabilities assumed and establish the acquisition date as the fair value measurement point. Accordingly, we recognize assets acquired and liabilities assumed in a business combination based on the fair value estimates as of the date of acquisition. Goodwill is measured as the excess of the fair value of the consideration paid over the fair value of the identified net assets, including intangible assets, acquired. The fair value measurement of the identified net assets requires the significant use of estimates and is based on information that was available to management at the time the purchase price allocation was prepared. We utilize recognized valuation techniques, including the cost approach, the market approach and the income approach, to value the net assets acquired. The impact of changes to the estimated fair values of assets acquired and liabilities assumed is recorded in the reporting period in which the adjustment is identified. Final valuations of assets and liabilities are obtained and recorded within one year from the date of the acquisition.
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets The recoverability of the carrying values of long-lived assets, including amortizable intangible assets, is assessed whenever, in management’s judgment, events or changes in circumstances indicate that the carrying value of such asset groups may not be recoverable based on estimated future cash flows. If this assessment indicates that the carrying values will not be recoverable, as determined based on undiscounted cash flows over the remaining useful lives, an impairment loss is recognized. The impairment loss equals the excess of the carrying value over the fair value of the asset group. In performing this analysis, asset groups are reviewed at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. For each asset group, we compare its carrying value to estimates of undiscounted future cash flows. We use a variety of underlying assumptions to estimate these future cash flows, including assumptions relating to future economic market conditions, rates, occupancy levels, costs and expenses and capital expenditures. The estimates are consistent with those used for purposes of our goodwill impairment test, as further discussed in Goodwill and Other Intangible Assets, below. Based on the assessment, if the carrying values of certain of our asset groups are determined to not be recoverable, we proceed to the next step. In this step, we compare the fair value of the respective asset group to its carrying value. The fair value of the asset groups are based on prices of similar assets, if available, or discounted future cash flows. Our estimate of the fair value requires us to use significant unobservable inputs, representative of Level 3 fair value measurements, including numerous assumptions with respect to future circumstances, such as industry and/or local market conditions that might directly impact each of the asset groups’ operations in the future.
Goodwill	Goodwill. Goodwill represents the excess of the purchase price paid for acquired businesses over the allocated fair value of the related net assets after impairments, if applicable. All of our goodwill as of December 31, 2024 was included in our Australia reporting unit. We evaluate goodwill for impairment, at the reporting unit level, annually and when an event occurs or circumstances change to suggest that the carrying amount may not be recoverable. A reporting unit is the operating segment, or a business one level below that operating segment (the “component” level) if discrete financial information is prepared and regularly reviewed by management at the component level. Each segment of our business represents a separate reporting unit. We conduct our annual impairment test as of November 30 of each year. We compare each reporting unit’s carrying amount, including goodwill, to the fair value of the reporting unit. If the carrying amount of the reporting unit exceeds its fair value, goodwill is impaired. We are given the option to test for impairment of our goodwill by first performing a qualitative assessment to determine whether it is more likely than not (that is, likelihood of more than 50 percent) that the fair value of a reporting unit is less than its carrying amount, including goodwill. If it is determined that it is more likely than not that the fair value of a reporting unit is greater than its carrying amount, then performing the currently prescribed quantitative impairment test is unnecessary. In developing a qualitative assessment to meet the “more-likely-than-not” threshold, each reporting unit with goodwill is assessed separately and different relevant events and circumstances are evaluated for each unit. We have the option to bypass the qualitative assessment for any reporting unit in any period and proceed directly to performing the quantitative goodwill impairment test. When performing our annual assessment on November 30, 2024, 2023 and 2022, we performed a qualitative assessment related to goodwill at our Australia reporting unit. Qualitative factors that we considered as part of our assessment included industry and market conditions, macroeconomic conditions and the financial performance of our Australian business. We also noted that, based on the interim quantitative testing performed as of March 31, 2020, the estimated fair value of the Australia reporting unit exceeded its carrying value by more than 125%. After assessing these events and circumstances, we determined that, as of November 30, 2024, it was more likely than not that the fair value of the Australia reporting unit was greater than its carrying value. If a quantitative goodwill impairment test is required, we compare each reporting unit’s carrying amount, including goodwill, to the fair value of the reporting unit. Because none of our reporting units has a publicly quoted market price, we must determine the value that willing buyers and sellers would place on the reporting unit through a routine sale process (a Level 3 fair value measurement). In our analysis, we target a fair value that represents the value that would be placed on the reporting unit by market participants, and value the reporting unit based on historical and projected results throughout a cycle, not the value of the reporting unit based on trough or peak earnings. The fair value of the reporting unit is estimated using a combination of (i) an analysis of trading multiples of comparable companies (Market Approach) and (ii) discounted projected cash flows (Income Approach). The relative weighting of each approach reflects current industry and market conditions. Market Approach - This valuation approach utilizes publicly traded comparable companies’ enterprise values, as compared to their recent and forecasted earnings before interest, taxes and depreciation (EBITDA) information. We use EBITDA because it is a widely used key indicator of the cash generating capacity of companies in our industry. Income Approach - This valuation approach derives a present value of the reporting unit’s projected future annual cash flows over the next five years with a terminal value assumption. We use a variety of underlying assumptions to estimate these future cash flows, including assumptions relating to future economic market conditions, rates, occupancy levels, costs and expenses and capital expenditures. These assumptions can vary by each reporting unit depending on market