Civeo (CVEO) 10-Q26 Apr 242024 Q1 Quarterly reportFinancial data

Company Profile

Cover

Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2024	Apr. 22, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	001-36246
Entity Registrant Name	Civeo Corp
Entity Incorporation, State or Country Code	A1
Entity Tax Identification Number	98-1253716
Entity Address, Address Line One	Three Allen Center
Entity Address, Address Line Two	333 Clay Street
Entity Address, Address Line Three	Suite 4980
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77002
City Area Code	713
Local Phone Number	510-2400
Title of 12(b) Security	Common Shares, no par value
Trading Symbol	CVEO
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		14,623,717
Entity Central Index Key	0001590584
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false

UNAUDITED CONSOLIDATED STATEMEN

UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenues:
Total revenues	$ 166,120	$ 167,591
Costs and expenses:
Selling, general and administrative expenses	18,640	16,190
Depreciation and amortization expense	16,770	21,662
Impairment expense	7,823	0
Gain on sale of McClelland Lake Lodge assets, net	(6,075)	0
Other operating expense	298	129
Total costs and expenses	167,901	171,495
Operating loss	(1,781)	(3,904)
Interest expense	(2,360)	(3,656)
Interest income	43	32
Other income	453	2,450
Loss before income taxes	(3,645)	(5,078)
Income tax expense	(1,551)	(1,233)
Net loss	(5,196)	(6,311)
Less: Net income (loss) attributable to noncontrolling interest	(63)	42
Net loss attributable to Civeo Corporation	$ (5,133)	$ (6,353)
Per Share Data (see Note 7)
Basic net loss per share attributable to Civeo Corporation common shareholders (in dollars per share)	$ (0.35)	$ (0.42)
Diluted net loss per share attributable to Civeo Corporation common shareholders (in dollars per share)	$ (0.35)	$ (0.42)
Weighted average number of common shares outstanding:
Basic (in shares)	14,655	15,158
Diluted (in shares)	14,655	15,158
Dividends per common share (in dollars per share)	$ 0.25	$ 0
Service and other
Revenues:
Total revenues	$ 165,530	$ 167,377
Costs and expenses:
Service and other costs	130,366	133,392
Rental
Revenues:
Total revenues	383	21
Costs and expenses:
Service and other costs	0	35
Product
Revenues:
Total revenues	207	193
Costs and expenses:
Service and other costs	$ 79	$ 87

UNAUDITED CONSOLIDATED STATEM_2

UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Net loss	$ (5,196)	$ (6,311)
Other comprehensive loss, net of taxes:
Foreign currency translation adjustment, net of zero taxes	(10,231)	(2,176)
Total other comprehensive loss, net of taxes	(10,231)	(2,176)
Comprehensive loss	(15,427)	(8,487)
Less: Comprehensive income (loss) attributable to noncontrolling interest	(132)	40
Comprehensive loss attributable to Civeo Corporation	$ (15,295)	$ (8,527)

UNAUDITED CONSOLIDATED STATEM_3

UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parentheticals) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Foreign currency translation charges, taxes	$ 0	$ 0

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 16,752	$ 3,323
Accounts receivable, net	131,478	143,222
Inventories	7,233	6,982
Prepaid expenses	6,088	8,439
Other current assets	3,521	7,407
Assets held for sale	3,800	5,873
Total current assets	168,872	175,246
Property, plant and equipment, net	245,840	270,563
Goodwill	7,360	7,690
Other intangible assets, net	74,688	77,999
Operating lease right-of-use assets	12,738	12,286
Other noncurrent assets	3,572	4,278
Total assets	513,070	548,062
Current liabilities:
Accounts payable	48,641	58,699
Accrued liabilities	26,127	40,523
Income taxes	7,426	3,831
Deferred revenue	4,492	4,849
Other current liabilities	6,167	6,334
Total current liabilities	92,853	114,236
Long-term debt	78,597	65,554
Deferred income taxes	9,046	11,803
Operating lease liabilities	9,447	9,264
Other noncurrent liabilities	23,017	24,167
Total liabilities	212,960	225,024
Shareholders’ Equity:
Common shares (no par value; 46,000,000 shares authorized, 15,037,791 shares and 15,046,756 shares issued, respectively, and 14,623,717 shares and 14,680,081 shares outstanding, respectively)	0	0
Additional paid-in capital	1,629,521	1,628,972
Accumulated deficit	(931,135)	(919,023)
Common shares held in treasury at cost, 414,074 and 366,675 shares, respectively	(10,130)	(9,063)
Accumulated other comprehensive loss	(390,877)	(380,715)
Total Civeo Corporation shareholders’ equity	297,379	320,171
Noncontrolling interest	2,731	2,867
Total shareholders’ equity	300,110	323,038
Total liabilities and shareholders’ equity	$ 513,070	$ 548,062

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parentheticals) - $ / shares	Mar. 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)	15,037,791	15,046,756
Common stock, shares outstanding (in shares)	14,623,717	14,680,081
Treasury shares (in shares)	414,074	366,675

UNAUDITED CONSOLIDATED STATEM_4

UNAUDITED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Shares	Additional Paid-in Capital	Accumulated Deficit	Treasury Shares	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interest
Beginning balance at Dec. 31, 2022	$ 303,701	$ 0	$ 1,624,512	$ (930,123)	$ (9,063)	$ (385,187)	$ 3,562
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	(6,311)			(6,353)			42
Currency translation adjustment	(2,176)					(2,174)	(2)
Dividends paid	(133)						(133)
Common shares repurchased	(3,771)			(3,771)
Share-based compensation	867		867
Ending balance at Mar. 31, 2023	292,177	0	1,625,379	(940,247)	(9,063)	(387,361)	3,469
Beginning balance at Dec. 31, 2023	323,038	0	1,628,972	(919,023)	(9,063)	(380,715)	2,867
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	(5,196)			(5,133)			(63)
Currency translation adjustment	(10,231)					(10,162)	(69)
Dividends paid	(3,711)			(3,707)			(4)
Common shares repurchased	(3,208)			(3,208)
Excise tax on common shares repurchased	(64)			(64)
Share-based compensation	(518)		549		(1,067)
Ending balance at Mar. 31, 2024	$ 300,110	$ 0	$ 1,629,521	$ (931,135)	$ (10,130)	$ (390,877)	$ 2,731
Beginning balance (in shares) at Dec. 31, 2023	14,680,081	14,680,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation (in shares)		77,000
Common shares repurchased (in shares)		(133,000)
Ending balance (in shares) at Mar. 31, 2024	14,623,717	14,624,000

UNAUDITED CONSOLIDATED STATEM_5

UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities:
Net loss	$ (5,196)	$ (6,311)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	16,770	21,662
Impairment charges	7,823	0
Deferred income tax expense (benefit)	(2,265)	1,189
Non-cash compensation charge	549	867
Gain on disposals of assets	(6,065)	(2,018)
Provision (benefit) for credit losses, net of recoveries	4	(68)
Other, net	722	589
Changes in operating assets and liabilities:
Accounts receivable	7,387	(4,298)
Inventories	(510)	(535)
Accounts payable and accrued liabilities	(21,205)	(20,075)
Taxes payable	3,791	45
Other current and noncurrent assets and liabilities, net	4,180	9,311
Net cash flows provided by operating activities	5,985	358
Cash flows from investing activities:
Capital expenditures	(5,613)	(4,772)
Proceeds from dispositions of property, plant and equipment	6,778	2,265
Net cash flows provided by (used in) investing activities	1,165	(2,507)
Cash flows from financing activities:
Revolving credit borrowings	81,073	48,045
Revolving credit repayments	(66,477)	(30,315)
Term loan repayments	0	(7,389)
Dividends paid	(3,707)
Repurchases of common shares	(3,208)	(3,771)
Taxes paid on vested shares	(1,067)	0
Net cash flows provided by financing activities	6,614	6,570
Effect of exchange rate changes on cash	(335)	(9)
Net change in cash and cash equivalents	13,429	4,412
Cash and cash equivalents, beginning of period	3,323	7,954
Cash and cash equivalents, end of period	$ 16,752	$ 12,366

DESCRIPTION OF BUSINESS AND BAS

DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION	3 Months Ended
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION	Mar. 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 Canada and Australia, including lodging, catering and food service, housekeeping and maintenance at accommodation facilities that we or our customers own. We provide services that support the day-to-day operations of these facilities, such as laundry, facility management and maintenance, water and wastewater treatment, power generation, communication systems, security and logistics. We also manage development activities for workforce accommodation facilities, including site selection, permitting, engineering and design, manufacturing management and site construction, along with providing hospitality services once the facility is constructed. We primarily operate in some of the world’s most active oil, metallurgical (met) coal, liquefied natural gas (LNG) and iron ore producing regions, and our customers include major and independent oil companies, mining companies, engineering companies and oilfield and mining service companies. We operate in two principal reportable business segments – Canada and Australia. Basis of Presentation Unless otherwise stated or the context otherwise indicates: (i) all references in these consolidated financial statements to “Civeo,” “us,” “our” or “we” refer to Civeo Corporation and its consolidated subsidiaries; and (ii) all references in this report to “dollars” or “$” are to U.S. dollars. The accompanying unaudited consolidated financial statements of Civeo have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the SEC) pertaining to interim financial information. Certain information in footnote disclosures normally included in financial statements prepared in accordance with U.S. Generally Accepted Accounting Principles (GAAP) has been condensed or omitted pursuant to those rules and regulations. The unaudited consolidated financial statements included in this report reflect all the adjustments, consisting of normal recurring adjustments, which Civeo considers necessary for a fair presentation of the results of operations for the interim periods covered and for the financial condition of Civeo at the date of the interim balance sheet. Results for the interim periods are not necessarily indicative of results for the full year. The preparation of consolidated financial statements in conformity with GAAP requires the use of estimates and assumptions by management in determining the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. If the underlying estimates and assumptions upon which the financial statements are based change in future periods, actual amounts may differ from those included in the accompanying consolidated financial statements. The unaudited consolidated financial statements included in this report should be read in conjunction with our audited consolidated financial statements and accompanying notes included in our Annual Report on Form 10-K for the year ended December 31, 2023.

REVENUE

REVENUE	3 Months Ended
REVENUE	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
REVENUE	REVENUE The following table disaggregates our revenue by our two reportable segments (Canada and Australia) into major categories for the periods indicated (in thousands): Three Months Ended 2024 2023 Canada Accommodation revenues $ 59,787 $ 64,228 Mobile facility rental revenues 994 20,031 Food service and other services revenues 6,379 5,194 Total Canada revenues 67,160 89,453 Australia Accommodation revenues $ 47,107 $ 40,599 Food service and other services revenues 44,630 36,390 Total Australia revenues 91,737 76,989 Other Other revenues $ 7,223 $ 1,149 Total other revenues 7,223 1,149 Total revenues $ 166,120 $ 167,591 Our payment terms vary by the type and location of our customer and the services offered. The time between invoicing and when our performance obligations are satisfied is not significant. Payment terms are generally within 30 days and in most cases do not extend beyond 60 days. We do not have significant financing components or significant payment terms. As of March 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, 2024 2025 2026 Thereafter Total Revenue expected to be recognized as of March 31, 2024 $ 130,870 $ 130,218 $ 96,661 $ 298,110 $ 655,859

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	3 Months Ended
FAIR VALUE MEASUREMENTS	Mar. 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 March 31, 2024 and December 31, 2023, we believe the carrying value of our floating-rate debt outstanding under our revolving credit facilities approximates fair value because the terms include short-term interest rates and exclude penalties for prepayment. We estimated the fair value of our floating-rate revolving credit facilities using significant other observable inputs, representative of a Level 2 fair value measurement, including terms and credit spreads for these loans. In addition, the estimated fair value of our assets held for sale is based upon Level 2 fair value measurements, which include appraisals, broker price opinions and negotiations with third parties. During the first quarter of 2024, we wrote down certain long-lived assets to fair value. Our estimate of the fair value of undeveloped land positions in Australia that were impaired was based on appraisals from third parties.

DETAILS OF SELECTED BALANCE SHE

DETAILS OF SELECTED BALANCE SHEET ACCOUNTS	3 Months Ended
DETAILS OF SELECTED BALANCE SHEET ACCOUNTS	Mar. 31, 2024
Balance Sheet Related Disclosures [Abstract]
DETAILS OF SELECTED BALANCE SHEET ACCOUNTS	DETAILS OF SELECTED BALANCE SHEET ACCOUNTS Additional information regarding selected balance sheet accounts at March 31, 2024 and December 31, 2023 is presented below (in thousands): March 31, 2024 December 31, 2023 Accounts receivable, net: Trade $ 87,111 $ 93,527 Unbilled revenue 41,579 46,331 Other 2,983 3,563 Total accounts receivable 131,673 143,421 Allowance for credit losses (195) (199) Total accounts receivable, net $ 131,478 $ 143,222 March 31, 2024 December 31, 2023 Inventories: Finished goods and purchased products $ 5,906 $ 5,648 Raw materials 1,327 1,334 Total inventories $ 7,233 $ 6,982 Estimated March 31, 2024 December 31, 2023 Property, plant and equipment, net: Land $ 25,356 $ 27,988 Accommodations assets 3 — 15 1,333,543 1,378,408 Buildings and leasehold improvements 7 — 20 13,983 14,603 Machinery and equipment 4 — 7 13,643 13,255 Office furniture and equipment 3 — 7 66,812 67,248 Vehicles 3 — 5 9,693 10,025 Construction in progress 14,119 12,087 Total property, plant and equipment 1,477,149 1,523,614 Accumulated depreciation (1,231,309) (1,253,051) Total property, plant and equipment, net $ 245,840 $ 270,563 March 31, 2024 December 31, 2023 Accrued liabilities: Accrued compensation $ 20,392 $ 33,854 Accrued taxes, other than income taxes 3,403 3,997 Other 2,332 2,672 Total accrued liabilities $ 26,127 $ 40,523 March 31, 2024 December 31, 2023 Contract liabilities (Deferred revenue): Current contract liabilities (1) $ 4,492 $ 4,849 Noncurrent contract liabilities (1) 7,112 8,068 Total contract liabilities (Deferred revenue) $ 11,604 $ 12,917 (1) Current contract liabilities and Noncurrent contract liabilities are included in "Deferred revenue" and "Other noncurrent liabilities," respectively, in our unaudited consolidated balance sheets. Deferred revenue typically consists of upfront payments received before we satisfy the associated performance obligation. The decrease in deferred revenue from December 31, 2023 to March 31, 2024 was due to revenue recognized over the contracted terms related to advance payments received from a customer for village enhancements in Australia.