conditions. In addition, a terminal value is estimated, using a Gordon Growth methodology. We discount our projected cash flows using a long-term weighted average cost of capital based on our estimate of investment returns that would be required by a market participant. The fair value of our reporting units is affected by future coal, oil and natural gas prices, anticipated spending by our customers, and the cost of capital. Our estimate of fair value requires us to use significant unobservable inputs, representative of Level 3 fair value measurements, including numerous assumptions with respect to future circumstances, such as industry and/or local market conditions that might directly impact each of the reporting units’ operations in the future. We selected these valuation approaches because we believe the combination of these approaches and our best judgment regarding underlying assumptions and estimates provides us with the best estimate of fair value for each of our reporting units. We believe these valuation approaches are proven valuation techniques and methodologies for our industry and widely accepted by investors. The fair value of each reporting unit would change if our assumptions under these valuation approaches, or relative weighting of the valuation approaches, were materially modified.
Other Intangible Assets	Other Intangible Assets. We amortize the cost of other intangible assets using the straight-line method over their estimated useful lives unless such lives are deemed indefinite. For intangible assets that we amortize, we review the useful life of the intangible asset and evaluate each reporting period whether events and circumstances warrant a revision to the remaining useful life.
Foreign Currency and Other Comprehensive Income	Foreign Currency and Other Comprehensive Income Gains and losses resulting from consolidated balance sheet translation of foreign operations where a foreign currency is the functional currency are included as a separate component of accumulated other comprehensive loss within shareholders’ equity and represent substantially all of the balances within accumulated other comprehensive loss. Remeasurements of intercompany loans denominated in a different currency than the functional currency of the entity that are of a long-term investment nature are recognized as other comprehensive income within shareholders’ equity. Gains and losses resulting from consolidated balance sheet remeasurements of assets and liabilities denominated in a different currency than the functional currency, other than intercompany loans that are of a long-term investment nature, are included in the consolidated statements of operations as incurred.
Foreign Currency Exchange Rate Risk	Foreign Currency Exchange Rate Risk A significant portion of revenues, earnings and net investments in foreign affiliates are exposed to changes in foreign currency exchange rates. We seek to manage our foreign exchange risk in part through operational means, including managing expected local currency revenues in relation to local currency costs and local currency assets in relation to local currency liabilities. We have not entered into any foreign currency forward contracts.
Revenue and Cost Recognition	Revenue and Cost Recognition For the majority of our operations and contracts, we generally recognize accommodation, mobile facility rental, food service and other services revenues over time as our customers simultaneously receive and consume benefits as we serve our customers because of continuous transfer of control to the customer. Revenue is recognized when control of the promised goods or services is transferred to our customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. We transfer control and recognize a sale based on a periodic (usually daily) room rate each night a customer stays in our rooms or when the services are rendered. In some contracts, rates may vary over the contract term. In these cases, revenue may be deferred and recognized on a straight-line basis over the contract term. Because of control transferring over time, the majority of our revenue is recognized based on the extent of progress towards completion of the performance obligation. At contract inception, we assess the goods and services promised in our contracts with customers and identify a performance obligation for each promise to transfer our customers a good or service (or bundle of goods or services) that is distinct. Our customers typically contract for hospitality services under take-or-pay contracts with terms that range from several months to multiple years. Our contract terms generally provide for a rental rate for a reserved room and an occupied room rate that compensates us for services provided. We typically contract our facilities to our customers on a fee per day basis where the goods and services promised include lodging and meals. To identify the performance obligations, we consider all of the goods and services promised in the context of the contract and the pattern of transfer to our customers. Revenues exclude taxes assessed based on revenues such as sales or value added taxes. Cost of services includes labor, food, utility costs, cleaning supplies and other costs of operating our accommodations facilities. Cost of goods sold includes all direct material and labor costs and those costs related to contract performance, such as indirect labor, supplies, tools and repairs. Selling, general and administrative costs are charged to expense as incurred.
Income Taxes	Income Taxes Our operations are subject to Canadian federal and provincial income taxes, as well as foreign income taxes. We determine the provision for income taxes using the asset and liability approach. Under this approach, deferred income taxes represent the expected future tax consequences of temporary differences between the carrying amounts and tax bases of assets and liabilities. Valuation allowances are established when necessary to reduce deferred tax assets to the amounts expected to be realized. In assessing the need for a valuation allowance, we look to the future reversal of existing taxable temporary differences, taxable income in carryback years, the feasibility of tax planning strategies and estimated future taxable income. The valuation allowance can be affected by changes to tax laws, changes to statutory tax rates and changes to future taxable income estimates and historical losses. We recognize tax benefits from uncertain tax positions only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the consolidated financial statements from such positions are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. See Note 14 – Income Taxes for further discussion.
Receivables and Concentration of Credit Risk	Receivables and Concentration of Credit Risk Based on the nature of our customer base, we do not believe that we have any significant concentrations of credit risk other than our concentration in the Australian mining industries and Canadian oil sands. We evaluate the credit-worthiness of our significant, new and existing customers’ financial condition and, generally, we do not require collateral from our customers. For the years ended December 31, 2024 and 2023, each of Suncor Energy Inc. and Fortescue Metals Group Ltd. accounted for more than 10% of our revenues. For the year ended December 31, 2022, each of Suncor Energy Inc., Imperial Oil Ltd. and Fortescue Metals Group Ltd. accounted for more than 10% of our revenues.