ASSETS HELD FOR SALE

ASSETS HELD FOR SALE	3 Months Ended
ASSETS HELD FOR SALE	Mar. 31, 2024
Discontinued Operations and Disposal Groups [Abstract]
ASSETS HELD FOR SALE	ASSETS HELD FOR SALE As of March 31, 2024 and December 31, 2023, assets held for sale included certain assets in the United States (U.S.). These assets were recorded at the estimated fair value less costs to sell, which exceeded or equaled their carry values. During the third quarter of 2023, we entered into a definitive agreement to sell our McClelland Lake Lodge assets for approximately $36 million. The related assets had no remaining carrying value. During the third and fourth quarters of 2023, we recognized $14.2 million in dismantle costs and received $28.2 million in cash proceeds associated with the sale. During the first quarter of 2024, we recognized the remaining $1.0 million in dismantle costs and received the remaining $7.8 million in cash proceeds. The following table summarizes the carrying amount as of March 31, 2024 and December 31, 2023 of the assets classified as held for sale (in thousands): March 31, 2024 December 31, 2023 Assets held for sale: Property, plant and equipment, net $ 3,800 $ 5,873 Total assets held for sale $ 3,800 $ 5,873

EARNINGS PER SHARE

EARNINGS PER SHARE	3 Months Ended
EARNINGS PER SHARE	Mar. 31, 2024
Earnings Per Share [Abstract]
EARNINGS PER SHARE	EARNINGS PER SHARE We calculate our basic earnings per share by dividing net loss attributable to Civeo Corporation by the weighted average number of common shares outstanding. For diluted earnings per share, the basic shares outstanding are adjusted by adding all potentially dilutive securities. The calculation of basic and diluted earnings per share attributable to Civeo common shareholders is presented below for the periods indicated (in thousands, except per share amounts): Three Months Ended March 31, 2024 2023 Numerator: Basic net loss attributable to Civeo Corporation $ (5,133) $ (6,353) Diluted net loss attributable to Civeo Corporation $ (5,133) $ (6,353) Denominator: Weighted average shares outstanding - basic 14,655 15,158 Dilutive shares - share-based awards — — Weighted average shares outstanding - diluted 14,655 15,158 Basic net loss per share attributable to Civeo Corporation common shareholders (1) $ (0.35) $ (0.42) Diluted net loss per share attributable to Civeo Corporation common shareholders (1) $ (0.35) $ (0.42) (1) Computations may reflect rounding adjustments. The following common share equivalents have been excluded from the calculation of weighted-average common shares outstanding because the effect is anti-dilutive for the periods presented (in millions of shares): Three Months Ended March 31, 2024 2023 Share-based awards 0.1 0.1

DEBT

DEBT	3 Months Ended
DEBT	Mar. 31, 2024
Debt Disclosure [Abstract]
DEBT	DEBT As of March 31, 2024 and December 31, 2023, long-term debt consisted of the following (in thousands): March 31, 2024 December 31, 2023 U.S. revolving credit facility; weighted average interest rate of 10.5% for the three month period ended March 31, 2024 $ — $ — Canadian revolving credit facility; weighted average interest rate of 8.9% for the three month period ended March 31, 2024 78,597 65,554 Australian revolving credit facility; weighted average interest rate of 7.3% for the three month period ended March 31, 2024 — — Total debt $ 78,597 $ 65,554 Credit Agreement As of March 31, 2024, our Credit Agreement (as then amended to date, the Credit Agreement) provided for a $200.0 million revolving credit facility scheduled to mature on September 8, 2025, allocated as follows: (A) a $10.0 million senior secured revolving credit facility in favor of one of our U.S. subsidiaries, as borrower; (B) a $155.0 million senior secured revolving credit facility in favor of Civeo, as borrower; and (C) a $35.0 million senior secured revolving credit facility in favor of one of our Australian subsidiaries, as borrower. A C$100.0 million term loan facility provided under the Credit Agreement was fully repaid on December 31, 2023. The Credit Agreement was amended effective March 31, 2023 to, among other things, change the benchmark interest rate for certain U.S. dollar-denominated loans in each of the Australian Revolving Facility, Canadian Revolving Facility, and U.S. Revolving Facility from London Inter-Bank Offered Rate to Term Secured Overnight Financing Rate (SOFR). U.S. dollar amounts outstanding under the facilities provided by the Credit Agreement bear interest at a variable rate equal to the Term SOFR plus a margin of 3.00% to 4.00%, or a base rate plus 2.00% to 3.00%, in each case based on a ratio of our total net debt to Consolidated EBITDA (as defined in the Credit Agreement). Canadian dollar amounts outstanding bear interest at a variable rate equal to a Bankers’ Acceptance Discount Rate (as defined in the Credit Agreement) based on the Canadian Dollar Offered Rate (CDOR) plus a margin of 3.00% to 4.00%, or a Canadian Prime rate plus a margin of 2.00% to 3.00%, in each case based on a ratio of our total net debt to Consolidated EBITDA. Australian dollar amounts outstanding under the Credit Agreement bear interest at a variable rate equal to the Bank Bill Swap Bid Rate plus a margin of 3.00% to 4.00%, based on a ratio of our total net debt to Consolidated EBITDA. The future transition from CDOR as an interest rate benchmark is addressed in the Credit Agreement and at such time the transition from CDOR takes place, an alternate benchmark will be established based on the first alternative of the following, plus a benchmark replacement adjustment, Term Canadian Overnight Repo Rate Average (CORRA) and Compound CORRA. The Credit Agreement contains customary affirmative and negative covenants that, among other things, limit or restrict: (i) indebtedness, liens and fundamental changes; (ii) asset sales; (iii) specified acquisitions; (iv) certain restrictive agreements; (v) transactions with affiliates; and (vi) investments and other restricted payments, including dividends and other distributions. In addition, we must maintain a minimum interest coverage ratio, defined as the ratio of consolidated EBITDA to consolidated interest expense, of at least 3.00 to 1.00 and 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 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 March 31, 2024. Borrowings under the Credit Agreement are secured by a pledge of substantially all of our assets and the assets of our subsidiaries subject to customary exceptions. The obligations under the Credit Agreement are guaranteed by our significant subsidiaries. As of March 31, 2024, we had seven lenders that were parties to the Credit Agreement, with total revolving commitments ranging from $13.0 million to $60.6 million. As of March 31, 2024, we had outstanding letters of credit of $0.3 million under the U.S. facility, zero under the Australian facility and $1.1 million under the Canadian facility. We also had outstanding bank guarantees of A$0.8 million under the Australian facility.

INCOME TAXES

INCOME TAXES	3 Months Ended
INCOME TAXES	Mar. 31, 2024
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES Our operations are conducted through various subsidiaries in a number of countries throughout the world. We have provided for income taxes based upon the tax laws and rates in the countries in which operations are conducted and income is earned. We operate in three jurisdictions, Canada, Australia and the U.S., where statutory tax rates range from 15% to 30%. Our effective tax rate will vary from period to period based on changes in earnings mix between these different jurisdictions. On January 1, 2024, the Organization for Economic Cooperation and Development Pillar Two rules became effective and established a minimum 15% tax rate on certain multinational enterprises. The Pillar Two rules have been implemented in Canada and Australia, with the U.S. still uncertain to date. The applicable tax law changes with respect to Pillar Two have been considered for the jurisdictions in which we operate, and we do not anticipate the Pillar Two rules to have a materially adverse impact on our financial results. We compute our quarterly taxes under the effective tax rate method by applying an anticipated annual effective rate to our year-to-date income, except for significant unusual or extraordinary transactions. Income taxes for any significant and unusual or extraordinary transactions are computed and recorded in the period in which the specific transaction occurs. As of March 31, 2024 and 2023, Canada and the U.S. were considered loss jurisdictions for tax accounting purposes and were removed from the annual effective tax rate computation for purposes of computing the interim tax provision.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
COMMITMENTS AND CONTINGENCIES	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE LOSS	3 Months Ended
ACCUMULATED OTHER COMPREHENSIVE LOSS	Mar. 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 $10.2 million from $380.7 million at December 31, 2023 to $390.9 million at March 31, 2024, as a result of foreign currency exchange rate fluctuations. Changes in other comprehensive loss during the three months of 2024 were primarily driven by the Australian dollar and the Canadian dollar decreasing in value compared to the U.S. dollar. Excluding intercompany balances, our Canadian dollar and Australian dollar functional currency net assets totaled approximately C$206 million and A$207 million, respectively, at March 31, 2024.

SHARE REPURCHASE PROGRAMS AND D

SHARE REPURCHASE PROGRAMS AND DIVIDENDS	3 Months Ended
SHARE REPURCHASE PROGRAMS AND DIVIDENDS	Mar. 31, 2024
Equity [Abstract]
SHARE REPURCHASE PROGRAMS AND DIVIDENDS	SHARE REPURCHASE PROGRAMS AND DIVIDENDS Share Repurchase Programs In August 2023 and 2022, our Board of Directors (Board) authorized common share repurchase programs to repurchase up to 5.0% of our total common shares which were issued and outstanding, or approximately 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. The common shares repurchased under the share repurchase programs are cancelled in the periods they are acquired and the payment is accounted for as an increase to accumulated deficit in our Unaudited Consolidated Statements of Changes in Shareholders’ Equity in the period the payment is made. The following table summarizes our common share repurchases pursuant to our share repurchase programs (in thousands, except per share data). Three Months Ended March 31, 2024 2023 Dollar-value of shares repurchased $ 3,208 $ 3,771 Shares repurchased 133.1 168.7 Average price paid per share $ 24.08 $ 22.33 Dividends Our Board declared a quarterly dividend on February 2, 2024 of $0.25 per common share to shareholders of record as of close of business on February 26, 2024. The total cash payment of $3.7 million was paid on March 18, 2024. The dividend is an eligible dividend pursuant to the Income Tax Act (Canada).

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION	3 Months Ended
SHARE-BASED COMPENSATION	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
SHARE-BASED COMPENSATION	SHARE-BASED COMPENSATION Certain key employees and non-employee directors participate in the Amended and Restated 2014 Equity Participation Plan of Civeo Corporation (the Civeo Plan). The Civeo Plan authorizes our Board and the Compensation Committee of our Board to approve and grant awards of options, awards of restricted shares, performance awards, phantom share units and dividend equivalents, awards of deferred shares, and share payments to our employees and non-employee directors. Approximately 3.0 million Civeo common shares are authorized to be issued under the Civeo Plan. Outstanding Awards Phantom Share Units. On March 2, 2024, we granted 184,640 phantom share units under the Civeo Plan, which vest in three three During the three months ended March 31, 2024 and 2023, we recognized compensation expense associated with phantom share units totaling $1.3 million and $1.8 million, respectively. At March 31, 2024, unrecognized compensation cost related to phantom share units was $12.8 million, as remeasured at March 31, 2024, which is expected to be recognized over a weighted average period of 2.2 years. Performance Awards. On March 2, 2024, we granted 122,978 performance awards under the Civeo Plan, which cliff vest after three years on March 2, 2027 subject to attainment of applicable performance criteria. These awards will be earned in amounts between 0% and 200% of the participant’s target performance share award, based on (i) the payout percentage associated with Civeo’s relative total shareholder return rank among a peer group of other companies and (ii) 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 awards tied to the 2026 EBITDA target includes a performance-based vesting requirement. We evaluate the probability of achieving the performance criteria throughout the performance period and will adjust share-based compensation expense based on the number of shares expected to vest based on our estimate of the most probable performance outcome. No share-based compensation expense is recognized if the performance criteria are not probable of being achieved. During the three months ended March 31, 2024 and 2023, we recognized compensation expense associated with performance share awards totaling $0.3 million and $0.6 million, respectively. The total fair value of performance share awards that vested during the three months ended March 31, 2024 and 2023 was $2.8 million and zero, respectively. At March 31, 2024, unrecognized compensation cost related to performance share awards was $3.5 million, which is expected to be recognized over a weighted average period of 1.9 years. Restricted Share Awards / Restricted Share Units / Deferred Share Awards. Compensation expense associated with restricted share awards, restricted share units and deferred share awards recognized in the three months ended March 31, 2024 and 2023 totaled $0.3 million and $0.3 million, respectively. The total fair value of restricted share awards, restricted share units and deferred share awards that vested during the three months ended March 31, 2024 and 2023 was zero and less than $0.1 million, respectively. At March 31, 2024, unrecognized compensation cost related to restricted share awards, restricted share units and deferred share awards was $0.1 million, which is expected to be recognized over a weighted average period of 0.1 years.