Asset Retirement Obligations	Asset Retirement Obligations We have AROs that we are required to perform under law or contract once an asset is permanently taken out of service. We initially record the liability at fair value, which reflects the estimated present value of the amount of asset removal and site reclamation costs related to the retirement of our assets, for an ARO when it is incurred (typically when the asset is installed). When the liability is initially recorded, we capitalize the associated asset retirement cost by increasing the carrying amount of the related property, plant and equipment. Over time, the liability increases for the change in its present value, while the capitalized cost depreciates over the useful life of the related asset. Accretion expense is recognized over the estimated productive life of the related assets. If the fair value of the estimated ARO changes, an adjustment is recorded to both the ARO and the capitalized asset retirement cost. Revisions in estimated liabilities can result from changes in estimated inflation rates, changes in service and equipment costs and changes in the estimated timing of settling the ARO. We utilize current retirement costs to estimate the expected cash outflows for retirement obligations. We estimate the ultimate productive life of the properties and a risk-adjusted discount rate in order to determine the current present value of the obligation. We relieve ARO liabilities when the related obligations are settled. Most of these obligations are not expected to be paid until many years in the future and will be funded from general company resources at the time of removal. See Note 12 – Asset Retirement Obligations for further information.
Share-Based Compensation	Share-Based Compensation We sponsor an equity participation plan in which certain of our key employees and non-employee directors participate. We measure the cost of service-based equity awards (typically restricted share awards and deferred share awards) based on the grant-date fair value of the award. The grant-date fair value is calculated based on our share price on the grant-date. The resulting cost is recognized over the period during which an employee or non-employee director is required to provide service in exchange for the awards, usually the vesting period. We also grant performance share awards. Performance share awards granted in 2024 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 (TSR) 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. For awards granted in 2023 and 2022, awards are earned in amounts between 0% and 200% of the participant’s target performance share award, based equally on (i) the payout percentage associated with Civeo’s relative TSR rank among a peer group of other companies and (ii) the payout percentage associated with Civeo's cumulative operating cash flow over the performance period relative to a preset target. The fair value of the TSR portion of each performance share award is estimated using option-pricing models at the grant date. The fair value of the 2026 EBITDA and cumulative operating cash flow of each performance share award is based on target achievement and the closing market price of our common shares on the date of grant and adjusted throughout the performance period based on our estimate of the most probable outcome of such performance conditions. The resulting costs for each portion of the award are recognized over the period during which an employee is required to provide service in exchange for the awards, usually the vesting period. Additionally, we grant phantom share units. Such awards generally vest in equal annual installments and are accounted for as a liability based on the fair value of our share price. Participants granted phantom share units are entitled to a lump sum cash payment equal to the fair market value of a common share on the vesting date. The resulting cost is recognized over the period during which an employee is required to provide service in exchange for the awards, usually the vesting period.
Guarantees	Guarantees Substantially all of our Canadian and U.S. subsidiaries are guarantors under our Credit Agreement. See Note 11 – Debt for further discussion. During the ordinary course of business, we also provide standby letters of credit or other guarantee instruments to certain parties as required for certain transactions initiated by us or our subsidiaries. As of December 31, 2024, the maximum potential amount of future payments that we could be required to make under these guarantee agreements (including letters of credit) was approximately $2.4 million. We have not recorded any liability in connection with these guarantee arrangements. We do not believe, based on historical experience and information currently available, that it is likely that any amounts will be required to be paid under these guarantee arrangements.
Use of Estimates	Use of Estimates The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles 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. Examples of a few such estimates include estimates of the amount and timing of costs to be incurred for AROs, any valuation allowance recorded on net deferred tax assets, long-lived asset and goodwill impairments and allowance for credit losses. Actual results could materially differ from those estimates.
Accounting for Contingencies	Accounting for Contingencies We have contingent liabilities and future claims for which we have made estimates of the amount of the eventual cost to liquidate these liabilities or claims. We make an assessment of our exposure and record a provision in our accounts to cover an expected loss when we believe a loss is probable and the amount of the loss can be reasonably estimated. These liabilities and claims sometimes involve threatened or actual litigation where damages have been quantified. Other claims or liabilities have been estimated based on their fair value or our experience in these matters and, when appropriate, the advice of outside counsel or other outside experts. Upon the ultimate resolution of these uncertainties, our future reported financial results will be impacted by the difference between our estimates and the actual amounts paid to settle a liability. Examples of areas where we have made important estimates of future liabilities include litigation, insurance claims, contract claims and obligations.
Recent Accounting Pronouncements	Recent Accounting Pronouncements From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (FASB), which are adopted by us as of the specified effective date. Unless otherwise discussed, management believes that the impact of recently issued standards or other guidance updates, which are not yet effective, will not have a material impact on our consolidated financial statements upon adoption. In December 2023, the FASB issued Accounting Standards Update (ASU) 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures”, which enhances effective tax rate reconciliation disclosure requirements and provides clarity to the disclosures of income taxes paid, income before taxes and provision for income taxes. The amendments are effective for fiscal years beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The amendments in this update should be applied on a prospective basis. Retrospective application is permitted. We are currently evaluating this ASU to determine its impact on our disclosures.