SEGMENT AND RELATED INFORMATION

SEGMENT AND RELATED INFORMATION	3 Months Ended
SEGMENT AND RELATED INFORMATION	Mar. 31, 2024
Segment Reporting [Abstract]
SEGMENT AND RELATED INFORMATION	SEGMENT AND RELATED INFORMATION In accordance with current accounting standards regarding disclosures about segments of an enterprise and related information, we have identified two reportable segments, Canada and Australia, which represent our strategic focus on hospitality services and workforce accommodations. Financial information by business segment for each of the three months ended March 31, 2024 and 2023 is summarized in the following table (in thousands): Total Depreciation Operating Capital Total assets Three months ended March 31, 2024 Canada $ 67,160 $ 9,396 $ 554 $ 1,095 $ 744,639 Australia 91,737 7,237 5,967 4,518 199,430 Corporate, other and eliminations 7,223 137 (8,302) — (430,999) Total $ 166,120 $ 16,770 $ (1,781) $ 5,613 $ 513,070 Three months ended March 31, 2023 Canada $ 89,453 $ 14,139 $ (4,502) $ 1,461 $ 710,884 Australia 76,989 7,547 4,897 3,025 192,432 Corporate, other and eliminations 1,149 (24) (4,299) 286 (352,153) Total $ 167,591 $ 21,662 $ (3,904) $ 4,772 $ 551,163

IMPAIRMENT CHARGES

IMPAIRMENT CHARGES	3 Months Ended
IMPAIRMENT CHARGES	Mar. 31, 2024
Asset Impairment Charges [Abstract]
IMPAIRMENT CHARGES	IMPAIRMENT CHARGES The following summarizes pre-tax impairment charges recorded during 2024, which are included in Impairment expense in our consolidated statements of operations (in thousands): Australia U.S. Total Quarter ended March 31, 2024 Long-lived assets $ 5,749 $ 2,074 $ 7,823 Total $ 5,749 $ 2,074 $ 7,823 Quarter ended March 31, 2024 . During the first quarter of 2024, we recorded impairment expense of $5.7 million related to various undeveloped land positions and related permitting costs in Australia. At March 31, 2024, we identified an impairment trigger related to certain of these properties due to the denial of development permit applications in Australia. Accordingly, the assets were written down to their estimated fair value of $0.6 million. In addition, during the first quarter of 2024, we recorded impairment expense of $2.1 million, related to land located in the U.S. The land was written down to its estimated fair value (less costs to sell) of $3.8 million.

REVENUE (Tables)

REVENUE (Tables)	3 Months Ended
REVENUE (Tables)	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The following table disaggregates our revenue by our two reportable segments (Canada and Australia) into major categories for the periods indicated (in thousands): Three Months Ended 2024 2023 Canada Accommodation revenues $ 59,787 $ 64,228 Mobile facility rental revenues 994 20,031 Food service and other services revenues 6,379 5,194 Total Canada revenues 67,160 89,453 Australia Accommodation revenues $ 47,107 $ 40,599 Food service and other services revenues 44,630 36,390 Total Australia revenues 91,737 76,989 Other Other revenues $ 7,223 $ 1,149 Total other revenues 7,223 1,149 Total revenues $ 166,120 $ 167,591
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction	As of March 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, 2024 2025 2026 Thereafter Total Revenue expected to be recognized as of March 31, 2024 $ 130,870 $ 130,218 $ 96,661 $ 298,110 $ 655,859

DETAILS OF SELECTED BALANCE S_2

DETAILS OF SELECTED BALANCE SHEET ACCOUNTS (Tables)	3 Months Ended
DETAILS OF SELECTED BALANCE SHEET ACCOUNTS (Tables)	Mar. 31, 2024
Balance Sheet Related Disclosures [Abstract]
Schedule of Accounts Receivable	Additional information regarding selected balance sheet accounts at March 31, 2024 and December 31, 2023 is presented below (in thousands): March 31, 2024 December 31, 2023 Accounts receivable, net: Trade $ 87,111 $ 93,527 Unbilled revenue 41,579 46,331 Other 2,983 3,563 Total accounts receivable 131,673 143,421 Allowance for credit losses (195) (199) Total accounts receivable, net $ 131,478 $ 143,222
Schedule of Inventories	March 31, 2024 December 31, 2023 Inventories: Finished goods and purchased products $ 5,906 $ 5,648 Raw materials 1,327 1,334 Total inventories $ 7,233 $ 6,982
Property, Plant and Equipment	Estimated March 31, 2024 December 31, 2023 Property, plant and equipment, net: Land $ 25,356 $ 27,988 Accommodations assets 3 — 15 1,333,543 1,378,408 Buildings and leasehold improvements 7 — 20 13,983 14,603 Machinery and equipment 4 — 7 13,643 13,255 Office furniture and equipment 3 — 7 66,812 67,248 Vehicles 3 — 5 9,693 10,025 Construction in progress 14,119 12,087 Total property, plant and equipment 1,477,149 1,523,614 Accumulated depreciation (1,231,309) (1,253,051) Total property, plant and equipment, net $ 245,840 $ 270,563
Schedule of Accrued Liabilities	March 31, 2024 December 31, 2023 Accrued liabilities: Accrued compensation $ 20,392 $ 33,854 Accrued taxes, other than income taxes 3,403 3,997 Other 2,332 2,672 Total accrued liabilities $ 26,127 $ 40,523
Schedule of Deferred Revenue	March 31, 2024 December 31, 2023 Contract liabilities (Deferred revenue): Current contract liabilities (1) $ 4,492 $ 4,849 Noncurrent contract liabilities (1) 7,112 8,068 Total contract liabilities (Deferred revenue) $ 11,604 $ 12,917 (1)

ASSETS HELD FOR SALE (Tables)

ASSETS HELD FOR SALE (Tables)	3 Months Ended
ASSETS HELD FOR SALE (Tables)	Mar. 31, 2024
Discontinued Operations and Disposal Groups [Abstract]
Disposal Groups, Including Discontinued Operations	The following table summarizes the carrying amount as of March 31, 2024 and December 31, 2023 of the assets classified as held for sale (in thousands): March 31, 2024 December 31, 2023 Assets held for sale: Property, plant and equipment, net $ 3,800 $ 5,873 Total assets held for sale $ 3,800 $ 5,873

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	3 Months Ended
EARNINGS PER SHARE (Tables)	Mar. 31, 2024
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The calculation of basic and diluted earnings per share attributable to Civeo common shareholders is presented below for the periods indicated (in thousands, except per share amounts): Three Months Ended March 31, 2024 2023 Numerator: Basic net loss attributable to Civeo Corporation $ (5,133) $ (6,353) Diluted net loss attributable to Civeo Corporation $ (5,133) $ (6,353) Denominator: Weighted average shares outstanding - basic 14,655 15,158 Dilutive shares - share-based awards — — Weighted average shares outstanding - diluted 14,655 15,158 Basic net loss per share attributable to Civeo Corporation common shareholders (1) $ (0.35) $ (0.42) Diluted net loss per share attributable to Civeo Corporation common shareholders (1) $ (0.35) $ (0.42) (1)
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	The following common share equivalents have been excluded from the calculation of weighted-average common shares outstanding because the effect is anti-dilutive for the periods presented (in millions of shares): Three Months Ended March 31, 2024 2023 Share-based awards 0.1 0.1

DEBT (Tables)

DEBT (Tables)	3 Months Ended
DEBT (Tables)	Mar. 31, 2024
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	As of March 31, 2024 and December 31, 2023, long-term debt consisted of the following (in thousands): March 31, 2024 December 31, 2023 U.S. revolving credit facility; weighted average interest rate of 10.5% for the three month period ended March 31, 2024 $ — $ — Canadian revolving credit facility; weighted average interest rate of 8.9% for the three month period ended March 31, 2024 78,597 65,554 Australian revolving credit facility; weighted average interest rate of 7.3% for the three month period ended March 31, 2024 — — Total debt $ 78,597 $ 65,554

SHARE REPURCHASE PROGRAMS AND_2

SHARE REPURCHASE PROGRAMS AND DIVIDENDS (Tables)	3 Months Ended
SHARE REPURCHASE PROGRAMS AND DIVIDENDS (Tables)	Mar. 31, 2024
Equity [Abstract]
Summary of Common Share Repurchases	The following table summarizes our common share repurchases pursuant to our share repurchase programs (in thousands, except per share data). Three Months Ended March 31, 2024 2023 Dollar-value of shares repurchased $ 3,208 $ 3,771 Shares repurchased 133.1 168.7 Average price paid per share $ 24.08 $ 22.33

SEGMENT AND RELATED INFORMATI_2

SEGMENT AND RELATED INFORMATION (Tables)	3 Months Ended
SEGMENT AND RELATED INFORMATION (Tables)	Mar. 31, 2024
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	Financial information by business segment for each of the three months ended March 31, 2024 and 2023 is summarized in the following table (in thousands): Total Depreciation Operating Capital Total assets Three months ended March 31, 2024 Canada $ 67,160 $ 9,396 $ 554 $ 1,095 $ 744,639 Australia 91,737 7,237 5,967 4,518 199,430 Corporate, other and eliminations 7,223 137 (8,302) — (430,999) Total $ 166,120 $ 16,770 $ (1,781) $ 5,613 $ 513,070 Three months ended March 31, 2023 Canada $ 89,453 $ 14,139 $ (4,502) $ 1,461 $ 710,884 Australia 76,989 7,547 4,897 3,025 192,432 Corporate, other and eliminations 1,149 (24) (4,299) 286 (352,153) Total $ 167,591 $ 21,662 $ (3,904) $ 4,772 $ 551,163

IMPAIRMENT CHARGES (Tables)

IMPAIRMENT CHARGES (Tables)	3 Months Ended
IMPAIRMENT CHARGES (Tables)	Mar. 31, 2024
Asset Impairment Charges [Abstract]
Asset Impairment Charges	The following summarizes pre-tax impairment charges recorded during 2024, which are included in Impairment expense in our consolidated statements of operations (in thousands): Australia U.S. Total Quarter ended March 31, 2024 Long-lived assets $ 5,749 $ 2,074 $ 7,823 Total $ 5,749 $ 2,074 $ 7,823

DESCRIPTION OF BUSINESS AND B_2

DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION - Narrative (Details)	3 Months Ended
	Mar. 31, 2024 segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of reportable segments	2

REVENUE - Additional Informatio

REVENUE - Additional Information (Details)	3 Months Ended
REVENUE - Additional Information (Details)	Mar. 31, 2024 segment
Revenue from Contract with Customer [Abstract]
Number of reportable segments	2

REVENUE - Disaggregation of rev

REVENUE - Disaggregation of revenue by major categories (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Total revenues	$ 166,120	$ 167,591
Mobile facility rental revenues
Disaggregation of Revenue [Line Items]
Total revenues	383	21
Canada
Disaggregation of Revenue [Line Items]
Total revenues	67,160	89,453
Canada \| Accommodation revenues
Disaggregation of Revenue [Line Items]
Total revenues	59,787	64,228
Canada \| Mobile facility rental revenues
Disaggregation of Revenue [Line Items]
Total revenues	994	20,031
Canada \| Food service and other services revenues
Disaggregation of Revenue [Line Items]
Total revenues	6,379	5,194
Australia
Disaggregation of Revenue [Line Items]
Total revenues	91,737	76,989
Australia \| Accommodation revenues
Disaggregation of Revenue [Line Items]
Total revenues	47,107	40,599
Australia \| Food service and other services revenues
Disaggregation of Revenue [Line Items]
Total revenues	44,630	36,390
Other
Disaggregation of Revenue [Line Items]
Total revenues	7,223	1,149
Other \| Accommodation revenues
Disaggregation of Revenue [Line Items]
Total revenues	$ 7,223	$ 1,149

REVENUE - Revenue related to pe

REVENUE - Revenue related to performance obligations (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue expected to be recognized as of March 31, 2024	$ 655,859
Revenue, remaining performance obligation, expected timing of satisfaction, start date [Axis]: 2024-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue expected to be recognized as of March 31, 2024	$ 130,870
Revenue expected to be recognized, period	9 months
Revenue, remaining performance obligation, expected timing of satisfaction, start date [Axis]: 2025-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue expected to be recognized as of March 31, 2024	$ 130,218
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 March 31, 2024	$ 96,661
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 March 31, 2024	$ 298,110
Revenue expected to be recognized, period

DETAILS OF SELECTED BALANCE S_3

DETAILS OF SELECTED BALANCE SHEET ACCOUNTS - Accounts Receivable (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total accounts receivable	$ 131,673	$ 143,421
Allowance for credit losses	(195)	(199)
Total accounts receivable, net	131,478	143,222
Trade
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total accounts receivable	87,111	93,527
Unbilled revenue
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total accounts receivable	41,579	46,331
Other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total accounts receivable	$ 2,983	$ 3,563

DETAILS OF SELECTED BALANCE S_4

DETAILS OF SELECTED BALANCE SHEET ACCOUNTS - Inventories (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Inventories:
Finished goods and purchased products	$ 5,906	$ 5,648
Raw materials	1,327	1,334
Total inventories	$ 7,233	$ 6,982

DETAILS OF SELECTED BALANCE S_5

DETAILS OF SELECTED BALANCE SHEET ACCOUNTS - Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	$ 1,477,149	$ 1,523,614
Accumulated depreciation	(1,231,309)	(1,253,051)
Total property, plant and equipment, net	245,840	270,563
Land
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	25,356	27,988
Accommodations assets
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	$ 1,333,543	1,378,408
Accommodations assets \| Minimum
Property, Plant and Equipment [Line Items]
Estimated Useful Life (in years)	3 years
Accommodations assets \| Maximum
Property, Plant and Equipment [Line Items]
Estimated Useful Life (in years)	15 years
Buildings and leasehold improvements
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	$ 13,983	14,603
Buildings and leasehold improvements \| Minimum
Property, Plant and Equipment [Line Items]
Estimated Useful Life (in years)	7 years
Buildings and leasehold improvements \| Maximum
Property, Plant and Equipment [Line Items]
Estimated Useful Life (in years)	20 years
Machinery and equipment
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	$ 13,643	13,255
Machinery and equipment \| Minimum
Property, Plant and Equipment [Line Items]
Estimated Useful Life (in years)	4 years
Machinery and equipment \| Maximum
Property, Plant and Equipment [Line Items]
Estimated Useful Life (in years)	7 years
Office furniture and equipment
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	$ 66,812	67,248
Office furniture and equipment \| Minimum
Property, Plant and Equipment [Line Items]
Estimated Useful Life (in years)	3 years
Office furniture and equipment \| Maximum
Property, Plant and Equipment [Line Items]
Estimated Useful Life (in years)	7 years
Vehicles
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	$ 9,693	10,025
Vehicles \| Minimum
Property, Plant and Equipment [Line Items]
Estimated Useful Life (in years)	3 years
Vehicles \| Maximum
Property, Plant and Equipment [Line Items]
Estimated Useful Life (in years)	5 years
Construction in progress
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	$ 14,119	$ 12,087