LEASES - Operating Leases Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Operating Leases
Operating lease right-of-use assets	$ 9,401	$ 12,286
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Other current liabilities	Other current liabilities
Other current liabilities	$ 3,061	$ 3,594
Operating lease liabilities	6,655	9,264
Total operating lease liabilities	$ 9,716	$ 12,858
Finance Leases
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other noncurrent assets	Other noncurrent assets
Other noncurrent assets	$ 2,675	$ 760
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Other current liabilities	Other current liabilities
Other current liabilities	$ 580	$ 164
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other noncurrent liabilities	Other noncurrent liabilities
Other noncurrent liabilities	$ 2,155	$ 613
Total	$ 2,735	$ 777
Weighted average remaining lease term, operating leases	3 years 4 months 24 days	4 years 1 month 6 days
Weighted average remaining lease term, finance leases	4 years 3 months 18 days	4 years 3 months 18 days
Weighted average discount rate, operating leases	5.70%	5.50%
Weighted average discount rate, finance leases	6.80%	6.60%

SHARE REPURCHASE PROGRAMS AND DIVIDENDS - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 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
Treasury stock, shares, acquired (in shares)	374,753
Dollar-value of shares repurchased	$ 10,700	$ 29,616	$ 11,634	$ 14,209

REVENUE (Tables)

12 Months Ended

Dec. 31, 2024

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

The following disaggregates our revenue by our two reportable segments (Australia and Canada) into major categories for the years ended December 31, 2024, 2023 and 2022 (in thousands):


	2024		2023		2022
Australia
Accommodation and other services revenues	$	196,684	$	177,834	$	152,714
Food service and other services revenues	230,272		158,929		125,538


Total Australia revenues	426,956		336,763		278,252

Canada
Accommodation and other services revenues	$	214,774	$	266,926	$	279,455
Mobile facility rental revenues	1,523		61,899		96,400
Food service and other services revenues	28,790		23,970		20,142

Total Canada revenues	245,087		352,795		395,997

Other
Other revenues	$	10,079	$	11,247	$	22,803



Total other revenues	10,079		11,247		22,803

Total revenues	$	682,122	$	700,805	$	697,052

Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction


	For the years ending December 31,
	2025		2026		2027		Thereafter		Total
Revenue expected to be recognized as of December 31, 2024	$	156,332	$	116,652	$	87,749	$	204,065	$	564,798

DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION (Details)	12 Months Ended
	Dec. 31, 2024 segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of reportable segments	2