DETAILS OF SELECTED BALANCE S_6

DETAILS OF SELECTED BALANCE SHEET ACCOUNTS - Accrued Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Accrued liabilities:
Accrued compensation	$ 20,392	$ 33,854
Accrued taxes, other than income taxes	3,403	3,997
Other	2,332	2,672
Total accrued liabilities	$ 26,127	$ 40,523

DETAILS OF SELECTED BALANCE S_7

DETAILS OF SELECTED BALANCE SHEET ACCOUNTS - Deferred Revenue (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Balance Sheet Related Disclosures [Abstract]
Current contract liabilities	$ 4,492	$ 4,849
Noncurrent contract liabilities	7,112	8,068
Total contract liabilities (Deferred revenue)	$ 11,604	$ 12,917

ASSETS HELD FOR SALE - Narrativ

ASSETS HELD FOR SALE - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Sep. 30, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from dispositions of property, plant and equipment	$ 6,778	$ 2,265
Discontinued Operations, Disposed of by Sale \| McClelland Lake Lodge
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal group, including discontinued operation, consideration				$ 36,000
Business exit costs	1,000		$ 14,200
Proceeds from dispositions of property, plant and equipment	$ 7,800		$ 28,200

ASSETS HELD FOR SALE - Carrying

ASSETS HELD FOR SALE - Carrying Amount of Assets Held for Sale (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Assets held for sale:
Property, plant and equipment, net	$ 3,800	$ 5,873
Total assets held for sale	$ 3,800	$ 5,873

EARNINGS PER SHARE - Calculatio

EARNINGS PER SHARE - Calculation of Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Numerator:
Basic net loss attributable to Civeo Corporation	$ (5,133)	$ (6,353)
Diluted net loss attributable to Civeo Corporation	$ (5,133)	$ (6,353)
Denominator:
Weighted average shares outstanding - basic (in shares)	14,655	15,158
Dilutive shares - share-based awards (in shares)	0	0
Weighted average shares outstanding - diluted (in shares)	14,655	15,158
Basic net loss per share attributable to Civeo Corporation common shareholders (in dollars per share)	$ (0.35)	$ (0.42)
Diluted net loss per share attributable to Civeo Corporation common shareholders (in dollars per share)	$ (0.35)	$ (0.42)

EARNINGS PER SHARE - Schedule o

EARNINGS PER SHARE - Schedule of Antidilutive Securities Excluded from Computation of Earnings per Share (Details) - shares shares in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Earnings Per Share [Abstract]
Antidilutive securities excluded from computation of earnings per share (in shares)	0.1	0.1

DEBT - Long-term Debt (Details)

DEBT - Long-term Debt (Details) - USD ($) $ in Thousands	3 Months Ended
DEBT - Long-term Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Long-term debt, gross	$ 78,597	$ 65,554
U.S. revolving credit facility; weighted average interest rate of 10.5% for the three month period ended March 31, 2024
Debt Instrument [Line Items]
Interest rate on line of credit facility	10.50%
Revolving credit facility	$ 0	0
Canadian revolving credit facility; weighted average interest rate of 8.9% for the three month period ended March 31, 2024
Debt Instrument [Line Items]
Interest rate on line of credit facility	8.90%
Revolving credit facility	$ 78,597	65,554
Australian revolving credit facility; weighted average interest rate of 7.3% for the three month period ended March 31, 2024
Debt Instrument [Line Items]
Interest rate on line of credit facility	7.30%
Revolving credit facility	$ 0	$ 0

DEBT - Credit Agreement (Detail

DEBT - Credit Agreement (Details) $ in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($) lender	Mar. 31, 2024 CAD ($) lender	Mar. 31, 2024 AUD ($) lender
Line of Credit Facility [Line Items]
Interest coverage ratio	3
Line of credit \| Secured Overnight Financing Rate (SOFR) \| Minimum \| United States of America, Dollars
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate	3%
Line of credit \| Secured Overnight Financing Rate (SOFR) \| Maximum \| United States of America, Dollars
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate	4%
Line of credit \| Base rate \| Minimum \| Canada, Dollars
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate	2%
Line of credit \| Base rate \| Maximum \| Canada, Dollars
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate	3%
Line of credit \| Canadian Dealer Offered Rate (CDOR) \| Minimum \| Canada, Dollars
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate	3%
Line of credit \| Canadian Dealer Offered Rate (CDOR) \| Maximum \| Canada, Dollars
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate	4%
Line of credit \| Bank Bill Swap Bid Rate (BBSY) \| Minimum \| Australia, Dollars
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate	3%
Line of credit \| Bank Bill Swap Bid Rate (BBSY) \| Maximum \| Australia, Dollars
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate	4%
Syndicated Facility Agreement \| US term loan
Line of Credit Facility [Line Items]
Term loan, face amount		$ 100
Third Amendment to the Credit Agreement
Line of Credit Facility [Line Items]
Leverage ratio	3
Third Amendment to the Credit Agreement \| Minimum
Line of Credit Facility [Line Items]
Leverage ratio	2
Third Amendment to the Credit Agreement \| Maximum
Line of Credit Facility [Line Items]
Leverage ratio	3.50
Credit facility
Line of Credit Facility [Line Items]
Number of lenders \| lender	7	7	7
Credit facility \| Minimum
Line of Credit Facility [Line Items]
Lender commitments, within credit agreement	$ 13,000,000
Credit facility \| Maximum
Line of Credit Facility [Line Items]
Lender commitments, within credit agreement	60,600,000
Revolving credit facility \| Syndicated Facility Agreement
Line of Credit Facility [Line Items]
Revolving credit facility, maximum borrowing capacity	200,000,000
Revolving credit facility, U.S. subsidiaries \| Syndicated Facility Agreement
Line of Credit Facility [Line Items]
Revolving credit facility, maximum borrowing capacity	10,000,000
Revolving credit facility, U.S. subsidiaries \| Credit facility
Line of Credit Facility [Line Items]
Outstanding letters of credit	300,000
Revolving credit facility, Canadian subsidiaries \| Syndicated Facility Agreement
Line of Credit Facility [Line Items]
Revolving credit facility, maximum borrowing capacity	155,000,000
Revolving credit facility, Canadian subsidiaries \| Credit facility
Line of Credit Facility [Line Items]
Outstanding letters of credit	1,100,000
Revolving credit facility, Australian subsidiaries \| Syndicated Facility Agreement
Line of Credit Facility [Line Items]
Revolving credit facility, maximum borrowing capacity	35,000,000
Revolving credit facility, Australian subsidiaries \| Credit facility
Line of Credit Facility [Line Items]
Outstanding letters of credit	$ 0
Bank Guarantee Facility
Line of Credit Facility [Line Items]
Long-term debt			$ 0.8

INCOME TAXES - Narrative (Detai

INCOME TAXES - Narrative (Details) $ in Thousands	3 Months Ended
INCOME TAXES - Narrative (Details) $ in Thousands	Mar. 31, 2024 USD ($) jurisdiction	Mar. 31, 2023 USD ($)
Schedule of Income Taxes [Line Items]
Number of tax jurisdictions \| jurisdiction	3
Income tax expense (benefit) \| $	$ 1,551	$ 1,233
Income tax benefit, percent of pretax loss	(42.60%)	(24.30%)
Minimum
Schedule of Income Taxes [Line Items]
Statutory tax rate, Canada, Australia and the U.S.	15%
Maximum
Schedule of Income Taxes [Line Items]
Statutory tax rate, Canada, Australia and the U.S.	30%

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE LOSS - Narrative (Details) $ in Thousands, $ in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($)	Mar. 31, 2024 CAD ($)	Mar. 31, 2024 AUD ($)	Dec. 31, 2023 USD ($)
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Increase in other comprehensive loss, foreign currency exchange rate fluctuations during the period	$ 10,200
Accumulated other comprehensive loss	$ 390,877			$ 380,715
International functional currency net assets		$ 206	$ 207

SHARE REPURCHASE PROGRAMS AND_3

SHARE REPURCHASE PROGRAMS AND DIVIDENDS - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands			1 Months Ended		3 Months Ended
	Mar. 18, 2024	Feb. 02, 2024	Aug. 31, 2023	Aug. 31, 2022	Mar. 31, 2024	Mar. 31, 2023
Equity [Abstract]
Stock repurchase program, authorized amount, percentage			5%	5%
Stock repurchase program, authorized amount (in shares)			742,000	685,000
Stock repurchase program, purchase period			12 months	12 months
Dividends per common share (in dollars per share)		$ 0.25
Payments of dividends	$ 3,700				$ 3,707

SHARE REPURCHASE PROGRAMS AND_4

SHARE REPURCHASE PROGRAMS AND DIVIDENDS - Schedule of Common Stock Repurchases (Details) - Share Repurchase Program - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Equity, Class of Treasury Stock [Line Items]
Dollar-value of shares repurchased	$ 3,208	$ 3,771
Shares repurchased (in shares)	133,100	168,700
Average price paid per share (in dollars per share)	$ 24.08	$ 22.33

SHARE-BASED COMPENSATION - Narr

SHARE-BASED COMPENSATION - Narrative (Details) - USD ($) $ in Millions		3 Months Ended
	Mar. 02, 2024	Mar. 31, 2024	Mar. 31, 2023
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Share-based compensation arrangement, number of shares authorized (in shares)			3,000,000
Phantom share units (PSUs)
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Allocated share-based compensation expense		$ 1.3	$ 1.8
Unrecognized compensation costs related to performance awards		$ 12.8
Unrecognized compensation cost related to share awards, expected weighted average vesting period		2 years 2 months 12 days
Phantom share units (PSUs) \| Civeo Plan
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Share awards granted (in shares)	184,640
Vesting period of share awards	3 years
Phantom share units (PSUs) \| Canadian Long-Term Incentive Plan
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Share awards granted (in shares)	84,408
Vesting period of share awards	3 years
Performance shares
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Allocated share-based compensation expense		$ 0.3	0.6
Unrecognized compensation costs related to performance awards		$ 3.5
Unrecognized compensation cost related to share awards, expected weighted average vesting period		1 year 10 months 24 days
Target performance, growth in EBITDA, period	3 years
Fair value of restricted share awards and deferred compensation that vested during the period		$ 2.8	0
Performance shares \| Civeo Plan
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Share awards granted (in shares)	122,978
Vesting period of share awards	3 years
Performance shares \| Civeo Plan \| Minimum
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Target performance, share award percentage	0%
Performance shares \| Civeo Plan \| Maximum
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Target performance, share award percentage	200%
Restricted stock and deferred stock awards
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Allocated share-based compensation expense		0.3	0.3
Unrecognized compensation costs related to performance awards		$ 0.1
Unrecognized compensation cost related to share awards, expected weighted average vesting period		1 month 6 days
Fair value of restricted share awards and deferred compensation that vested during the period		$ 0	$ 0.1

SEGMENT AND RELATED INFORMATI_3

SEGMENT AND RELATED INFORMATION - Narrative (Details)	3 Months Ended
SEGMENT AND RELATED INFORMATION - Narrative (Details)	Mar. 31, 2024 segment
Segment Reporting [Abstract]
Number of reportable segments	2

SEGMENT AND RELATED INFORMATI_4

SEGMENT AND RELATED INFORMATION - Financial Information by Business Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Segment Reporting Information [Line Items]
Total revenues	$ 166,120	$ 167,591
Depreciation and amortization	16,770	21,662
Operating income (loss)	(1,781)	(3,904)
Capital expenditures	5,613	4,772
Total assets	513,070	551,163	$ 548,062
Canada
Segment Reporting Information [Line Items]
Total revenues	67,160	89,453
Australia
Segment Reporting Information [Line Items]
Total revenues	91,737	76,989
Operating segments \| Canada
Segment Reporting Information [Line Items]
Total revenues	67,160	89,453
Depreciation and amortization	9,396	14,139
Operating income (loss)	554	(4,502)
Capital expenditures	1,095	1,461
Total assets	744,639	710,884
Operating segments \| Australia
Segment Reporting Information [Line Items]
Total revenues	91,737	76,989
Depreciation and amortization	7,237	7,547
Operating income (loss)	5,967	4,897
Capital expenditures	4,518	3,025
Total assets	199,430	192,432
Corporate, other and eliminations
Segment Reporting Information [Line Items]
Total revenues	7,223	1,149
Depreciation and amortization	137	(24)
Operating income (loss)	(8,302)	(4,299)
Capital expenditures	0	286
Total assets	$ (430,999)	$ (352,153)

IMPAIRMENT CHARGES - Schedule o

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

IMPAIRMENT CHARGES - Narrative

IMPAIRMENT CHARGES - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Long-lived assets	$ 7,823
Property, plant and equipment, net	245,840	$ 270,563
Australia
Property, Plant and Equipment [Line Items]
Long-lived assets	5,749
Property, plant and equipment, net	600
U.S.
Property, Plant and Equipment [Line Items]
Long-lived assets	2,074
Property, plant and equipment, net	$ 3,800